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 March 2023, 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	0.60%
Pershing Square Holdings	0.38%
AVI Global Trust	0.33%
Residential Secure Income	0.31%
UIL Zero Div Pref 2024	0.10%
Total	1.72%

Capital Gearing Trust P.l.c. also announces that, as at 31 March 2023, the ten

largest investments were as follows:

Name	Percentage of net assets
UK Treasury 0.125% Index-Linked 2024	10.03%
UK Treasury 0.125% Index-Linked 2029	4.43%
iShares MSCI Japan ESG Screened ETF	3.67%
US Treasury 0.625% Index-Linked 2043	3.00%
SPDR MSCI Europe Energy ETF	2.72%
US Treasury 0.75% Index-Linked 2045	1.99%
UK Treasury 0.125% Index-Linked 2026	1.81%
US Treasury 0.375% Index-Linked 2044	1.58%
Sweden (Kingdom of) 1.5% 2023	1.53%
UK Treasury 2.5% Index-Linked 2024	1.49%
Total	32.25%

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]