Title: 242362491.pdf URL Source: https://documentscdn.financialexpress.net/Literature/7C796C938718E2ADBA2DF4DCD28B8E75/242362491.pdf Number of Pages: 3 Markdown Content: # CT UK High Income Trust PLC # Ordinary Shares As at 30 April 2026 inv.trusts@columbiathreadneedle.com | 0345 600 3030 | ctukhighincome.co.uk Page 1 of 3 Fund manager David Moss Manager Commentary UK equities rose in April, with the FTSE All -Share index returning 2.8%. Early in the month, the US and Iran reached a two -week ceasefire, which was later extended into May while peace negotiations continued. Oil prices fell, and equities rallied, but a s ubsequent lack of progress in peace talks and the ongoing disruption to oil supplies through the Strait of Hormuz pushed oil prices higher again in the second half of the month and dented sentiment towards risk assets. In the UK, there were also concerns over political uncertainty amid mounting speculation that Prime Minister Keir Starmer could be replaced with a leader with more fiscally expansive policies. This pushed up gilt yields over the month, as did expectations that the Bank of England (BoE) might raise interest rates to bring down inflation. More positively, UK equities were supported by upbeat first -quarter (Q1) corporate earnings, which were particularly strong in industrials and commodity -related sectors. However, the FTSE All -Share lagged glo bal averages, held back by its limited exposure to technology stocks, which benefited from renewed AI -related optimism, and a heavy weighting to energy, which underperformed after gains in March. The UK equity market’s many overseas earners were also impac ted by the pound’s strength against the dollar. In terms of UK economic data, a gauge of forward -looking economic activity beat expectations to remain in expansionary territory in April, though some of this strength was likely driven by front -loading of ac tivity in manufacturing in anticipation of future price rises and supply constraints. Activity in the services sector weakened, reflecting deteriorating business confidence. Consumer confiden ce also weakened further in April, falling to its lowest level si nce October 2023. Meanwhile, consumer price inflation rose year on year in March. At its meeting at the end of April, the BoE kept interest rat es on hold. Officials reiterated that they stand ready to tighten policy further if required. The Trust underper formed its benchmark as the stock market bounced back. Stock selection detracted from overall performance due to negative returns from the industrials and consumer staples sectors. In terms of individual stocks, the largest detractors inc luded Imperial Bra nds and GSK, as high -yielding shares suffered in an environment of rising bond yields. Shares in Imperial Brands also fell after a trading update suggested weak profitability in next -generation products, although the company maintained its overall full -yea r guidance. Meanwhile, GSK shares fell after they reported strong first -quarter results, as market commentators questioned whether earnings growth was sustainable. Positive contributors included Standard Life and HSBC, as financials outperformed the wider market recovery. Sector allocation was positive, with the overweight in financials proving beneficial. We introduced a holding of ICG, an alternative asset manager with a focus on private markets, during the month. The stock has been under a cloud given the recent volatility of asset markets and specific concerns in private credit markets about excessive lending to data centres. However, ICG has a broad portfolio, limiting exposure to individual sectors and industries, as well as having an exc eptional lon g-term management track record. There were no outright disposals, but we actively managed existing holdings as the markets rall ied in the first half and then corrected in the later part of the month. Key risks Stock market movements may cause the valu e of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. A fund investing in a specific country carries a greater risk than a fund diversified across a range of countries. Changes in r ates of exchange may have an adverse effect on the value, price or income of investments. If markets fall, gearing can magnify the negative impact on performance. Key facts as at 30.04.2026 Trust aims: To provide an attractive return to shareholders each year in the form of dividends and/or capital returns, together with prospects for capital growth. In pursuit of this objective, the Company invests predominantly in UK equities and equity -related securit ies of companies across the market capitalisation spectrum. Benchmark: FTSE All -Share Index Fund type: Investment Trust Launch date: 1 March 2007 Total assets: £158 million Share price: 102.50p NAV: 113.55p Discount/premium( -/+): -9.73% Dividend payment dates: Feb, May, Aug, Nov Net yield †: 5.81% Net gearing: 10.25% Management fee rate**: 0.60% Ongoing charges**: 1.04% Year end: 31 March Sector: UK Equity Income Currency: Sterling Website: ctukhighincome.co.uk **Please refer to the latest annual report for the calculation of ongoing charges and how the management fee is structured. Morningstar rating †CT UK High Income Trust PLC inv.trusts@columbiathreadneedle.com | 0345 600 3030 | ctukhighincome.co.uk Page 2 of 3 Fund performance as at 30.04.26 Cumulative performance as at 30.04.26 (%) 1 Month YTD 1 Year 3 Years 5 Years NAV 1.92 3.30 19.91 46.55 46.31 Share price -3.59 -5.92 8.65 49.32 49.34 Benchmark 2.77 5.25 25.21 44.74 66.87 Discrete annual performance as at 30.04.26 (%) 2026/25 2025/24 2024/23 2023/22 2022/21 NAV 19.91 12.11 9.02 5.11 -5.02 Share price 8.65 22.79 11.92 -0.28 0.30 Benchmark 25.21 7.53 7.50 6.04 8.72 Past performance is not a guide to future performance. Source: Lipper and Columbia Threadneedle Investments. