CT UK High Income Trust PLC

Half-Year Report for the six months ended 30 September 2024

Overview

Company Overview	1
Financial Highlights for the six months	2
Summary of Performance	3
Strategic Report
Chairman's Statement	4
Classification of Investments	7
Investment Portfolio	8
Financial Report
Condensed Unaudited Statement of
Comprehensive Income	12
Condensed Unaudited Statement of
Financial Position	14
Condensed Unaudited Statement of
Changes in Equity	15
Condensed Unaudited Cash Flow Statement	16
Notes to the Condensed Financial
Statements (unaudited)	17
Statement of Principal Risks
and Uncertainties	24
Statement of Directors' Responsibilities
in Respect of the Half-Year Report	25

Other Information

Alternative Performance Measures	26
Shareholder Information	29
How to Invest	30
Corporate Information	32

Forward-looking statements

This Half-Year report may contain forward-looking statements with respect to the financial condition, results of operations and business of the Company. Such statements involve risk and uncertainty because they relate to future events and circumstances that could cause actual results to differ materially from those expressed or implied by forward-looking statements. The forward-looking statements are based on the Directors' current view and on information known to them at the date of this report. Nothing should be construed as a profit forecast.

Company Overview

CT UK High Income Trust PLC (the "Company") is an investment trust and its shares are listed on the Official List of the Financial Conduct Authority and traded on the London Stock Exchange.

Purpose

The purpose of the Company is to be a cost effective investment vehicle for investors seeking income and capital returns from a portfolio invested predominantly in UK equities.

Investment Objective

The investment objective of the Company is to provide an attractive return to shareholders each year in the form of dividends and/or capital repayments, together with prospects for capital growth.

In pursuit of its objective, the Company invests predominantly in UK equities and equityrelated securities of companies across the market capitalisation spectrum.

Capital Structure

The Company has two classes of shares: Ordinary shares and B shares. The rights of each class are identical, save in respect of the right to participate in distributions of dividends and capital. The net asset value attributable to each class of shares is the same.

Only Ordinary shares are entitled to dividends paid by the Company. B shares, instead of receiving dividends, receive a capital repayment at the same time as, and in an amount equal to, each dividend paid on the Ordinary shares.

Visit our website at ctukhighincome.co.uk

Company registration number SC314671 Legal Entity Identifier: 213800B7D5D7RVZZPV45

Financial Highlights for the six months

+6.8%	NAV total return(1) Net asset value total return per share for the six months was +6.8%, compared to the total return of the Benchmark(2) of +6.1%
+9.4%	Ordinary share price total return(1) Ordinary share price total return for the six months was +9.4% compared to the total return of the Benchmark(2) of +6.1%
+6.7%	B share price total return(1) B share price total return for the six months was +6.7% compared to the total return of the Benchmark(2) of +6.1%
6.3%	Yield(1) on Ordinary Shares Distribution yield of 6.3% on Ordinary shares at 30 September 2024, compared to the yield on the FTSE All-Share Index of 3.6%
6.5%	Yield(1) on B Shares Distribution yield of 6.5% on B shares at 30 September 2024, compared to the yield on the FTSE All-Share Index of 3.6%

(1) Yield and total return – See Alternative Performance Measures on pages 27 and 28.

(2) Benchmark – FTSE All-Share Index.

Investors are reminded that the value of investments and any income from them may go down as well as up and they may not receive back the full amount invested. Tax benefits may vary as a result of statutory changes and their value will depend on individual circumstances.

Summary of Performance

Total Return(1)	Six months to 30 September 2024	Year to 31 March 2024
Net asset value per Ordinary share and B share	+6.8%	+11.8%
Ordinary share price	+9.4%	+10.2%
B share price	+6.7%	+5.5%
Benchmark(2)	+6.1%	+8.4%

	30 September 2024	31 March 2024	% Change
Distributions
Yield(1) – Ordinary shares	6.3%	6.7%
Yield(1) – B shares	6.5%	6.7%
Capital
Net assets	£111.4m	£107.8m	+3.3
Net asset value per Ordinary share and B share	97.90p	94.51p	+3.6
FTSE All-Share Index	4,511.00	4,338.05	+4.0
Discount(1)
Ordinary shares	-8.8%	-10.6%
B shares	-12.2%	-11.6%
Gearing(1)
Gearing	12.8%	12.5%

(1) Total return, yield, discount and gearing – see Alternative Performance Measures on pages 26 to 28.

(2) Benchmark – see definition on page 2.

Sources: Columbia Threadneedle Investments and Refinitiv Eikon.

Chairman's Statement

Andrew Watkins, Chairman

Investment performance

For the six months to 30 September 2024 the net asset value ("NAV") total return for both the Ordinary shares and B shares was +6.8%, which outperformed the +6.1% total return for the FTSE All-Share Index, the Company's benchmark index.

Equity markets globally have been positive in 2024 and the UK has joined in, albeit at a slower pace than other major markets, producing a total return of just over 6% in the six months to 30 September 2024. As is now the norm, market sectors have been volatile within this as they reacted to newsflow whether geo-political, macro-economic and on occasion even stock specific. Perhaps surprisingly, the continuing war in Ukraine, the conflict in the Middle East and the potential for this to expand into a wider regional war have had, in the main, limited impact on equity markets. The bigger focus once again has been on inflation and interest rates. When I wrote this statement a year ago, I noted that inflation had been stubborn but had begun to fall. This continued, possibly faster than many had anticipated, and stands now at around 2%. At last, the Bank has now begun to cut interest rates, rather belatedly in my view. They are still higher than most other major country, but the path is clear and equity markets responded positively.

The other major event in the last six months was of course the UK election and the resounding victory of the Labour party was at first seen very positively. Whatever the politics, investors were relieved at least, by the certainty that

the UK would be led by the same party and probably the same individuals for the next five years which, after the chaos of recent times, is indeed a big positive. Unfortunately, the positivity and enthusiasm ebbed away over the following months as the new government seemed to go out of its way to be increasingly negative on the inherited fiscal situation.

"With the possibility that both interest rates and inflation in the UK have peaked, the annual 6.8% yield (at 30 September 2023) from both the Company's Ordinary shares and B shares offers investors an attractive quarterly distribution"

Despite all of this, David Moss, our portfolio manager, does remain positive on the future of investing in UK equities. We will have a period of stable government – rather unusual in the context of our European trading partners – which, of itself, should encourage vital foreign direct investment to help our economy to grow. The anticipated cuts in interest rates will help reduce the cost of borrowing for all but particularly the cost of borrowing on mortgages. As I said a year ago, though, our portfolio manager continues to believe that while the cost of borrowing will continue to fall, we are in a regime more in common with the 1990s than the period post‑financial crisis and interest rates, wherever they settle, will remain positive in real terms, likely in the 3-4% range. He remains of the view this is a positive backdrop for borrowers and savers and the efficient allocation of capital.

