Portfolio Update

New City High Yield Fund Limited
03 January 2008




To:                RNS

From:              New City High Yield Fund plc

Date:              03-Jan-08



Portfolio Update



The largest ten investments and all investments with a value greater than 5% of
total assets as at 31-Dec-07 are




New City High Yield Fund
Top 10 Holdings
Company                                            % Total Assets
Balfour 10.75% CumPf                               4.5
AMI 31/10/13 10% Cv                                3.9
Cable & Wireless 8.625% 19                         3.5
Libra Natur 8% Cv 10                               3.4
Alliance Pha 8 Cv 13                               2.3
Myer Group 10.1938% 13                             2.2
REA Finance 9.5% 17                                2.2
London 11.5% 12                                    1.8
Katanga 14% 30/11/13                               1.8
Corero 8% Conv 11                                  1.7





This announcement is made in accordance with the UKLA Listing Rules.






                      This information is provided by RNS
            The company news service from the London Stock Exchange