INVESCO City & Commercial Trust plc

HEADLINE: Monthly portfolio disclosure

INVESCO City & Commercial Trust plc announces that, as at 31 December 2003, it
held the following investments in listed investment companies (including
investment trusts) that have not declared a policy to invest less than 15% in
other listed investment companies.

Company                                           Issue         % of gross 
                                                                  assets*  
                                                                           
British Empire Securities & General Trust        Ord 10p           4.81%   
                                                                           
Alliance Trust                                   Ord 25p           3.35%   
                                                                           
Martin Currie Capital Return Trust        A Shs 1p Realisation     2.08%   
                                                                           
Martin Currie Portfolio Trust                    Ord 5p            1.47%   
                                                                           
Advance Developing Markets Trust                 Ord 1p            1.47%   
                                                                           
Liontrust First UK                               Ord 25p           1.36%   
                                                                           
Oryx International Growth Fund                   Ord 50p           0.95%   
                                                                           
Shires Income Trust                              Ord 50p           0.58%   
                                                                           
Exeter Selective Assets Trust                    Ord 1p            0.48%   
                                                                           
Morley Absolute Growth Investment Company        Ord 1p            0.06%   
                                                                           
BFS Absolute Return Trust                     Capital 0.1p         0.03%   

* Subject to successful settlement of trades outstanding on the relevant date.

This announcement is made in accordance with Paragraph 21.20(l)(i) of the
Listing Rules.



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