Money Makers

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, editor of the Investment Trusts Newsletter. This discussion was recorded on Friday 12 September 2025. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Introduction 0:01:00 - Chrysalis (CHRY) 0:07:12 - Merger proposals in the European sector 0:11:32 - Golden Prospect Precious Metals (GPM) 0:15:15 - PRS Reit (PRSR) 0:18:50 - Third Point Investors (TPOU) 0:21:10 - A short break 0:22:16 - Saba Capital 0:27:11 - Baillie Gifford Shin Nippon (BGS) 0:32:55 - Dunedin Income and Growth (DIG) 0:37:51 - Long-term asset funds (LTAFs) 0:43:10 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of the Herald Investment Trust (HRI). Future profiles include AEW UK REIT (AEWU) and Montanaro UK Smaller Companies (MTU). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 290 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Alastair Laing, CEO of CG Asset Management. This discussion was recorded on Thursday 04 September 2025. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Introduction 0:00:45 - The government bond markets 0:09:46 - Understanding duration and the effect on bond prices 0:12:21 - Nominal yields and real yields 0:17:06 - The equity markets 0:23:27 - The outlook for the dollar 0:26:11 - The price of gold 0:28:55 - A short break 0:30:01 - Investment trust exposure 0:33:17 - The alternatives sector 0:41:05 - Tackling discounts 0:44:29 - Performance of the trust 0:47:23 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of Lindsell Train Investment Trust (LTI). Future profiles include Herald Investment Trust (HRI) and AEW UK REIT (AEWU). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 290 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Richard Pindar, co-founder and CEO of Literacy Capital (BOOK). This discussion was recorded on Wednesday 27 August 2025. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Introduction 0:00:50 - A difficult period for private equity 0:05:55 - The BOOK difference 0:10:11 - The trust’s re-rating and widening discount 0:14:31 - The Velociti deal 0:19:20 - A short break 0:20:26 - Rebalancing towards existing investments 0:22:39 - Increasing the management fee 0:24:59 - Return of capital 0:27:58 - The portfolio 0:33:01 - The UK as an economy 0:37:59 - Making the case for BOOK 0:42:40 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. There is no new profile this week, but subscribers can still read last week's profile of abrdn New India (AII). Future profiles include Lindsell Train Investment Trust (LTI) and Herald Investment Trust (HRI). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit https://money-makers.co/circle. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 290 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Charlie Morris, founder and CEO of ByteTree Asset Management. This discussion was recorded on Wednesday 20 August 2025. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Introduction 0:00:44 - Bitcoin and gold 0:08:31 - The reasons for gold’s march ahead 0:10:42 - Gold alternatives 0:12:45 - Moving away from US exceptionalism? 0:19:25 - A short break 0:20:31 - Importance of the Trump administration’s actions 0:22:06 - The role of investment trusts in multi-asset global portfolios 0:25:11 - Other instruments 0:27:20 - Stocks of interest 0:29:52 - The current UK administration 0:33:25 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of abrdn New India (ANII). Future profiles include Lindsell Train Investment Trust (LTI) and Herald Investment Trust (HRI). Subscribers will also be able to see Jonathan's latest video in the Trust of the Week series, this time covering Temple Bar (TMPL). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 290 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, editor of the Investment Trusts Newsletter. This discussion was recorded on Friday 15 August 2025. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Introduction 0:00:35 - Third Point Offshore Investors (TPOU( 0:08:39 - Merger of AVI Japanese Opportunity Trust (AJOT) and Fidelity Japan Trust (FJV) 0:15:23 - The Japanese sector 0:18:11 - A short break 0:19:17 - Bellevue Healthcare (BBH) 0:23:31 - Baillie Gifford US Growth Trust (USA) 0:27:03 - Smithson (SSON) 0:32:00 - Renewables trusts 0:38:58 - BlackRock Throgmorton Trust (THRG) 0:45:05 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of Gresham House Energy Storage (GRID). Future profiles include abrdn New India (ANII) and Lindsell Train Investment Trust (LTI). While there is no new video this week, subscribers can still see the latest in the Trust of the Week series, looking at Utilico Emerging Markets (UEM). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 290 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Steven Marshall, co-founder, chair, and managing partner of Cordiant Digital Infrastructure (CORD). This discussion was recorded on Monday 04 August 2025. