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City of London IT (CTY)

  Print      Mail a friend       Annual reports

Tuesday 05 September, 2006

City of London IT

Final Results

City of London Investment Trust PLC
05 September 2006



5 September 2006



                    THE CITY OF LONDON INVESTMENT TRUST PLC



         Unaudited Preliminary Results for the year ended 30 June 2006


Total Returns %                                                     30 June 2006         30 June 2005
Net asset value per ordinary share ("NAV")                         +18.5                +21.7
FTSE All-Share Index - 4% Capped                                   +21.9                +18.9
FTSE All-Share Index                                               +19.7                +18.7
Ordinary share price                                               +17.0                +28.0


Dividend                                                        30 June 2006        30 June 2005
Pence per share                                                         9.36                8.62
Increase %                                                               8.6                 5.8

Minimum increase of 8.1% forecast for current year 2006/7



Extracts from the Chairman's Statement:-



I am pleased to be able to report a second successive year of double digit share
price total return and a third successive year of double digit net asset value
total return.  The income received by the Company has grown and this has not
only allowed us to increase the dividend by 8.6% but also to forecast a minimum
increase of 8.1% for the year 2006/7. Economic growth was strong globally, led
by the US and emerging markets such as China.  The UK economy was more subdued
but the housing market improved from the end of 2005.  Many UK quoted companies
benefited from an international orientation with, for example, several of the
world's largest mining companies having their primary listing on the London
Stock Exchange.  Takeovers continued to be a feature given the UK's particularly
open system for corporate control.  In addition, the valuation of UK equities
relative to bond yields was, in general, supportive for private equity bids.



Performance

Because we recognise the need to achieve a good and rising level of income for
our shareholders, there is some bias in the portfolio towards the higher
yielding stocks.  This can mean that the capital performance of the portfolio
can fall behind the market averages at times when the lower yielding stocks
outperform.  This has been the position in 2005/6.  City of London's net asset
value total return was 18.5% compared with a 21.9% return on our new benchmark,
the FTSE All-Share 4% Capped Index.  Over the longer term, however, the Board is
confident that this benchmark provides the right incentive to the Manager to
achieve the best performance consistent with our objective to provide
shareholders with growth in capital and income.



Earnings and Dividends

Revenue return per share was 10.18p, an increase of 14.6% reflecting another
strong year for UK dividend growth.  A fourth interim dividend of 2.40p was paid
on 31 August 2006, making a total for the year of 9.36p, an increase of 8.6%
over the previous year.  This is the fortieth consecutive year that City of
London has increased its dividends.



The minimum quarterly dividend for the year ahead will be 2.53p, an increase of
8.1% on an annual basis.  The quarterly rate will next be considered when the
third interim dividend is declared in March 2007, by which time the Board will
be able to assess better the trend in income performance of the portfolio.

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                                     - 2 -



                    THE CITY OF LONDON INVESTMENT TRUST PLC



         Unaudited Preliminary Results for the year ended 30 June 2006



Expenses

The investment management fee and other non interest expenses were around 0.44%
of the Company's average assets for the year.  This has fallen from 0.74% last
year as no performance fee was paid to our Investment Manager, Henderson Global
Investors.  The fee rate remains very competitive with other equity savings
vehicles.



Savings

City of London sets out to be an attractive and straight forward long-term
savings vehicle for private investors.  As well as investing directly, shares
can be purchased through the itshenderson products (the Share Plan and ISA) or
the Alliance Trust Savings (including for pensions).  A new internet, telephone
or postal dealing service for the itshenderson products, with cheaper dealing
costs, has recently started.



Outlook

Although the significant element of UK stockmarket profits that is accounted for
by the banking and resources sectors could be considered to be near a cyclical
peak, it is encouraging for investors to benefit from strong dividend growth
from companies in these sectors.  Overall, UK company profits should continue to
experience steady growth from the domestic economy and also should benefit from
overseas economic growth, in particular the recovery in Europe.   In addition,
it seems likely that there will continue to be takeovers of UK companies, given
the UK's open system of corporate control and the current levels of bond and
equity yields.



The main risk is that interest rates could rise more than is currently expected
by the market because this would adversely impact the UK consumer as well as
hindering takeovers due to the likely rise in bond yields.  In addition, further
strength in sterling could cause difficulties for those companies with overseas
profits, especially those that export from the UK.  A further factor is
geopolitical risk and its influence on the oil price and consumer confidence.