Trading activity by the portfolio manager has been much less in the last six months to 30 September 2024, driven primarily by increasing the quality of the portfolio or the ability to generate sustainable and growing income.

Performance has been good during this period with the NAV total return out-performance of the benchmark coming from stock selection. Irish housebuilder Cairn Homes was one of the top contributors as the shares performed very strongly on the back of strong results and cash generation enabling them to continue returning cash to shareholders through an ongoing share buyback and growing dividend. Likewise, NatWest has delivered much better than expected results, despite the weak UK economic backdrop, which has enabled them to increase the dividend and continue to buy back shares from the government. In contrast, UK brickmaker Ibstock has delivered fairly weak results hurt by levels of UK housebuilding below 2009. They have continued to invest through this period leaving them very well positioned for the recovery which the Investment Manager is highly confident will come, as the UK continues to have a clear shortage of housing and increasing this is a very clear policy of the new Labour government.

Share price performance

Over the six month period, the discount to NAV at which the Company's Ordinary shares traded, narrowed from -10.6% to -8.8% at 30 September 2024 and consequently, the Ordinary share price total return for the period was +9.4%. The discount of the B shares to NAV widened slightly from -11.6% to -12.2% at the period end, thus generating a B share price total return of +6.7% for the period under review.

During the period, 250,000 B shares were bought back for treasury at an average discount of approximately 12% to the prevailing NAV. No Ordinary shares were bought back in the period under review. It continues to be the Board's strategy to buy back shares in line with the Company's stated policy, which helps to enhance the NAV per share for continuing shareholders,

especially if a mismatch of demand and supply causes the discount to widen.

Earnings, dividends and capital repayments

In the period under review, your Company's revenue earnings per share has risen by 14.7% from 2.31p per share to 2.65p per share in comparison to the six months to 30 September 2023.

As I have previously stated, it is a key objective of the Board and Investment Manager to return to a covered dividend and rebuild the revenue reserve. Now that the changes made by the portfolio manager over the last year are coming to fruition, we believe the Company's revenue position at the half-year stage is in a much-improved position.

In the absence of unforeseen circumstances, it is the Board's current intention that the aggregate dividend and capital repayment for the current financial year to 31 March 2025 will be at least 5.62p per Ordinary share and B share respectively. Three quarterly interim dividends and capital repayments have so far been declared, each of 1.35p per share. At 30 September 2024, this aggregate distribution represented a yield of 6.3% and 6.5% on the Ordinary share price and B share price respectively, as compared with the yield on the FTSE All-Share Index of 3.6%.

Borrowing

At 30 September 2024, the Company had fully drawn down its £15 million revolving credit facility ("RCF") with The Royal Bank of Scotland International Limited. This facility provides flexibility for the Board and Investment Manager to utilise borrowing when investment opportunities arise or, conversely, reduce borrowing dependent on market conditions and outlook.

Chairman's Statement (continued)

Outlook

I talked earlier about the portfolio manager's positive view on investing in UK equities and in the context of this and looking forward, I must mention the UK budget. There had been a lot of leaks and even more speculation on its content but we have finally now seen the first budget from Rachel Reeves, the Chancellor of this new Labour government. The initial judgement from investors was positive with bond yields falling and domestic UK shares rising. Unfortunately, this lasted only until we saw the detailed numbers as the Office for Budget Responsibility revised up borrowing numbers and revised down growth. As investors digested this information and the sheer amount of debt the government intends to issue, sentiment turned more negative with bond yields rising sharply and shares falling. Even if this looks like a classic left-wing tactic of tax and spend, investment in UK infrastructure and housing is desperately needed. Businesses at least now know the rules under which they have to operate and the ultimate impact remains to be seen.

We probably all have a view on the pros and cons of borrowing more to invest and raising taxes but I think arguments will persist for some time as to whether pre-election promises have been broken and the right taxes have been raised. Whilst I think this debate will rumble on, the fact that we will have a period of stable government intending to invest more has to be beneficial for the long-term future of the country, helpful for economic growth and positive for those businesses that are exposed to infrastructure and housing in particular.

Without acknowledging it, this new Labour Government has actually inherited one of the fastest growing European economies and with fiscal clarity now here and interest rates still likely to fall further, our portfolio manager remains constructive on the UK and positive on UK domestic companies where dividends and valuations remain very attractive.

The landslide election victory by President-elect Trump in America defied prediction but is being taken particularly well by equity markets. His pre-election rhetoric is yet to be tested but, as the UK's largest single-country trading partner, we should take the early signs as encouraging. We shall see.

As ever, your support of this Company is very much appreciated.

Andrew Watkins Chairman

28 November 2024

Classification of Investments

At 30 September 2024

Source: BMO GAM

The following table shows, at 30 September 2024, the percentage weightings by industry classification benchmark ('ICB') industry of the investment portfolio in comparison to the FTSE All-Share Index.

Investment Portfolio by ICB Industry

	% of	% FTSE
	Total	All-Share
ICB Industry	Investments	Index
Financials	25.4	24.7
Consumer Discretionary	16.9	11.3
Industrials	11.8	12.1
Health Care	10.0	11.7
Consumer Staples	9.0	14.6
Energy	7.2	9.3
Utilities	6.7	4.0
Basic Materials	5.6	6.9
Real Estate	4.6	2.8
Technology	2.8	1.3
Telecommunications	–	1.3
Total	100.0	100.0

Investment Portfolio by Index as at 30 September 2024

Investment Portfolio

At 30 September 2024

	Market Value 30 September 2024	% of Total
Company (ICB Industry – Sector)	£'000	Investments
Shell (Energy – Oil, Gas & Coal) A leading international oil exploration, production and marketing group. Historically, Shell and its peers struggled to generate consistently good returns on capital, but the combination of a higher oil price and much greater capital discipline is driving higher returns and very strong cash generation.	9,050	7.2
Astrazeneca (Health Care – Pharmaceuticals & Biotechnology)
AstraZeneca is a major international pharmaceutical company which has consistently been one of the most innovative companies in the UK. Its pipeline of new drugs is proving successful and producing strong growth now, with more potential further out.	7,933	6.3
HSBC (Financials – Banks)
The Hong Kong based UK listed bank is one of the largest global financial institutions with very strong positions in Hong Kong, the UK and Global Wealth Management. Over the long run we expect good growth from the Chinese market where it has the strongest position amongst Western listed banks.	7,567	6.0

