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 January 2018, 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 portfolio
Residential Secure Income	1.81%
Utilico Finance Ltd Zero Div Pref 2018	0.72%
BH Global	0.54%
Utilico Finance Ltd Zero Div Pref 2020	0.48%
Ecofin Global Utilities and Infrastructure	0.44%
Ranger Direct Lending Zero Div Pref 2021	0.42%
Hadrian’s Wall Secured Investments	0.30%
BBGI SICAV SA	0.08%
Hansa Trust 'A' (Non-Voting)	0.06%
Total	4.85%

Capital Gearing Trust P.l.c. also announces that, as at 5 January 2018, the ten

largest investments were as follows:

Name	Percentage of portfolio
UK Treasury 0.125% 2019	7.60%
USA Treasury 2.0% Index-Linked 2026	4.21%
USA Treasury 0.25% Index-Linked 2025	3.75%
Vanguard FTSE Japan UCITS ETF	3.05%
Vonovia	2.83%
North Atlantic Smaller Companies	2.68%
USA Treasury 2.375% Index-Linked 2025	2.44%
Sweden Treasury 0.25% Index-Linked 2022	2.00%
UK Treasury 2.5% Index-Linked 2020	1.85%
Deutsche Wohnen	1.83%
Total	32.24%

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:

Steven Cowie, Company Secretary

Email: [e-mail]