sgusers9的部落格

漫聊正值暑假，儲存拱北口岸旅客通關量不斷攀升，每天一到高峰期口岸廣場便排起長龍。日前，不少旅客反映，因廣場遮陽篷太短，過半旅客被直接暴曬，市民大喊傷不起。(8月13日《珠江晚報》報道)時值炎夏，在現實生活中，遮陽是大事。因廣場遮陽篷太短，市民、遊客也已反映遮陽篷的“短處”，卻不能立即解決此問題。管理拱北口岸的市口岸局回應說，初步改造方案已出爐，計劃在候檢通道建設新式輕便的遮陽棚用于過渡，待拱北口岸整體改造新蒲崗迷你倉程完工後，將有規範美觀的通道取代遮陽棚。如果真是這樣的話，炎夏也已經過去，而市民、遊客的暴曬也已經“過癮”了。有關部門應該急遊客所急，例如先利用應急資金購買遮陽傘，在廣場處擺放幾十把。這對於有關部門來說，既比建設遮陽篷省下一筆資金，對於廣大遊客、市民來說，也能更快解決暴曬之苦。其實，有關解決這個問題的方法應該還有很多。只是需要一些“快”思維，急群�之所急，既然是用于過渡，首先不能讓遊客暴曬過度。 □梅廣mini storage

Source: Globes, Tel Aviv, IsraelAug.mini storage 15--Trusteer, which IBM announced today that it was acquiring, has for several years been recognized as a leading company in the web fraud prevention market. After, earlier this year, RSA, the security division of EMC, bought rival Silver Tail, which is considered the company closest to Trusteer in technological capability, it was clear that the giant computing companies, which have almost no presence in this area, and the big money, would pay attention to Trusteer."Beyond the aspect of the returns to the shareholders, we saw a very special opportunity here," Trusteer CEO Mickey Boodaei explained today. "IBM sought to set up a research laboratory in security, identified the potential of Israel, and wants to have a large presence here for building a platform for information security products as part of a new security division formed in 2012. We were very attracted to the opportunity of them establishing this capability in Israel and not somewhere else. We started to talk to them about it, to understand what they want to do, and we found a synergy between what we do and IBM's path, and it seemed right. As far as the shareholders are concerned, the driver was to set up in Israel IBM's biggest security lab, to develop it further, to leave a legacy behind us.""A good deal all round"The importance of the deal for IBM can be conveyed through two fetaures. The first is the secret, semi-royal visit of IBM CEO Ginni Rometty to Israel this week. Almost no details were released of the reason for the visit and its schedule, and IBM refused to respond to enquiries about it, which is unusual behavior in relation to a visit of so important a personage. The reason for the visit is apparently not the acquisition, and Rometty's signature is not required on the check, but in IBM they will exploit the timing in order to let the CEO see the new asset she has bought here.The second outstanding feature is the conditions of the deal. In general, in the case of companies that already have a record of business achievement and an aggressive growth forecast factored into the price (the company's 2012 sales are estimated at $70 million, it sees $100 million this year, and it has been profitable fself storager some time), some of the consideration is defined as an earnout. In the current deal, there are no milestones that need to be met in order to increase the deal amount, milestones that, as has been demonstrated more than once in start-up acquisitions, can be no trivial matter. "There were negotiations that answer all expectations," says Boodaei, "and I feel that that applies to both sides. Everyone's happy and everyone's smiling, so I believe that this is a good deal for all concerned."This is IBM's thirteenth acquisition in Israel in fifteen years, and the company employs some 2,200 people locally, half of them in R&D. Trusteer's activity will add to IBM's existing security research operation here.Trusteer is being acquired for its capability in responding to security needs of financial services users, but, from a technological point of view, both companies are aiming much higher. For some time, anti-virus programs have not provided the solution required for true end-user protection. The inadequacy of veteran security technologies in the face of today's challenges, that include sophisticated attacks undetectable until they happen, makes a different approach imperative."It's expertise"Trusteer, thanks to its presence on a large number of end-user points, and its ability to examine any anomaly in the behavior of a computer, provides a solution that can also cope with unidentified threats and block them. In the past, Trusteer's way of operating, which includes installation on each computer, was seen as a limitation, because it makes life harder for the user. But the company learned how to carry out the installation smoothly, and, ironically, what had been considered a disadvantage became, according to Boodaei, an advantage as far as IBM's plans were concerned. "Our expertise on the end-user side," he says, "was attractive to IBM. The ability to support enterprises with 50-100 thousand terminals, without disturbing the enterprise computer network, is our specialty, and is critical in approaching the enterprise sector."Copyright: ___ (c)2013 the Globes (Tel Aviv, Israel) Visit the Globes (Tel Aviv, Israel) at .globes.co.il/serveen/globes/nodeview.asp?fid=942 Distributed by MCT Information Services迷你倉

信息來源於四川新聞網 / Cited from .newssc.org/　　華西社區報記者董峰實習生高玉宇　　近來，迷你倉新蒲崗人們紛紛玩起了定制版箱包、手機、汽車、服飾。而隨著個性元素滲入傳統的旅遊方式，私人定制旅遊這種全新的旅遊消費方式也逐漸進入人們的視線。什麼是私人定制旅遊？也許大多數人會聯想到私人飛機、遊艇，其實，私人定制旅遊並非奢華、高端的代名詞，它也有平民化的一面。按需所制才是定制　　“肯定很貴！”在人民南路某旅行社，當社區報記者拋出私人定制游這一話題，正在咨詢線路的劉女士如是說。隨後，記者在幾家大型旅行社的門店進行了隨機調查，得到的答案基本一致：大部分市民認為私人定制游指的是“高價游”。　　對此，業內人士給出了更深入的解讀，認為定制游並不意味著“高價”，更意味著根據顧客的個性化需求來提供旅遊方案。西部遊俠旅行網創始人張磊告訴記者，他們在西南市場推出定制旅遊已經有10年時間，最初是做國外市場到中國的定制旅遊，目前在成都本土已經看到國內市場旅遊的巨大潛力。“我們現在只推出了四川、西藏、尼泊爾路線，下半年會增加東南亞路線。”　　“家里有迷你倉出租人和小孩，參加常規團肯定會有很多不便。或者幾個人組團來參加，並不想上車睡覺、下車拍照式玩法，而是想玩的更加自由，那麼我們會根據顧客所需來制定行程。”西部遊俠網另一位創始人李祚友認為，旅遊本來就是要玩得舒服，玩得有深度。花費相對較高　　“定制旅遊團最高人數不會超過18個人，我們會定期推出一些特色線路。”張磊表示，這些線路是根據遊客的選擇來決定的，如果某個熱門景點參團的人數多，那麼旅行社會在國慶等節假日推出這條線，根據遊客的需要選擇適合他們的團。　　“私人定制旅遊是按照客戶所需所制定的個性化旅遊，費用比常規旅遊高不了多少。”業內人士表示，常規旅遊所標示的幾日游只需幾百元，但在行程中會產生像觀光車、各種晚會以及所交費用中不包含的門票費，實際上加上這些費用就上千了。而旅行社確定費用後，除開遊客自己的花銷，保證從開始到結束不加一分錢。私人定制游還需推廣　　為什麼私人定制旅遊會被廣大市民認為是奢華游？張磊表示，這是因為很早就出現了私人定制的箱包、服裝、汽車等，這些往往都與天價掛�。加之私人定制旅遊在國內市場並不成熟，推廣不夠，造成大�對其理解不透。儲存倉

信息來源於四川新聞網 / Cited from .newssc.org/縣城街景。瀘縣縣城??花園路。瀘縣航拍全景。　　　　以縣城為中心，迷你倉把縣城建設成為充滿活力、富有魅力、產城一體、城旅互動的瀘州新興衛星城市。瀘縣精細化推進城市管理，扎實推進文化旅遊建設，打造生態文明縣城。力爭到2016年，瀘縣縣城建成區面積16平方公里，瀘縣縣城人口16萬人。　　瀘縣，古稱江陽，從西漢武帝建元6年（公元前135年）設縣治起，至今已有2100多年曆史，有“宋韻龍城”之稱。如今，這座歷史悠久的千年古縣不僅繼承了深厚的歷史傳統，還在用它特有的方式煥發著新生。　　從去年至今，瀘縣加快推進新型工業化、新型城鎮化進程，大力加強交通等基礎設施建設，將縣城定位為“人文生態田園縣、綠色現代產業城、現代休閒目的地”，著力打造樞紐新城、產業新城、商貿新城、宜居新城和旅遊新城。加快融入瀘州 建設樞紐新城　　“圍繞瀘州建設川滇黔渝區域性中心大城市，立足瀘州‘雙兩百’發展方向，加快瀘州中心城區至瀘縣快速通道建設。”這是瀘縣在第十二次黨代會上拋出的發展思路。　　該縣準確把握城市功能區域分工，大力發展特色快速通道經濟，全力從空間、經濟、文化、精神等方面加快融入瀘州步伐，發揮同城效應，凸顯瀘州城市副中心地位。　　同時大力構建“五縱四橫三航”立體交通網絡經濟，凸顯瀘縣樞紐地位。該縣加大了成自瀘赤高速公路連接線等基礎配套建設，圍繞“五縱”把瀘縣建設成四川西南出海大通道的“橋頭堡”。高標準規劃設計,儘快�動福清路建設，以方洞、百和、立石、石橋等東北部鎮為先遣，大力發展配套、錯位經濟，圍繞“四橫”加快深度融入重慶經濟圈步伐。圍繞雲龍機場建設和臨港工業園區建設，積極規劃、開發雲龍空港經濟開發區，發展瀘州航空和兩江航運通道經濟。推進產城融合 建設產業新城　　今年元宵節還沒過，瀘縣經濟開發區卻早已熱鬧起來，塔吊林立，機器轟鳴，140多個園區企業正熱火朝天趕生產抓建設。　　2012年，瀘縣經濟開發區規劃面積由36平方公里增至56平方公里，園區計劃投入資金2億元，全面提升基礎設施水平，酒類、醫藥、化工、重裝機械主導產業定位更加清晰。華夏龍窖?名優白酒產業園強勢�動，瀘州青龍藥業集中發展區規劃基本成型，正逐步成為瀘縣工業發展的兩張名片。　　瀘縣遵循“產業不空心，城市有內涵”的發展思路，科學規劃布局園區建設與城市發展，注重產業發展與城市建設有機融合。按照布局集中、產業集聚、用地集約的要求，在城市發展中合理配置工業園區用地，力求城中有園。加大園區建設規劃和管理，著力從教育、醫療、文化、治安等入手，同步推進園區和城區公共管理服務，推文件倉園區從單一的生產型經濟向多功能的城市型經濟轉型。提升消費水平 建設商貿新城　　瀘縣提出了“兩個加速建設、兩個積極推進”的發展戰略，其一就是積極推進現代商貿物流業發展，力爭將瀘縣建設成為瀘州商貿物流中心的重要支點、環渝腹地區域性商貿物流的重要節點。　　該縣堅持走培育龍頭、合理分區、發展專業、適度超前的路子，大力提升商貿服務業發展水平。結合現有商貿業資源，積極扶持萬福商業廣場發展壯大，培育品牌價值，發揮龍頭作用。根據城區商貿服務業發展特點，對花園幹道、玉蟾大道等主要街道的商貿服務功能進行合理分區，積極發展商貿服務“特色一條街”，提升商貿服務業整體活力。依托優勢產業，積極發展配套專業市場，促進產業與商貿服務業共同繁榮。　　瀘縣商務局負責人告訴記者：“瀘縣物流業在持續壯大，客運周轉量、貨運周轉量年均增長12.3%和36.6%，臨港物流園初具規模，福集火車站物流中心設施不斷完善，旅遊產業穩步發展，十一五期間瀘縣旅遊綜合收入9.5億元，第三產業實現增加值36億元。”完善規劃管理 建設宜居新城　　“在縣城生活很有幸福感，空氣清新，環境舒適，住下來就不想走了”,這是瀘縣縣城市民的共同感慨。健康幸福的生活形態、生態優越的生活環境，以及問需于民、供需于民的公共服務保障體系，讓縣城市民們感受到一種洋溢的和諧感、幸福感。　　瀘縣縣城建設的每一步決策都追隨民意而定，堅持科學規劃，完善配套功能，強化城市管理，凸顯“山、水、園、林”特色，建設精緻、宜居現代城市。結合縣城至瀘州快速通道建設，加快城市環繞玉蟾山南擴步伐，加大保護、開發、建設、管理力度，把玉蟾山建設為“城市之肺”、休閒怡情城市公園。　　瀘縣著力實施“碧水藍天”工程；同時加快城市景觀、公共場地、道路交通等綠化建設；加強舊城鎮改造。升級城市水、電、路、氣、訊等基建設施；推進城市風貌塑造，加大市政市容管理和執法力度，創建舒適宜居環境。高端規劃引領 建設旅遊新城　　瀘縣圍繞龍文化、石刻文化、酒文化，規劃旅遊核心區；玉蟾山溫泉度假區，構建龍園、蟾園、草園、酒園，規劃旅遊內環；屈氏莊園、五仙山、道林溝組成的北部生態休閒野外運動綜合體，玉龍湖景區組成的東部休閒度假綜合體，潮河、海潮龍眼主題休閒農業和牛灘金牛水庫組成的西部現代鄉村旅遊綜合體，兆雅、太伏板塊組成的沿江旅遊綜合體，規劃旅遊外環。　　高規格的謀劃背後，是瀘縣人對文化旅遊資源與市場的思考。背靠成都、重慶兩個特大城市和川南城市群，有龍橋、龍舞、石刻三大國寶，瀘縣旅遊大有文章可做。其中，引人注目的百和、玉蟾山兩個溫泉度假區的核心景區和中國龍文化、中國南宋石刻主題公園等一批起步項目已經打響。存倉

打風日子，迷你倉價錢惟有上網發掘題目；在一位朋友的臉書上，見到如此這般的一段話：「香港雖然是國際金融中心，但沒有一間銀行是由香港人擁有；現在，就連百佳也要賣給外人了。」先撇開銀行和超市有甚麼關係，也不去考究這段話是否言之有理，我有興趣探討的是，資本主義其實是甚麼一回事。「金融中心的精髓，在於可以被買買賣賣的一切資產，都有可能被買買賣賣。」我說。現代資本主義的特點之一，就是企業的管理和擁有，是獨立的兩個概念。當然，企業的管理和擁有分開，社會雖要有一定的建構，例如法治、合約精神等。說到底，社會上人與人之間沒有一定程度的信任，企業管理也很難獨立於擁有權，而法治和合約精神，正是建立信任的基礎。上個月書展期間，有位才俊在推銷他的新書時說，他仍然相信自由市場。坦白講，我們相信的不是自由市場，而是背後的社會制度迷你倉庫事實上，在自由市場陣營�頭，也有兩大流派：個人主義者相信個人的動機，是推動社會進步的最大力量，所以為了最多人的最大利益，市場機制，尤其是價格機制，不可以被干預扭曲。保守主義者則相信，社會制度經歷千百年的演變至今，是確保人與人之間的互動關係，可以在最文明互利的狀況下進行，所以不應干預和扭曲。說到底，市場是一個信任的過程。資本主義和自由市場的相反，就是不信人的個人動力，又或者不相信現在制度。思歪政府和他的親信，固然不相信別人，更不相信制度，所以，他們不介意改變遊戲規則，只要最終對他們有利。不過我們要記得，香港成功之處，正正在於我們有這種令人安心信任的制度和文化，甚至當主要超市銀行都不是香港人擁有，也沒有甚麼大不了；這，就是金融中心的自信。利世民.facebook.com/AppleSimon 儲存

　　《經濟通通訊社１５日專訊》消費者委員會公布，迷你倉價錢過去３年半，一共收到２８宗涉及證券戶口的投訴，投訴範圍包括戶口費用，以及開戶優惠等。　　其中，有個案涉及透過網上股票買賣，投資者在網上平台進行沽貨指示期間，系統突然停止運作，當投訴人再一次下達沽出股票的指令時，證券行卻因此多收取手續費。有關證券行事後拒絕退回多收的款項。　　另一個案則與開戶有關，投資者到銀行開戶後，銀行突然將戶口的最低結餘要求，由原來的３萬元，大增至２０萬，卻未有作出事前通知。　　消委會呼籲，市民在開設投資戶口時，除了要留意收費及開戶條款外，不要只著眼開戶優惠，另外，開戶時亦可留意有關中介機構的服務質素、規模及口碑等。（ｏｓ）