Rio Tinto (Basic Materials – Industrial Metals & Mining) Rio Tinto is a diversified international mining company with very strong positions in iron ore and aluminium and has been investing heavily in copper where demand should grow over many years due to the
demands from electrification.	7,004	5.6
Unilever (Consumer Staples – Personal Care, Drug & Grocery Stores)
Unilever is one of the world's largest personal care businesses with
brands such as Dove, Persil and Lynx. Under a new CEO, the company has begun to reinvest in its brands through research and development
and marketing and is starting to see the benefits in better volume
growth, well ahead of its competitors.	4,992	4.0

	Market Value 30 September 2024	% of Total
Company (ICB Industry – Sector)	£'000	Investments
Phoenix Group Holdings (Financials – Life Insurance) Phoenix Group is the UK's largest long-term savings and retirement business and offer a range of products across their market-leading pensions, savings and life insurance brands. Phoenix consistently pays a high and growing dividend.	4,893	3.9
GSK (Health Care – Pharmaceuticals & Biotechnology) GSK is a global manufacturer and marketer of pharmaceutical products. Post the spin-off of the over-the-counter healthcare business GSK is a pure play pharmaceutical company, with strong positions in areas such as vaccines and HIV treatment, and is starting to see a return in growth from its R&D investment.	4,542	3.6
Legal & General Group (Financials – Life Insurance) Legal & General is one of the UK's leading financial services groups. The market leader in the pension buy out market in the UK, this market is expected to provide strong growth for several years. Despite this growth, Legal & General pays out a high dividend to shareholders.	4,515	3.6
NatWest Group (Financials – Banks) NatWest is one of the foremost UK financial institutions with leading positions in all segments. The bank is very well capitalised which is enabling it to make significant returns to shareholders.	4,248	3.4
M&G (Financials – Investment Banking & Brokerage Services) M&G is a UK asset manager and owner of the iconic UK insurance company Prudential. The business is very attractively valued paying an almost 10% dividend yield and has, we believe, good long term growth potential in the M&G asset management business and the Prufund product range.	3,886	3.1
Ten Largest Investments	58,630	46.7

Investment Portfolio (continued)

At 30 September 2024

		Market Value
		30 September	% of
		2024	Total
Company	ICB Industry – Sector	£'000	Investments
Imperial Brands	Consumer Staples – Tobacco	3,655	2.9
Smurfit Westrock	Industrials – General Industrials	3,505	2.8
Rolls Royce	Industrials – Aerospace & Defense	3,489	2.8
OSB Group	Financials – Finance & Credit Services	3,382	2.7
Compass Group	Consumer Discretionary – Consumer Services	3,374	2.7
RELX	Consumer Discretionary – Media	3,198	2.5
Supermarket Income REIT	Real Estate – Real Estate Investment Trusts	3,144	2.5
National Grid	Utilities – Gas, Water & Multi-utilities	3,106	2.5
Taylor Wimpey	Consumer Discretionary – Household Goods & Home Construction	2,847	2.3
SSE	Utilities – Electricity	2,720	2.1
Twenty Largest
Investments		91,050	72.5
British American Tobacco	Consumer Staples – Tobacco	2,683	2.1
Persimmon	Consumer Discretionary – Household Goods & Home Construction	2,634	2.1
Londonmetric Property	Real Estate – Real Estate Investment Trusts	2,630	2.1
WPP	Consumer Discretionary – Media	2,589	2.1
Pennon Group	Utilities – Gas, Water & Multi-utilities	2,550	2.0
Cairn Homes	Consumer Discretionary – Household Goods & Home Construction	2,480	2.0
Dunelm Group	Consumer Discretionary – Retailers	2,056	1.6
Intermediate Capital	Financials – Investment Banking & Brokerage Services	1,974	1.6
Ibstock	Industrials – Construction & Materials	1,952	1.6
Pearson	Consumer Discretionary – Media	1,951	1.5
Thirty Largest Investments		114,549	91.2

		Market Value 30 September	% of
Company	ICB Industry – Sector	2024 £'000	Total Investments
Breedon	Industrials – Construction & Materials	1,659	1.3
Ashtead Group	Industrials – Industrial Transportation	1,468	1.2
Rotork	Industrials – Electronic & Electrical Equipment	1,425	1.1
Burford Capital	Financials – Investment Banking & Brokerage Services	1,403	1.1
Sage Group	Technology – Software & Computer Services	1,348	1.1
Schneider Electric	Industrials – Electronic & Electrical Equipment	1,304	1.1
ASM International	Technology – Technology Hardware & Equipment	1,174	0.9
SAP SE	Technology – Software & Computer Services	1,046	0.8
Investors Securities Company Limited	N/A (subsidiary undertaking)	250	0.2
Total Investments		125,626	100.0

Condensed Unaudited Statement of Comprehensive Income

		Six months to 30 September 2024				Six months to 30 September 2023		Year to 31 March 2024*
Notes		Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000
	Gains/(losses) on investments held at fair value	–	4,831	4,831	–	(3,694)	(3,694)	–	7,674
	Exchange (losses)/gains	–	(4)	(4)	–	15	15	1	9
2	Income	3,529	–	3,529	3,141	–	3,141	5,603	–
3	Investment management fee	(100)	(233)	(333)	(91)	(213)	(304)	(186)	(435)
	Other expenses	(222)	–	(222)	(223)	–	(223)	(518)	–
	Profit/(loss) before finance costs and taxation	3,207	4,594	7,801	2,827	(3,892)	(1,065)	4,900	7,248
	Net finance costs
	Interest on bank loans	(144)	(336)	(480)	(122)	(283)	(405)	(269)	(627)
	Total finance costs	(144)	(336)	(480)	(122)	(283)	(405)	(269)	(627)
	Profit/(loss) before tax	3,063	4,258	7,321	2,705	(4,175)	(1,470)	4,631	6,621
4	Tax on ordinary activities	(46)	–	(46)	(38)	–	(38)	(30)	–
	Profit/(loss) for the period	3,017	4,258	7,275	2,667	(4,175)	(1,508)	4,601	6,621
	Total comprehensive income for the period	3,017	4,258	7,275	2,667	(4,175)	(1,508)	4,601	6,621
5	Earnings per share	2.65p	3.73p	6.38p	2.31p	(3.62)p	(1.31)p	4.01p	5.77p

		Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
	Gains/(losses) on investments held at fair value	–	4,831	4,831		– (3,694)	(3,694)	–	7,674	7,674
	Exchange (losses)/gains	–	(4)	(4)		– 15	15	1	9	10
2	Income	3,529	–	3,529	3,141	–	3,141	5,603	–	5,603
3	Investment management fee	(100)	(233)	(333)	(91)	(213)	(304)	(186)	(435)	(621)
	Other expenses	(222)	–	(222)	(223)	–	(223)	(518)	–	(518)
	Profit/(loss) before finance costs and taxation	3,207	4,594	7,801	2,827	(3,892)	(1,065)	4,900	7,248	12,148
	Net finance costs
	Interest on bank loans	(144)	(336)	(480)	(122)	(283)	(405)	(269)	(627)	(896)
	Total finance costs	(144)	(336)	(480)	(122)	(283)	(405)	(269)	(627)	(896)
	Profit/(loss) before tax	3,063	4,258	7,321	2,705	(4,175)	(1,470)	4,631	6,621	11,252
4	Tax on ordinary activities	(46)	–	(46)	(38)	–	(38)	(30)	–	(30)
	Profit/(loss) for the period	3,017	4,258	7,275	2,667	(4,175)	(1,508)	4,601	6,621	11,222
	Total comprehensive income for the period	3,017	4,258	7,275	2,667	(4,175)	(1,508)	4,601	6,621	11,222
5	Earnings per share	2.65p	3.73p	6.38p	2.31p	(3.62)p	(1.31)p	4.01p	5.77p	9.78p

The total column of this statement represents the Company's Profit and Loss Account. The supplementary revenue return and capital return columns are both prepared under guidance published by the Association of Investment Companies.

All revenue and capital items in the above statement derive from continuing operations.

All of the profit and comprehensive income for the period is attributable to the owners of the Company.

The accompanying notes on pages 17 to 23 are an integral part of these condensed financial statements.

Condensed Unaudited Statement of Financial Position

Notes		As at 30 September 2024 £'000	As at 30 September 2023 £'000	As at 31 March 2024* £'000
	Non-current assets
9	Investments held at fair value through profit or loss	125,626	112,301	121,267
		125,626	112,301	121,267
	Current assets
10	Receivables	513	970	1,203
	Cash and cash equivalents	787	282	1,086
		1,300	1,252	2,289
	Total assets	126,926	113,553	123,556
	Current liabilities
11	Payables	(534)	(506)	(790)
12	Bank loans	(15,000)	(15,000)	(15,000)
	Total liabilities	(15,534)	(15,506)	(15,790)
	Net assets	111,392	98,047	107,766
	Capital and reserves
13	Share capital	134	134	134
	Share premium	153	153	153
	Capital redemption reserve	5	5	5
	Buy back reserve	78,806	79,022	79,022
	Special capital reserve	7,395	9,131	8,320
	Capital reserves	20,702	5,648	16,444
	Revenue reserve	4,197	3,954	3,688
	Equity shareholders' funds	111,392	98,047	107,766
14	Net asset value per Ordinary share	97.90p	85.98p	94.51p
14	Net asset value per B share	97.90p	85.98p	94.51p

Approved by the Board, and authorised for issue, on 28 November 2024 and signed on its behalf by:

Andrew Watkins Chairman

Condensed Unaudited Statement of Changes in Equity

For the six months to 30 September 2024

Notes		Share Capital £'000	Share Premium £'000	Capital Redemption Reserve £'000	Buy back Reserve £'000	Special Capital Reserve £'000	Capital Reserves £'000	Revenue Reserve £'000	Total £'000
	Balance as at 1 April 2024	134	153	5	79,022	8,320	16,444	3,688	107,766
	Profit for the period	–	–	–	–	–	4,258	3,017	7,275
13	Shares bought back for treasury	–	–	–	(216)	–	–	–	(216)
8	Dividends paid on Ordinary shares	–	–	–	–	–	–	(2,508)	(2,508)
8	Capital returns paid on B shares	–	–	–	–	(925)	–	–	(925)
	Balance as at
	30 September 2024	134	153	5	78,806	7,395	20,702	4,197	111,392

For the six months to 30 September 2023

Notes		Share Capital £'000	Share Premium £'000	Capital Redemption Reserve £'000	Buy back Reserve £'000	Special Capital Reserve £'000	Capital Reserves £'000	Revenue Reserve £'000	Total £'000
	Balance as at 1 April 2023	134	153	5	80,315	10,012	9,823	3,729	104,171
	(Loss)/profit for the period	–	–	–	–	–	(4,175)	2,667	(1,508)
	Shares bought back for treasury	–	–	–	(1,293)	–	–	–	(1,293)
8	Dividends paid on Ordinary shares	–	–	–	–	–	–	(2,442)	(2,442)
8	Capital returns paid on B shares	–	–	–	–	(881)	–	–	(881)
	Balance as at
	30 September 2023	134	153	5	79,022	9,131	5,648	3,954	98,047

For the year to 31 March 2024*

Notes		Share Capital £'000	Share Premium £'000	Capital Redemption Reserve £'000	Buy back Reserve £'000	Special Capital Reserve £'000	Capital Reserves £'000	Revenue Reserve £'000	Total £'000
	Balance as at 1 April 2023	134	153	5	80,315	10,012	9,823	3,729	104,171
	Profit for the year	–	–	–	–	–	6,621	4,601	11,222
	Shares bought back for treasury	–	–	–	(1,293)	–	–	–	(1,293)
8	Dividends paid on Ordinary shares	–	–	–	–	–	–	(4,642)	(4,642)
8	Capital returns paid on B shares	–	–	–	–	(1,692)	–	–	(1,692)
	Balance as at
	31 March 2024	134	153	5	79,022	8,320	16,444	3,688	107,766

Condensed Unaudited Cash Flow Statement

	Six months to 30 September 2024 £'000	Six months to 30 September 2023 £'000	Year to 31 March 2024* £'000
Cash flows from operating activities
Profit/(loss) before tax	7,321	(1,470)	11,252
Adjustments for:
(Gains)/losses on investments held at fair value
through profit or loss	(4,831)	3,694	(7,674)
Exchange losses/(gains)	4	(15)	(10)
Interest income	(34)	(36)	(84)
Interest received	34	36	84
Dividend income	(3,495)	(3,105)	(5,519)
Dividend income received	4,140	3,576	5,727
Decrease/(increase) in receivables	9	(2)	1
(Decrease)/increase in payables	(37)	(22)	45
Finance costs	480	406	896
Overseas tax suffered	(20)	(97)	(69)
Cash flows from operating activities	3,571	2,965	4,649
Cash flows from investing activities
Purchases of investments	(30,519)	(37,247)	(62,065)
Sales of investments	30,782	34,270	61,699
Cash flows from investing activities	263	(2,977)	(366)
Cash flows from financing activities
Dividends paid on Ordinary shares	(2,508)	(2,442)	(4,642)
Capital returns paid on B shares	(925)	(881)	(1,692)
Interest on bank loans	(480)	(393)	(868)
Shares purchased for treasury	(216)	(1,293)	(1,293)
Drawdown of bank loans	–	3,000	3,000
Cash flows from financing activities	(4,129)	(2,009)	(5,495)
Net decrease in cash and cash equivalents	(295)	(2,021)	(1,212)
Effect of movement in foreign exchange	(4)	15	10
Opening net cash and cash equivalents	1,086	2,288	2,288
Closing cash and cash equivalents	787	282	1,086
Represented by:
Cash at bank	47	73	176
Short term deposits	740	209	910
	787	282	1,086

