ABOUT FUNDS Toggle OEICS Toggle INVESTMENT TRUSTS Toggle CHELVERTON UK DIVIDEND TRUST PLC CHELVERTON GROWTH TRUST PLC INVESTOR CLUB Toggle FAMILY OFFICES CORPORATE FUNDING Toggle MEDIA CENTRE Toggle PEOPLE CONTACT Quick links Chelverton Equity Partners (CEPS) PLC Pillar 3 Disclosure Order Execution Policy RTS-28-Q121 Legal and Cookies Complaints Handling Policy Conflicts of Interest Shareholder Engagement and Voting Policy September 2021 Engagement Plan 2021 Engagement & Voting Record Q1 2021 Engagement and Voting Record Q2 2021 Engagement and Voting Record Q3 2021 Featured Press Chelverton Asset Management Limited is authorised and regulated by the Financial Conduct Authority. Registered in England. Company number: 342348. Registered Office: 11 Laura Place, Bath, BA2 4BL. Created by AgencyUK Search for: Bath/Head Office & Unquoted Equity Team: 01225 483 030 London Office & Quoted Equity Team: 0207 222 8989 Edinburgh Office & European Quoted Equity Team: 0131 357 1040 INVESTOR INFORMATION LATEST FACTSHEET Chelverton UK Dividend Trust PLC Our Chelverton UK Dividend Trust aims to deliver a high and growing income through investments in mid to small-cap companies capitalised UK listed companies. The investment objective of the Company is to provide Ordinary shareholders with a high income and opportunity for capital growth, having provided a capital return sufficient to repay the full final capital entitlement of the Zero Dividend Preference shares issued by the wholly owned subsidiary company SDV ZDP 2025 PLC. The Company’s investment policy is that: The Company will invest in equities in order to achieve its investment objectives, which are to provide both income and capital growth, predominantly through investment in mid and smaller capitalised UK companies admitted to the Official List of the UK Listing Authority and traded on the London Stock Exchange Main Market or traded on AIM. The Company will not invest in preference shares, loan stock or notes, convertible securities or fixed interest securities or any similar securities convertible into shares; nor will it invest in unquoted companies. This industry appraised fund has received numerous awards throughout the years, including Best Split Capital Trust by Investment Week, Best UK High Income Trust and Best Performing Small Company Fund. Investment Approach We specialise in the mid and small-cap income area of the UK market because we believe that this is overlooked by both brokers and competitors. Fund managers tend to seek growth above income and brokers have little financial incentive to provide research into the ‘dull but worthy’ companies that we like. This can create compelling opportunities once we have done the legwork on behalf of our investors if the team is prepared to do the spadework. Our performance record proves that the application of a rigorous investment discipline, combined with patience and a long term outlook, can produce outstanding returns for investors. This fund is designed to deliver a high initial yield and we look for investments that are capable of increasing those returns over future years. Since we are investing for income, the key is to find companies that generate cash on a sensible and sustainable basis, which is then used to grow the business and to reward shareholders. We look for management teams to strike an appropriate balance between current and future income. This is a closed end fund, effectively a sealed unit, which is not affected by daily inflows and withdrawals by investors. This enables us to buy companies at the smaller end of the spectrum. Consequently, our average holding is firmly in small-cap territory. Investment Process We will only invest in a company for the first time if it yields at least 4% on a twelve month view. This is a cast iron rule to which there are no exceptions. We screen all small and mid-caps on a regular basis to identify these companies. It is important to note that just because a company has a high yield does not necessarily mean it may be worth investing in. We are careful to avoid these value traps through rigorous due diligence. Balance sheets are tested to ensure that there is not too much debt and that the working capital requirements are not too onerous. Sales growth and margins are examined, leading to a measure of likely dividend growth. It is important to us to build a portfolio that will grow its underlying dividend from one year to the next. Beyond that, we keep in close touch with the management teams of the companies in which we invest. We are looking for sensible, pragmatic people, who understand the importance of dividends and dividend growth to investors. Providing that a company can meet these requirements, we invest at a yield of at least 4% and we can add to it until the yield falls to 3%, following share price appreciation. If it gets to 2% we will usually look to sell but often we will have divested before that point, replenishing the portfolio with another high yielder. Investor Information Contact Us To find out more about this trust please contact us: T: +44 (0)1225 483030 E: info@chelvertonam.com Fund Attributes Launch Date: 12 May 1999 Total Assets: £64.1m (31/10/21) Income Paid: Apr, Jul, Oct, Jan XD Dates: Mar, Jun, Sep, Dec Domicile: UK Financial Yr End: 30 April Base Currency: Sterling More Chelverton Funds MI Chelverton European Select Fund •••• Fund Managers David Horner •• Overview Based on valuation as at 31/10/2021 SHARE TYPE NET ASSETS (M) SHARE PRICE (P) NAV PER SHARE (P) DIVIDEND DATES WIND-UP DATE (DISCOUNT) / PREMIUM TO NAV (%) SHARES IN ISSUE Zero Dividend Preference Shares (2018) 47.2* 115.50 116.26 N/A 08/01/2018 -0.66 14,500,000*** Ord Income 214.00 226.54** April / July / October / January N/A -5.54 20,850,000 * including unaudited revenue reserve to 31/10/2021 **including unaudited current period revenue *** redeemed at 133.18p - 30/04/2025 Performance Chelverton UK Dividend Trust plc is a member of The Association of Investment Companies (AIC). For The Latest Performance Information Relating To This Fund Please Visit The AIC Website.