（美國 紐約14日訊）美銀美林公佈的基金經理月度調查顯示，儲存8月份投資者對全球經濟增長前景的看法顯著改善，投資者信心升至近四年來最高水平。投資者對企業業績前景的看法也有所改善。調查發現，預計未來12個月全球經濟將加速增長的基金經理比例，從7月份的52%上升至8月份的72%。調查還反映出企業利潤前景更加光明，預計未來一年每股收益將上升的受訪者人數比重達到43%，創2011年年初以來最高水平。然而只有略低於三分之一的受訪者預計未來一年的每股收益將實現兩位數百分比增幅。圍繞中國經濟出現硬著陸的擔憂情緒有所消退，但超過半數的基金經濟仍認為中國經濟硬著陸是對市場和各經濟體的最大威脅。然而，預計中國經濟增速將放緩的受訪者比重從上月的65%降至32%。最看好歐元區降新興市場股票調查顯示，投資者在削減新興市場股票倉位背景下，增持歐元區股票至5年半高位，因市場對歐元區經濟成長的信心改善，7月有17%的新蒲崗迷你倉資者超配歐元區股票，為2008年1月以來最高。88%的歐洲基金經理預計該地區經濟將在未來12個月改善，為9年來最高水準。歐洲目前是最受歡迎的投資地，領先於日本，20%的受訪者希望未來12個月超配歐洲股票，為6年來最高水準。形成鮮明對比的是，投資者削減新興市場股票曝險，有19%受訪者低配，為12年來最低曝險比率。美銀美林歐洲投資策略主管比爾頓表示：“人們對全球經濟的樂觀看法大幅上升，3年來首次受對歐洲樂觀看法帶動。相較於新興市場，人們對先進國家市場的看法好轉，但人們對歐洲的樂觀看法回升確實是最為明顯的。”調查顯示，其他先進市場亦吸引了投資者。這項調查訪問了180名基金經理，他們管理著5千160億美元資產。有30%以上超配美國股票，此為10年來第三高水準。這是受美元強勢看法帶動，72%的受訪者預計未來12個月美元將上漲。投資者轉為超配英國股票，這是逾10年來的首次。【大事件：歐債危機】;mini storage

楊柳�8月14日，迷你倉大連商品交易所（下稱“大商所”）和中國金融期貨交易所（下稱“中金所”）同時公佈了《指定存管銀行管理辦法》（下稱《辦法》）。大商所結合期貨市場的實際情況和期貨保證金存管業務特點對存管銀行相關業務進行了規範，並提出存管銀行要在期貨創新服務方面做文章。中金所則從自律監管的角度針對銀行業金融機構從事期貨保證金存管業務作出了具體的規定, 確保期貨保證金資金存管安全以及期貨市場的平穩運行。2012年10月，國務院取消了銀行業金融機構從事期貨保證金存管資格認定的行政審批項目。此後各交易所開始結合自身情況著手制定指定存管銀行管理辦法。在資格申請方面，大商所和中金所的《辦法》規定相同，《辦法》規定，申請從事交易所期貨保證金存管業務資格的銀行應為我國境內設立的全國性商業銀行法人，註冊資本達到100億元人民幣，總資產在15000億元人民幣以上，淨資產在1000億元人民幣以上，分支機構在600個以上；應設有專門機構或部門負責期貨保證金存管業務，具有健全的期貨保證金存管制度和服務良好的全國集中式銀期轉賬系統，以及安全存管監控所需的設施和技術水平。不過，中金所還有特別之處，合格境外機構投資者的托管銀行，申請僅為其所托管的合格境外機構投資者開展期貨保證金存管業務的，應當具備上述規定的條件，並取得中國證券登記結算有限責任公司結算銀行資格。且合格境外機構投資者的托管銀行申請僅為其所托管的合格境外機構投資者開展期貨保證金存管業務的，可以豁免總資產規文件倉、淨資產規模、營業網點匹配度等方面的要求。針對風險防範及處置措施，大商所《辦法》規定交易所將針對存管銀行違反存管業務協議或交易所期貨保證金存管業務管理規定的情形責令改正，並根據情節輕重採取警告、通報批評、暫停新增會員存管業務、暫停期貨保證金存管業務等措施；同時建立了存管銀行退出制度，明確取消存管銀行資格的情形，包括存管銀行申請終止、破產、喪失法人地位、不再滿足存管業務資格條件、年度考評不合格和存在重大風險隱患等。中金所《辦法》規定，存管銀行出現影響該行資信狀況的重大業務風險或者損失時，應當于風險或損失發生之日起3個工作日內向交易所和監控中心報告，並提交有關該業務風險或損失對該行保證金存管業務的影響及應對措施的報告。“目前，銀期合作的主要方式仍為傳統的保證金存管以及銀期轉賬業務，深度合作仍處於探索階段。”一位不願透露姓名的銀行業人士告訴《第一財經日報》記者。大商所負責人表示，目前市場迫切需要有關規定為銀期合作新模式的開創提供有力的制度保障。而期貨行業對存管銀行的業務要求不斷提高，迫切需要商業銀行提供更多更全面的服務。中金所負責人還指出，以上措施的出台完善了期貨保證金存管資格的准入標準以及期貨保證金存管在業務和技術上的要求，完善了期貨保證金存管業務應急處理機制。此外，大商所還在《辦法》中提出銀行要在期貨創新服務方面做文章，要求銀行結合交易所上市品種及會員、客戶特點，在促進期貨市場功能發揮、銀期創新業務合作方面提出可行的期貨創新服務方案。存倉

【香港商報訊】隨著上市銀行半年報的陸續發布，self storage中國銀監會昨日也提前披露了上半年銀行業的經營狀況。 數據顯示，截至2013年6月末，銀行業金融機構資產總額達到144.25萬億元。在資產繼續大幅增長的同時，銀行業的淨利潤達到7531億元。其中，單第二季度，銀行業淨利潤實現了3843億元，遠超此前市場的預期。與此同時，不良貸款的反彈仍在繼續，但值得一提的是，大型銀行第二季度的不良貸款增加額已從峰值開始回落，成為自2011年第四季度連續反彈以來的單季增加最低值。 上半年銀行盈利繼續高增長 華夏(600015.SH)、興業(601166.SH)和浦發銀行(600000.SH)已經率先公布了上半年的經營業績。從這3家銀行的淨利潤增長情況看，仍然保持了較高的水平。事實上，銀監會的數據也顯示，上半年銀行業的整體盈利狀況仍然不錯。這打破了此前市場預期銀行盈利增速會下降較快的擔憂。 數據顯示，今年上半年，銀行業淨利潤達到7531億迷你倉，較去年同期增加了900多億元，增幅達到13.8%，其中，僅第二季度就增加淨利潤3843億元。業內人士認為，第二季度銀行利潤增速加快的原因與淨息差略有擴大有關。 今年上半年，商業銀行不良貸款餘額達到5395億元，較一季度末增加了130億元。不良貸款率為0.96%，與一季度末持平。這一增幅，為2012年第二季度以來的單季增加最低值。尤其是大型銀行，今年第二季度僅增加不良貸款餘額13億元，為2011年第四季度以來的單季增加最低值。 相比第一季度多家銀行減少了撥備的計提，第二季度，撥備計提的力度有所加強。二季度末，銀行業撥備覆蓋率上升至292.50%，較一季度末增加了0.55個百分點，但仍較去年末低約3個百分點。 8 月貸款投放或達7300億 另有消息稱，四大行8月前11天信貸投放平穩，新增貸款投放1550億，同期存款繼續負增長超1600億。基於此，有市場人士預期8月整體信貸投放或達7300億，存款增長7000億左右。文件倉

根據人力銀行最新調查，存倉今年應屆畢業生中，已有43％的比重開始就業，銀行業者建議，有申請就學貸款的社會新鮮人，領到首份薪水後，最好就開始規畫還款計畫，透過逐步降低本金，讓利息壓力稍減。統計資料顯示，100學年度申請就學貸款人數逼近40萬，且公、私立大專院校合計貸款金額達256.7億元，平均每位學生每學年貸款達7.4萬元。銀行業者表示，依就學貸款規定，自畢業後滿1年、休學後滿1年，或退役日滿1年，才需要逐月付清，若加上在校的時間，等於有5∼7年可以籌措資金，只要適當規畫這段期間的收入，就有機會把利息降到最低。以私立大學每學期學費約5萬元來說，如果4年都申請學貸，總貸款金額為40萬元，以現階段就學貸款利率1.83％、分8年償還，每月應付金額為4,自存倉83元。銀行業者指出，其實就學貸款算是「良性負債」，與一般消費性貸款相比，利率低很多，個性屬於比較積極的新鮮人，且對於投資有一定把握性，也可考慮把部分資金用來投資，只要找到平均報酬率高於1.83％的投資組合，還能夠一邊還錢，一邊累積財富。銀行業者建議，只要身上有閒錢，例如工作領到的年終、紅利、三節獎金等，都可用「額外還本」的方式還款，讓本金減少，以降低利息支出。至於若因為經濟狀況不佳，面臨就學貸款繳不出錢的窘境，銀行業者指出，可善用延期還款措施，包括證明低收入、中低收入，或平均月收入低於3萬元，就能申請緩繳，每次緩繳1年、最多3次。符合資格者也能向申貸銀行申請延長還款年限，最長為原來的2倍，以大學貸款8個學期來說，等於有16年的時間可以還款。迷你倉新蒲崗

ExhibitionsEmbark! Beyond the HorizonC�dric Maridet, Tang Kwok-hin, Tsang Kin-wah (Hong Kong) and Yuan Gong (mainland) display site-specific works as part of the launch of the new art space.自存倉 Daily, 10am-8pm, Oi!, 12 Oil St, North Point. Inquiries: 2512 3000. Ends Aug 18Fresh Trend 2013Hong Kong Art Network’s joint exhibition showcasing paintings, photography, sculptures, videos and installations by 30 local graduates. Aug 15-24, 10am-8pm, Aug 25, 10am-4pm, Hong Kong City Hall, 5 Edinburgh Place, Central. Inquiries: 9090 4453. Ends Aug 25My Life StoryThe Robert H.N. Ho Family Foundation presents a photography exhibition featuring works from students involved in the Through Our Eyes photography education programme. Daily, 10am-8pm, (closed at 5pm on Aug 25), Pao Galleries, Hong Kong Arts Centre, 2 Harbour Rd, Wan Chai. Ends Aug 25; Aug 30-Sept 15, 10am-6pm, Kai Tak Campus, Academy of Visual Arts, Hong Kong Baptist University, 51 Kwun Tong Rd, Kowloon Tong. Inquiries: 2232 0005. Ends Sept 15Performing ArtsThe 3rd Asian Grand PrixBallet competition featuring international dancers from nine to 24 years old. Aug 15, 2.10pm : elimination rounds, HK$50; Aug 16, 2.30pm, Aug 17, 2pm:,semi-final rounds, HK$150, HK$200; Aug 17, 4.10pm, Aug 18, 2pm : finals, HK$200-HK$350; Aug 18, 8pm : awards ceremony and gala, HK$100 Urbtix. Y-Theatre, Youth Square, 238 Chai Wan Rd, Chai Wan. Inquiries: 6405 1999 (English and Japanese) or 5635 7928 (Chinese)DetentionFourth run in the city for the non-verbal comedy centring on an after-school detention session with a group of students and a teacher that turns into complete mayhem. Aug 15-18, 5.30pm, Aug 15-17, 8.30pm, Aug 17-18, 2.30pm, Hong Kong Arts Centre, 2 Harbour Rd, Wan Chai, HK$190, HK$260 Urbtix. Inquiries: 2144 5335ExtremeDrama that deals with a group of desperate people looking to figure out the true meaning of life. In Cantonese. A ug 15-17, 7pm-8.30pm, Fringe Club, 2 Lower Albert Rd, Central, HK$88 (Fringe Club members), HK$110 (non-members) HK Ticketing. Inquiries: 2521 7251The Big Big DayChung Ying Theatre Company’s drama about a man who finds a photograph of his sister’s fianc� with another woman, and how he handles the discovery as the big day approaches. In Cantonese. Aug 15-17, 7.30pm, Aug 17-18, 2.30pm, Hong Kong City Hall, 5 Edinburgh Place, Central, HK$160, HK$240 Urbtix. Inquiries: 3961 9805Wanna a PieceDrama about three artists with converging problems: a writer who can’t forget, a dancer who can’t remember and a painter who can’t express his feelings. In Cantonese. Aug 15-17, 7.30pm, Fringe Club, 2 Lower Albert Rd, Central, HK$96 (Fringe Club members), HK$120 (non-members) HK Ticketing. Inquiries: 2521 7251The Choir of King’s College, CambridgeThe British choral group performs music from a variety of composers. Aug 15, 8pm: Mozart, Schubert, Haydn and Vivaldi. Hong Kong City Hall, 5 Edinburgh Place, Central, HK$120-HK$320 Urbtix. Inquiries: 2268 7321Linkin ParkThe alt-rock rap pioneers in concert. Aug 15, 8pm, AsiaWorld-Expo, Lantau, HK$288-HK$888 HK Ticketing. Inquiries: 2989 9239Unity JamDJ Wordy, DJ Don Martinez, DJ Enso and Yao spin hip hop, with live MCing by EKORB. Aug 15, 10pm, Play, 1/F On Hing Bldg, 1 On Hing Terrace, Central. Inquiries: 2525 1318SDM Annual Performance and Dance Award Presentation 2013SDM Jazz and Ballet Academie’s annual show featuring young students in a musical about a group of dancers who enter a competition. Aug 16-17, 7.15pm, Aug 18, 3pm, Hong Kong Academy for Performing Arts, 1 Gloucester Rd, Wan Chai, HK$150-HK$550 HK Ticketing. Inquiries: 2528 2222MasqueradeHong Kong Dance Company presents an ethnic dance drama that blends elements of nuo opera and Dong folk music in a story about an artist who lives life behind a mask. Aug 16-17, 7.45pm, Aug 17-18, 3pm, HK Cultural Centre, 10 Salisbury Rd, TST, HK$180-HK$300 Urbtix. Inquiries: 3103 1815LogoLocal indie trio play psychedelic groove. Aug 16, 8.30pm, Les Boules Hong Kong, 18 Woo Hop St, Shek Tong Tsui, free. 迷你倉新蒲崗nquiries: 2872 0102J Rocc + What So NotThe Beat Junkies founder/DJ spins hip hop and the Sydney collaboration featuring beat masters Flume and Emoh Instead. Aug 16, 9pm, Kee Club, 6/F, 32 Wellington St, Central, HK$200 (early bird offer ends Aug 16), HK$250 eventbrite.com. Inquiries: 2810 9000Listen UpMark-1 Music presents up-and-coming local two-piece The Bollands and the multi-instrumental folk artist Charles J. Tan. Aug 16, 10pm, Fringe Club, 2 Lower Albert Rd, Central, HK$110 (advance), HK$140 (on day). Inquiries: 2521 7251ModekThe Belgian-based DJ spins techno. Aug 16, 10pm, Volar, Basement, 38-44 D’Aguilar St, Lan Kwai Fong, HK$150 (advance), HK$250 (door, before 12.30am), HK$350 (door, after 12.30am). Inquiries: 2810 1510Patrick OliverThe American DJ spins club hits. Aug 16, 10.30pm, Play, 1/F On Hing Bldg, 1 On Hing Terrace, Central, HK$200 (ladies), HK$300 (guys). Inquiries: 2525 1318Isla School of DanceThe ballet school celebrates its 5th anniversary with a public performance. Aug 17, 3pm, Hong Kong Academy for Performing Arts, 1 Gloucester Rd, Wan Chai, HK$150-HK$350 HK Ticketing. Inquiries: 2915 0822Cinema9th InDPanda International Short Film FestivalInD Blue presents a selection of nine short film programmes from around the world, including the following two. Ends Sept 9. Broadway Cinematheque, Prosperous Garden, 3 Public Square St, Yau Ma Tei, HK$65 cinema.com.hk. Inquiries: 2572 7202Oscar plusProgramme of five shorts, including Life, Lust & Longing, about a woman longing for a child, and Henry, centring on a concert pianist and his frustrations at losing a loved one. Various languages, all with English subtitles. Aug 15, 7.30pm, Aug 28, 7.40pm, Broadway CinemathequeBerlinale, Venice and moreProgramme of six shorts, including Her Out, about a reporter researching writer Eileen Chang’s 1960 visit to Taiwan. Various languages, all with English subtitles. Aug 15, 9.40pm, Sept 4, 9.40pm, Broadway CinemathequeSummer International Film Festival 2013Hong Kong International Film Festival Society presents 21 films including the following two. Until Aug 27 . Hong Kong Science Museum, 2 Science Museum Rd, TST East; Hong Kong Space Museum, 10 Salisbury Rd, TST; Hong Kong Arts Centre, 2 Harbour Rd, Wan Chai, HK$65; UA Langham Place, 8/F-11/F Langham Place, 8 Argyle St, Mong Kok; The Grand Cinema, 2/F Elements, 1 Austin Rd West, Kowloon, HK$75 Urbtix. Inquiries: 2970 3300BastardsClaire Denis’s revenge drama about a family seeking revenge on a wealthy businessman who forces them into bankruptcy. In French with English subtitles. Aug 15, 7.45pm, Aug 18, 9.45pm, UA Langham PlaceApolitical RomanceRomcom revolving around a Beijing girl who arrives in Taipei to look for her grandmother’s first love but ends up developing a romantic connection with a young man while helping him draft a Taiwan-China cultural etiquette manual. In Mandarin with Chinese and English subtitles. Aug 15, 9.45pm, UA Langham Place. Aug 24, 7.30pm, The Grand CinemaHKIFF Cine FanThe Hong Kong International Film Festival Society presents a selection of films designed to broaden audience appreciation, including the following two. UA Langham Place, 8/F-11/F Langham Place, 8 Argyle St, Mong Kok, The Grand Cinema, 2/F Elements, 1 Austin Rd West, Kowloon, HK$75; HK Science Museum, 2 Science Museum Rd, TST East, Hong Kong Space Museum, 10 Salisbury Rd, TST, Hong Kong Arts Centre, 2 Harbour Rd, Wan Chai, HK$65 Urbtix. Inquiries: 2970 3300 2001: A Space OdysseyStanley Kubrick’s epic sci-fi about a series of encounters between humans and advanced machines known as monoliths built by extraterrestrial species. In English with Chinese subtitles. Aug 15, 9.30pm, The Grand Cinema; Aug 18, 2pm, Hong Kong Arts Centre; Aug 28, 7.30pm, The Grand CinemaViolence at High NoonNagisa Oshima’s 1966 drama, based on real events, revolving around a serial killer who hunted woman in daylight. In Japanese with English subtitles. Aug 16, 7.30pm, Hong Kong Space Museum; Aug 24, 2pm, Hong Kong Arts Centre迷你倉出租

