Top Ten Investments

RNS Number:8459T
Global High Yield Bond Trust Ld
05 January 2004


RNS Number:
Global High Yield Bond Trust Ltd
5 January 2004


                        GLOBAL HIGH YIELD BOND TRUST LTD

                              Top Ten Investments

The company announces that the ten largest investments as at close of business
on 31 December 2003 were as follows:

                                                                              Value       Gross Assets
Instrument             Name                                Coupon              #'000                  %

Credit Default Swap    Buhrmann 2009                      12.250%              7,093              4.82%
Bond                   Kappa 2009                         12.500%              7,058              4.80%
Credit Default Swap    Northwest Airlines 2005             7.625%              6,639              4.51%
Credit Default Swap    TM Group 2008                      11.000%              6,382              4.34%
Bond                   BSN Finance 2009                   10.250%              6,242              4.24%
Credit Default Swap    R&B Falcon 2008                     9.500%              6,062              4.12%
Bond                   Head Holdings 2006                 10.750%              5,738              3.90%
Credit Default Swap    HMH Properties 2008                 7.875%              5,597              3.81%
Credit Default Swap    AES Corporation 2009                9.500%              5,151              3.50%
Bond                   Dura Operating 2009                 9.000%              4,862              3.31%



There were no investments with a value greater than 5% of the Company's
portfolio.



Enquiries

Morley Fund Management Ltd.
Neil Smith 020 7809 6151


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