As for the portfolio itself, the top ten is a rollcall of FTSE 100 defensive names such as spirits maker Diageo (LON:DGE), consumer goods giant Unilever (LON:ULVR) and pharmaceuticals firm GlaxoSmithKline (LON:GSK). While City is indeed a UK-focused equity income trust, it should be noted that all but one of the top 10 portfolio constituents are truly global businesses that generate considerable overseas earnings. As such, the trust is relatively well insulated against the gyrations stemming from Brexit.