Murray Income (MUT) was established in 1923 and is one of the larger trusts in the UK Equity Income sector with net assets of around £1bn. It holds around 50 stocks with a quality bias and usually has a low rate of portfolio turnover. Up to 20% of net assets can be held in overseas stocks and the trust typically takes full advantage of this option. MUT has been managed by Charles Luke of abrdn since 2006 and it has a 51-year record of consecutive dividend increases. Gearing is around 10% with a total of £100m borrowed via two fixed-rate notes, one of which was taken on as part of the merger wi...