Portfolio Update

CAPITAL GEARING TRUST P.L.C. (the 'Company')

LEI: 213800T2PJTPVF1UGW53

Quarterly Portfolio Update

Capital Gearing Trust P.l.c. announces that, as at 5 April 2018, it held the

following investments in other listed closed-ended investment funds, which do

not have a stated investment policy to invest no more than 15% of their total

assets in other listed closed-ended investment funds:

Name	Percentage of portfolio
Residential Secure Income	1.49%
Utilico Finance Ltd Zero Div Pref 2018	0.70%
Utilico Finance Ltd Zero Div Pref 2020	0.46%
Ranger Direct Lending Zero Div Pref 2021	0.43%
Ecofin Global Utilities and Infrastructure	0.36%
Target Healthcare REIT	0.19%
BH Global	0.11%
BBGI SICAV SA	0.07%
Hansa Trust 'A' (Non-Voting)	0.06%
Pershing Square Holdings	0.04%
Total	3.91%

Capital Gearing Trust P.l.c. also announces that, as at 5 April 2018, the ten

largest investments were as follows:

Name	Percentage of portfolio
UK Treasury 0.125% 2019	9.10%
USA Treasury 2.0% Index-Linked 2026	3.88%
USA Treasury 0.25% Index-Linked 2025	3.46%
Vonovia	2.71%
Vanguard FTSE Japan UCITS ETF	2.59%
North Atlantic Smaller Companies	2.50%
USA Treasury 2.375% Index-Linked 2025	2.25%
Deutsche Wohnen	1.95%
Sweden Treasury 0.25% Index-Linked 2022	1.80%
UK Treasury 2.5% Index-Linked 2020	1.77%
Total	32.01%

There were no additional investments with a value greater than 5% of the

Company's portfolio.

It should be noted that the above percentages are calculated using 'bid'

prices.

Enquiries:

Steven Cowie, Company Secretary

Email: [e-mail]