Overall, we feel that the good performance from UK equities can continue given
current valuations and the outlook for growth in profits and dividends for UK
companies.  The combination of dividend yield and growth from UK companies is
particularly attractive for investors.



The Board

We are delighted that Anita Frew will be joining the Board from 1 October 2006.
After a career in fund management and marketing services, Anita is now a non
executive director of a range of quoted companies.





Simon de Zoete

5 September 2006





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                                     - 3 -



                    THE CITY OF LONDON INVESTMENT TRUST PLC



         Unaudited Preliminary Results for the year ended 30 June 2006



Income Statement

for the year ended 30 June 2006
                                                                                  (Audited)

                                                   (Unaudited)                    Restated*

                                             Year ended 30 June 2006       Year ended 30 June 2005
                                            Revenue   Capital             Revenue   Capital

                                             Return    Return     Total    Return    Return     Total
                                              £'000     £'000     £'000     £'000     £'000     £'000
Gains from investments held at fair value
through profit or loss                            -    81,104    81,104         -    83,809    83,809
                                                  
Income from investments held at fair
value through profit or loss                 23,503         -    23,503    20,581         -    20,581
                                             
Other interest receivable and similar           474         -       474       596         -       596
income
                                          --------- --------- --------- --------- --------- ---------
Gross revenue and capital gains              23,977    81,104   105,081    21,177    83,809   104,986

Management fee                                (609)   (1,422)   (2,031)     (528)   (1,231)   (1,759)
Performance fee                                   -         -         -         -   (1,372)   (1,372)
Other administrative expenses                 (520)         -     (520)     (505)         -     (505)
                                          --------- --------- --------- --------- --------- ---------
Net return on ordinary activities
before finance charges and taxation          22,848    79,682   102,530    20,144    81,206   101,350

Finance charges                             (1,459)   (2,988)   (4,447)   (1,464)   (2,986)   (4,450)
                                          --------- --------- --------- --------- --------- ---------
Net return on ordinary activities
before taxation                              21,389    76,694    98,083    18,680    78,220    96,900

Taxation on net return on ordinary            (181)       (5)     (186)     (175)      (19)     (194)
activities
                                          --------- --------- --------- --------- --------- ---------
Net return on ordinary activities
after taxation                               21,208    76,689    97,897    18,505    78,201    96,706
                                              =====     =====     =====     =====     =====     =====
Return per ordinary share - basic (note      10.18p    36.79p    46.97p     8.88p    37.51p    46.39p
2)
                                              =====     =====     =====     =====     =====     =====
Dividends per ordinary share for the year     9.36p         -     9.36p     8.62p         -     8.62p
                                              =====     =====     =====     =====     =====     =====



The total columns of this statement represent the profit and loss account of the
Company. All revenue and capital items derive from continuing operations. No
operations were acquired or discontinued during the year. The Company has no
recognised gains or losses other than those recognised in the Income Statement.



*See note 1 (b)




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                                     - 4 -



                    THE CITY OF LONDON INVESTMENT TRUST PLC



         Unaudited Preliminary Results for the year ended 30 June 2006





Reconciliation of Movements in Shareholders' Funds
for the years ended 30 June 2006 and 30 June 2005




Year ended 30 June 2006                                            Share       Other
                                                                 premium     capital
                                                   Called up     account    reserves     Revenue
                                               share capital       £'000       £'000     reserve
                                                                                           £'000       Total
                                                       £'000
                                                                                                       £'000
At 30 June 2005 (as restated see note 4a)             52,103      35,309     432,006      16,026     535,444
Net return on ordinary activities after                    -           -      76,689      21,208      97,897
taxation
Fourth interim dividend (2.26p) for the year
ended 30 June 2005 paid 31 August 2005                     -           -           -     (4,710)     (4,710)
                                                           
First interim dividend (2.28p) for the year
ended 30 June 2006 paid 30 November 2005                   -           -           -     (4,752)     (4,752)
                                                           
Second interim dividend (2.28p) for the year
ended 30 June 2006 paid 28 February 2006                   -           -           -     (4,752)     (4,752)
                                                           
Third interim dividend (2.40p) for the year
ended 30 June 2006 paid 31 May 2006                        -           -           -     (5,002)     (5,002)
                                                           