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Introduction 0:01:14 - What digital infrastructure means 0:03:57 - The types of investors 0:06:31 - Competitive advantages for success with big infrastructure 0:09:44 - Debt and the underlying rate of return 0:10:57 - Experience as an investment trust 0:14:23 - Pension fund investments 0:17:30 - The risk of takeover 0:21:08 - A short break 0:22:13 - The AI arms race 0:23:42 - The drive into Europe 0:28:40 - A disappointing holding 0:31:57 - The dividend 0:33:22 - Lessons learnt from DGI9 0:36:21 - Risks 0:40:20 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of Odyssean Investment Trust (OIT). Future profiles include Gresham House Energy Storage (GRID) and abrdn New India (ANII). Subscribers can also see Jonathan's latest video in the Trust of the Week series, this time looking at Utilico Emerging Markets (UEM). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our 290 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Sandy Nairn, executive director of Global Opportunities Trust (GOT), and Alan Bartlett from Goodhart Partners, sub-investment managers of the trust. This discussion was recorded on Tuesday 29 July 2025. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Introduction 0:01:11 - A quick disclaimer 0:01:50 - Resetting the approach and organisation of GOT 0:04:53 - The role of Goodhart Partners 0:05:58 - The case for a flexible investment mandate 0:10:41 - Looking outside of equities, bonds, and cash 0:18:02 - Trust performance 0:21:52 - A short break 0:22:58 - The discount 0:26:57 - Gearing 0:29:26 - Opportunities for returns without excessive risk 0:32:12 - The Japanese reform theme 0:36:06 - US equities and AI 0:44:12 - The global macro situation 0:49:24 - The outlook for GOT 0:50:25 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of Fidelity Special Values (FSV). Future profiles include Odyssean Investment Trust (OIT) and Gresham House Energy Storage (GRID). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 290 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Matt Hose, alternative assets analyst at Jeffries. This discussion was recorded on Thursday 24 July 2025. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Introduction 0:00:37 - General thoughts on the market 0:03:00 - A wake-up call from BBGI 0:03:54 - The funding of Sizewell C 0:05:33 - The water industry 0:07:35 - Renewables 0:11:17 - Corporate activity 0:15:45 - A short break 0:16:51 - Solar trusts 0:21:32 - Discount levels 0:27:35 - Digital infrastructure 0:30:16 - Overall thoughts looking ahead 0:32:14 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of Fidelity Special Values (FSV). Future profiles include Odyssean Investment Trust (OIT) and Gresham House Energy Storage (GRID). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 290 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, the editor of the Investment Trusts Newsletter. This discussion was recorded on Friday 18 July 2025. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Introduction 0:01:18 - Market reaction to Rachel Reeves’ speech 0:03:55 - Developments in the investment trusts sector 0:12:04 - Commercial property - Warehouse REIT (WHR) 0:17:34 - PRS REIT (PRSR) 0:19:24 - Abrdn European Logistics Income (ASLI) 0:22:13 - A short break 0:23:20 - Tender offers - Polar Capital Global Financials (PCFT) 0:25:14 - Saba Capital 0:28:18 - MIGO Opportunities Trust (MIGO) 0:34:25 - Trusts with holdings in large private companies 0:38:51 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of Baillie Gifford European Growth (BGEU). Future profiles include Fidelity Special Values (FSV) and Odyssean Investment Trust (OIT). Subscribers can also see Jonathan's latest video, this week looking at corporate activity in the investment trusts sector over the first half of 2025, courtesy of research from Deutsche Numis. Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 290 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Glen Suarez, current chairman of Impax Environmental Markets (IEM), former chairman of Edinburgh Investment Trust (EDIN), and non-executive director of Bluefield Solar Income Fund (BSIF). This discussion was recorded on Friday 04 July 2025. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Introduction 0:02:42 - Reflections on changing the mandate of the Edinburgh Investment Trust (EDIN) 0:10:21 - Taking on Impax Environmental Markets (IEM) 0:12:13 - Cyclical performance 0:15:02 - The review process 0:18:46 - Evaluating the performance of the management company 0:20:36 - Dialogue with Saba Capital 0:22:56 - A short break 0:24:02 - An uncorrelated portfolio 0:32:09 - Is ESG a growth strategy in disguise? 0:36:48 - Long-term mindsets 0:39:51 - Responding to a weakening dollar 0:43:28 - Bluefield Solar Income Fund (BSIF) 0:45:32 - Making the case for Impax Environmental Markets (IEM) 0:47:09 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of Franklin Global Trust (FRGT). Future profiles include Baillie Gifford European Growth (BGEU) and Fidelity Special Values (FSV). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. In the first of what is hoped to become a new regular feature, subscribers to the Circle can now also see the first in a series of videos where Jonathan takes a look at a topical trust - this week featuring MIGO Opportunities Trust. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 280 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Alex Wright, manager of the Fidelity Special Values Investment Trust, and Fidelity Special Situations, the open-ended equivalent fund. This discussion was recorded on Tuesday 01 July 2025. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Introduction 0:01:03 - The UK equity market 0:06:54 - Structural issues in the UK market 0:10:16 - The stock selection 0:11:50 - Getting the measure of Trump 0:15:35 - Domestic policy impact 0:17:38 - A short break 0:18:45 - The portfolio 0:29:38 - The small, mid, and large cap balance 0:33:42 - Discount and gearing 0:37:10 - Learnings from the last twelve years 0:39:38 - Active and passive management 0:43:01 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of HICL Infrastructure (HICL). Future profiles include Franklin Global Trust (FRGT) and Baillie Gifford European Growth (BGEU). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 280 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

The Money Makers Investment Trusts Podcast is taking a short break following this edition while Jonathan is away on holiday, but it will return in a week or two so keep those subscriptions active! ==== In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Marcus Phayre-Mudge, manager of TR Property (TRY). This discussion was recorded on Thursday 12 June 2025. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Introduction 0:00:39 - Signs of green shoots 0:06:21 - Economic growth, interest rates, and commercial property valuations 0:12:16 - Activity and deals in the investment trusts sector 0:19:06 - A place for smaller trusts 0:24:34 - A short break 0:25:41 - Healthcare commercial property 0:28:40 - Other specialist property sectors 0:32:47 - Cost disclosure and discounts 0:37:57 - TR Property (TRY) 0:44:26 - Why invest in TRY over other REITs 0:47:00 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of VietNam Holding (VNH). Future profiles include Fidelity Emerging Markets (FEML) and HICL Infrastructure (HICL). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 280 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, editor of the Investment Trusts Newsletter. This discussion was recorded on Friday 13 June 2025. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Introduction 0:00:38 - Global shocks 0:03:00 - Coming to terms with the Trump regime 0:05:06 - Investment trusts - commercial property 0:05:31 - PRS REIT (PRSR) 0:09:44 - Empiric (ESP) 0:13:28 - Property in general 0:15:21 - SDCL Energy Efficiency Trust (SEIT) 0:18:43 - Digital 9 Infrastructure (DGI9) 0:22:03 - A short break 0:23:10 - J.P.Morgan Indian Investment Trust (JII) 0:27:59 - Templeton Emerging Markets (TEM) 0:31:25 - Fidelity China Special Situations (FCSS) 0:34:39 - Worldwide Healthcare (WWH) and the healthcare and biotech sector 0:38:17 - Growth capital sector 0:41:59 - Schiehallion Fund (MNTN) 0:44:00 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of Pershing Square Holdings (PSH). Future profiles include VietNam Holdings (VNH) and Fidelity Emerging Markets (FEML). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 280 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Jim Mellon, businessman, investor, and entrepreneur. This discussion was recorded on Monday 09 June 2025. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Introduction 0:00:49 - The Trump administration and volatility 0:07:36 - Reacting to a potential crisis 0:10:51 - The investment approach 0:16:31 - A short break 0:17:37 - Luck or skill in investment success 0:20:52 - Looking at Germany 0:24:46 - Reinforcing the UK stock market 0:26:36 - Other activities 0:31:01 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of Pershing Square Holdings (PSH). Future profiles include VietNam Holdings (VNH) and Fidelity Emerging Markets (FEML). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 280 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Chris Clothier, co-chief investment officer at CG Asset Management, the management company responsible for Capital Gearing Trust (CGT). This discussion was recorded on Thursday 05 June 2025. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Introduction 0:00:41 - The Trump 2.0 approach to policy management 0:05:06 - The erosion of trust in US stability 0:08:18 - The 3-3-3 Plan and inflation 0:10:05 - The problem of global debt build-up 0:13:56 - Reducing exposure to the US 0:18:02 - Brief thoughts on gold 0:19:43 - A short break 0:20:49 - Investment trust performance 0:23:19 - The investment trusts sector, discounts, and the reaction to threats 0:25:37 - The competitive threat to investment trusts 0:26:50 - Activism 0:30:46 - The trust’s potential for returns 0:36:35 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of Schiehallion Fund (MNTN). Future profiles include Pershing Square Holdings (PSH) and VietNam Holding (VNH). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 280 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Nick Brind, co-portfolio manager of Polar Capital Global Financials Trust (PCFT). This discussion was recorded on Tuesday 03 June 2025. