November 24, 1997
MINT PORTFOLIO UPDATE
Middlefield High Income Trust ("MINT" or the "Fund"), which raised $98 million in March of this year, is pleased to provide an update of the portfolio and performance of the Fund since inception.
The following table is a list of MINT's current portfolio holdings.
| Issuer | Asset Class | Business | % Weight |
| Morrison Facilities Income Fund | Income Fund | gas plant, oil pipeline | 8.4 |
| Scott Paper Limited | High Yield Debt | paper products | 8.2 |
| Algoma Steel Inc. | High Yield Debt | steel production | 7.2 |
| AEC Pipelines, L.P. | Income Fund | oil pipeline | 6.7 |
| Realfund Real Estate Investment Trust | R.E.I.T. | shopping centres | 6.0 |
| H&R Real Estate Investment Trust | R.E.I.T. | office and industrial buildings | 5.1 |
| Call-Net Enterprises Inc. | High Yield Debt | telecommunications | 4.5 |
| K mart Corp. | High Yield Debt | retailing | 4.4 |
| ARC Energy Trust | Royalty Trust | oil and gas production | 4.4 |
| Luscar Coal Income Fund | Income Fund | coal production | 4.3 |
| Northland Power Income Fund | Income Fund | cogeneration, electricity and steam | 4.1 |
| Trizec Hahn Corporation | High Yield Debt | office buildings, shopping centres | 3.4 |
| Associated Freezers Income Fund | Income Fund | public refrigeration warehousing | 3.3 |
| Avista Real Estate Investment Trust | R.E.I.T. | retail, industrial, office buildings | 3.2 |
| Ainsworth Lumber Co. Ltd. | High Yield Debt | forest products | 3.1 |
| Westshore Terminals Income Fund | Income Fund | coal handling facility | 3.1 |
| Rogers Cantel Inc. | High Yield Debt | wireless communication | 2.9 |
| Greenstone Resources Ltd. | High Yield Debt | gold mining | 2.8 |
| Koch Pipelines | Income Fund | oil pipeline | 2.6 |
| Cambridge Shopping Centres Limited | High Yield Debt | shopping centres | 2.2 |
| Halterm Income Fund | Income Fund | container handling facility | 1.9 |
| KMS Power Income Fund | Income Fund | electricity generation | 1.9 |
| Canadian Oil Sands Trust | Royalty Trust | oil production | 1.5 |
| Manalta Coal Income Fund | Income Fund | coal production | 1.5 |
| Athabasca Oil Sands Trust | Royalty Trust | oil production | 1.4 |
| Morguard Real Estate Investment Trust | R.E.I.T. | office, industrial, retail properties | 1.3 |
| Pembina Pipelines | Income Fund | oil pipeline | 0.6 |
| 100.0 |
On an asset class basis, the current portfolio is comprised of 39% high yield debt, 38% income funds, 16% real estate investment trusts and 7% royalty trusts. Despite the recent turbulence in capital markets, MINT's portfolio has shown good resilience to price erosion as a result of broad diversification across several industries and asset classes. Since inception, the net asset value of MINT has appreciated to $5.88, or approximately 9%. Based on a market price of $5.50 and excluding capital gains, the current cash yield is approximately 13.8% on the first instalment and 9.2% on a fully-paid basis.
Consistent with MINT's strategy, the portfolio is being actively managed to capitalize on changing market conditions. MINT trades on the Toronto Stock Exchange under the symbol MID.IR.
For further information contact:
Mr. W. Garth Jestley
(416)
362-0714