Write-back of dividends over twelve years old              -           -           -          14          14
                                                   ---------   ---------   ---------   ---------   ---------
At 30 June 2006                                       52,103      35,309     508,695      18,032     614,139
                                                       =====       =====       =====       =====       =====

Year ended 30 June 2005                                            Share       Other
                                                                 premium     capital
                                                   Called up     account    reserves     Revenue
                                               share capital                             reserve
                                                                   £'000       £'000                   Total
                                                       £'000                               £'000
                                                                                                       £'000
At 30 June 2004 (as restated see note 4b)             52,453      35,309     356,052      15,125     458,939
Net return on ordinary activities after                    -           -      78,201      18,505      96,706
taxation
Fourth interim dividend (2.12p) for the year
ended 30 June 2004 paid 31 August 2004                     -           -           -     (4,427)     (4,427)
                                                           
First interim dividend (2.12p) for the year
ended 30 June 2005 paid 30 November 2004                   -           -           -     (4,419)     (4,419)
                                                           
Second interim dividend (2.12p) for the year
ended 30 June 2005 paid 28 February 2005                   -           -           -     (4,418)     (4,418)
                                                           
Third interim dividend (2.12p) for the year
ended 30 June 2005 paid 31 May 2005                        -           -           -     (4,418)     (4,418)
                                                           
Write-back of dividends over 12 years old                  -           -           -          78          78
Share buy backs                                        (350)           -     (2,247)           -     (2,597)
                                                   ---------   ---------   ---------   ---------   ---------
At 30 June 2005                                       52,103      35,309     432,006      16,026     535,444
                                                       =====       =====       =====       =====       =====





                                    - MORE -



                                     - 5 -



                    THE CITY OF LONDON INVESTMENT TRUST PLC



         Unaudited Preliminary Results for the year ended 30 June 2006



Balance Sheet

at 30 June 2006
                                                                                                 (Audited)

                                                                           (Unaudited)           *Restated

                                                                                  2006                2005

                                                                                 £'000               £'000
Investments held at fair value through profit or loss
Listed at market value in the United Kingdom                                   620,848             549,511
AIM quoted investment at market value                                            1,035                   -
Listed at market value overseas                                                 30,243              21,394
Investment in subsidiary undertakings                                              377                 347
                                                                            ----------          ----------
                                                                               652,503             571,252
                                                                            ----------          ----------
Current Assets
Debtors                                                                          8,443               2,653
Cash at bank and on short term deposit                                           6,415              13,526
                                                                            ----------          ----------
                                                                                14,858              16,179

Creditors: amounts falling due within one year                                 (5,334)             (4,099)
                                                                            ----------          ----------
Net current assets                                                               9,524              12,080
                                                                            ----------          ----------

Total assets less current liabilities                                          662,027             583,332

Creditors: amounts falling due after more than one year                       (47,888)            (47,888)
                                                                            ----------          ----------
Total net assets                                                               614,139             535,444
                                                                                ======              ======

Capital and reserves
Called up share capital                                                         52,103              52,103
Share premium account                                                           35,309              35,309
Other capital reserves                                                         508,695             432,006
Revenue reserve                                                                 18,032              16,026
                                                                            ----------          ----------
Shareholders' funds                                                            614,139             535,444
                                                                                ======              ======

Net asset value per ordinary share (note 3)                                    294.67p             256.91p
                                                                                ======              ======



* see note 4a



                                    - MORE -


                                     - 6 -



                    THE CITY OF LONDON INVESTMENT TRUST PLC



         Unaudited Preliminary Results for the year ended 30 June 2006



Cash Flow Statement

for the year ended 30 June 2006


                                                               (Unaudited)              (Audited)

                                                               Year ended              Year ended

                                                              30 June 2006            30 June 2005
                                                               £'000       £'000       £'000       £'000

Net cash inflow from operating activities                                 19,622                  18,094

Servicing of finance
Debenture interest paid                                      (4,265)                 (4,265)
Bank and loan interest paid                                      (4)                     (1)
Dividends paid on preference and preferred ordinary
stocks                                                         (178)                   (190)
                                                          ----------              ----------
Net cash outflow from servicing of finance                               (4,447)                 (4,456)

Taxation
Withholding tax recovered                                         59                      84
                                                          ----------              ----------