Notes to the Condensed Financial Statements (unaudited)

1. Accounting Policies

The condensed unaudited financial statements have been prepared on a going concern basis and in accordance with UK-adopted International Accounting Standard 34 "Interim Financial Reporting" and the accounting policies set out in the statutory financial statements of the Company for the year ended 31 March 2024. Where presentational guidance set out in the Statement of Recommended Practice ("SORP") for investment trusts issued by the Association of Investment Companies is consistent with the requirements of UK-adopted International Accounting Standards, the Directors have sought to prepare the condensed financial statements on a basis compliant with the recommendations of the SORP. The condensed financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the financial statements of the Company for the year ended 31 March 2024, which were prepared under UK-adopted International Accounting Standards.

2. Income

	30 September	30 September	31 March
	2024	2023	2024
Income comprises:	£'000	£'000	£'000
UK dividend income	2,773	2,575	4,653
UK dividend income – special dividends	–	–	46
Overseas dividend income	552	464	632
Overseas dividend income – special dividends	–	25	25
Property income distributions	170	41	163
	3,495	3,105	5,519
Other income
Interest on cash and cash equivalents	34	36	84
	3,529	3,141	5,603

1. The Company's investment manager Columbia Threadneedle Investment Business Limited receives an investment management fee of 0.60 per cent per annum of the net asset value of the Company payable quarterly in arrears.
1. The taxation charge for the period represents withholding tax suffered on overseas dividend income.
1. The earnings per share are based on the net profit/(loss) for the period and on 114,005,447 shares (period to 30 September 2023 – 115,437,141; year to 31 March 2024 – 114,734,272), being the weighted average number of shares in issue during the period.
1. Earnings for the six months to 30 September 2024 should not be taken as a guide to the results of the full year.
1. The Board has considered the requirements of IFRS 8 'Operating Segments'. The Board is of the view that the Company is engaged in a single segment of business, of investing in equity, and that therefore the Company has only a single operating segment. The Board of Directors, as a whole, has been identified as constituting the chief operating decision maker of the Company. The key measure of performance used by the Board to assess the Company's performance is the total return on the Company's net asset value as calculated under UK-adopted International Accounting Standards and therefore no reconciliation is required between the measure of profit or loss used by the Board and that contained in the condensed financial statements.

Notes to the Condensed Financial Statements (unaudited) (continued)

8. Dividends and capital repayments

	Six months to		Six months to	Year to
	Payment	30 September 2024	30 September 2023	31 March 2024
Dividends	date	£'000	£'000	£'000
In respect of the previous period:
Fourth interim dividend at 1.66p (2023: 1.55p) per Ordinary share	3-May-24	1,383	1,319	1,319
In respect of the period under review:
First interim dividend at 1.35p (2024: 1.32p) per Ordinary share	2-Aug-24	1,125	1,123	1,123
Second interim dividend (2024: 1.32p) per Ordinary share		–	-	1,100
Third interim dividend (2024: 1.32p) per Ordinary share		–	-	1,100
		2,508	2,442	4,642

A second interim dividend for the year to 31 March 2025, of 1.35p per Ordinary share, was paid on 1 November 2024 to Ordinary shareholders on the register on 4 October 2024.

Capital repayments	Payment date	Six months to 30 September 2024 £'000	Six months to 30 September 2023 £'000	Year to 31 March 2024 £'000
In respect of the previous period:
Fourth capital repayment at 1.66p (2023: 1.55p) per B share	3-May-24	510	476	476
In respect of the period under review:
First capital repayment at 1.35p (2024: 1.32p) per B share	2-Aug-24	415	405	405
Second capital repayment (2024: 1.32p) per B share		–	-	406
Third capital repayment (2024: 1.32p) per B share		–	-	405
		925	881	1,692

A second capital repayment for the year to 31 March 2025, of 1.35p per B share, was paid on 1 November 2024 to B shareholders on the register on 4 October 2024.

Although the above referenced payments on 1 November 2024 relate to the period ended 30 September 2024, under UK-adopted International Accounting Standards they will be accounted for in the six months to 31 March 2025, being the period during which they are paid.

9. Investments held at fair value through profit or loss

	Listed/ Quoted (Level 1)	Subsidiary/ Unlisted (Level 3)	Total
	£'000	£'000	£'000
Cost brought forward Gains brought forward	105,822 15,195	250 –	106,072 15,195
Fair value of investments at 31 March 2024	121,017	250	121,267
Movement in the period:
Purchases at cost	30,310	–	30,310
Sales proceeds	(30,782)	–	(30,782)
Gains on investments sold in the period	5,227	–	5,227
Losses on investments held at 30 September 2024	(396)	–	(396)
Fair value of investments at 30 September 2024	125,376	250	125,626
Cost at 30 September 2024	110,577	250	110,827
Gains at 30 September 2024	14,799	–	14,799
Fair value of investments at 30 September 2024	125,376	250	125,626

Accounting standards recognise a hierarchy of fair value measurements for financial instruments which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The classification of financial instruments depends on the lowest significant applicable input, as follows:

Level 1 quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2 other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly. The Company held no such instruments during the period under review.
Level 3 techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data. The Company's investment in its subsidiary undertaking, Investors Securities Company Limited, is included in level 3 and is valued at its equity value.

There were no transfers between levels of the fair value hierarchy during the six months ended 30 September 2024.

Notes to the Condensed Financial Statements (unaudited) (continued)

10. Receivables

	30 September 2024 £'000	30 September 2023 £'000	31 March 2024 £'000
Income receivable from shares and securities	322	704	967
Withholding tax recoverable	153	199	179
Sundry debtors and prepayments	38 67	57
	513	970	1,203

11. Payables

	30 September 2024 £'000	30 September 2023 £'000	31 March 2024 £'000
Loan from subsidiary undertaking repayable on demand	250	250	250
Investment management fee payable to the investment manager	168	148	161
Amounts due to brokers in settlement of purchase of investments	–	–	209
Loan interest	–	2	10
Accrued expenses	116	106	160
	534	506	790

12. Bank loans

The Company has an unsecured revolving credit facility ('RCF') with The Royal Bank of Scotland International Limited for £15 million which is available until 28 September 2025. At 30 September 2024, £15 million was drawn down (30 September 2023: £15 million; 31 March 2024: £15 million).

