Top 10 Holdings

City Natural Res High Yield Tst PLC
1 July 2004

To:  RNS

From:  City Natural Resources High Yield Trust

Date:  01 July 2004

Listing Rule 21

In accordance with paragraph 21.20 l (ii) of the Listing Rules City Natural
Resources High Yield Trust announces its top ten holdings, including all
holdings with a value greater than 5% of its gross assets, as at 30 June 2004:

City Natural Resources High Yield Trust                     
Top 10 Holdings                                             
Company                                     % Total Assets  

UK Coal                                     3.6             
Planestatn 8% Cv 10                         3.4             
Alliance Pha 8 Cv 13                        3.4             
Equit Life Fi 8% 07                         2.7             
Anglo-Eastern Plant                         2.3             
NPI 9.625% Perp 06                          2.0             
Corus & Regal 9% 06                         2.0             
1st Hydro Fin 9% 21                         2.0             
Big Food 9.75% 12                           1.8             
Mano River Resources                        1.8             



For further information please contact:

Martin Cassels

ISIS Asset Management plc

0131 465 1000



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