Source: The Sun, Yuma, Ariz.mini storageAug. 14--Tuesday's hearing in Yuma County Superior Court for Ronald S. Morgan, who has been charged with child molestation and burglary with a sexual motivation, was continued for 30 days in order to give his defense attorney time to conduct more interviews.When asked by Superior Court Judge Maria Elena Cruz to provide an update on the status of the case, defense attorney David Pardee, of the Yuma County Public Defender's Office, who was standing in for Morgan's appointed attorney, explained that German Salazar, the attorney appointed to the case, has conducted several witness interviews since his client's last hearing and is still attempting to locate several other witnesses whom he intends to interview.Pardee also stated that Salazar asked him to inform the court that he planned to interview the police investigators involved in the case as well, but had not done so yet.Prosecutor John Ballos, of the Yuma County Attorney's Office, in giving the state's position, informed the court that the defense has not made any requests to interview the police investigators yet, but if they were to do so, the prosecutor assigned to the case would arrange them.In response, Cruz instructed Ballos to inform prosecutor Karolyn Kaczorowski, who is assigned to the case, that the defense has requself storagested the interviews and to go ahead and schedule them. She also set Morgan's next court date in the case for 9:30 am on Sept. 10.Morgan was arrested the morning of April 23 after he allegedly entered a residence in Wellton to commit a burglary. He then allegedly entered the bedroom of a girl who was about 11 years old and molested her. The girl was home alone at the time because her mother was working, Wellton police said.After the arrest was made public, at least two other possible victims came forward to police with stories of allegedly being sexually abused by Morgan over a year ago.Wellton police are working with the Yuma County Sheriff's Office because they believe Morgan may have molested other children throughout the entire county.Wellton police believe that Morgan's demonstrated pattern of behavior was over an extended period of time, possibly as far back as five years ago, and that some of his victims may have been too young to tell their stories.Morgan was homeless and would move around from home to home staying with different friends and family members. While there, he would allegedly molest the children who lived in the homes, according to Wellton police.Copyright: ___ (c)2013 The Sun (Yuma, Ariz.) Visit The Sun (Yuma, Ariz.) at .yumasun.com Distributed by MCT Information Services迷你倉

/ Software / / Photo /HD Transform 售價：免費 / 支援瀏覽器：All / 「雲外看 新生趣」唱到街知巷聞，儲存倉想聽最蕩氣迴腸的4分鐘足本版，目前只能到YouTube收聽（網址：youtu.be/uHWuUn3Q48U）。若不想每次特地上YouTube聽Lam哥，不妨使用今次介紹的Web App - HD Transform，貼上YouTube網址，再選擇音質（最高256Kbps）即可轉換成MP3。它的強項是直接製作鈴聲，按下「Ringtone」後再選擇音質、指定歌曲片段等， 一按即可下載「新生趣」鈴聲，隨時聽到「燃亮我意志 鼓起我勇氣」！.hdtransform.com/ 下載檔案至雲端 / Education /Save Web Files售價：免費 / 支援瀏覽器：Chrome、Firefox、IE、Safari、Opera / 有時經Notebook、Smartphone或Tablet上網都會見到一些檔案想下載，但阻於流動裝置的存取速度有限，經常會影響效率。不過用戶亦可以透過雲端網絡，將資料儲存至雲端。Save Web Files便可實現此功能，只要把網站連結貼在網上，然後把網站設置儲存至Dropbox、Google Drive、SkyDrive及Box，便能自動下載檔案至雲端儲存。日後在戶外看見想下載檔案時，就不用擔心儲存容量不足問題。Ctrlq.org/Save / Drivers / UPDATE 01 「新生迷你倉沙田」變鈴聲 CrossFireX不再窒 AMD Catalyst 13.8Windows Beta Driver以往CrossFireX驅動程式以雙GPU或多GPU運作時，交互傳送資料時總出現輕微延遲，令畫面實際流暢度與FPS數字有顯著差距。最新13.8 beta版Catalyst加入Frame Pacing功能，大幅減低雙或多GPU運算時的畫面延遲，建議CrossFireX用家立即試用。bit.ly/16Ij5Z8 UPDATE 02Win 8.1追加 Intel Chipset Device Software 9.4.0.1022版Intel晶片組向來是信心保證，也是旗下處理器的最佳拍檔。本周Intel更新Chipset Device Software 9.4.0.1022版，追加支援Windows 8.1、對應HWIDs VEN_INT&DEV_33D1 Intel傳感器方案，以及加入支援MUP 2.4.1。bit.ly/14tFrBO UPDATE 03入門王者 Realtek RTL-81xx系列8.018.0621.2013版for Win 8.1台灣「蟹仔」廠商Realtek向來是音效晶片老大，他們也有不少整合式網絡晶片用於主機板上，惟因網絡傳輸效能平平，多數只出現在中低階入門市場。新版RTL-81xx系列8.018.0621.2013版驅動程式登場，亦加入了Windows 8.1支援，有需要的用家可以一試。bit.ly/13SaxvL Text: 編輯部 / Art: 摩天輪 / Editor: Ayu迷你倉價錢

The Nation's Largest Online Food Delivery Service, JUST-EAT.mini storageca, Expedites Growth With iOS Mobile AppTORONTO, Aug. 14, 2013 /CNW/ - The Canadian arm of global brand, JUST EAT, launches its new e-commerce iOS mobile app for on-the-go ordering today. With the addition of this faster, more functional mobile platform and the brand's aggressive expansion in new cities, JUST-EAT.ca expects to see over $50 million in order revenue processed through its system to restaurant partners this year. As the nation's largest and only coast-to-coast online food ordering service, the brand services more than 160 cities and towns through its partnerships with 3500 restaurants.Enticing consumers to download the app, JUST-EAT.ca also launches a rebellious national campaign that challenges users to 'Enticing consumers to download the app, JUST-EAT.ca also launches a rebellious national campaign that challenges users to 'Give Hunger the Finger' today (givehungerthefinger.ca). To enter to win one of ten $25 vouchers, users must download the app, place an order and show the brand 'how they defeat hunger' by communicating a fun photo via Twitter or Instagram."There's no longer an excuse to walk around with a rumbling stomach," exclaims JUST-EAT.ca Managing Director, Todd Masse. "With our new app, it's easy to order from the palm of your hand in seconds-no matter where you are. We can't wait to see how Canadians kick their hunger to the curb!"ANYTIME, ANYWHERE ORDERING With an improved user experience from JUST-EAT.ca's existing mobile site, the app is making many new ordering possibilities an option: consumers can conveniently order take-out or delivery from their iPhone while on-the-move, without the hassle of having to repeat any financial or delivery information. Order food on the streetcar on the way home from work and arrive to warm and ready-to-eat dinner. Pass the office iPad around with the app open for the team to order lunch. Search restaurants open late from the bar and have a midnight snack waiting at the door.With this simplicity of ordering and its existing base of mobile users (traffic to?JUST-EAT.ca's website from mobile devices is its fastest growing segment of visitors), JUST EAT Canada anticipates 10,000 downloads within the app's first month and expects its portion of sales from mobile devices to rise to?nearly 45%.KEY APP FEATURES-- Full Postal Code Search: a geo-targeted selection of restaurants available to a user in their vicinity. -- Restaurant List: a sortable list of businesses and their corresponding current status - open, closed or offline. This can be sorted by best match, the alphabet, or rating, and filtered by cuisine. -- Restaurant Information: a rating, user reviews, postal code, offers &/or discounts, menuself storage menu categories, and more are displayed. -- Basket: review and modify the contents selected for purchase. There are also additional tips and offers such as 'buy more to save money' or 'more needed for minimum'. -- Check Out: log-in or register as a new user, enter confidential delivery information and payment method (cash and 100% completely secure transactions, including credit, debit, etc.). -- Order Status: the source for order information, including a button to call the restaurant and a help button for JUST EAT Canada customer support.Download the mobile app from Apple's App Store:?bit.ly/1a4kaQ8RAPID CANADIAN EXPANSION JUST EAT Canada has been operating since August 2009,?has served over 2,000,000 orders in Canada, and secures an average of?30,000 new users per month. Since?new Managing Director, Todd Masse,?joined?JUST-EAT.ca?this March, the site's number of partner restaurants has grown by 84%, from 1900 to 3500, with a goal of reaching 4500 by the end of the year. JUST EAT Canada has representation in over 160 cities and towns,?from Victoria to Halifax, surpassing the original goal of 6 new cities in 2013 to reach 25.ABOUT JUST EAT CANADA With headquarters in Toronto, Ontario, JUST EAT Canada is the nation's largest and fastest growing online restaurant & food ordering service. The JUST-EAT.ca website enables local restaurants and customers to connect, offering a quick-and-easy platform for ordering delivery. There are currently 3500 restaurants online with JUST-EAT.ca in major cities like Toronto, Vancouver, Calgary, Montreal and Ottawa. The JUST EAT Group was founded in Denmark in 2000, now has its headquarters in London, UK and is active in 13 countries around the globe. .JUST-EAT.caFor a list of all cities serviced by JUST EAT Canada, click HERE.Follow JUST EAT Canada on Twitter and Instagram at @justeatca, like JUST EAT Canada on Facebook and watch JUST EAT Canada on YouTube.SOURCE Just Eat CanadaImage with caption: "New e-commerce iOS mobile app for on-the-go ordering today (CNW Group/Just Eat Canada)". Image available at: photos.newswire.ca/images/download/20130814_C5856_PHOTO_EN_29830.jpgImage with caption: "New e-commerce iOS mobile app for on-the-go ordering today (CNW Group/Just Eat Canada)". Image available at: photos.newswire.ca/images/download/20130814_C5856_PHOTO_EN_29831.jpgImage with caption: "New e-commerce iOS mobile app for on-the-go ordering today (CNW Group/Just Eat Canada)". Image available at: photos.newswire.ca/images/download/20130814_C5856_PHOTO_EN_29832.jpgJust Eat CanadaCONTACT: Contact Butter PR for more about JUST EAT Canada, the new mobileapp orto schedule an interview with Todd Masse:Shawn RusichDirector, Public Relations416.822.5266shawn@butterpr.ca迷你倉

The branding of Mount Kuaiji’s ancient Chinese torreya nuts has brought fame and fortune to the local community.新蒲崗迷你倉 But the new class of entrepreneurs must maintain a delicate balance with nature, Sun Yuanqing reports. When Luo Guanjun was growing up in the Mount Kuaiji area in Zhejiang province, he found it hard to appreciate the beauty of the nearby forest. The trees were a symbol of his family’s poverty: He’d seen a huge sack of torreya nuts that had taken two years to grow and process exchanged for just a few rice coupons. At 16, Luo left his home in Zhaojiazhen in the Mount Kuaiji area to seek his fortune elsewhere. Working in a clothing factory in Shenzhen, Guangdong province, he learned about branding and quality control. Five years later, he returned to the torreya forest to put these ideas into practice. Now Luo’s marketing know-how has raised awareness about the health benefits of torreya nuts, and transformed the trees into a gold mine for the villagers. A local household now typically raises three or four torreya trees, which can support the family for the whole year. The trees have lifted the entire community out of the “era of starvation” as Luo described his childhood. “The torreya trees have changed my life and the lives of my fellow villagers,” he says. “Now they are ready to reach out to more people.” Agricultural heritage Luo was speaking a few weeks after the Food and Agriculture Organization of the United Nations selected Mount Kuaiji’s ancient Chinese torreya as a Globally Important Agricultural Heritage System. The GIAHS was initiated in 2002 to protect traditional farming processes, which are at risk of disappearing in the face of rural migration and rapid urbanization. China now has eight agricultural heritage sites. Chinese torreya trees are commonly found around 31 degrees north latitude. But while the wood of the trees is used for logs and ornaments, only the torreya in the Mount Kuaiji area in Shaoxing, Zhejiang province, produce savory fruit. This is because they have been carefully selected and grafted for more than 2,000 years. Mount Kuaiji is home to more than 100,000 ancient Chinese torreya trees, also known as “trees of longevity”. Among them, 72,000 are more than 100 years old, and thousands are more than 1,000 years old. The longest living Chinese torreya tree known is 1,432 years old. It is the oldest grafted tree in China, and it still produces 500 kilograms of fruit every year. “Chinese torreya are a living fossil of ancient grafting and artificial selection techniques,” says Tong Pinzhang, a senior engineer with the Zhuji Forestry Bureau. “But it remains a mystery how and when the first Chinese torreya were grafted.” Shelter of ecosystem The torreya trees are also a mainstay of the ecosystem in Mount Kuaiji, where land is scarce and typhoons and floods are frequent. Along with the trailing terraced fields, tea gardens and fish-scale pits, they help protect the unique ecosystem. “Terraced fields by themselves lead to soil erosion in the mountains. So we grow trees as well, because they not only generate incomes, they also prevent natural disasters,” says Zhang Xiaojun, deputy secretary general of the municipal government of Shaoxing. “There is a saying here that raising a torreya tree is sometimes better than raising a son,” says Tong, the engineer, “as the trees will support you throughout your life time no matter what. So the tmini storagerreya farmers care for them just like their own children.” Bearing fruit It takes 15 years before a torreya tree becomes productive, and it takes 18 months for the fruits to mature. Every September, the whole village will work around the clock for a month to pick and process the harvest. Last year, 80 percent of the annual per capita income in Zhaojiazhen, more than 8,000 yuan ($1,306), came from the torreya trees. The total output of fruit was 1,313 tons, with a value of 625 million yuan ($101 million). Because the torreya trees are usually very tall and covered with moss, local people have invented tools like the “centipede ladder” and hanging bamboo baskets for the picking season. However, accidents still happen from time to time, making the harvest a time for prayers. The process of turning the fresh torreya fruit into tasty nuts takes 11 steps, including peeling, washing, drying and stir-frying. It is said that the torreya nuts fried by local farmers taste the best because they know how to control the heat and how long they need to be cooked based on the smell of the torreya. Since the 1980s, the annual production of torreya nuts has increased from 50 tons to more than 1,000 tons. Branding counts However, the increased output was not enough to enable the village to prosper until the China Torreya Industry Association was founded in the early 1990s under Luo’s guidance. “When I first went to Shenzhen, I was shocked to find a plain cotton shirt could sell for hundreds of dollars. That’s how I came to recognize the value of branding,” Luo says. “It’s the same with nuts. A small pack of pistachio nuts with an American brand would sell for as much as a sack of the torreya nuts in my hometown.” When Luo returned home in 1993 no torreya brand existed, but he got a national trademark the following year. He collected only best torreya fruit from farmers at a price higher than before and standardized the process to produce the nuts, which he then sold in exquisite small packages. The retail price of torreya nuts has rocketed over the last decade from 20 yuan to more than 600 yuan a kilogram. The nuts from the oldest torreya tree now sell for 10 yuan a piece. Luo says the future of torreya nuts is in advanced processing. The nuts can be made into capsules that are effective for the prevention of high blood pressure, hyperglycemia and hyperlipemia. They also contain paclitaxel, which can be used for cancer prevention, he says. “For old people who are not able to chew, we are developing torreya paste, something you can eat instantly when mixed with hot water,” Luo says. “The green skin of the torreya nuts contains essential oil that can be developed into shampoo.” In 2012, more than 100,000 people visited Zhaojiazhen town, but Luo is cautious about developing large-scale tourism in the torreya forest. “When it comes to the exploitation of 1,000-year-old torreya trees, we can’t afford mistakes,” he says. “Some of the tourists casually break off leaves and even branches for souvenirs. If I were the tree, I would be weeping.” Contact the writer at sunyuanqing@chinadaily.com.cn Zhang Jianming in Hangzhou contributed to the story. Torreya trees are known as “trees of longevity”, the oldest being 1,432 years old Grown on mountains with altitudes ranging from 200-800 meters USAGES OF CHINESE TORREYA Online See more Eco China stories by scanning the code.self storage

