Listing Rule 21

City of London Investment Trust PLC
05 January 2004


THE CITY OF LONDON INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

5 JANUARY 2004



                    THE CITY OF LONDON INVESTMENT TRUST PLC

                                Listing Rule 21

In accordance with paragraph 21.20 (l) (ii) of the Listing Rules, The City of
London Investment Trust plc announces its ten largest investments, including all
holdings with a value greater than 5% of its gross assets, as at 31 December
2003:

Company                                    % Gross Assets  
                                
HSBC                                       6.75            
BP                                         6.09            
Shell Transport & Trading                  5.21            
GlaxoSmithKline                            4.87            
Vodafone                                   4.76            
Royal Bank of Scotland                     3.49            
Barclays                                   3.02            
AstraZeneca                                2.71            
HBOS                                       2.63            
British American Tobacco                   2.49            



                                    - ENDS -



For further information, please call:

Job Curtis
The City of London Investment Trust plc
Telephone: [phone]

Stephen Westwood
Head of Investment Trusts
Henderson Global Investors
Telephone: [phone]

Stephen Phillips
Associate Director
Henderson Global Investors
Telephone: [phone]


                      This information is provided by RNS
            The company news service from the London Stock Exchange