The loan agreement contains certain financial covenants with which the Company must comply. These include a financial covenant with respect to the ratio of the Adjusted Portfolio Value (as defined in the loan agreement) to the level of debt and also that the Adjusted Portfolio Value does not fall below £50 million. The Company complied with the required financial covenants throughout the period since drawdown.

13. Share capital Allotted, issued and fully paid

	Listed			Held in Treasury		In Issue
	Number	£	Number	£	Number	£
Ordinary Shares of 0.1p each
Balance at 1 April 2024	102,067,144	102,067	(18,744,491)	(18,744)	83,322,653	83,323
Balance at 30 September 2024	102,067,144	102,067	(18,744,491)	(18,744)	83,322,653	83,323
B Shares of 0.1p each
Balance at 1 April 2024	32,076,703	32,077	(1,367,953)	(1,368)	30,708,750	30,709
Repurchased to be held in treasury	–	–	(250,000)	(250)	(250,000)	(250)
Balance at 30 September 2024	32,076,703	32,077	(1,617,953)	(1,618)	30,458,750	30,459
Total at 30 September 2024	134,143,847	134,144	(20,362,444)	(20,362)	113,781,403	113,782

During the period the Company bought back nil Ordinary shares and bought back 250,000 B shares at a cost of £216,000 to hold in treasury (period to 30 September 2023: 1,750,000 Ordinary shares and nil B shares; year to 31 March 2024: 1,750,000 Ordinary shares and nil B shares).

At 30 September 2024 the Company held 18,744,491 Ordinary shares and 1,617,953 B shares in treasury (30 September 2023 – 18,744,491 Ordinary shares and 1,367,953 B shares; 31 March 2024 – 18,744,491 Ordinary shares and 1,367,953 B shares).

1. The net asset value per share is based on shareholders' funds at the period end and on 83,322,653 Ordinary shares and 30,458,750 B shares, being the number of shares in issue at the period end (30 September 2023 – 83,322,653 Ordinary shares and 30,708,750 B shares; 31 March 2024 – 83,322,653 Ordinary shares and 30,708,750 B shares).
1. The fair values of the Company's financial assets and liabilities are not materially different from their carrying values in the financial statements.

The Company's financial risk management objectives and policies are consistent with those disclosed in the Company's financial statements for the year ended 31 March 2024.

Notes to the Condensed Financial Statements (unaudited) (continued)

16. Changes in liabilities arising from financing activities

	Six months to	Six months to	Year to
	30 September	30 September	31 March
	2024	2023	2024
	£'000	£'000	£'000
Opening net debt at beginning of period/year	15,000	12,000	12,000
Cash flows:
Drawdown of revolving credit facility	–	3,000	3,000
Closing net debt at end of period/year	15,000	15,000	15,000

17. Going concern

In assessing the going concern basis of accounting, the Directors have had regard to the guidance issued by the Financial Reporting Council and have undertaken a rigorous review of the Company's ability to continue as a going concern. The Board has, in particular, considered the outlook for inflation and ongoing macroeconomic and geopolitical concerns.

The Company's investment objective and policy, which is subject to regular Board monitoring processes, is designed to ensure that the Company is invested mainly in liquid, listed securities. The value of these investments exceeds the Company's liabilities by a significant margin. The Company retains title to all assets held by its custodian, and has an agreement relating to its borrowing facility with which it has complied. Cash is held only with banks approved and regularly reviewed by the Investment Manager.

As part of the going concern review, the Directors noted that a borrowing facility of a £15 million revolving credit facility is committed to the Company until 28 September 2025 and loan covenants are reviewed by the Board on a regular basis. It is expected that a new borrowing facility could be entered into when the current arrangement expires, but, if not, or should the Board decide not to renew it, any outstanding borrowings would be repaid through the use of cash and, if required, from the proceeds of the sale of the Company's investments.

The Directors believe, having assessed the principal risks and other matters, in light of the controls and review processes noted and bearing in mind the nature of the Company's business and assets and revenue and expenditure projections, that the Company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The Company does not have a fixed life. However, in the event that the net asset value total return performance of the Company is less than that of the FTSE All-Share Index over the relevant three year period, in accordance with the Company's articles of association, shareholders will be given the opportunity to vote on whether the Company should continue in existence, by ordinary resolution at the Company's Annual General Meeting. The current three year period for this purpose will run from 1 April 2022 to 31 March 2025.

18. Related party transactions

The Directors of the Company are considered a related party. Under the FCA UK Listing Rules, the Manager is also defined as a related party. However, the existence of an independent Board of Directors demonstrates that the Company is free to pursue its own financial and operating policies and therefore under the AIC SORP, the Manager is not considered a related party for accounting purposes.

The Directors receive aggregated remuneration for services as Directors and for which there were no outstanding balances at the period end. There have been no transactions with related parties during the first six months of the current financial year that have materially affected the financial position or performance of the Company during the period and there have been no changes in the related party transactions described in the last Annual Report and Financial Statements that could do so.

The Company's auditor, Deloitte LLP, has not audited or reviewed the Half-Year Report and the results for the six months to 30 September 2024 and 30 September 2023 pursuant to the Auditing Practices Board guidance on 'Review of Interim Financial Information'. These are not full statutory financial statements in terms of Section 434 of the Companies Act 2006 and are unaudited. Statutory financial statements for the year ended 31 March 2024, which received an unqualified audit report and which did not contain a statement under Section 498 of the Companies Act 2006, have been lodged with the Registrar of Companies. The condensed financial statements shown for the year ended 31 March 2024 are an extract from those financial statements. No full statutory financial statements in respect of any period after 31 March 2024 have been reported on by the Company's auditor or delivered to the Registrar of Companies.

Statement of Principal Risks and Uncertainties

As an investment company, investing primarily in listed securities, most of the Company's principal risks and uncertainties that could threaten the achievement of its objective, strategy, future performance, liquidity and solvency are maket related.

These risks, and the way in which they are managed, are described under the heading 'Principal Risks and Uncertainties and Viability Statement' within the Strategic Report in the Company's Annual Report and Financial Statements for the year ended 31 March 2024.

The principal risks identified in the Annual Report were:

Investment performance risk;
Legal and regulatory risk; and
Third party service delivery and Cyber risks.

The Board continues to review the key risk summary for the Company which identifies the risks that the Company is exposed to, the controls in place and the actions being taken to mitigate them. The Board has also considered the outlook for inflation and ongoing macroeconomic and geopolitical concerns.