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Introduction 0:00:52 - Thoughts on the global financials sector 0:03:02 - Interest rates 0:07:37 - The weighting to banking 0:09:23 - Diversified financials and fintech 0:11:53 - Positives from the Trump administration and deregulation 0:16:14 - A short break 0:17:20 - Risks in the global financial system 0:21:25 - The price of the trust’s investments 0:24:33 - The proposition to shareholders 0:29:43 - The investment trust structure 0:31:46 - A lack of competitors 0:33:22 - Gearing 0:34:41 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of Schiehallion Fund (MNTN). Future profiles include Pershing Square Holdings (PSH) and VietNam Holding (VNH). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our 280 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Peter Hewitt, manager of the CT Global Managed Portfolio Trust (CMPI/CMPG). This discussion was recorded on Wednesday 28 May 2025. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Introduction 0:00:44 - Stepping back from the trust 0:01:40 - Impacts of the Trump administration 0:10:20 - The performance of small cap trusts 0:15:05 - The style factor 0:24:15 - A short break 0:25:20 - Thoughts on Saba Capital 0:30:40 - Private equity 0:34:53 - Finding new sources of income 0:38:31 - Changes to the growth portfolio 0:43:40 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. There is no new fund profile this week but last week's profile was of Tritax Big Box REIT (BBOX). Future profiles include The Schiehallion Fund (MNTN) and Pershing Square Holdings (PSH). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 280 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Jonathan Brachle, co-portfolio manager at J.P.Morgan US Smaller Companies Trust (JUSC). This discussion was recorded on Tuesday 27 May 2025. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Introduction 0:00:56 - The US markets and the Trump effect 0:02:54 - Managing the volatile environment 0:05:30 - Arguments for investing in the trust 0:10:55 - Currency 0:11:56 - Gearing 0:13:26 - A short break 0:14:32 - The continuation vote and viability of the trust 0:16:08 - Exciting holdings and disappointing holdings 0:20:17 - AI 0:23:04 - The argument for continuation 0:25:40 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. There is no new fund profile this week but last week's profile was of Tritax Big Box REIT (BBOX). Future profiles include The Schiehallion Fund (MNTN) and Pershing Square Holdings (PSH). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 280 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Craig Baker, lead manager of Alliance Witan. This discussion was recorded on Monday 19 May 2025. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Introduction 0:00:52 - Navigating the tricky waters of the Trump administration 0:05:21 - Has the tariff threat been overstated? 0:08:21 - A concentrated market and the dominance of Big Tech 0:15:17 - AI in the portfolio and as an investment theme 0:19:59 - A short break 0:21:04 - Comparing the portfolio today versus a year ago 0:26:01 - Gearing, the discount, and the dividend 0:30:51 - The impact of the Alliance-Witan merger 0:33:16 - The trust as a consolidator 0:34:24 - Communicating with retail investors 0:36:48 - The potential move away from the US 0:37:59 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of Tritax Big Box REIT (BBOX). Future profiles include The Schiehallion Fund (MNTN) and Pershing Square Holdings (PSH). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 270 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk

In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the 2024 AIC Best Broadcast Journalist Award, is joined by Andrew McHattie, editor of the Investment Trusts Newsletter. This discussion was recorded on Monday 19 May 2025. *** Out now: The 2025 Investment Trusts Handbook *** The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version. *** Section Timestamps: 0:00:24 - Introduction 0:00:46 - Consolidation and Henderson European Trust (HET) 0:05:56 - A bid for Warehouse REIT (WHR) 0:08:24 - The strategic review outcome at J.P.Morgan Indian Investment Trust (JII) 0:13:33 - Bellevue Healthcare Trust’s (BBH) shift to a zero discount policy 0:19:12 - A short break 0:20:18 - Middlefield Canadian Income’s (MCT) response to Saba Capital 0:27:19 - Regional REIT (RGL) 0:30:11 - HydrogenOne Capital Growth (HGEN) 0:33:02 - Chelverton UK Dividend Trust (SDV) 0:36:06 - Chrysalis (CHRY) 0:40:31 - Harmony Energy Income Trust (HEIT) and the battery storage sector 0:46:11 - Close If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year. This week, as well as the usual features, the Circle features a profile of Tritax Big Box REIT (BBOX). Future profiles include The Schiehallion Fund (MNTN) and Pershing Square Holdings (PSH). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector. For more information please visit money-makers.co/membership-join. Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our more than 270 podcasts since launch. You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk. Produced by Ben Gamblin - www.bgprofessional.co.uk