Top 10 Investments

INVESCO City Merchants High Yield Trust plc announces that, as at 31 December
2003, its top ten investments were as follows:

Company              Issue              % of gross 
                                         assets*  
                                                                 
Balfour Beatty      10.75p Pref          6.36%                   
                                                                 
Hunting             8.25% Cum Cnv        5.94%                   
                    Pref �1                                      
                                                                 
Novar               7.25p Conv Cum       5.40%                   
                    Red Pref                                     
                                                                 
Equitable Life      8% Perpetual         4.30%                   
                                                                 
Aggregate           Prf 11.25p &         4.17%                   
Industries          Prf 7.25p                                    
                                                                 
General Accident    Pfd 8.875% Cum       3.47%                   
                    IRRD                                         
                                                                 
Hampton Trust       Prf 5.5% Cum         1.55%                   
                    Cnv Red                                      
                                                                 
Hampton Trust       8.000% CULS          1.39%                   
                    2020                                         
                                                                 
Kagara Zinc         9.750% 2007          2.28%                   
                                                                 
Laing (John)        6.4% Net Cnv         2.14%                   
                    CM                                           
                                                                 
TM Group            12.25% 2008          2.03%                   

* Subject to successful settlement of trades outstanding on the relevant date.

This announcement is made in accordance with Paragraph 21.20(l)(ii) of the
Listing Rules.

INVESCO Asset Management Limited

5 January 2004



END