Net tax recovered                                                             59                      84

Financial investment
Cash paid under futures contracts                                  -                   (279)
Purchases of investments                                   (112,530)                (51,600)
Sales of investments                                         109,464                  64,204
                                                          ----------               ---------
Net cash (outflow)/inflow from financial investment                      (3,066)                  12,325

Equity dividends paid                                                   (19,202)                (17,604)

Management of liquid resources
Cash withdrawn from/(placed on) deposit                        5,824                (12,125)
                                                          ----------              ----------

Net cash inflow/(outflow) from liquid resources                            5,824                (12,125)
                                                                      ----------              ----------
Net cash outflow before financing                                        (1,210)                 (3,682)

Financing
Purchase of preference stock                                       -                   (199)
Purchase of ordinary shares                                        -                 (2,597)
                                                           ---------              ----------
Net cash outflow from financing                                                -                 (2,796)
                                                                       ---------              ----------

Decrease in cash                                                         (1,210)                 (6,478)
                                                                           =====                   =====







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                                     - 7 -



                    THE CITY OF LONDON INVESTMENT TRUST PLC



         Unaudited Preliminary Results for the year ended 30 June 2006

Notes :
1.    Accounting Policies
a)    Basis of accounting
      The accounts are prepared on the historical cost basis of accounting, modified to include the revaluation
      of fixed asset investments, and in accordance with applicable accounting standards and with the Revised
      Statement of Recommended Practice - "Financial Statements of Investment Trust Companies" dated December
      2005 (the "Revised SORP"). All of the Company's operations are of a continuing nature.

b)    Changes in presentation
      The Company has adopted the provisions of the Revised SORP which has resulted in some changes to the
      presentation of the Company's accounts.

      The Statement of Total Return is now called the Income Statement. Dividends payable to equity
      shareholders are no longer reflected in the Income Statement, although they continue to be shown in the
      Reconciliation of Movements in Shareholders' Funds which is now presented as a primary statement.

c)    Changes in accounting policy
      The Company has changed its accounting policy for the valuation of listed investments, the classification
      of preference and preferred ordinary stocks and the recognition of dividends payable to equity
      shareholders in accordance with the provisions of FRS 26 - Financial instruments: Recognition and
      Measurement, FRS 25 - Financial Instruments Disclosure and Presentation and FRS 21 - Events after the
      balance sheet date respectively. These changes in policy and the associated impact on the results of the
      Company are referred to below.

d)    Valuation of investments
      Investments - Prior to 1 July 2005, listed investments were valued at middle market prices. Following the
      introduction of FRS 26 - Financial instruments: Recognition and Measurement, listed investments are now
      valued at fair value deemed to be bid market prices or the last traded price depending on the convention
      of the exchange on which the investment is quoted. The effect of this change is to decrease the value of
      listed investments at 30 June 2006 and decrease the net return on ordinary activities after taxation and
      net assets for the year ended 30 June 2006 by £10,000. Comparatives have not been restated but the effect
      of restatement would have been to reduce the value of investments at 30 June 2005 by £32,000.

      Unquoted investments are valued by the directors using primary valuation techniques such as earnings
      multiples, recent transactions and net assets. Where fair value cannot reliably be measured the
      investment will be carried at the previous reporting date value unless there is evidence that the
      investment has since been impaired, in which case the value will be reduced.

      Changes in the fair value of investments held at fair value through profit or loss and gains and losses
      on disposal are recognised in the Income Statement as "Gains or losses on investments held at fair value
      through profit or loss". Transaction costs incurred on the purchase and disposal of investments are
      recognised as a capital item in the Income Statement. All purchases and sales are accounted for on a
      trade date basis.


                                    - MORE -
                                     - 8 -



                    THE CITY OF LONDON INVESTMENT TRUST PLC



         Unaudited Preliminary Results for the year ended 30 June 2006



Notes cont'd
e)     Preference stocks
       Under FRS 25 - Financial Instruments: Disclosure and Presentation, preference and preferred
       ordinary stock are now classified as debt (previously included within Capital and Reserves as non
       equity interests). As a result of this reclassification, the dividends associated with the
       preference and preferred ordinary stock are charged fully to the Company's revenue return within
       finance costs.

f)     Dividends payable to equity shareholders
       Under FRS 21, dividends should not be accrued in the accounts unless they have been approved by
       shareholders before the balance sheet date. Interim dividends payable to equity shareholders are
       recognised in the Reconciliation of Movements in Shareholders' Funds once they have been paid to
       shareholders.