THE DIVERSE INCOME TRUST PLCANNUAL FINANCIAL REPORT FOR THE YEAR ENDED 31 MAY 2013The Directors present the Annual Financial Report of the Diverse Income Trustplc ("Company" or "Diverse") for the year ended 31 May 2013.新蒲崗迷你倉 The full AnnualReport and Accounts can be accessed via the following website:.mitongroup.com/dit or by contacting the Company Secretary on 01392 477500.RESULTS FOR THE YEAR TO 31 MAY 2013Increased dividend per shareThe dividend per share was increased from an annualised 2.02p last year to2.10p this year, representing an increase of 4%. In addition £394,000 was addedto distributable revenue reserves, and will be available to smooth dividendgrowth over the coming years.36% growth in capitalThe NAV per share rose from 47.83p to 65.12p over the year. This has beengreatly assisted by the general rise in the market, with the FTSE All-ShareIndex up 25% over the year to 31 May 2013.£61m additional capital raised to reduce the ongoing charges and add marketliquidity for shareholdersTwo C share issues, amounting to £30m in July 2012 and £31m in December 2012,resulted in total assets reaching £136m at 31 May 2013.Additional management resourceMiton has welcomed George Godber and Georgina Hamilton to its team of UK equitymanagers. They bring additional insight regarding the tangible assets andunderlying cashflow particularly of mid and larger UK companies.Diverse announced its intention to merge with Miton Income Opportunities TrustplcMIOT, formerly known as Henderson Fledgling Trust plc, appointed Miton to alignits £80m portfolio with that of Diverse so it could effect a merger with theCompany in due course. This has now been achieved and both companies areproceeding with the merger documentation. Diverse shareholders will not bearany of the costs of the transaction.Diverse wins Best New Investment Trust AwardThe Association of Investment Companies awarded Diverse the Best New InvestmentTrust Award based upon the novelty of its investment strategy versus other UKincome trusts and its strong performance since issue.SUMMARY OF RESULTS At 31 May 2013 At 31 May 2012 ChangeNet asset value per ordinary share 65.12p 47.83p 36.1%Ordinary share price (mid) 66.00p 48.75p 35.4%Premium to net asset value 1.35% 1.92%Revenue return per ordinary share 2.42p 2.32pTotal return per ordinary share 19.27p 0.43pTotal dividends per ordinary share 2.10p 2.19p??The dividend for the period to 31 May 2012 covered thirteen months, and theannualised dividend was 2.02p. Therefore, the underlying growth of the dividendin the year to 31 May 2013 was 4%. Current period revenues funded more than the4% increase and so £394,000 was added to revenue reserves for smooth dividendgrowth in the future.CHAIRMAN'S STATEMENTMarketsThe UK equity market rose steadily through the year, largely supported byliquidity injections to the financial system provided by central banks. Earlyin the year, the European Central Bank added to the actions of the Bank ofEngland and US Federal Reserve, whilst the Bank of Japan joined towards the endof the year. Over the year to 31 May 2013 the FTSE All-Share Total Return Indexrose 30.1%, and the average UK income trust appreciated by 38.3%.ResultsThe Company aims to differentiate itself from other UK income trusts bytargeting a sustainable growth of its dividend. Over the year to 31 May 2013our dividend has been increased by 4%, usefully ahead of inflation andshort-term interest rates. In addition, the Company has put £394,000 of currentperiod revenue into distributable reserves for the future.Over the year the Company has delivered a total return of 40.7% per ordinaryshare. This comprises a NAV rise of 17.29p, representing 36.1% capitalappreciation, and a dividend of 2.10p, representing a yield of 4.3% on theshare price at the start of the year. This performance has been fully reflectedin the share price rise, which has typically stood at a premium to NAV of 3.8%over the year.Overall ScaleDuring the year, the Board approved two C share offerings with the main purposeof increasing the scale of the Company, such that the fixed costs could bespread over a much larger asset base and improve the return for shareholders.In addition, a larger trust has greater market liquidity, enhancing the abilityfor shareholders to transact, which in turn the Board believes helps enhancethe rating of the Company's shares. As a result of the two C share offerings,plus the market appreciation, the Company's assets grew from just under £48m toclose to £136m at the year end.Potential Merger with Miton Income Opportunities Trust plcOn 15 February 2013, the Board announced that it had agreed proposals for afuture merger with Miton Income Opportunities Trust plc ("MIOT", formerly knownas Henderson Fledgling Trust plc). Over recent months the MIOT portfolio hasbeen reconfigured so that it is over 90% aligned with the strategy adopted byour Company. As announced on 2 July 2013, the merger documents are currentlybeing produced, and are expected to be posted to shareholders in September. Theproposals will be subject to the approval of both sets of shareholders. Thecombined portfolio would have assets of over £220m at current market levels,offering further enhancement to the market liquidity of the Company's sharesand a further reduction in the ongoing charges, which should fall to around1.3%. The transaction has been structured in such a way that the Company'sshareholders will not suffer economic dilution to their interests. TheCompany's costs and expenses will be offset by the premium at which new shareswill be issued to MIOT shareholders, and it is expected that shareholders mayeven benefit from a modest uplift in the NAV following the transaction.Under the terms of the merger, which will be recommended by the boards of bothcompanies, MIOT shareholders will receive new shares in the Company valued at apremium of 2.5% to the NAV as at the effective date of the merger. Theconsideration for the issue of new shares will be the transfer to Diverse ofthe entire investment portfolio of MIOT. There will be no cash exit offered toMIOT shareholders as part of the scheme.Articles of AssociationThe law relating to investment trusts has recently been amended to modernisethe investment trust regime. One of the changes is that that the distributionof investment profits is no longer prohibited. Accordingly, with effect from6 April 2012, the definition of "investment company" under the Companies Act 2006was amended such that the articles of association of investment companies areno longer required to prohibit the payment of capital profits as dividends. Atthe Annual General Meeting, the Board will be seeking shareholder approval toamend the Company's Articles of Association so that capital profits can bedistributed as dividends if it were to be considered to be in shareholders'interests. This will provide the Company with greater flexibility to funddividends both from revenue, as currently, as well as capital profits. However,it remains the Directors' intention that dividends should generally be fundedfrom revenue.Authority to Issue SharesAt the forthcoming Annual General Meeting, the Board will be seeking therenewal of the Company's authority to issue up to 10% of the ordinary shares.This authority is as previously approved at the 2012 Annual General Meeting.On 7 December 2012 shareholders granted the Company the authority to issue upto 300 million C shares, with such authority to expire at the 2013 AnnualGeneral Meeting. Pursuant to this authority being granted, on 17 December 2012the Company issued 62 million C shares. Accordingly, the Company is seekingshareholder approval for the renewal of the balance of this authority(238 million C shares). This will give the Company the flexibility to meetadditional demand for shares which is not met through the secondary market,will allow the Company to potentially grow its market capitalisation and willenable the Board to seek to manage the premium to NAV at which the shares tradefrom time to time. It will also enable the Company to issue further C Shares ina timely manner without shareholders being required to incur the additionalcosts of the Company convening further general meetings to approve suchissuance (the costs of convening a General Meeting are estimated to beapproximately £40,000 (excluding VAT)). The Board recognises the importance ofshareholder protections and, as indicated in the Prospectus issued in November2012, confirms that any issue of C Shares for cash under the authority set outin the resolution will be on a fully pre-emptive basis.Annual General MeetingThe Company's second Annual General Meeting is being held at 3.00 pm onTuesday, 22 October 2013 at Furniture Makers' Hall, 12 Austin Friars, LondonEX2N 2HE.ProspectsAt some point in the future, possibly even in the year ahead, the Bank ofEngland will wind down its Quantitative Easing programme, which may impact onboth market sentiment and the cash flows of companies in general. Therefore, webelieve that there will be an even greater importance to careful stockinvesting in those companies with the most robust balance sheets. Suchcompanies are clearly better placed to sustain dividends, even at times ofeconomic stress. In addition, those able to increase turnover and cashflow inthe coming years should be able to fund respectable growth in dividends. YourCompany moderates stock specific risk through a portfolio with widediversification across 107 holdings. These policies have helped the Company'sshares to trade with a relatively modest level of volatility since its launch.At the time of writing, equity markets globally are suffering a period offluctuating volatility. Nonetheless, we will continue to focus on growing thedividend income of the Company's portfolio progressively over time, which webelieve will help the Company to continue to deliver a premium investmentreturn.Michael WrobelChairman14 August 2013MANAGER'S REPORTMarketsStock market returns in the 12 months to 31 May 2013 have been pretty good. Atthe previous year end, investors were greatly concerned that Greece was likelyto leave the Euro currency in a chaotic manner. However, a statement by the EUPresident to `do whatever it takes' and the announcement of the willingness ofthe European Central Bank to buy the Government bonds of the weaker stateschanged sentiment. Meanwhile, the policy of Quantitative Easing continued to beapplied by several central banks and this encouraged banks around the world topurchase bonds generally. As a result, the bond yields of some of the morevulnerable Euroland countries improved very significantly in the period. Aparticularly fine example is Portugal, where 10 year Government bond yieldshalved from 11.65% to 5.55% over the year to 31 May 2013. Extraordinary stuff.Against a backdrop this positive, equity markets have also performed strongly.On a total return basis, the FTSE All-Share Index rose 30.1%. The FTSE 250Index once again delivered premium returns, with a rise of 39.9%. However, incontrast to the credit boom trend, many smaller companies have delivered evenbetter returns. The FTSE SmallCap Index (ex IC) rose 46.1% in the year ended31 May 2013. Not all smaller stock indices performed as well. The FTSE AIMAll-Share Index rose only 6.4% in the period as portfolio managers aggressivelysold down small exploration stocks because they are unlikely to ever paysustained dividends.These index moves underline a fundamental change of attitude coming through inthe financial markets. As anticipated, investors are beginning to move awayfrom embracing extra volatility in the hope of holding stocks that willoutperform rising indices, and instead are seeking investments in businesseswith decent dividend yields that are well-placed to sustain a growth of thatdividend into the future.This change in attitude is also being seen in the growing interest in smallercompanies that are able to pay good and growing dividends. Whereas previouslycompanies that were outside the largest 350 quoted stocks were largely ignoredby professional investors, now there is a greater willingness to consider them.The chart in the full Annual Report shows the performance of all stocks,grouped by market capitalisation, that had a yield of at least 4% at31 May 2012, and their performance in the year under review. The chartdemonstrates the strong share price performance of stocks with high yields.Since many of these high-yielding companies were already well owned, the changein attitude did not drive their share prices up very much. Many of the bestperforming income stocks in the period were further down the marketcapitalisation range. However, it will also be noted that many of the smallesthigh yield stocks missed out on the general trend. We believe that the attitudechange by investors is still at its early stages and as yet many have not beenwilling to consider those paying good and growing dividends with marketcapitalisations below £100m. At present, we are still able to invest in thesestocks at more attractive valuation metrics, and therefore we believe theystill offer some of the most attractive risk/reward ratios.The criteria used for selecting portfolio stocksThere are five criteria that the managers use to determine the scope for thebusiness to deliver good and growing dividends.The prospect of turnover growthIf a business is to sustain and grow its dividend, then the portfolio needs toinvest in companies that will generate more cash in the coming years. Withoutdecent turnover growth this is near-impossible to achieve over time.Sustained or improving marginsA business needs to deliver significant value to its customer base if it is tosustain decent margins. Unexpected cost increases cannot be charged on tocustomers if they are anything less than delighted with their suppliers.Turnover growth will not lead to improved cash generation if declining marginsoffset it.A forward-looking management teamBusinesses often need to make commercial decisions on incomplete information. Athoughtful and forward-looking team has a better chance of making betterdecisions.Robust balance sheetThere are disproportionate advantages to having the independence of a strongbalance sheet in a period of elevated economic and political risks. Conversely,corporates with imprudent borrowings can risk the total loss of shareholders'capital.Low expectation valuationMany of the most exciting stocks enjoy higher stock market valuations butalmost none can consistently beat the high expectations baked in to their shareprices. Those with low expectations tend to less vulnerable to disappointment,but conversely can enjoy excellent share price rises if they surprise on theupside.Companies that best meet these criteria on a prospective basis are believed tobe best positioned to deliver attractive returns to shareholders, as well asoffering moderated risk.These criteria, used in reverse, can also be useful in determining the timingof portfolio stocks that should be considered for divestment. So a business indanger of suffering a period of turnover declines, for example, would naturallybe expected to generate less cash flow in future years and thereby struggle tosustain their current dividend over time, let alone grow it.PerformanceThe Company holds a widely diversified list of 107 holdings. The largest 40stocks in the portfolio are listed below. It will be noted that most holdingsare around 1% of the portfolio. On occasions, when the risk/reward ratioappears particularly attractive, some holdings are purchased to take them up toaround 1.5% of the portfolio. With differential share price moves, some ofthese holdings can move up to slightly larger percentages. However, the overallvolatility of the portfolio has been well below other trusts in the UK Growthand Income sector. In part this is related to the wide diversification withinthe portfolio, and in part to the naturally lower volatility of higher incomestocks, especially those with strong balance sheets.Over the year under review, the Company delivered a total return of 40.7%.Generally the Company was largely fully invested throughout the period,although the borrowing facility was not greatly used.There were two C share issues in the period and the new capital was typicallyinvested in similar stocks to that of the original fund. Once at least 90% ofthe new capital had been invested, then the C share portfolio was merged withthat of the parent. This process ensured that shareholders' returns were notdiluted by the additional capital raised during the year.The Company launched on the Stock Exchange on 28 April 2011. Since that time,on a price basis, the FTSE All-Share Index has delivered a rise of 10.1%. TheFTSE SmallCap Index (ex IC) rose by 23.9%, although the FTSE AIM All-Share fellby 20.8%. The price return on the Company in the period was 29.4%.PortfolioThe portfolio is invested in a wide range of individual stocks that togetheroffer the prospect of good and growing dividend income. Although there are somein FTSE 100 Index which we find attractive, they are fairly limited in number.For that reason the portfolio has only 6.3% of its capital invested in thesestocks. There are a greater number in the FTSE 250 or MidCap Index andtherefore the Company holds around 23.0% in this area of the market. Overall,around one-third of the portfolio is invested in the largest 350 stocks, whichimplies that around two-thirds is invested in the remaining universe of some2,500 quoted stocks.Gervais Williams and Martin TurnerMiton Capital Partners Limited14 August 2013PORTFOLIO INFORMATION AS AT 31 MAY 2013Rank Company Sector & main Valuation % of net Yield? activity £'000 assets %1 Greencore Food Producers 2,979 2.2 2.92 St Ives Support Services 2,939 2.2 3.73 UK Mail Industrial 2,756 2.0 3.7 Transportation4 Fairpoint? General Financial 2,692 2.0 5.05 CML Microsystems Technology 2,574 1.9 0.9 Hardware & Equipment6 Beazley Non Life Insurance 2,353 1.7 3.57 Charles Taylor Consulting General Financial 2,352 1.7 5.48 Abbey Protection? Non Life Insurance 2,284 1.7 4.29 Randall & Quilter Non Life Insurance 2,218 1.6 6.6 Investment Holdings?10 Bioventix? Pharmaceuticals & 2,197 1.6 4.3 BiotechnologyTop 10 investments 25,344 18.611 4imprint Media 2,167 1.6 3.112 SQS Software? Software & 2,042 1.5 2.1 Computer13 Novae Group Non Life Insurance 1,909 1.4 4.114 Dairy Crest Food Producers 1,875 1.4 4.315 Staffline? Support Services 1,871 1.4 1.916 BT Fixed Line 1,870 1.4 3.1 Telecommunications17 Interserve Support Services 1,861 1.4 4.218 Zotefoams Chemicals 1,848 1.4 2.619 888 Holdings Travel & Leisure 1,841 1.3 4.520 KCOM Fixed Line 1,820 1.3 4.9 TelecommunicationsTop 20 investments 44,448 32.721 Brown(N) General Retailers 1,748 1.3 3.022 Secure Trust Bank? Banks 1,739 1.3 2.923 Hansard Global Life Insurance 1,704 1.3 8.624 Wilmington Media 1,689 1.2 4.325 Personal? Non Life Insurance 1,679 1.2 4.626 Huntsworth Media 1,676 1.2 5.827 Hilton Food Food Producers 1,667 1.2 3.428 Cineworld Travel & Leisure 1,664 1.2 3.629 Vodafone Mobile 1,645 1.2 5.3 Telecommunications30 Consort Medical Health Care 1,624 1.2 2.4 Equipment & ServicesTop 30 investments 61,283 45.031 Cranswick Food Producers 1,621 1.2 2.732 Segro Real Estate 1,607 1.2 5.533 Amlin Non Life Insurance 1,597 1.2 5.834 TalkTalk Telecom Fixed Line 1,588 1.2 4.6 Telecommunications35 Berendsen Support Services 1,555 1.1 3.336 Catlin Non Life Insurance 1,549 1.1 5.937 Nationwide Accident? Support Services 1,511 1.1 7.638 Cable & Wireless Comms Fixed Line 1,500 1.1 6.0 Telecommunications39 Provident Financial General Financial 1,494 1.1 5.040 Silverdell? Support Services 1,468 1.1 1.2Top 40 investments 76,773 56.4Balance held in 67 equity investments 50,926 37.5Total equity investments 127,699 93.9Fixed interest and