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 April 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	1.27%
Pershing Square 5.5% 2022	0.96%
Residential Secure Income	0.89%
HWSI Realisation Fund	0.52%
Utilico Finance Ltd Zero Div Pref 2020	0.44%
Acorn Income Fund Zero Div Pref 2022	0.31%
BH Global GBP	0.18%
Pollen Street Secured Lending	0.12%
Total	4.69%

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

largest investments were as follows:

Name	Percentage of net assets
Vanguard FTSE Japan UCITS ETF	3.44%
iShares Core FTSE 100 ETF	3.12%
UK Treasury 0.125% Index-Linked 2024	3.11%
USA Treasury 2.0% Index-Linked 2026	2.21%
Vonovia	1.73%
North Atlantic Smaller Companies	1.60%
Vanguard FTSE 100 UCITS ETF	1.49%
UK Treasury 11/05/2020	1.49%
USA Treasury 0.625% Index-Linked 2026	1.42%
USA Treasury 1.375% Index-Linked 2044	1.29%
Total	20.90%

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]