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. The discrete performance table refers to 12 month periods, ending at the date shown. Trust codes Stock exchange code Sedol CT UK High Income CHI B1N4G29 CT UK High Income B CHIB B1N4H59 Top 10 holdings (%) Portfolio Weight Benchmark Weight Difference Sector HSBC 9.50 8.24 1.26 Financials AstraZeneca 7.08 7.44 -0.36 Health Care Shell 5.51 6.73 -1.22 Energy BP 4.41 3.26 1.15 Energy British American Tobacco 4.20 3.24 0.96 Consumer Staples GSK 4.08 2.74 1.34 Health Care Rolls Royce 3.50 3.57 -0.07 Industrials Glencore plc 3.15 2.12 1.03 Basic Materials Standard Life plc 3.04 0.20 2.84 Financials Rio Tinto 2.87 2.70 0.17 Basic Materials > All figures are subject to rounding. Not all holdings are in the FTSE All -Share Index. > -10 > 0 > 10 > 20 > 30 > 40 > 50 > 60 > 70 > 80 > 1 Month YTD 1 Year 3 Years 5 Years > % NAV Share Price Benchmark CT UK High Income Trust PLC # To find out more visit columbiathreadneedle.com All information is sourced from Columbia Threadneedle Investments, unless otherwise stated. All percentages are based on gross assets, unless stated otherwise. †The aggregate distribution for the financial year to 31 March 2026 was 5.96 pence per share. The yield is therefore calculated using a rate of 5.96 pence per share and the closing share price at the end of the relevant month. *Net gearing is total assets less cash and cash equivalents divided by shareholders’ funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. **Ongoing charges as at 31 March 2025. Please refer to the latest annual report as to how the management fee is structured. Ongoing charges are calculated in accordance with AIC recommendations. The share price may either be below (at a discount) or above (at a premium) the NAV. Discounts and premiums vary continuously. © 202 6 Columbia Threadneedle Investments. Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies. This financial promotion is issued for marketing and information purposes only by Columbia Threadneedle Investments in the UK. CT UK High Income Trust PLC is an investment trust and its Ordinary Shares are traded on the main market of the London Stock Exchange. English language copies of the key information document (KID) can be obtained from Columbia Threadneedle Investments, Cannon Place, 78 Cannon Street, London EC4N 6A. Email: inv.trusts@columbiathreadneedle.com or electronically at www.columbiathreadneedle.com. Please read before taking any investment decision. The information provided in the marketing material does not constitute, and should not be construed as, investment advice or a recommendation to buy, sell or otherwise transact in the fund. The manager has the right to terminate the arrangements made for marketing. FTSE International Limited (“FTSE”) © FTSE 202 6. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permi tted without FTSE’s express written consent. Financial promotions are issued for marketing and information purposes; in the United Kingdom by Columbia Threadneedle Management Limited, which is authorised and regulated by the Financial Conduct Authority; in the EEA by Columbia Threadneedle Netherlands B.V., which is regulated by the Dutch Authority for the Financial Markets (AFM); and In Switzerland: Issued by Threadneedle Portfolio Services A.G, acting as representative office of Columbia Threadneedle Management Limited. In the Middle East: This document is distributed by Columbia Threadneedle Investments (ME) Limited, which is regulated by the Dubai Financial Services Authority (DFSA). For Distributors: This document is intended to provide distributors with information about Group products and services and is not for further distribution. For Institutional Clients: The information in this document is not intended as financial advice and is only intended for persons with appropriate investment knowledge and who meet the regulatory criteria to be classified as a Professional Client or Market Counterparties and no other Person should act upon it. > †© 2026 Morningstar. All Rights Reserved. Ratings are latest available at time of publication and may be lagged 1 month. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar Rating, including its methodology, please click here. inv.trusts@columbiathreadneedle.com | 0345 600 3030 | ctukhighincome.co.uk Page 3 of 3 Total summary % of investment portfolio FTSE 100 80.14 FTSE 250 16.06 Non -Index 3.03 Overseas 0.77 AIM 0.00 Glossary Bid price Investment trust shares are sold via the stock exchange at the bid price. This price is determined by supply and demand. Dividend Income paid to shareholders by the company they invest in. Net asset value A key measure of the value of a company or trust – the total value of assets less liabilities, divided by the number of shares. Net Dividend distributions pence per share (paid) / (declared) with respect to the financial year to 31 March 2022 2023 2024 2025 2026 August 1.29 1.32 1.32 1.35 1.37 November 1.29 1.32 1.32 1.35 1.37 February 1.32 1.32 1.32 1.35 1.37 May 1.55 1.55 1.66 1.74 1.85 Total 5.45 5.51 5.62 5.79 5.96 All figures are subject to rounding.