convertible investments 1,198 0.9Total investments 128,897 94.8Cash and net assets 7,012 5.2Net assets 135,909 100.0?Source: Interactive Data. Based on historic yields. Manager's estimate whereno historical data.?AIM/ISDX listed.A copy of the full portfolio of investments as at 31 May 2013 is available onthe Company's website, .mitongroup.com/dit.Portfolio exposure by sector %Insurance & Insurance Services 16.3Consumer Services 15.7General Financial 11.6Support Services 10.5Consumer Goods 10.0Industrials 7.2Technology 6.8Telecommunications 6.2Cash and Fixed Interest/Convertibles 6.0Basic Materials 3.9Health Care 3.7Oil & Gas 1.2Utilities 0.9100.0Portfolio by asset allocation %FTSE 100 6.3FTSE 250 23.0FTSE SmallCap 24.2FTSE Fledgling 2.4AIM/ISDX 34.4Other 3.7Cash and Fixed Interest/Convertibles 6.0100.0Portfolio by spread of investment income %FTSE 100 9.7FTSE 250 29.0FTSE SmallCap 23.5FTSE Fledgling 3.4AIM/ISDX 27.5Fixed Interest and Other 6.9100.0Estimated annual income by sector? %Insurance & Insurance Services 22.8Consumer Services 15.7General Financial 14.8Support Services 11.1Telecommunications 8.1Consumer Goods 7.2Industrials 7.0Basic Materials 4.1Health Care 3.1Technology 3.0Fixed Interest/Convertibles 1.5Utilities 1.1Oil & Gas 0.5100.0?Projected income based on portfolio as at 31 May 2013.Source: Miton Capital Partners LimitedBOARD OF DIRECTORS (all non-executive)Michael Wrobel (Chairman)Paul CraigLucinda Riches (Chairman of the Management Engagement Committee)Jane Tufnell (Senior Independent Director and Chairman of the Audit Committee)CAPITAL STRUCTUREThe Company's share capital consists of redeemable ordinary shares of 0.1p eachwith one vote per share ("ordinary shares") and non-voting management shares of£1 each ("management shares").As at 31 May 2013 and the date of this report, there are 208,693,307 ordinaryshares in issue, none of which are held in treasury, and 50,000 managementshares.The Company has a redemption facility through which shareholders are entitledto request the redemption of all or part of their holding of ordinary shares onan annual basis on 31 May in each year. The Board may, at its absolutediscretion, elect not to operate the annual redemption facility in whole or inpart, although it has indicated that it is minded to approve all requests.Further details of the capital structure can be found in note 8 to thefinancial statements.INVESTMENT OBJECTIVEThe Company's investment objective is to provide shareholders with anattractive level of dividends coupled with capital growth over the long term.INVESTMENT POLICYThe Company invests primarily in quoted or traded UK companies with a widerange of market capitalisations, but a long-term bias toward small and mid-capequities. The Company may also invest in large cap companies, including FTSE100 constituents, where it is believed that this may increase shareholdervalue.The Manager adopts a stock specific approach in managing the Company'sportfolio and therefore sector weightings are of secondary consideration. As aresult of this approach, the Company's portfolio does not track any benchmarkindex.The Company may utilise derivative instruments including index-linked notes,contracts for differences, covered options and other equity-related derivativeinstruments for efficient portfolio management, gearing and investmentpurposes. Any use of derivatives for investment purposes will be made on thebasis of the same principles of risk spreading and diversification that applyto the Company's direct investments, as described below. The Company will notenter into uncovered short positions.Risk DiversificationPortfolio risk is mitigated by investing in a diversified spread ofinvestments. Investments in any one company, shall not, at the time ofacquisition, exceed 15% of the value of the Company's investment portfolio.Typically it is expected that the Company will hold a portfolio of between 80and 120 securities, predominantly most of which will represent no more than1.5% of the value of the Company's investment portfolio as at the time ofacquisition.The Company will not invest more than 10% of its gross assets, at the time ofacquisition, in other listed closed-ended investment funds, whether managed bythe Manager or not, except that this restriction shall not apply to investmentsin listed closed-ended investment funds which themselves have stated investmentpolicies to invest no more than 15% of their gross assets in other listedclosed-ended investment funds. In addition to this restriction, the Directorshave further determined that no more than 15% of the Company's gross assetswill, at the time of acquisition, be invested in other listed closed-endedinvestment funds (including investment trusts) notwithstanding whether or notsuch funds have stated policies to invest no more than 15% of their grossassets in other listed closed-ended investment funds.Unquoted InvestmentsThe Company may invest in unquoted companies from time to time subject to priorBoard approval. Investments in unquoted companies in aggregate will not exceed5% of the value of the Company's investment portfolio as at the time ofinvestment.Borrowing and Gearing PolicyThe Board considers that long-term capital growth can be enhanced by the use ofgearing which may be through bank borrowings and the use of derivativeinstruments such as contracts for differences. The Company may borrow (throughbank facilities and derivative instruments) up to 15% of net asset value("NAV") (calculated at the time of borrowing).The Board oversees the level of gearing in the Company, and reviews theposition with the Manager on a regular basis.In the event of a breach of the investment policy set out above and theinvestment and gearing restrictions set out therein, the Manager shall informthe Board upon becoming aware of the same and if the Board considers the breachto be material, notification will be made to the London Stock Exchange.No material change will be made to the investment policy without the approvalof shareholders by ordinary resolution.BUSINESS REVIEWPrincipal Activity and StatusThe principal activity of the Company is to carry on business as an investmenttrust. The Company intends at all times to conduct its affairs so as to enableit to qualify as an investment trust for the purposes of Sections 1158/1159 ofthe Corporation Tax Act 2010 ("S1158/1159"). The Directors do not envisage anychange in this activity in the foreseeable future.The Company has applied for, and been granted, approval from HM Revenue &Customs ("HMRC") as an investment trust under S1158/1159 for the period ended31 May 2012. The Company will be treated as an investment trust company foreach subsequent accounting period, subject to there being no serious breachesof the conditions for approval.The principal conditions that must be met for approval by HMRC as an investmenttrust for any given accounting period are that the Company's business shouldconsist of "investing in shares, land or other assets with the aim of spreadinginvestment risk and giving members of the company the benefit of the results"and the Company must distribute a minimum of 85% of all its income as dividendpayments. The Company must also not be a close company. The Directors are ofthe opinion that the Company has conducted its affairs for the year ended31 May 2013 so as to be able to continue to qualify as an investment trust.The Company's status as an investment trust allows it to obtain an exemptionfrom paying taxes on the profits made from the sale of its investments and allother net capital gains. Investment trusts offer a number of advantages forinvestors, including access to investment opportunities that might not be opento private investors and to professional stock selection skills at lower cost.The Company is an investment company in accordance with the provisions ofSections 832 and 833 of the Companies Act 2006.The Company has a wholly owned subsidiary, DIT Income Services Limited. Thepurpose of the subsidiary is to invest in shorter-term holdings, where thegains after corporation tax can be passed up to the parent company by way ofdividends, thus improving the position of the Company's revenue account.Investment PolicyThe Company's investment policy is set out above and contains information onthe policies which the Company follows relating to asset allocation, riskdiversification and gearing, and includes maximum exposures, where relevant.The Company invests primarily in quoted or traded UK companies with a widerange of market capitalisations but a long-term bias toward small and mid capequities with a view to achieving the Company's investment objective.The Manager adopts a stock specific approach in managing the Company'sportfolio and therefore sector weightings will be of secondary consideration.As a result of this approach, the Company's portfolio will not track anybenchmark index.Details of the largest investments are shown above.PerformanceThe Chairman's Statement and the Manager's Report above give details of theCompany's activities, performance and position during the year.The Board reviews the Company's performance by reference to a number of KeyPerformance Indicators ("KPIs") and considers that the most relevant KPIs arethose that communicate the financial performance and strength of the Company asa whole. The Board and the Manager monitor the following KPIs:● NAV performance, relative to comparable investment trusts and open-endedfunds and to various UK stockmarket indicesThe Company's total return increased by 40.7% over the year. This comparesfavourably with its peer group, where the average was a 38.2% increase. Bycomparison, the total return on the FTSE All-Share Index was 30.1%, on the FTSESmallCap Index (ex IC) was 46.1%, and on the AIM All-Share Index was 6.4%.● NAV volatilityThe Company has an objective to deliver attractive returns whilst having an eyeto constraining volatility relative to other similar investment trusts. For theyear to 31 May 2013, the Company's NAV had a volatility of 8.7%, the thirdlowest in its peer group.● Movements in the Company's share priceThe Company's share price increased by 40.9% over the year on a total returnbasis. This compares favourably with its peer group, where the average increasewas 38.2%. By comparison, the total return on the FTSE All-Share Index was30.1%, on the FTSE SmallCap Index (ex IC) was 46.1%, and on the AIM All-ShareIndex was 6.4%.● The discount of the share price in relation to the NAVThe Company has an objective to keep the discount to NAV at a minimum. Over theyear to 31 May 2013 the Company has maintained an average premium to NAV of3.8%. This compares favourably with its peer group, where the average discountwas 0.5% over the year. The premium on the NAV at 31 May 2013 was 1.4%.● The Company's dividend growth rateThe Company has an objective to deliver an attractive dividend income andgrowth in the dividend. In the year, the Company paid dividends totalling 2.1p,representing a yield of 3.6% (based on an average share price of 57.8p). TheCompany grew this dividend by 4.0% compared to the annualised total of theprevious year. This compares to its peer group, where the average growth ratewas 3.8%.● Ongoing chargesThe ongoing charges for the year to 31 May 2013 amounted to 1.45% (2012: 1.90%)of total assets.Net Asset ValueThe NAV at 31 May 2013 was 65.1p per share.DividendsDividends totalling 2.1p per ordinary share have been paid or declared inrespect of the period ended 31 May 2013 as follows:First interim dividend: 0.30p paid on 30 November 2012Second interim dividend: 0.50p paid on 28 February 2013Third interim dividend: 0.46p paid on 31 May 2013Fourth interim dividend: 0.84p payable on 31 August 2013Shareholders will have the option to vote on the dividend payment policy of theCompany at the forthcoming Annual General Meeting.Share IssuesUnder a special resolution passed on 6 April 2011, the Directors were grantedthe authority to allot up to 100,000,000 C shares. They were also granted theauthority to allot ordinary shares up to an aggregate nominal amount of£10,000, and this authority was renewed at the Annual General Meeting held on17 October 2012.On 19 July 2012, 60,000,000 C shares of 1p each were issued under a Placing andOffer for Subscription at an issue price of 50p each, raising an aggregate of£30 million of gross proceeds for the Company. These C shares were convertedinto ordinary shares at the rate of 0.9418 ordinary shares for every C share on1 October 2012, resulting in the issue of 56,507,978 new ordinary shares.At a General Meeting held on 7 December 2012, the Directors were granted theauthority to allot C shares on a fully pre-emptive basis up to an aggregatenominal amount of £3,000,000, representing 300,000,000 C shares.62,000,000 C shares of 1p each were issued on 17 December 2012 at an issueprice of 50p each under an Open Offer, Placing and Offer for Subscription for Cshares, raising an aggregate of £31 million of gross proceeds for the Company.These C shares were converted into ordinary shares at the rate of 0.8417ordinary shares for every C share on 26 March 2013, resulting in the issue of52,185,329 new ordinary shares.Following the above transactions, there are 208,693,307 ordinary shares inissue as at the year end and at the date of this Report.The remaining authorities to issue shares are due to expire at the Company'sAnnual General Meeting to be held on 22 October 2013. Proposals for theirrenewal are set out in the full Annual Report and Accounts.There are no restrictions concerning the transfer of securities in the Companyor on voting rights; no special rights with regard to control attached tosecurities; no agreements between holders of securities regarding theirtransfer known to the Company; and no agreements which the Company is party tothat might affect its control following a successful takeover bid.Purchase of Own SharesAt the Annual General Meeting of the Company held on 17 October 2012, theDirectors were granted the authority to buy back up to 14,990,000 ordinaryshares. No ordinary shares have been bought back under this authority. Theauthority will expire at the next Annual General Meeting when a resolution forits renewal will be proposed.Treasury SharesShares bought back by the Company may be held in treasury, from where theycould be re-issued at a premium to NAV quickly and cost effectively. Thisprovides the Company with additional flexibility in the management of itscapital base. No shares were purchased for, or held in, treasury during theyear.Share RedemptionsValid redemption requests were received under the Company's redemption facilityfor the 31 May 2013 Redemption Point in relation to 34,893 ordinary shares. Aspermitted under the Company's Articles of Association, these shares werematched with buyers and were sold at a calculated Redemption Price of65.16 pence.Principal RisksThe Company is exposed to a variety of risks. The principal financial risks andthe Company's policies for managing these risks and the policy and practicewith regard to financial instruments are summarised in note 17 to the financialstatements. The Board has also identified the following additional risks anduncertainties:Investment and strategyThere can be no guarantee that the investment objective of the Company will beachieved. The Company is an investment trust which invests mainly in UKequities. However, the Company has a very wide investment policy and may alsoinvest in cash and bonds, unquoted investments, derivative instruments andother investments and securities, as appropriate.The Company does not follow any benchmark. Accordingly, the portfolio ofinvestments held by the Company will not mirror the stocks and weightings thatconstitute any particular index or indices, which may lead to the Company'sshares failing to follow either the direction or extent of any moves in thefinancial markets generally (which may or may not be to the advantage ofshareholders).The Manager has in place a dedicated investment management process which isdesigned to ensure the investment objectives are achieved. The Board reviewsregular investment and financial reports from the Manager.Smaller companiesThe Company will invest primarily in quoted UK companies with a wide range ofmarket capitalisations but a long-term bias toward small and mid cap equities.Smaller companies can be expected, in comparison to larger companies, to beless mature businesses, have more restricted depth of management and a higherrisk profile. In addition, the relatively small market capitalisation of suchcompanies can make the market in their shares illiquid. Prices of smallercapitalisation stocks are often more volatile than prices of largercapitalisation stocks and the risk of insolvency of many smaller companies(with the attendant losses to investors) is higher.The Company looks to mitigate this risk by holding a spread of investments,achieved through limiting the size of new holdings at the time of investment,to a maximum of 1.5% of the portfolio. All potential investee companies areresearched by the Manager prior to investment.Sectoral diversificationThe Company is not constrained from weighting to any sector. This may lead tothe Company having significant exposure to portfolio companies from certainbusiness sectors from time to time. Greater concentration of investments in anyone sector may result in greater volatility in the value of the Company'sinvestments and consequently its NAV.The Company seeks to achieve returns by investing across the full spectrum ofcompanies meeting its criteria, covering all sectors.Unquoted companiesThe Company may invest in unquoted companies from time to time. Suchinvestments, by their nature, involve a higher degree of valuation andperformance uncertainties and liquidity risks than investments in listed andquoted securities and they may be more difficult to realise.This risk is mitigated by the requirement for the Board to prior approve anyinvestment into unquoted companies and by limiting the size of aggregateunquoted investments to less than 5% of the portfolio as at the time ofinvestment.Use of derivative instrumentsThe Company may utilise derivative instruments including index-linked notes,contracts for differences, covered options and other equity-related derivativeinstruments for efficient portfolio management, gearing and investmentpurposes. The Company will not enter into derivative contracts for speculativepurposes.DividendsThe Company's investment objective includes the aim of providing shareholderswith a dividend income. There is no guarantee that any dividends will be paidin respect of any financial year or period. The ability to pay dividends isdependent on a number of factors including the level of dividends earned fromthe portfolio and the net revenue profits available for that purpose.The redemption of shares pursuant to the redemption facility may also reducedistributable reserves to the extent that the Company is unable to paydividends.The Company maintains accounting records and produces forecasts that aredesigned to reduce the likelihood that the Company will not have sufficientdistributable resources to meet its dividend objective.Share price volatility and liquidity/marketability riskThe market price of the Company's shares, like shares in all investmentcompanies, may fluctuate independently of the NAV and thus may not reflect theunderlying NAV of the shares. The shares could trade at a discount or premiumto NAV at different times, depending on factors such as supply and demand forthe shares, market conditions and general investor sentiment.GearingThe Company's investment strategy may involve the use of gearing to enhanceinvestment returns, which exposes the Company to risks associated withborrowings. Gearing may