Quarterly Portfolio

City Natural Res High Yield Tst PLC
05 January 2004



In accordance with UKLA Listing Rule 21.20 (1)(ii) City Natural Resources High
Yield Trust plc announces the following list representing the Company's 10
largest investments and where appropriate, any investment with a value greater
than 5% of the Company's gross assets as at 31 December 2003:



CITY NATURAL RESOURCES HIGH YIELD TRUST plc



Top 10 Portfolio Assets

NAME                                     Market Value    % Gross Assets
------                                   -------------- ----------------

COEUR D'ALENE MINES CORP USD1               1,612,993             3.11

ALLIANCE PHARMA CNV UNSEC LOAN STK          1,582,500             3.05
2013

RELIANCE MINING 9.5% UNSECURED CNV NTS      1,566,952             3.02
08/09/06 AU

PERILYA AUD NPV                             1,278,436             2.46

UK COAL ORD GBP0.01                         1,260,000             2.43

XSTRATA COM STK USD0.50                     1,260,000             2.43

WIGGINS GROUP 8% CNV UNS LN 01/12/49        1,250,000             2.41
GBP

GYMPIE GOLD LIMITED 8.5% 30/09/07 CNV       1,009,870             1.94
UNS LN NTS

CORUS & REGAL HOTEL GROUP 9% 30/06/06       1,008,000             1.94
GBP

EQUITABLE FINANCE 8% CALL PERP 06/08/07       975,000             1.88
GBP






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