The Board considers that the Company's principal risks and uncertainties have not changed materially since 30 May 2024, the date that the Company's Annual Report and Financial Statements was approved, and are not expected to change materially for the remainder of the Company's financial year. The Board has also considered these principal risks in relation to going concern, as set out in note 17 on page 22.

Statement of Directors' Responsibilities in Respect of the Half-Year Report

We confirm that to the best of our knowledge:

the condensed set of financial statements has been prepared in accordance with UK-adopted International Accounting Standard 34 "Interim Financial Reporting" and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company;
the Chairman's Statement and the Statement of Principal Risks and Uncertainties (together constituting the Interim Management Report) include a fair review of the information required by the Disclosure Guidance and Transparency Rule ('DTR') 4.2.7R, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements;
the Statement of Principal Risks and Uncertainties is a fair review of the principal risks and uncertainties for the remainder of the financial year; and

• the Half-Year Report includes a fair review of the information required by DTR 4.2.8R, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Company during that period, and any changes in the related party transactions described in the last Annual Report that could do so.

On behalf of the Board

Andrew Watkins Chairman

28 November 2024

Alternative Performance Measures ('APMs')

The Company uses the following APMs:

Discount/premium – the share price of an investment company is derived from buyers and sellers trading their shares on the stock market. This price is not identical to the net asset value (NAV) per share of the underlying assets less liabilities of the Company. If the share price is lower than the NAV per share, the shares are trading at a discount. This usually indicates that there are more sellers of shares than buyers. Shares trading at a price above NAV per share are deemed to be at a premium usually indicating there are more buyers of shares than sellers.

		30 September 2024		31 March 2024
		Ordinary shares	B shares	Ordinary shares	B shares
Net asset value per share	(a)	97.90p	97.90p	94.51p	94.51p
Share price	(b)	89.25p	86.00p	84.50p	83.50p
Discount (c=(b-a)/(a))	(c)	-8.8%	-12.2%	-10.6%	-11.6%

Gearing – represents the excess amount above shareholders' funds of total investments, expressed as a percentage of the shareholders' funds. If the amount calculated is negative, this is a 'net cash' position and no gearing.

		30 September 2024 £'000	31 March 2024 £'000
Investments held at fair value through profit or loss	(a)	125,626	121,267
Net assets	(b)	111,392	107,766
Gearing (c=(a/b)-1)%	(c)	12.8%	12.5%

Total return – the theoretical return to shareholders calculated on a per share basis by adding dividends/ capital repayments paid in the period to the increase or decrease in the share price or NAV in the period. The dividends/capital repayments are assumed to have been re-invested in the form of shares or net assets, respectively, on the date on which the shares were quoted ex-dividend.

The effect of reinvesting these dividends/capital repayments on the respective ex-dividend dates and the NAV total returns and share price total returns are shown below.

	30 September 2024	31 March 2024
	Ordinary shares/ B shares	Ordinary shares/ B shares
NAV per share at start of period/year	94.51p	89.97p
NAV per share at end of period/year	97.90p	94.51p
Change in the period/year	+3.6%	+5.0%
Impact of dividend/capital repayment reinvestment†	+3.2%	+6.8%
NAV total return for the period/year	+6.8%	+11.8%

† During the six months to 30 September 2024 dividends/capital repayments totalling 3.01p (Ordinary shares/B shares) went ex-dividend. During the year to 31 March 2024 the equivalent figures were 5.51p (Ordinary shares/B shares).

	30 September 2024		31 March 2024
	Ordinary shares	B shares	Ordinary shares	B shares
Share price per share at start of period/year	84.50p	83.50p	82.00p	84.50p
Share price per share at end of period/year	89.25p	86.00p	84.50p	83.50p
Change in the period/year	+5.6%	+3.0%	+3.0%	-1.2%
Impact of dividend/capital repayment reinvestment†	+3.8%	+3.7%	+7.2%	+6.7%
Share price total return for the period/year	+9.4%	+6.7%	+10.2%	+5.5%

Alternative Performance Measures ('APMs') (continued)

Yield – The total annual dividend/capital repayment expressed as a percentage of the period end share price.

		30 September 2024*		31 March 2024
		Ordinary shares	B shares	Ordinary shares	B shares
Annual dividend/capital repayment	(a)	5.62p	5.62p	5.62p	5.62p
Share price	(b)	89.25p	86.00p	84.50p	83.50p
Yield = (c=a/b)	(c)	6.3%	6.5%	6.7%	6.7%

* Based on expected minimum annual dividend/capital repayment of 5.62p per share in respect of the year ending 31 March 2025.

Shareholder Information

Dividends and Capital Repayments

Dividends on Ordinary shares and capital repayments on B shares are paid quarterly in August, November, February and May each year. Shareholders who wish to have distributions paid directly into a bank account rather than by cheque to their registered address can complete a mandate form for the purpose. Mandates may be obtained from Equiniti Limited (see back cover page for contact details) on request. Where distributions are paid directly into shareholders' bank accounts, dividend and capital repayment tax vouchers are sent directly to shareholders' registered addresses.

Share Prices and Daily Net Asset Value

The Company's securities are listed on the London Stock Exchange. Prices are given daily in the Financial Times. The net asset value of the Company's shares are released to the market daily, on the working day following the calculation date. They are available, with other regulatory information through the National Storage Mechanism at data.fca.org.uk.

Change of Address

Communications with shareholders are mailed to the address held on the share register. In the event of a change of address or other amendment this should be notified to Equiniti Limited, under the signature of the registered holder.

Taskforce for Climate-related Disclosures ('TCFD')

TCFD information for CT UK High Income Trust PLC has been made available on the Document Library page of our website and can be found at www.ctukhighincome.co.uk.

Warning to shareholders – Beware of Share Fraud

Fraudsters use persuasive and high-pressure tactics to lure investors into scams. They may offer to sell to you shares that turn out to be worthless or non-existent, or to buy your shares at an inflated price in return for an upfront payment.

If you receive unsolicited investment advice or requests:

Check the Financial Services Register from www.fca.org.uk to see if the person or firm contacting you is authorised by the Financial Conduct Authority ("FCA")
Call the FCA on 0800 111 6768 if the firm does not have contact details on the Register or you are told they are out of date
Search the list of unauthorised firms to avoid at fca.org.uk/scams
Consider that if you buy or sell shares from an unauthorised firm you will not have access to the Financial Ombudsman Service or Financial Services Compensation Scheme
Think about getting independent financial and professional advice

If you are approached by fraudsters please tell the FCA by using the share fraud reporting form at fca.org.uk/ scams where you can find out more about investment scams. You can also call the FCA Consumer Helpline on 0800 111 6768. If you have already paid money to share fraudsters you should contact Action Fraud on 0300 123 2040.

