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 31 December 2022, 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
GCP Infrastructure Investments	0.71%
Residential Secure Income	0.41%
Pershing Square Holdings	0.36%
AVI Global Trust	0.33%
UIL Zero Div Pref 2024	0.07%
Total	1.88%

Capital Gearing Trust P.l.c. also announces that, as at 31 December 2022, the ten

largest investments were as follows:

Name	Percentage of net assets
UK Treasury 0.125% Index-Linked 2024	9.61%
iShares MSCI Japan ESG Screened ETF	3.43%
UK Treasury 0.125% Index-Linked 2029	3.36%
US Treasury 0.625% Index-Linked 2043	2.83%
SPDR MSCI Europe Energy ETF	2.36%
US Treasury 0.75% Index-Linked 2045	1.87%
UK Treasury 0.125% Index-Linked 2026	1.75%
Lyxor Stoxx Europe 600 Basic Resources ETF	1.52%
US Treasury 0.375% Index-Linked 2044	1.49%
UK Treasury 2.5% Index-Linked 2024	1.47%
Total	29.69%

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:

Juniper Partners Limited, Company Secretary

Email: [e-mail]