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 July 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	1.74%
Pershing Square 5.5% 2022	1.09%
Residential Secure Income	0.94%
Acorn Income Fund Zero Div Pref 2022	0.46%
Utilico Finance Ltd Zero Div Pref 2020	0.44%
HWSI Realisation Fund	0.29%
Pollen Street Secured Lending	0.09%
Total	5.05%

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

largest investments were as follows:

Name	Percentage of net assets
Vanguard FTSE Japan UCITS ETF	3.27%
UK Treasury 0.125% Index-Linked 2024	2.87%
iShares Core FTSE 100 ETF	2.60%
Vonovia	2.24%
WisdomTree Physical Swiss Gold	2.12%
USA Treasury 2.0% Index-Linked 2026	2.04%
Pershing Square Holdings	1.74%
Tritax Big Box REIT	1.66%
North Atlantic Smaller Companies	1.64%
Grainger	1.60%
Total	21.78%

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]