be generated through the use of options, futures,options on futures, swaps and other synthetic or derivative financialinstruments. Such financial instruments inherently contain much greaterleverage than a non-margined purchase of the underlying security or instrument.While the use of borrowings should enhance the total return on the shares wherethe return on the Company's underlying assets is rising and exceeds the cost ofborrowing, it will have the opposite effect where the return on the Company'sunderlying assets is rising at a lower rate than the cost of borrowing orfalling, further reducing the total return on the shares. As a result, the useof borrowings by the Company may increase the volatility of the NAV per share.The Company has an overdraft facility in place, as detailed in note 15, butthis was unused at 31 May 2013 and throughout much of the period.The Company is limited to a maximum gearing of 15% of the net assets. There wasno gearing at 31 May 2013.Key man riskThe Company depends on the diligence, skill, judgement and business contacts ofthe Manager's investment professionals and its future success could depend onthe continued service of these individuals, in particular Gervais Williams.C sharesThe Directors have been authorised to issue C shares and will be seekingrenewal of this authority at the Annual General Meeting. If the Directorsdecide to issue C shares, the proportions of the voting rights held by ordinaryshareholders will be diluted on the issue of such C shares as each C sharecarries the right to one vote. The voting rights may be diluted further onconversion of the C shares depending on the applicable conversion ratio.Redemption facilityThe operation of the annual redemption facility may lead to a more concentratedand less liquid portfolio which may adversely affect the Company's performanceand value. Further, redemptions may also adversely affect the secondary marketliquidity of the ordinary shares.The Board would seek to mitigate the risk of substantial redemptions beingrequested by maintaining a regular flow of communication with shareholders andthe achievement of the investment objectives of the Company. Under the Articlesof Association, the Board may, at its absolute discretion, elect not to operatethe redemption facility on any given Redemption Point, although the Board doesnot generally expect to exercise this discretion, save in the interests ofshareholders as a whole.TaxationThe affairs of the Company are conducted so as to satisfy the conditions ofapproval as an investment trust under S1158/1159.Any change in the Company's tax status or in taxation legislation or practicegenerally could affect the value of the investments held by the Company, affectthe Company's ability to provide returns to shareholders, lead the Company tolose its exemption from tax on chargeable gains or alter the post-tax returnsto shareholders.The Board seeks to use the services of appropriately qualified professionalorganisations to ensure adherence by the Company to the taxation requirementsof an investment trust to mitigate this risk.Compliance with laws or regulationsThe Company is subject to compliance with the Companies Act 2006 and thecontinuing obligations imposed by the UK Listing Authority on investmentcompanies whose shares are listed on the Official List. A breach of any ofthese could lead to suspension of the listing of the Company's shares on theLondon Stock Exchange and/or financial penalties, with the resultingreputational implications.The Board utilises appropriately qualified service providers to carry out theday-to-day activities of the Company. The Manager also has an independentcompliance department that carries out regular monitoring of the activities ofthe Manager and provides regular reports to the Board.The Alternative Investment Fund Managers' Directive ("AIFMD") was implementedby EU member states, including the UK, on 22 July 2013. Firms already operatingin accordance with AIFMD at the date of implementation will have until 22 July2014 to register with the Financial Conduct Authority if they wish to become anAlternative Investment Fund Manager in their own right. It seems likely thatthere will be an increase, potentially a material increase, in the Company'sgovernance, administration and custodian expenses as a result of thisimplementation. The Board is in the process of discussing the requirements andthe implications with its advisers to ensure compliance by 22 July 2014.Engagement of third party advisersThe Company has no employees and the Directors have all been appointed on anon-executive basis. Whilst the Company has taken all reasonable steps toestablish and maintain adequate procedures, systems and controls to enable itto comply with its obligations, the Company is reliant upon the performance ofthird party service providers for its executive function.The Board makes appropriate enquiries before engaging third parties which areall expected to operate in accordance with written contracts and service levelagreements, if appropriate.Social, Environmental, Community and Employee IssuesThe Company does not have any employees and the Board consists entirely ofnon-executive Directors. As an investment trust, the Company has no directimpact on the community or the environment, and as such has no policies in thisarea. In carrying out its investment activities and in relationships withsuppliers, the Company aims to conduct itself responsibly, ethically andfairly.Current and Future DevelopmentsOn 15 February 2013 the Company announced that it had agreed heads of termswith the board of Henderson Fledgling Trust plc (subsequently renamed MitonIncome Opportunities Trust plc ("MIOT")) in respect of a future merger of thetwo companies (the "Scheme"). Under the Scheme, which is to be recommended bythe boards of both companies, MIOT shareholders will receive Diverse sharesvalued at a premium of 2.5% to the NAV as at the effective date of the Scheme.The consideration for the issue of new Diverse shares will be the transfer toDiverse of the entire investment portfolio of MIOT, following the setting asideof such amounts as required to meet its outstanding and contingent liabilities,by way of a scheme of reconstruction. There will be no cash exit offered aspart of the Scheme.The Scheme has a number of benefits for Diverse's shareholders, the key ones ofwhich are:● scaling up the assets of the Company will improve the liquidity of its shareson the secondary market to the benefit of all shareholders;● the acquisition of an investment portfolio which will be complementary to theCompany's existing portfolio;● introducing new investors into the Company and broadening its investor base;and● reducing the Company's fixed operating costs as a percentage of shareholderfunds.The Company will pay for its own costs of implementing the Scheme. The Schemehas been structured in a way to ensure that there will be no dilution to theCompany's NAV as a result of the Scheme.As announced on 2 July 2013, it is anticipated that a prospectus setting outfull details of the merger will be sent to shareholders in September 2013.Please refer to the Chairman's Statement and the Manager's Report above forfurther information on the likely future development of the Company.Going ConcernThe Directors consider that it is appropriate to adopt the going concern basisin preparing the financial statements. After making enquiries, and bearing inmind the nature of the Company's business and assets, the Directors considerthat the Company has adequate resources to continue in operational existencefor the foreseeable future. In arriving at this conclusion the Directors haveconsidered the liquidity of the portfolio and the Company's ability to meetobligations as they fall due for a period of at least 12 months from the datethat these financial statements were approved.Cash flow projections have been reviewed and show that the Company hassufficient funds to meet both its contracted expenditure and its discretionarycash outflows in the form of the dividend policy.STATEMENT OF DIRECTORS' RESPONSIBILITIESThe Directors are responsible for preparing the Annual Report and the Groupfinancial statements in accordance with applicable United Kingdom law and thoseInternational Financial Reporting Standards ("IFRS") as adopted by the EuropeanUnion.Under company law the Directors must not approve the financial statementsunless they are satisfied that they present fairly the financial position,financial performance and cash flows of the Group for that year.In preparing the Group financial statements, the Directors are required to:● select suitable accounting policies in accordance with IAS 8: `AccountingPolicies, Changes in Accounting Estimates and Errors' and then apply themconsistently;● present information, including accounting policies, in a manner that providesrelevant, reliable, comparable and understandable information;● provide additional disclosures when compliance with specific requirements inIFRS is insufficient to enable users to understand the impact of particulartransactions, other events and conditions on the Group's financial position andfinancial performance;● state that the Group has complied with IFRS, subject to any materialdepartures disclosed and explained in the financial statements; and● make judgements and estimates that are reasonable and prudent.The Directors are responsible for keeping adequate accounting records that aresufficient to show and explain the Company's transactions and disclose withreasonable accuracy at any time the financial position of the Group and enablethem to ensure that the Group financial statements comply with the CompaniesAct 2006 and Article 4 of the IAS Regulation. They are also responsible forsafeguarding the assets of the Group and hence for taking reasonable steps forthe prevention and detection of fraud and other irregularities.Under applicable law and regulations, the Directors are also responsible forpreparing a Directors' Report (including Business Review), Directors'Remuneration Report and Corporate Governance Statement that comply with thatlaw and those regulations, and for ensuring that the Annual Report includesinformation required by the Listing Rules of the Financial Conduct Authority.The financial statements are published on the Company's website,.mitongroup.com/dit, which is maintained on behalf of the Company by theManager, Miton Capital Partners Limited. Under the Management Agreement, theManager has agreed to maintain, host, manage and operate the Company's websiteand to ensure that it is accurate and up to date and operated in accordancewith applicable law. The work carried out by the Auditor does not involveconsideration of the maintenance and integrity of this website and accordingly,the Auditor accepts no responsibility for any changes that have occurred to thefinancial statements since they were initially presented on the website.Visitors to the website need to be aware that legislation in the United Kingdomcovering the preparation and dissemination of the financial statements maydiffer from legislation in their jurisdiction.We confirm that to the best of our knowledge:● the Group financial statements, prepared in accordance with IFRS as adoptedby the European Union, give a true and fair view of the assets, liabilities,financial position and profit of the Group; and● this Annual Report includes a fair review of the development and performanceof the business and the position of the Group together with a description ofthe principal risks and uncertainties that it faces.On behalf of the BoardMichael WrobelChairman14 August 2013NON-STATUTORY ACCOUNTSThe financial information set out below does not constitute the Company'sstatutory accounts for the year ended 31 May 2013 and the period ended 31 May2012 but is derived from those accounts. Statutory accounts for 2012 have beendelivered to the Registrar of Companies, and those for 2013 will be deliveredin due course. The Auditor has reported on those accounts; their report was(i)unqualified, (ii) did not include a reference to any matters to which theAuditor drew attention by way of emphasis without qualifying their report and(iii) did not contain a statement under Section 498 (2) or (3) of the CompaniesAct 2006. The text of the Auditor's report can be found in the Company's fullAnnual Report and Accounts at: .mitongroup.com/ditCONSOLIDATED INCOME STATEMENTYear ended Period from incorporation to 31 May 2013 31 May 2012 Revenue Capital Total Revenue Capital Total Note £'000 £'000 £'000 £'000 £'000 £'000Gains/(losses) oninvestments heldat fair valuethrough profit orloss 11 - 28,196 28,196 - (1,494) (1,494)Income 2 4,765 - 4,765 2,954 - 2,954Investment 3 (256) (767) (1,023) (132) (397) (529)management feeOther expenses 4 (532) - (532) (494) - (494)Return/(loss) onordinaryactivities beforefinance costs andtaxation 3,977 27,429 31,406 2,328 (1,891) 437Finance costmini storage -overdraftinterest paid (3) (9) (12) - - -Return/(loss) onordinaryactivities beforetaxation 3,974 27,420 31,394 2,328 (1,891) 437Taxation 5 (25) - (25) (9) - (9)Return/(loss) on 6ordinaryactivities aftertaxation 3,949 27,420 31,369 2,319 (1,891) 437pence pence pence pence pence penceReturn/(loss) per 6 2.42 16.85 19.27 2.32 (1.89) 0.43ordinary shareReturn per C 6 0.63 4.32 4.95 - - -shareThe total column of this statement is the Income Statement of the Groupprepared in accordance with IFRS, as adopted by the European Union. Thesupplementary revenue and capital columns are presented in accordance with theStatement of Recommended Practice issued by the Association of InvestmentCompanies ("AIC SORP").All revenue and capital items in the above statement derive from continuingoperations. No operations were acquired or discontinued during the year.The notes form part of these financial statements.CONSOLIDATED STATEMENTS OF CHANGES IN EQUITYShare Share premium Special Capital Revenue capital account reserve reserve reserve TotalGroup £'000 £'000 £'000 £'000 £'000 £'000As at 1 June 2012 100 - 48,558 (1,891) 1,059 47,826Total comprehensiveincome:Net return for the - - - 27,420 3,949 31,369yearTransactions withshareholders recordeddirectly to equity:Issue of ordinary 109 60,891 - - - 61,000sharesExpenses of share - (1,554) - - - (1,554)issueEquity dividends paid - - - - (2,732) (2,732)As at 31 May 2013 209 59,337 48,558 25,529 2,276 135,909Share Share premium Special Capital Revenue capital account reserve reserve reserve TotalGroup £'000 £'000 £'000 £'000 £'000 £'000As at 30 March 2011 - - - - - -(incorporation)Total comprehensiveincome:Net return for the - - - (1,891) 2,319 428periodTransactions withshareholders recordeddirectly to equity:Issue of ordinary 100 49,900 - - - 50,000sharesExpenses of share - (1,322) - - - (1,322)issueEquity dividends paid - - - - (1,260) (1,260)Transfer upon - (48,578) 48,578 - - -cancellation of sharepremium accountShare premium - - (20) - - (20)cancellation expensesAs at 31 May 2012 100 - 48,558 (1,891) 1,059 47,826The notes form part of these financial statements.PARENT COMPANY STATEMENTS OF CHANGES IN EQUITYShareCompany Share Premium Special Capital Revenue Total capital account reserve reserve reserve £'000 £'000 £'000 £'000 £'000 £'000As at 1 June 2012 100 - 48,558 (1,891) 1,002 47,769Total comprehensiveincome:Net return for the - - - 27,420 4,006 31,426yearTransactions withshareholdersrecorded directlyto equity:Issue of ordinary 109 60,891 - - - 61,000sharesExpenses of share - (1,554) - - - (1,554)issueEquity dividends - - - - (2,732) (2,732)paidAs at 31 May 2013 209 59,337 48,558 25,529 2,276 135,909Company Share Premium Special Capital Revenue Total capital account reserve reserve reserve £'000 £'000 £'000 £'000 £'000 £'000As at 30 March 2011 - - - - - -(incorporation)Total comprehensiveincome:Net return for the - - - (1,891) 2,262 371periodTransactions withshareholdersrecorded directlyto equity:Issue of ordinary 100 49,900 - - - 50,000sharesExpenses of share - (1,322) - - - (1,322)issueEquity dividends - - - - (1,260) (1,260)paidTransfer upon - (48,578) 48,578 - - -cancellation ofshare premiumaccountShare premium - - (20) - - (20)cancellationexpensesAs at 31 May 2012 100 - 48,558 (1,891) 1,002 47,769The notes form part of these financial statements.CONSOLIDATED AND PARENT COMPANY BALANCE SHEETSNote Group Group Company Company 31 May 2013 31 May 2012 31 May 2013 31 May 2012 £'000 £'000 £'000 £'000Non-current assets:Investments held at 11 128,897 46,488 128,897 46,488fair value throughprofit or lossCurrent assets:Investments held for - 151 - -tradingTrade and other 14 6,609 1,220 6,609 1,544receivablesCash and cash 893 767 893 537equivalents7,502 2,138 7,502 2,081Current liabilities:Trade and other 15 (490) (800) (490) (800)payablesNet current assets 7,012 1,338 7,012 1,281Total net assets 135,909 47,826 135,909 47,769Capital and reserves:Share capital 8 209 100 209 100Share premium account 9 59,337 - 59,337 -Special reserve 9 48,558 48,558 48,558 48,558Capital reserve 9 25,529 (1,891) 25,529 (1,891)Revenue reserve 9 2,276 1,059 2,276 1,002Shareholders' funds 135,909 47,826 135,909 47,769pence penceNet asset value per 10 65.12 47.83ordinary shareThese financial statements were approved by the Board of The Diverse IncomeTrust plc on 14 August 2013 and were signed on its behalf by:Michael WrobelChairmanCompany no.: 7584303The notes form part of these financial statements.CONSOLIDATED AND PARENT COMPANY CASH FLOW STATEMENTSGroup Group Company Company 31 May 31 May 31 May 31 May 2013 2012 2013 2012 £'000 £'000 £'000 £'000Operating activities:Net return before taxation 31,394 437 31,451 380(Gains)/losses on investments held (28,196) 1,494 (28,196) 1,494at fair valuePurchases of investments (78,718) (82,122) (78,718) (82,122)Sales of investments 19,130 34,022 19,130 34,022Increase in accrued income (7) - (7) -Increase in other receivables (508) (408) (508) (408)Increase in other payables 191 106 191 106Movement in investments by 151 (151) - -subsidiaryNet cash outflow from operating (56,563) (46,622) (56,657) (46,528)activities before taxationTaxation:Withholding tax paid (25) (9) (25) (9)Financing:Shares issued 61,000 50,000 61,000 50,000Expenses of share issues (1,554) (1,322) (1,554) (1,322)Equity dividends paid (2,732) (1,260) (2,732) (1,260)Expenses incurred on share premium - (20) - (20)account cancellationMovement in loan to subsidiary - - 324 (324)Net cash inflow from financing and 56,689 47,389 57,013 47,065taxationIncrease in cash and cash 126 767 356 537equivalentsReconciliation of net cash flow tomovements in net funds:Cash and cash equivalents at the 767 - 537 -start of the yearNet cash inflow from cash and cash 126 767 356 537equivalentsCash and cash equivalents at the 893 767 893 537end of the yearThe notes form part of these financial statements.