Murray Income Trust (MUT) marks its 100-year anniversary this year. It invests mainly in UK equities and aims to provide capital growth and a high and growing income. The trust continues to meet these three objectives. Recent absolute and relative performance has improved after a rare bout of underperformance last year, as the merits of MUT’s high-quality portfolio holdings reassert themselves. In the six months to end April 2023, the trust returned 15.8% on an NAV basis, versus a market return of 12.8%. The trust is also on track to meet another milestone: 50 successive years of dividend growth. The FY23 dividend is expected to be at least 36.5p, which represents a prospective yield of 4.2%. MUT’s manager, Charles Luke, is confident the trust is well-positioned to continue delivering positive returns and growing income over the long term.