How to Invest

One of the most convenient ways to invest in CT UK High Income Trust PLC is through one of the Savings Plans run by Columbia Threadneedle Investments.

CT Individual Savings Account (ISA)

You can use your ISA allowance to make an annual tax efficient investment of up to £20,000 for the current tax year with a lump sum from £100 or regular savings from £25 a month. You can also transfer any existing ISAs to us whilst maintaining the tax benefits.

CT Junior Individual Savings Account (JISA)*

A tax efficient way to invest up to £9,000 per tax year for a child. Contributions start from £100 lump sum or £25 a month. JISAs or CTFs with other providers can be transferred to Columbia Threadneedle Investments.

CT Lifetime Individual Savings Account (LISA)

For those aged 18-39, a LISA could help towards purchasing your first home or retirement in later life. Invest up to £4,000 for the current tax year and receive a 25% Government bonus up to £1,000 per year. Invest with a lump sum from £100 or regular savings from £25 a month.

CT General Investment Account (GIA)

This is a flexible way to invest in our range of Investment Trusts. There are no maximum contributions, and investments can be made from £100 lump sum or £25 a month.

CT Junior Investment Account (JIA)

This is a flexible way to save for a child in our range of Investment Trusts. There are no maximum contributions, and the plan can easily be set up under bare trust (where the child is noted as the beneficial owner) or kept in your name if you wish to retain control over the investment. Investments can be made from a £100 lump sum or £25 a month per account. You can also make additional lump sum top-ups at any time from £100 per account.

CT Child Trust Fund (CTF)*

If your child already has a CTF, you can invest up to £9,000 per birthday year, from £100 lump sum or £25 a month. CTFs with other providers can be transferred to Columbia Threadneedle Investments.

*The CTF and JISA accounts are opened by parents in the child's name and they have access to the money at age 18.

Charges

Annual management charges and other charges apply according to the type of Savings Plan, these can be found on the relevant product Pre- sales Cost & Charges disclosure on our website www.ctinvest.co.uk.

Annual account charge

ISA/LISA: £60+VAT GIA: £40+VAT JISA/JIA/CTF: £25+VAT

You can pay the annual charge from your account, or by direct debit (in addition to any annual subscription limits).

Dealing charges

£12 per fund (reduced to £0 for deals placed through the online Columbia Threadneedle Investor Portal) for ISA/GIA/LISA/JIA and JISA. There are no dealing charges on a CTF.

Dealing charges apply when shares are bought or sold but not on the reinvestment of dividends or the investment of monthly direct debits. Government stamp duty of 0.5% also applies on the purchase of shares (where applicable).

The value of investments can go down as well as up and you may not get back your original investment. Tax benefits depend on your individual circumstances and tax allowances and rules may change. Please ensure you have read the full Terms and Conditions, Privacy Policy and relevant Key Features documents before investing. For regulatory purposes, please ensure you have read the Pre-sales Cost & Charges disclosure related to the product you are applying for, and the relevant Key Information Documents (KIDs) for the investment trusts you want to invest in, these can be found at www.ctinvest.co.uk/documents.

How to Invest

To open a new Columbia Threadneedle Savings Plan, apply online at www.ctinvest.co.uk Online applications are not available if you are transferring an existing Savings Plan with another provider to Columbia Threadneedle Investments, or if you are applying for a new Savings Plan in more than one name but paper applications are available at www.ctinvest.co.uk/ documents or by contacting Columbia Threadneedle Investments.

New Customers

Call:	0345 600 3030**
	(9.00am – 5.00pm, weekdays)
Email:	[email protected]

**Calls may be recorded or monitored for training and quality purposes.

Existing Savings Plan Holders

Call:	0345 600 3030**
	(9.00am – 5.00pm, weekdays)

Email: [email protected]

By post: Columbia Threadneedle Management Limited, PO Box 11114, Chelmsford, CM99 2DG

You can also invest in the trust through online dealing platforms for private investors that offer share dealing and ISAs. Companies include: Barclays Stockbrokers, EQi, Halifax, Hargreaves Lansdown, HSBC, Interactive Investor, Lloyds Bank, The Share Centre

To find out more, visit ctinvest.co.uk

0345 600 3030, 9.00am – 5.00pm, weekdays, calls may be recorded or monitored for training and quality purposes.

Capital at risk.

The material relates to an investment trust and its Ordinary Shares and B Shares are traded on the main market of the London Stock Exchange.

The Investor Disclosure Document, Key Information Document (KID), latest annual or interim reports and the applicable terms & conditions are available from Columbia Threadneedle Investments Cannon Place, 78 Cannon Street, London EC4N 6AG, your financial advisor and/or on our website www.columbiathreadneedle.com. Please read the Investor Disclosure Document before taking any investment decision.

This material should not be considered as an offer, solicitation, advice or an investment recommendation. This communication is valid at the date of publication and may be subject to change without notice. Information from external sources is considered reliable but there is no guarantee as to its accuracy or completeness.

In the UK: Issued by Columbia Threadneedle Management Limited, No. 517895, registered in England and Wales and authorised and regulated in the UK by the Financial Conduct Authority. © 2024 Columbia Threadneedle Investments. WF560250 (01/24) UK. Expiration Date: 31/01/2025

Corporate Information

Directors

A K Watkins (Chairman)(1) H M Galbraith (nee Driver)(2) S J Mitchell(3) A W Pottinger

Alternative Investment Fund Manager ('AIFM'), Investment Manager and Company Secretary

Columbia Threadneedle Investment Business Limited 6th Floor, Quartermile 4, 7a Nightingale Way, Edinburgh EH3 9EG

Broker

Panmure Liberum Ropemaker Place 25 Ropemaker Street London EC2Y 9LY

Auditor

Deloitte LLP 110 Queen Street Glasgow G1 3BX

Registrars

Equiniti Aspect House Spencer Road Lancing West Sussex BN99 6DA

Depositary

JPMorgan Europe Limited 25 Bank Street Canary Wharf London E14 5JP

Principal Bankers and Custodian

JPMorgan Chase Bank 25 Bank Street Canary Wharf London E14 5JP

Bankers

The Royal Bank of Scotland International Limited 440 Strand London WC2R 0QS

Solicitors

Dickson Minto LLP 16 Charlotte Square Edinburgh EH2 4DF

Company Number

SC314671

Website ctukhighincome.co.uk

(1) Chairman of the Nomination Committee

(2) Chairman of the Audit Committee

(3) Chairman of the Engagement and Remuneration Committee and Senior Independent Director