       There is no impact from this change on the recognised gains and losses in either 2004 or 2005.
       However, the net assets at 30 June 2005 and 30 June 2004 have been impacted as disclosed in note
       4. The effect of this change is to increase ordinary shareholders' funds at 30 June 2005 by
       £4,710,000 (or 2.26p per share) (30 June 2004: £4,427,000 or 2.11p per share).

2.     Return per ordinary share - basic
       The return per ordinary share is based on the net return attributable to the ordinary shares of
       £97,897,000 (year ended 30 June 2005: £96,706,000) and on 208,413,762 ordinary shares (year ended
       30 June 2005: 208,482,803) being the weighted average number of ordinary shares in issue during
       the year.

       The return per ordinary share can be further analysed between revenue and capital, as below.

                                                                         Year ended           Year ended

                                                                       30 June 2006         30 June 2005
       Net revenue return                                                    21,208               18,505
       Net capital return                                                    76,689               78,201
                                                                          ---------            ---------
       Net total return                                                      97,897               96,706
                                                                              =====                =====
       Weighted average number of ordinary shares in
       issue during the year
                                                                        208,413,762          208,482,803

       Revenue return per ordinary share                                     10.18p                8.88p
       Capital return per ordinary share                                     36.79p               37.51p
                                                                          ---------            ---------
       Total return per ordinary share                                       46.97p               46.39p
                                                                              =====                =====
       The Company does not have any dilutive securities.

3.     Net asset value per ordinary share
       The net asset value per ordinary share is based on net assets attributable to ordinary shares of
       £614,139,000 (2005: £535,444,000 as restated) and on 208,413,762 (2005: 208,413,762) shares in
       issue on 30 June 2006.

                                    - MORE -
                                     - 9 -



                    THE CITY OF LONDON INVESTMENT TRUST PLC



         Unaudited Preliminary Results for the year ended 30 June 2006



Notes cont'd
4.   Restatement of balance sheets in respect of dividends payable, preference and preferred ordinary
     stocks


                                                                 Previously

                                                                   reported   Adjustments        Restated

a) Balance sheet at 30 June 2005                      Notes           £'000         £'000           £'000
Investments                                                         571,252             -         571,252
Current assets                                                       16,179             -          16,179
Creditors: amounts falling due within one year            1         (8,809)         4,710         (4,099)
                                                                  ---------      --------       ---------
Total assets less current liabilities                               578,622         4,710         583,332
Creditors: amounts falling due after more than            2        (46,000)       (1,888)        (47,888)
one year
                                                                 ----------    ----------      ----------
Net assets                                                          532,622         2,822         535,444
                                                                     ======        ======          ======
Capital and reserves
Called up share capital                                   2          53,991       (1,888)          52,103
Share premium account                                                35,309             -          35,309
Other capital reserves                                              432,006             -         432,006
Revenue reserve                                           1          11,316         4,710          16,026
                                                                 ----------    ----------      ----------
                                                                    532,622         2,822         535,444
                                                                     ======        ======          ======
Net asset value per ordinary share                                  254.65p         2.26p         256.91p

                                                                 Previously
                                                                   reported
                                                                              Adjustments        Restated
                                                                      £'000
b) Balance sheet at 30 June 2004                                                    £'000           £'000
Investments                                                         493,889             -         493,889
Current assets                                                       17,848             -          17,848
Creditors: amounts falling due within one year            1         (9,139)         4,427         (4,712)
                                                                  ---------     ---------       ---------
Total assets less current liabilities                               502,598         4,427         507,025
Creditors: amounts falling due after more than            2        (46,000)       (2,086)        (48,086)
one year
                                                                  ---------     ---------       ---------
Net assets                                                          456,598         2,341         458,939
                                                                     ======        ======          ======
Capital and reserves
Called up share capital                                   2          54,539       (2,086)          52,453
Share premium account                                                35,309             -          35,309
Other capital reserves                                              356,052             -         356,052
Revenue reserve                                           1          10,698         4,427          15,125
                                                                  ---------     ---------       ---------
                                                                    456,598         2,341         458,939
                                                                     ======        ======          ======
Net asset value per ordinary share                                  216.63p         2.11p         218.74p

Notes to the reconciliation
1  No provision has been made for the fourth interim dividend on ordinary shares for the years ended 30
   June 2005 and 2004. Under FRS 26, interim dividends are not recognised until paid to shareholders.
2  Under FRS 25, the Company's preference and preferred ordinary stocks are classified as debt.


