Quarterly 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 October 2020, 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 net assets
Pershing Square Holdings	1.86%
Pershing Square 5.5% 2022	0.99%
Residential Secure Income	0.88%
Acorn Income Fund Zero Div Pref 2022	0.48%
Utilico Finance Ltd Zero Div Pref 2020	0.43%
Pollen Street Secured Lending	0.09%
US Solar Fund	0.04%
Total	4.77%

Capital Gearing Trust P.l.c. also announces that, as at 5 October 2020, the ten

largest investments were as follows:

Name	Percentage of net assets
Vanguard FTSE Japan UCITS ETF	4.77%
UK Treasury 0.125% Index-Linked 2024	2.72%
WisdomTree Physical Swiss Gold	2.53%
Vonovia	2.40%
iShares Core FTSE 100 ETF	2.37%
Vanguard FTSE 100 UCITS ETF	2.10%
USA Treasury 2.0% Index-Linked 2026	1.89%
Pershing Square Holdings	1.86%
Tritax Big Box REIT	1.78%
Japan Treasury 0.1% 2029	1.66%
Total	24.08%

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:

PATAC Limited, Company Secretary

Email: [e-mail]