ICH Investec H.I.T.

 
TIDMICH 
 
Investec High Income Trust Plc 
 
Interim Management Statement 
 
for the quarter ended 31 December 2008 
 
Objective 
 
Investec High Income Trust plc is an investment company as defined in section 
266 of the Companies Act 1985 and carries on the business of an investment 
trust. The objective of the Company is to achieve both a high and growing level 
of income with the potential for capital growth from a portfolio principally 
invested directly or indirectly in equities. 
 
Material Events and Transactions 
 
As highlighted in the half-year report for the six months to 30 September 2008, 
the board believes that given the substantial reduction in assets following the 
maturing of the bank debt and the repayment of the zero dividend preference 
shares in March 2009, the most sensible strategy to adopt is to wind up the 
Company. Accordingly, a resolution will be put to shareholders on 20 March 2009 
proposing to wind up the Company; a circular will be sent to shareholders 
outlining the proposals relating to the liquidation towards the end of 
February. On this basis, the portfolio has been structured with this outcome in 
mind. 
 
The bespoke put option became an increasingly large part of the overall 
portfolio as the equity market fell in October; therefore, 50% of it was sold 
together with the commensurate amount of equities against which it was hedged. 
During the quarter we sold some holdings which had held up remarkably well in 
2008 such as Home Retail, Kingfisher and Standard Life as well as the holding 
in Games Workshop. We also made some fairly modest purchases of Invensys, 
Travis Perkins, GlaxoSmithKline and BT. 
 
Investec High Income Trust plc repaid the entire remaining GBP14.6m balance of 
its term loan facility with Bank of Scotland during the quarter in a number of 
instalments, the final payment being made on 6 November 2008. The corresponding 
amount was also unwound on the associated swap agreement. 
 
At the end of December, 7.2% of the portfolio was invested in cash and gilts, 
78.5% was invested in equities and 14.3% was invested in a put option. The put 
option expires towards the end of January and at this time some equities will 
be sold to maintain the level of gearing for ordinary shareholders. 
 
During the quarter to 31 December 2008, Investec High Income Securities plc 
bought back 1,109,160 zero dividend preference shares for cancellation. As at 
31 December 2008, the share capital of Investec High Income Trust plc consisted 
of 28,000,000 ordinary shares. The share capital of Investec High Income 
Securities plc consisted of 200,008 ordinary shares and 7,140,840 zero dividend 
preference shares. 
 
A second interim dividend of 1.45p per share was paid on 20 November 2008 to 
shareholders on the register as at 31 October 2008. A third and final dividend 
will be paid in March prior to the Company's liquidation. 
 
Top Ten Holdings as at 31 December 2008 
 
Holding                                                          % of Total 
                                                                   Assets 
 
ML FTSE ex top 20 put option                                       14.40 
 
Royal Dutch Shell `B' Shares                                       10.17 
 
GlaxoSmithKline                                                     9.81 
 
BP                                                                  9.53 
 
Vodafone Group                                                      7.82 
 
UK Treasury 2.50 16 August 2013 Index-Linked                        6.29 
 
HSBC Holdings                                                       5.75 
 
Unilever                                                            5.31 
 
AstraZeneca                                                         5.03 
 
BT Group                                                            3.17 
 
                                                                   77.28 
 
Financial Performance 
 
                                                   Quarter to     6 months to 
 
                                                  31 December    30 September 
 
                                                         2008            2008 
 
Total assets less current liabilities                GBP11.605m        GBP10.947m 
 
NAV total return1                                       6.99%          -2.12% 
 
Ordinary shares 
 
NAV per share                                          41.01p          39.10p 
 
Price per share                                        33.00p          33.50p 
 
Discount                                                19.5%           14.3% 
 
Zero dividend preference shares 
 
NAV per share                                         192.02p         188.00p 
 
Price per share                                       193.00p         186.50p 
 
Benchmark NAV total return 
 
FTSE All-Share Index                                  -10.19%         -13.45% 
 
FTSE 350 Higher Yield Index                            -7.16%          -9.46% 
 
� Adjusted for dividend distributions, bank loan interest paid, bank loan 
repaid and ZDP share buy backs during the period. 
 
Note: The directors are not aware of any significant events or transactions 
which have occurred between the date of the financial information and the date 
of publication, which would have a material impact on the financial position of 
the Company. 
 
The net asset value is published on a weekly basis and other useful background 
information on the Company including downloads of published documentation such 
as previous Annual Reports and Monthly Fact Sheets can be found at 
www.investecassetmanagement.com. 
 
Company Information 
 
Launch date          28 February 2001 
 
Year end             31 March 
 
Contact 
 
Martin Slade 
 
Investec Investment Management Limited 
 
2 Gresham Street 
 
London EC2V 7QP 
 
Tel: +44 (0)20 7597 1942 
 
 
 
END 
 

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