                                    - MORE -
                                     - 10 -



                    THE CITY OF LONDON INVESTMENT TRUST PLC



         Unaudited Preliminary Results for the year ended 30 June 2006


5.    Issued share capital
      There were 208,413,762 ordinary shares of 25p in issue at 30 June 2006 (30 June 2005: 208,413,762) for
      the purpose of calculating the net asset value per ordinary share. There were no share buy backs or
      allotments during the year.


6.    2006 accounts
      The preliminary figures for the year ended 30 June 2006 are compiled from an extract of the latest
      accounts and do not constitute statutory accounts as defined by section 240 of the Companies Act 1985.
      These accounts have not yet been delivered to the Registrar of Companies, nor have the auditors yet
      reported on them.


7.    2005 accounts
      The figures and financial information for the year ended 30 June 2005 are compiled from an extract of the
      latest published accounts (as restated) and do not constitute the statutory accounts for that year. Those
      accounts have been delivered to the Registrar of Companies and included the report of the auditors which
      was unqualified and did not contain a statement under either section 237(2) or section 237(3) of the
      Companies Act 1985.


8.    Annual Report
      The full Annual Report and Accounts will be posted to shareholders in September 2006 and copies will be
      available thereafter from the Secretary at the Company's Registered Office, 4 Broadgate, London, EC2M
      2DA. The Annual General Meeting will be held on Friday 20 October 2006 at 3.00 pm.




                                    - MORE -




                                     - 11-



                    THE CITY OF LONDON INVESTMENT TRUST PLC



         Unaudited Preliminary Results for the year ended 30 June 2006



Top 40 Investments

as at 30 June 2006



The 40 largest investments representing 74.73% of the portfolio (convertibles
and all classes of equity in any one company being treated as one investment)
are listed below. In accordance with the revised Listing Rules, the comparative
value as at 30 June 2005 is provided for the top ten holdings. Stocks marked *
are those new to the top ten this year. For additional clarity, stocks which
were in the top ten last year but not this year, are marked #. Market values
reflect changes in the value of underlying shares and portfolio changes.


                                  Market Value Market Value                                          Market
                                                                                                      Value
                                          2005         2006
                                                                                                       2006
                                         £'000        £'000
                                                                                                      £'000

HSBC                                    33,820       33,303            Cadbury Schweppes              9,387
BP                                      39,217       30,895            Bovis Homes                    8,030
British American Tobacco                20,444       25,878            Scottish Power                 7,950
Diageo*                                 12,756       24,102            Unilever                       7,904
GlaxoSmithKline                         27,020       22,665            BHP Billiton                   7,867
Lloyds TSB                              16,555       22,589            Reed Elsevier                  7,371
Barclays                                18,332       21,507            Wolseley                       7,158
BT*                                      9,890       19,858            Legal & General                7,054
Royal Dutch Shell                       25,781       18,910            Rexam                          6,864
Land Securities*                        12,163       16,595            Scottish & Newcastle           6,813
HBOS #                                               14,100            Slough Estates                 6,115
Tesco                                                13,360            Tomkins                        5,755
National Grid Transco                                13,163            BAE Systems                    5,546
Aviva                                                13,014            Rodamco Europe                 5,299
Scottish & Southern Energy                           12,661            Imperial Tobacco               5,007
Rio Tinto                                            12,151            Severn Trent                   4,973
Royal Bank of Scotland #                             12,001            United Utilities               4,811
Vodafone #                                           11,525            Johnston Press                 4,352
ENI                                                  11,145            Prudential                     4,277
Anglo American                                       11,090            Liberty                        4,260



                                    - ENDS -

For further information please contact:



Job Curtis

Portfolio Manager, The City of London Investment Trust plc

Telephone: 020 7818 4367





James de Sausmarez

Head of Investment Trusts, Henderson Global Investors

Telephone: 020 7818 3349





Sarah Gibbons-Cook

Investor Relations and PR Manager, Henderson Global Investors

Telephone: 020 7818 3198


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