Director/PDMR Shareholding

New City High Yield Fund Limited
08 August 2007

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS


1. Name of company

New City High Yield Fund Ltd

2. Name of director

Gavin Breeze

3. Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18 or in respect of a non-beneficial
interest

As 2

4. Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them (if notified)

Not Disclosed

5. Please state whether notification relates to a person(s) connected with the
director named in 2 above and identify the connected person(s)

As 2

6. Please state the nature of the transaction. For PEP transactions please
indicate whether general/single co PEP and if discretionary/non discretionary

Purchase

7. Number of shares / amount of stock acquired

100,000

8. Percentage of issued class

0.15

9. Number of shares/amount of stock disposed

N/a

10. Percentage of issued class

N/a

11. Class of security

Ordinary

12. Price per share

£0.505

13. Date of transaction

07/08/07

14. Date company informed

08/08/07

15. Total holding following this notification

1,161,425

16. Total percentage holding of issued class following this notification

1.76


If a director has been granted options by the company please complete the
following boxes.

17. Date of grant



18. Period during which or date on which exercisable



19. Total amount paid (if any) for grant of the option



20. Description of shares or debentures involved: class, number



21. Exercise price (if fixed at time of grant) or indication that price is to be
fixed at time of exercise



22. Total number of shares or debentures over which options held following this
notification



23. Any additional information




24. Name of contact and telephone number for queries

Susan Edgar  0207 628 8000

25. Name and signature of authorised company official responsible for making
this notification

Martin Cassels, Company Secretary

Date of Notification

08/08/07

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for loss of business or loss of profits) arising in contract, tort or otherwise
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