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 2021, 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 5.5% 2022	0.78%
Residential Secure Income	0.78%
GCP Infrastructure Investments	0.52%
Acorn Income Fund Zero Div Pref 2022	0.39%
Pershing Square Holdings	0.38%
RIT Capital Partners	0.37%
Total	3.22%

Capital Gearing Trust P.l.c. also announces that, as at 5 April 2021, the ten

largest investments were as follows:

Name	Percentage of net assets
Vanguard FTSE Japan UCITS ETF	4.71%
UK Treasury 0.125% Index-Linked 2024	3.28%
Vonovia	3.07%
Secure Income REIT	2.11%
North Atlantic Smaller Companies	2.09%
Grainger	1.97%
Vanguard FTSE 100 UCITS ETF	1.94%
WisdomTree Physical Swiss Gold	1.75%
iShares Core FTSE 100 ETF	1.63%
UK Treasury 2021	1.58%
Total	24.13%

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]