Director/PDMR Shareholding

New City High Yield Fund Limited
13 March 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


Adrian Collins



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


21,500



8. Percentage of issued class


0.02



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


£0.543



13. Date of transaction


09/03/07



14. Date company informed


12/03/07



15. Total holding following this notification


40,000



16. Total percentage holding of issued class following this notification


0.03



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  0131 718  1000



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


Martin Cassels, Company Secretary



Date of Notification


13/03/07



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