Update on Transition of Portfolio Holdings

Summary by AI ^BETAClose X

Murray Income Trust PLC has completed 98.7% of its portfolio transition as of March 31, 2026, with approximately 75% of the portfolio changed under new management by Artemis Fund Managers Limited. The company's net assets are approximately £911 million, and its net gearing has increased to 7.0% from 5.3%. The Net Asset Value (NAV) per share is 966p with a discount to NAV of 8.6%. Artemis has waived its investment management fee until December 2, 2026. The top 20 holdings now represent 72.0% of the portfolio, with Financials being the largest sector at 33.7%.

Disclaimer*

Murray Income Trust PLC

02 April 2026

Murray Income Trust PLC ("the Company")

Legal Entity Identifier (LEI): 549300IRNFGVQIQHUI13

2 April 2026

Update on Transition of Portfolio Holdings

The Board of Murray Income Trust PLC, the FTSE 250 investment company with net assets of approximately £911 million¹, is pleased to announce that, having taken over management of the company on 2 March, as of 31 March Artemis Fund Managers Limited had completed 98.7% of the portfolio transition. This reflects change of approximately 75% of the portfolio.

Peter Tait, Chair of Murray Income Trust, said: "The investment management team at Artemis has been successfully repositioning the portfolio of the Company over the past month despite the very considerable level of volatility in markets resulting from the Middle East conflict."

Artemis fund manager Andy Marsh said: "During periods of market dislocation we retain our focus on good companies run by good management teams.

"The key is that the businesses are generating sufficient cash - after paying down costs - to leave enough both to pay a dividend to shareholders and fund future investment in their business."

The portfolio transition will be complete shortly. The top 20 holdings and sector positioning are shown below.

Artemis has also increased net gearing in the portfolio from around 5.3% as at the end of February to 7.0% as at end of March.

At 31 March, the NAV per share (debt at fair value) is 966p and discount to NAV is 8.6%.

Artemis has waived its investment management fee until 2 December 2026.

¹ As at 31 March 2026

Top 20 Holdings	Portfolio %
Tesco	5.1
GSK	4.9
Lloyds	4.6
NatWest	4.5
Aviva	4.5
Imperial Brands	4.4
BP	4.1
Barclays	3.9
Informa	3.7
Pearson	3.7
IG Group	3.4
LSEG	3.2
RELX	3.1
Shell	2.9
Smith & Nephew	2.8
Legal & General	2.7
AstraZeneca	2.7
3i	2.6
SSE	2.6
Segro	2.6

There are currently 46 holdings in the portfolio, with an expected range of 40-65 going forward. 72.0% of the portfolio is currently accounted for by the top 20 holdings.

Sector	Portfolio %
Financials	33.7
Consumer Discretionary	20.8
Consumer Staples	14.6
Health Care	12.1
Energy	7.4
Industrials	7.3
Real Estate	4.3
Technology	4.1
Basic Materials	2.6
Utilities	2.6

Sources: Artemis as at 31 March 2026

For further information, please contact:

Murray Income Trust PLC Peter Tait (Chair) - enquiries via Company Secretary
NSM (Company Secretary)
Toby Nash/Brian Smith mut@nsm.group	T: 020 3697 5770
Artemis
Lawrence Gosling	T: 020 7399 6039
Investec Bank plc (Corporate Broker)
Tom Skinner David Yovichic	T: 020 7597 4000

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