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS1 General Information and Significant Accounting PoliciesThe Diverse Income Trust plc is a company incorporated and registered inEngland and Wales. The principal activity of the Company is that of aninvestment trust company within the meaning of Sections 1158/1159 of theCorporation Tax Act 2010.The Group's annual financial statements for the year ended 31 May 2013 havebeen prepared in conformity with IFRS as adopted by the European Union, whichcomprise standards and interpretations approved by the International AccountingStandards Board ("IASB"), and as applied in accordance with the provisions ofthe Companies Act 2006. The annual financial statements have also been preparedin accordance with the AIC SORP issued in January 2009 for the financialstatements of investment trust companies and venture capital trusts, except toany extent where it is not consistent with the requirements of IFRS.Basis of PreparationThe accounting policies adopted in preparing the current year's financialstatements are consistent with those of the previous year. In order to betterreflect the activities of an investment trust company and in accordance withguidance issued by the AIC, supplementary information which analyses the IncomeStatement between items of a revenue and capital nature has been preparedalongside the Income Statement.The financial statements have been prepared on a going concern basis and thatapproval as an investment trust company has been granted and will continue tobe met.The Directors have made an assessment of the Group's ability to continue as agoing concern and are satisfied that the Group has the resources to continue inbusiness for the foreseeable future. Furthermore, the Directors are not awareof any material uncertainties that may cast significant doubt upon the Group'sability to continue as a going concern. Therefore, the consolidated financialstatements have been prepared on the going concern basis.The financial statements are presented in sterling, which is the Group'sfunctional currency as the UK is the primary environment in which it operates,rounded to the nearest £'000, except where otherwise indicated.Basis of ConsolidationThe Group financial statements consolidate the financial statements of theCompany and its wholly-owned subsidiary, DIT Income Services Limited, drawn upto 31 May 2013.The subsidiary is consolidated from the date of its acquisition, being the dateon which the Company obtained control, and will continue to be consolidateduntil the date that such control ceases. Control comprises the power to governthe financial and operating policies of the investee so as to obtain benefitfrom its activities and is achieved through direct or indirect ownership ofvoting rights. The financial statements of the subsidiary are prepared for thesame reporting year as the parent Company, using consistent accountingpolicies. All inter-company balances and transactions, including unrealisedprofits arising from them, are eliminated.As permitted by Section 408 of the Companies Act 2006, the Company has notpresented its own Income Statement. The amount of the Company's return for thefinancial year dealt with in the financial statements of the Group is a profitafter tax of £31,426,000 (2012: £371,000).Segmental ReportingThe Directors are of the opinion that the Group is engaged in a single segmentof business, being investment business. The Group primarily invests incompanies listed in the UK.Accounting DevelopmentsThe IASB has issued the following relevant standards and interpretations whichare not effective for the year ended 31 May 2013 and have not been applied inpreparing these financial statements.International Accounting Standards (IAS/IFRSs) Effective dateIFRS 9 Financial Instruments: Classification & 1 January 2015MeasurementIFRS 10 Consolidated Financial Statements 1 January 2013IFRS 11 Joint Arrangements 1 January 2013IFRS 12 Disclosure of Interests in Other Entities 1 January 2013IFRS 13 Fair Value Measurement 1 January 2013New standards adopted during the period have had no material impact on theGroup's financial statements and the Directors do not anticipate that theinitial adoption of the above standards will have a material impact in theperiod of initial application.Critical Accounting Judgements and Key Sources of Estimation UncertaintyThe preparation of financial statements in conformity with IFRS requiresmanagement to make judgements, estimates and assumptions that affect theapplication of policies and the reported amounts in the Balance Sheet, theIncome Statement and the disclosure of contingent assets and liabilities at thedate of the financial statements. The estimates and associated assumptions arebased on historical experience and various other factors that are believed tobe reasonable under the circumstances, the results of which form the basis ofmaking judgements about carrying values of assets and liabilities that are notreadily apparent from other sources. Actual results may differ from theseestimates.The estimates and underlying assumptions are reviewed on an ongoing basis.Revisions to accounting estimates are recognised in the period in which theestimate is revised if the revision affects only that period, or in the periodof the revision and future period if the revision affects both current andfuture periods. There were no accounting estimates in the current period.Valuation of InvestmentsThe Group's business is investing in financial assets with a view to profitingfrom their total return in the form of income and capital growth. Thisportfolio of financial assets is managed and its performance evaluated on afair value basis, in accordance with a documented investment strategy, andinformation about the portfolio is provided internally on that basis to theGroup's Board of Directors. Accordingly, upon initial recognition the Groupdesignates the investments 'at fair value through profit or loss'. They areincluded initially at fair value, which is taken to be their cost (excludingexpenses incidental to the acquisition which are written off in the IncomeStatement, and allocated to 'capital' at the time of acquisition). Subsequentto initial recognition, investments are valued at fair value through profit orloss. For listed investments, this is deemed to be bid market prices or closingprices for SETS stocks sourced from the London Stock Exchange. SETS is theLondon Stock Exchange electronic trading service covering most of the marketincluding all FTSE 100 constituents and the most liquid constituents of theFTSE 250 Index along with some other securities.Gains and losses arising from changes in fair value are included in net profitor loss for the period as a capital item in the Income Statement and areultimately recognised in the capital reserve.The investment in the subsidiary company, DIT Income Services Limited, is heldat cost (£1) which is considered to be its fair value (2012: £1). Investmentsheld as current assets by the subsidiary undertaking are classified as 'heldfor trading', and are at fair value.Cash and Cash EquivalentsCash comprises cash in hand, overdrafts and demand deposits. Cash equivalentsare short-term, highly liquid investments that are readily convertible to knownamounts of cash and which are subject to insignificant risk of changes invalue.IncomeDividends received from UK registered companies are accounted for net ofimputed tax credits. Dividends from overseas companies are shown gross ofoverseas withholding tax.Dividends receivable on quoted equity shares are taken to revenue on anex-dividend basis. Dividends receivable on equity shares where no ex-dividenddate is quoted are brought into account when the Company's right to receivepayment is established. Fixed returns on non-equity shares are recognised on atime apportioned basis.Special dividends are taken to revenue or capital account depending on theirnature. In deciding whether a dividend should be regarded as a capital orrevenue receipt, the Board reviews all relevant information as to the reasonsfor the sources of the dividend on a case by case basis.All other income is accounted for on an accruals basis and is recognised in theIncome Statement.Expenses and Finance CostsAll expenses are accounted for on an accruals basis. On the basis of theBoard's expected long-term split of total returns in the form of capital andrevenue returns of 75% and 25% respectively, the Company charges 75% of itsinvestment management fee and finance costs to capital. All otheradministrative expenses are charged through the revenue column in the IncomeStatement.Expenses incurred directly in relation to placings and offers for subscriptionof shares are deducted from equity and charged to the share premium account.TaxationDeferred tax is provided on an undiscounted basis in accordance with IFRS 19 onall timing differences that have originated but not reversed by the BalanceSheet date, based on tax rates that are expected to apply in the period whenthe liability is settled or the asset is realised. Deferred tax assets are onlyrecognised if it is considered more likely than not that there will be suitableprofits from which the future reversal of timing differences can be deducted.In line with the recommendations of the SORP, the allocation method used tocalculate the tax relief on expenses charged to capital is the "marginal"basis. Under this basis, if taxable income is capable of being offset entirelyby expenses charged through the revenue account, then no tax relief istransferred to the capital account.No taxation liability arises on gains from sales of fixed asset investments bythe Company by virtue of its investment trust status. However, the net revenue(excluding UK dividend income) accruing to the Company is liable to corporationtax at the prevailing rates.Dividends Payable to ShareholdersDividends to shareholders are recognised as a liability in the period in whichthey are paid or approved in general meetings and are taken to the Statement ofChanges in Equity. Dividends declared and approved by the Company after theBalance Sheet date have not been recognised as a liability of the Company atthe Balance Sheet date.Capital ReserveGains or losses on disposal of investments and changes in the fair value ofinvestments held at the year end are recognised in the Income Statement andsubsequently transferred to the capital reserve.Also, certain other expenses are charged to this reserve in accordance with theexpenses policy above.Special ReserveThe special reserve was created by a cancellation of the share premium accountby order of the High Court in February 2012. It can be used for the repurchaseof the Company's ordinary shares and for other corporate purposes. Its mainpurpose is to allow the Company to meet annual redemption requests for ordinaryshares. The costs of repurchasing ordinary shares and meeting annual redemptionrequests, including related stamp duty and transaction costs, are also chargedto the special reserve.Share CapitalThe Company classifies financial instruments issued as financial liabilities orequity instruments in accordance with the substance of the contractual terms ofthe instruments. The share capital of the Company comprises of redeemableordinary shares ("ordinary shares"), C shares, when in issue, and managementshares.The Company is a closed-ended investment company with an unlimited life. Theordinary shares are not puttable instruments because redemption is conditionalupon certain market conditions and/or Board approval. As such they are notrequired to be classified as debt under IAS 32 - Financial Instruments:Disclosure and Presentation.As defined in the Articles of Association, redemption of ordinary shares is atthe sole discretion of the Directors, therefore the ordinary shares have beenclassified as equity.The issuance, acquisition and resale of ordinary shares are accounted for asequity transactions and no gain or loss is recognised in the Income Statement.2 Income Year ended Period to 31 May 2013 31 May 2012 £'000 £'000Income from investments:UK dividends 3,486 2,475UK REIT dividend income 57 -Unfranked dividend income 1,035 414UK fixed interest 40 -4,618 2,889Other income:Bank deposit interest 2 4Net dealing profit of subsidiary 143 57Underwriting income 2 4Total income 4,765 2,9543 Investment Management FeeYear ended Period to 31 May 2013 31 May 2012 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000Investment management fee 256 767 1,023 132 397 529Under the terms of an agreement dated 7 April 2011, the Company has appointedMiton Capital Partners Limited as the Manager. The basic investment managementfee is calculated at the rate of one-twelfth of 1.0% of the adjusted marketcapitalisation of the Company on the last business day of each calendar month.The basic management fee accrues daily and is payable in arrears in respect ofeach calendar month. For the purpose of calculating the basic fee, the'adjusted market capitalisation' of the Company is defined as the average dailymid-market price for an ordinary share, multiplied by the number of ordinaryshares in issue, excluding those held by the Company in treasury, on the lastbusiness day of the relevant month. In addition, the Manager is entitled toreceive a management fee on any Redemption Pool, as detailed in the Report ofthe Directors in the full Annual Report.At 31 May 2013 an amount of £226,000 (2012: £41,000) was outstanding and due toMiton Capital Partners Limited in respect of management fees.4 Other Expenses Year ended Period to 31 May 2013 31 May 2012 £'000 £'000Secretarial services 120 108Auditor's remuneration for*:Audit of the Group's financial statements 28 26Other assurance related services** - 28Directors' fees (see the Directors' 105 121Remuneration Report in the full Annual Report)Other expenses 279 211532 494* Amounts paid to the Company's Auditor in connection with the review ofC share conversion ratios of £22,000 inclusive of VAT are included in share issuecosts (2012: £27,000 for launch work).** Relates to amounts paid to the Company's Auditor in connection with theaudit of the Company's initial accounts which were required to supportdividends paid during the prior period.All expenses are stated gross of irrecoverable VAT, where applicable.5 Taxation Year ended Period to 31 May 2013 31 May 2012 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000Overseas taxation 25 - 25 9 - 9sufferedThe current taxation charge for the year is lower than the standard rate ofcorporation tax in the UK of 23%. The differences are explained below.Year ended Period to 31 May 2013 31 May 2012 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000Return/(loss) on ordinary 3,974 27,420 31,394 2,328 (1,891) 437activities before taxationTheoretical tax at UK 947 6,534 7,481 598 (486) 112corporation tax rate of23.83% (2012: 25.69%)Effects of:- UK dividends that are (830) - (830) (636) - (636)not taxable- Overseas dividends that (247) - (247) (106) - (106)are not taxable- Other non-taxable income (2) - (2) - - -- Realised dealing gains (32) - (32) (17) - (17)- Unrealised dealing (2) - (2) 2 - 2losses- Non-taxable investment - (6,719) (6,719) - 384 384(gains)/losses- Overseas taxation 25 - 25 9 - 9suffered- Expenses not deductible 10 - 10 5 5 10for tax- Unrelieved expenses 156 185 341 154 97 251Actual current tax charge 25 - 25 9 - 9Factors That May Affect Future Tax ChargesThe Company has excess management expenses of £2,200,000 (2012: £911,000) thatare available to offset future taxable revenue. At 31 May 2013, the Group hasnot recognised a deferred tax asset of £506,000 (2012: £219,000) in respect ofthese accumulated expenses as they will only be recoverable to the extent thatthere is sufficient future taxable revenue. It is unlikely that the Companywill generate sufficient taxable income in the future to utilise these expensesto reduce future tax charges and therefore no deferred tax charge has beenrecognised.In addition, deferred tax is not provided on capital gains and losses arisingon the revaluation or disposal of investments because the Company meets (andintends to continue for the foreseeable future to meet) the conditions forapproval as an investment trust company under HMRC rules.6 Return/(Loss) per ShareOrdinary SharesThe return per ordinary share is based on the net profit after taxation of£28,343,000 (2012: £428,000) and on 147,044,788 (2012: 100,000,000) ordinaryshares, being the weighted average number of ordinary shares in issue duringthe year.The return per ordinary share detailed above can be further analysed betweenrevenue and capital as follows:Year ended Period to 31 May 2013 31 May 2012 Revenue Capital Total Revenue Capital TotalBasic and dilutedNet profit (£'000) 3,563 24,780 28,343 2,319 (1,891) 428Weighted averagenumber ofordinary sharesin issue 147,044,788 100,000,000Return per 2.42 16.85 19.27 2.32 (1.89) 0.43ordinary share(pence)C SharesThe return per C share is based on the net profit after taxation of £3,026,000(2012: £nil) and on 61,136,364 (2012: nil) C shares, being the weighted averagenumber of C shares in issue during the periods in issue.The return per C share detailed above can be further analysed between revenueand capital as follows:Year ended Period to 31 May 2013 31 May 2012Revenue Capital Total Revenue Capital TotalBasic and dilutedNet profit (£'000) 386 2,640 3,026 n/a n/a n/aWeighted average 61,136,364 n/anumber of C sharesin issueReturn per C share 0.63 4.32 4.95 n/a n/a n/a(pence)7 Dividends per Ordinary ShareAmounts recognised as distributions to equity holders in the year.Year ended Period to 31 May 2013 31 May 2012 £'000 pence £'000 pence per share per shareIn respect of the previousperiod:Fourth interim dividend 930 0.93 - -In respect of the year underreview:First interim dividend 300 0.30 300 0.30Second interim dividend 782 0.50 500 0.50Third interim dividend 720 0.46 460 0.46Dividends distributed during the 2,732 2.19 1,260 1.26yearThe Directors have declared a fourth interim dividend in respect of the yearended 31 May 2013 of 0.84p per ordinary share payable on 31 August 2013 to allshareholders on the register at close of business 28 June 2013. The totaldividends payable in respect of the financial year for the purposes of theincome retention test for Section 1158 of the Corporation Tax Act 2010 are setout below.Year ended 31 Period to May 2013 31 May 2012 £'000 £'000Revenue available for distribution by way of 3,949 2,319dividends for the yearFirst interim dividend of 0.30p per ordinary share (300) (300)Second interim dividend of 0.50p per ordinary share (782) (500)Third interim dividend of 0.46p per ordinary share (720) (460)Declared fourth interim dividend of 0.84p (2012: (1,753) (930)0.93p) per ordinary shareEstimated revenue reserve retained for the year 394 1298 Called Up Share Capital 31 May 2013 31 May 2012 number £'000 number £'000Ordinary shares 0.1peach:Opening balance 100,000,000 100 - -Issue of ordinary 108,693,307 109 100,000,000 100shares 208,693,307 209 100,000,000 100On 27 June 2012, the Company published a prospectus in relation to proposals toraise up to £50 million (before expenses) by way of a placing and offer forsubscription of C shares. Applications were received under the placing for53,905,400 C shares and under the offer for subscription for 6,094,600C shares, raising an aggregate of £30 million of gross proceeds for the Companyand resulting in the issue of 60,000,000 C shares.On 1 October 2012, the C shares were converted into ordinary shares in theratio of 0.9418 ordinary shares for every C share, based on the calculatedprevailing NAV for each share class as at 28 September 2012, resulting in theissue of 56,507,978 new ordinary shares.On 20 November 2012, the Company published a prospectus setting out details ofa target issue of in excess of 40 million C shares at 50 pence per C share byway of an open offer, placing and offer for subscription.Applications were received under the open offer for 5,675,768 C shares, underthe placing for 52,940,182 C shares and under the offer for subscription for3,384,050 C shares, raising an aggregate of £31 million of gross proceeds forthe Company and resulting in the issue of 62,000,000 C shares.On 26 March 2013, the C shares were converted into ordinary shares in the ratioof 0.8417 ordinary shares for every C share, based on the calculated prevailingNAV for each share class at 25 March 2013, resulting in the issue of 52,185,329new ordinary shares. Following the conversion and at 31 May 2013 there were208,693,307 ordinary shares in issue.Redemption of Ordinary SharesThe Company, which is a closed-ended investment company with an unlimited life,has a redemption facility through which shareholders