City Merchants High Yield Trust plc                      

HEADLINE: Investment Policy

The Board of City Merchants High Yield Trust plc ("the Company") notes the
publication of the Investment Entities (Listing Rules and Conduct of Business)
Instrument 2003 and announces that it is the Company's policy to invest no more
than 15% of its gross assets in other listed investment companies (including
listed investment trusts).

Contact: Andrew Norman

020 7065 3526

For and on behalf of

INVESCO Asset Management Limited - Secretaries

19 November 2003



END