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 30 June 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	0.44%
AVI Global Trust	0.36%
Residential Secure Income	0.33%
BBGI Global Infrastructure	0.24%
RIT Capital Partners	0.17%
UIL Zero Div Pref 2024	0.11%
Total	2.25%

Capital Gearing Trust P.l.c. also announces that, as at 30 June 2023, the ten

largest investments were as follows:

Name	Percentage of net assets
UK Treasury 0.125% Index-Linked 2024	10.76%
UK Treasury 0.125% Index-Linked 2029	5.49%
iShares MSCI Japan ESG Screened ETF	4.02%
US Treasury 0.625% Index-Linked 2043	2.90%
SPDR MSCI Europe Energy ETF	2.60%
US Treasury 0.75% Index-Linked 2045	2.03%
UK Treasury 0.125% Index-Linked 2026	1.93%
Sweden (Kingdom of) 1.5% 2023	1.87%
US Treasury 0.375% Index-Linked 2044	1.62%
UK Treasury 2.5% Index-Linked 2024	1.59%
Total	34.81%