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 December 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	0.56%
AVI Global Trust	0.44%
BBGI Global Infrastructure	0.41%
Pershing Square Holdings	0.36%
Residential Secure Income	0.32%
RIT Capital Partners	0.20%
UIL Zero Div Pref 2024	0.14%
Total	2.43%

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

largest investments were as follows:

Name	Percentage of net assets
UK Treasury 0.125% Index-Linked 2029	7.94%
UK Treasury 0.125% Index-Linked 2028	7.04%
UK Treasury 0.125% Index-Linked 2024	6.71%
UK Treasury 0.125% Index-Linked 2026	4.14%
iShares MSCI Japan ESG Screened ETF	3.54%
US Treasury 0.625% Index-Linked 2043	2.91%
SPDR MSCI Europe Energy ETF	2.46%
US Treasury 0.75% Index-Linked 2045	1.74%
Lyxor STOXX Europe 600 Basic Resources UCITS ETF	1.65%
North Atlantic Smaller Companies	1.51%
Total	39.64%

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]

---

---