Portfolio Update

Ruffer Investment Company Limited
03 April 2007

                        
                        RUFFER INVESTMENT COMPANY LIMITED
                                        
  (a closed-ended investment company incorporated in Guernsey with registration
                                  number 41996)
                                        

In accordance with Listing Rule 15.4.11, the Company announces its investments
with a value greater than 5% of the Company's total assets and its 10 largest
investments as at the last business day of March 2007.


                                  Value (£)       % of
                                                  total

UK TREASURY 4% 7/03/2009          11,008,832.90   8.74
AUSTRIA(REP OF) 3% 21/08/2009     10,463,171.94   8.31
SWISS (GOVT) 3.5 08/04/2033       7,975,806.66    6.33
TREASURY 5.75% 07/12/2009         7,315,837.25    5.81
TREASURY 4.75% 7/6/2010           6,878,200.00    5.46
NORWAY (GOVT) 5.5 15/05/2009      6,787,347.30    5.39
NORWAY (GOVT) 6% 16/05/2011       6,143,568.33    4.88
SWISS (GOVT) 4% BDS 08/04/2028    6,044,813.98    4.80
SWISS (GOVT) 1.75% 05/11/09       5,386,808.05    4.28
LYXOR GOLD BULLION                3,360,950.32    2.67

                       

Date: 03 April 2007
Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Sean Murray 44 (0)1481 745311




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