are entitled to requestthe redemption of all or part of their holding of ordinary shares on an annualbasis on 31 May in each year. As set out in the Articles of Association, theBoard may, at its absolute discretion, elect not to operate the annualredemption facility in whole or in part. Accordingly, the ordinary shares havebeen classified as equity.At 31 May 2013, the Company had received redemption requests for 34,893ordinary shares. All of those shares were matched with buyers at the samecalculated redemption price and were settled on 14 June 2013. Following this,the issued share capital and voting rights remained unchanged at 208,693,307ordinary shares.Management SharesThe 50,000 management shares with a nominal value of £1 each were allotted toMiton Group plc on 30 March 2011, the parent company of the Manager, on thebasis of an undertaking to pay one-quarter of their nominal value on or before30 March 2016 and the balance on demand. The management shares are non-votingand non-redeemable and, upon a winding-up or on a return of capital of theCompany, shall only receive the fixed amount of capital paid up on such sharesand shall confer no right to any surplus capital or assets of the Company.As at 31 May 2013, no amounts had been paid up (2012: £nil).9 Reserves2013 Share Capital Capital premium Special reserve reserve Revenue account reserve realised unrealised reserve £'000 £'000 £'000 £'000 £'000Opening balance - 48,558 (1,173) (718) 1,059Premium on issue of 60,891 - - - -ordinary sharesExpenses of share issue (1,554) - - - -Net gains on realisation - - 1,654 - -of investmentsUnrealised net increase - - - 26,542 -in value of investmentsManagement fees/finance - - (776) - -costs charged to capitalEquity dividends paid - - - - (2,732)Revenue return on - - - - 3,949ordinary activitiesafter taxClosing balance 59,337 48,558 (295) 25,824 2,2762012 Share Capital Capital premium Special reserve reserve Revenue account reserve realised unrealised reserve £'000 £'000 £'000 £'000 £'000Opening balance - - - - -Premium on issue of 49,900 - - - -ordinary sharesCancellation of share (48,578) 48,578 - - -premium accountExpenses of share premium - (20) - - -account cancellationExpenses of share issue (1,322) - - - -Net losses on realisation - - (776) - -of investmentsUnrealised net decrease in - - - (718) -value of investmentsManagement fees/finance - - (397) - -costs charged to capitalEquity dividends paid - - - - (1,260)Revenue return on ordinary - - - - 2,319activities after taxClosing balance - 48,558 (1,773) (718) 1,059At a General Meeting of the Company held on 6 April 2011 a resolution waspassed approving the cancellation of the Company's share premium account.The Court subsequently confirmed this cancellation on 22 February 2012 and anamount of £48,578,000 was transferred from the Company's share premium accountto its special reserve. This amount can be treated as a distributable reservefor all purposes permitted by the Companies Act 2006 (as amended), and willenhance substantially the ability of the Company to meet annual redemptionrequests and to buy-back its own shares either into treasury or forcancellation.10 Net Asset Value per Ordinary ShareThe net asset value per ordinary share and the net asset values attributable atthe year end were as follows:Net asset value Net assets Net asset value Net assets per share attributable per share attributable 31 May 2013 31 May 2013 31 May 2012 31 May 2012 pence £'000 pence £'000Ordinary shares 65.12 135,909 47.83 47,826- Basic anddilutedNet asset value per ordinary share is based on net assets at the year end and208,693,307 ordinary shares (2012: 100,000,000), being the number of ordinaryshares in issue at the year end.11 InvestmentsGroup and Company 31 May 2013 31 May 2012 £'000 £'000Investment portfolio summary:Opening book cost 47,206 -Opening investment holding losses (718) -Total investments designated at fair 46,488 -valueGroup and Company 31 May 2013 31 May 2012 £'000 £'000Analysis of investment portfoliomovementsOpening valuation 46,488 -Movements in the period:Purchases at cost 78,217 82,816Sales - proceeds (24,004) (34,834)- gains/(losses) on sales 1,654 (776)Increase/(decrease) in investment holding 26,542 (718)gainsClosing valuation 128,897 46,488Closing book cost 103,073 47,206Closing investment holding gains/(losses) 25,824 (718)128,897 46,488A list of the largest portfolio holdings by their fair value is shown in theportfolio information above.31 May 2013 31 May 2012 £'000 £'000Listed: 82,115 31,161United KingdomUnlisted: 46,782 15,327United Kingdom (quoted on AIM/ISDX) 128,897 46,488The investments are all equities or bonds which are either listed on theOfficial List or quoted on AIM/ISDX in the UK and are included in the BalanceSheet at fair value.The investments are registered in the names of the nominees of HSBC Bank plc,as custodian to the Company. There were no contingent liabilities in respect ofthe investments held at the end of the year.Year ended Period to 31 May 2013 31 May 2012 £'000 £'000Transaction costsCosts on acquisitions 460 570Costs on disposals 52 74512 644Year ended Period to 31 May 2013 31 May 2012 £'000 £'000Analysis of capital gains/(losses)Gains/(losses) on sales of investments 1,654 (776)Movement in investment holding gains/ 26,542 (718)(losses) 28,196 (1,494)Fair Value HierarchyIFRS 7 requires classification of financial instruments measured at fair valueat one of three levels according to the relative reliability of the inputs usedto estimate the fair values.Classification InputLevel 1 Valued using quoted prices in active markets for identical assets or liabilities (actively traded on recognised stock exchanges)Level 2 Valued by reference to valuation techniques using observable inputs other than quoted prices included within Level 1Level 3 Valued by reference to valuation techniques using inputs that are not based on observable market dataCategorisation within the hierarchy has been determined on the basis of thelowest level input that is significant to the fair value measurement of therelevant asset.The valuation techniques used by the Company are explained in the accountingpolicies in note 1 under the heading 'Valuation of Investments'. At31 May 2013, all the Company's financial assets at fair value through profit or lossare included in Level 1 with the exception of the investment in the subsidiarywhich is classified as a Level 3 investment (2012: same).12 Substantial Share InterestsThe Company has notified interests in 3% or more of the voting rights of seveninvestee companies (none of which are closed-end investment funds). However,the Board does not consider any of the Company's other equity investments to beindividually material in the context of the financial statements.13 Investment in SubsidiaryThe Company owns the whole of the issued ordinary share capital (£1) of DITIncome Services Limited, an investment dealing company registered in Englandand Wales. The subsidiary is held at cost of £1, which is considered to be itsfair value, and has received loans from the Company amounting to £nil at31 May 2013 (2012: £324,000).14 Trade and Other ReceivablesGroup Company 31 May 2013 31 May 2012 31 May 2013 31 May 2012 £'000 £'000 £'000 £'000Amounts due from brokers 5,686 812 5,686 812Dividends receivable 893 393 893 393Accrued income 7 - 7 -Taxation recoverable 4 - 4 -Prepayments and other 19 15 19 15debtorsAmounts due from - - - 324subsidiary 6,609 1,220 6,609 1,54415 Trade and Other Payables Group Company 31 May 2013 1 May 2012 31 May 2013 31 May 2012 £'000 £'000 £'000 £'000Amounts due to brokers 193 694 193 694Other creditors 297 106 297 106490 800 490 800The Company has an uncommitted multi-currency overdraft facility agreement withHSBC Bank plc, under which the bank makes available an aggregate amount equalto the lesser of:i. £7,500,000; andii. 15% of custody assets from time to time.The purpose of the facility is for short-term liquidity and it has no fixedterm but is subject to review from time to time, at least on an annual basis.Interest is payable monthly in arrears on the amount of the facilityoutstanding at the rate of 1.75% above the applicable base rate set by thebank. In addition, a fee of £15,000 per annum is payable on each anniversarydate.The facility is secured by a floating charge over the Company's assets. Theoverdraft facility was undrawn as at 31 May 2013.16 Capital Commitments and Contingent LiabilitiesAs at 31 May 2013 there were no outstanding commitments or contingentliabilities.17 Analysis of Financial Assets and LiabilitiesInvestment Objective and PolicyThe Group's investment objective and policy are detailed above.The Group's investing activities in pursuit of its investment objective involvecertain inherent risks.The Group's financial instruments comprise:-- shares and debt securities held in accordance with the Group's investmentobjective and policies;-- cash, liquid resources and short-term debtors and creditors that arise fromits operations; and-- current asset investments held by its subsidiary.The risks identified arising from the Group's financial instruments are marketrisk (which comprises market price risk, interest rate risk and foreigncurrency exposure), liquidity risk and credit and counterparty risk. The Groupmay enter into derivative contracts to manage risk, but has not done so todate. The Board reviews and agrees policies for managing each of these risks,which are summarised below. These policies have remained unchanged since thebeginning of the accounting year.Market RiskMarket risk arises mainly from uncertainty about future prices of financialinstruments used in the Group's business. It represents the potential loss theGroup might suffer through holding market positions by way of price movements,interest rate movements and exchange rate movements. The Manager assesses theexposure to market risk when making each investment decision and these risksare monitored by the Manager on a regular basis and the Board at quarterlymeetings with the Manager.Market price riskMarket price risk (i.e. changes in market prices other than those arising fromcurrency risk or interest rate risk) may affect the value of investments.The Board manages the risks inherent in the investment portfolio by ensuringfull and timely reporting of relevant information from the Manager. Investmentperformance is reviewed at each Board meeting.The Group's exposure to other changes in market prices as at 31 May 2013 on itsequity investments held at fair value through profit or loss was£127,699,000 (2012: £46,488,000).A 10% increase in the market value of its listed equity investments at31 May 2013 would have increased net assets attributable to shareholders by£12,770,000 (2012: £4,649,000). An equal change in the opposite direction wouldhave decreased the net assets available to shareholders by an equal andopposite amount.Interest rate riskInterest rate movements may affect the level of income receivable on cashdeposits and payable on its overdraft facility. The Group's financial assetsand liabilities, excluding short-term debtors and creditors, may includeinvestment in fixed interest securities, such as UK corporate debt stock, whosefair value may be affected by movements in interest rates. The majority of theGroup's financial assets and liabilities, however, are non-interest bearing. Asa result, the Group's financial assets and liabilities are not subject tosignificant amounts of risk due to fluctuations in the prevailing levels ofmarket interest rates. There was limited exposure to interest bearingliabilities during the year ended 31 May 2013.The possible effects on the fair value and cash flows that could arise as aresult of changes in interest rates are taken into account when makinginvestment decisions. The Board imposes borrowing limits to ensure gearinglevels are appropriate to market conditions.As disclosed in note 15, during the year the Company had an uncommittedmulti-currency overdraft facility with HSBC Bank plc. The facility was not inuse as at the Balance Sheet date (2012: same).The interest rate profile of the Group (excluding short-term debtors andcreditors) was as follows:Weighted average Weighted period for average which rate interest Floating is fixed rate rate Fixed rateAs at 31 May 2013 years % £'000 £'000AssetsFixed interest securities - 5.48 6.17 - 1,198sterlingCash at bank - sterling - - 893 -893 1,198Weighted Weighted average Weighted period for average which rate interest Floating is fixed rate rate Fixed rateAs at 31 May 2012 years % £'000 £'000AssetsCash at bank - sterling - - 767 -767 -The weighted average interest rate is based on the current yield of each asset,weighted by its market value.The floating rate assets consist of cash deposits on call earning interest atprevailing market rates.If interest rates had been 500 basis points higher or lower and all othervariables were held constant, the Group's profit for the year ended 31 May 2013would decrease/increase by £45,000 (2012: decrease/increase by £38,000). Thisis attributable to the Group's exposure to interest rates on its floating ratecash balances and fixed interest securities as at the year ended 31 May 2013,and is not considered by the Directors to be representative for the year as awhole.Foreign currency riskAlthough the Company's performance is measured in sterling, a proportion of theGroup's assets may be either denominated in other currencies or are ininvestments with currency exposure. Any income denominated in foreign currencyis converted into sterling upon receipt. At the Balance Sheet date, all theGroup's assets were denominated in sterling and accordingly the only currencyexposure the Group has is through the trading activities of its investeecompanies.Liquidity RiskLiquidity risk is not considered to be significant as the Group's assetsprimarily comprise mainly cash and readily realisable securities, which canunder normal conditions be sold to meet funding commitments if necessary. Theymay however be difficult to realise in adverse market conditions. The Group canachieve short-term flexibility by the use of its overdraft facility.The maturity profile of the Group's financial liabilities of £490,000(2012: £800,000) are all due in one year or less.Credit and Counterparty RiskCredit risk is the risk of financial loss to the Group if the contractual partyto a financial instrument fails to meet its contractual obligations.The maximum exposure to credit risk as at 31 May 2013 was £2,091,000(2012: £767,000). The calculation is based on the Group's credit riskexposure as at 31 May 2013 and this may not be representative for the whole year.The Group's listed investments are held on its behalf by HSBC Bank plc actingas the Group's custodian. Bankruptcy or insolvency of the custodian may causethe Group's rights with respect to securities held by the custodian to bedelayed. The Board monitors the Group's risk by reviewing the custodian'sinternal controls report.Where the Manager makes an investment in a bond, corporate or otherwise, thecredit rating of the issuer is taken into account so as to minimise the risk tothe Group of default.Investment transactions are carried out with a number of brokers whosecreditworthiness is reviewed by the Manager. Transactions are ordinarilyundertaken on a delivery versus payment basis whereby the Group's custodianbank ensures that the counterparty to any transaction entered into by the Grouphas delivered on its obligations before any transfer of cash or securities awayfrom the Group is completed.Cash is only held at banks that have been identified by the Board as reputableand of high credit quality.None of the Group's assets are past due or impaired (2012: same).Fair Values of Financial Assets and Financial LiabilitiesAll financial assets and liabilities of the Group are either carried in theBalance Sheet at fair value through profit or loss, or the Balance Sheet amountis a reasonable approximation of fair value.Capital Management PoliciesThe Company's capital management objectives are:-- to ensure that it will be able to continue as a going concern; and-- to maximise the income and capital return over the long-term to its equityshareholders through an appropriate balance of equity capital and 'debt'.As stated in the investment policy, the Company has authority to borrow up to15% of net asset value through a mixture of bank facilities and derivativeinstruments. There were no borrowings as at 31 May 2013 (2012: £nil). Also, asa public company the minimum share capital is £50,000.The Company's capital at 31 Maycomprises 2013 2012 £'000 £'000Shareholders' funds:Equity share capital 209 100Retained earnings and other reserves 135,700 47,669Total shareholders' funds 135,909 47,769The Board with the assistance of the Manager monitors and reviews the broadstructure of the Company's capital on an ongoing basis. This review includes:-- the planned level of gearing, which takes into account the Manager's view ofthe market;-- the need to buy back shares for cancellation or treasury, which takes accountof the difference between the net asset value per share and the share price(i.e. the level of share price discount or premium);-- the need for new issues of equity shares; and-- the extent to which revenue in excess of that which is required to bedistributed should be retained.The Company's objectives, policies and processes for managing capital haveremained unchanged since its launch.18 Transactions with the Manager and Related PartiesThe amounts paid to the Manager together with details of the investmentmanagement contract are disclosed in note 3. The existence of an independentBoard of Directors demonstrates that the Company is free to pursue its ownfinancial and operating policies and therefore, under the AIC SORP, the Manageris not considered to be a related party.The Company's related parties are its Directors. Fees paid to the Company'sBoard are disclosed in the Directors' Remuneration Report in the full AnnualReport.There are no other identifiable related parties at the year end19 Post Balance Sheet EventsSince the year end and as set out in the Chairman's Statement above, inrelation to the proposed merger with Miton Income Opportunities Trust plc("MIOT") (formerly Henderson Fledgling Trust plc), the Board has been informedthat MIOT's portfolio has now been realigned so as to be consistent with theCompany's investment policy.The boards of both companies have agreed to proceed with a recommended mergerof the two companies, to be effected through a scheme of reconstruction and thewinding-up of MIOT on the terms set out in the announcement of 15 February 2013.A circular containing full details of the proposed merger is expected to beposted to shareholders in September 2013 for approval at general meetings ofboth companies to be held shortly thereafter.ANNUAL GENERAL MEETINGThe Company's Annual General Meeting will be held on Tuesday, 22 October 2013at 3.00pm at Furniture Makers' Hall, 12 Austin Friars, London EC2N 2HE.NATIONAL STORAGE MECHANISMA copy of the Annual Report and Financial Statements will be submitted shortlyto the National Storage Mechanism ("NSM") and will be available for inspectionat the NSM, which is situated at: .morningstar.co.uk/uk/nsmENDSNeither the contents of the Company's website nor the contents of any websiteaccessible from hyperlinks on this announcement (or any other website) isincorporated into, or forms part of, this announcement.XLONself storage

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　　《經濟通通訊社１４日專訊》內地主要財經報章頭版摘要如下：《中國證券報》生態文明「第一單」有望花落福建＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝類似於溫州金改意義的全國首個生態文明先行示范區近期有望落戶福建。業內人士稱，mini storage這是十八大報告提出生態文明概念以來，國家即將批准設立的第一個國家級生態文明先行示范區。上半年信息消費規模超２萬億＝＝＝＝＝＝＝＝＝＝＝＝＝工信部副部長尚冰出席２０１３年中國互聯網大會開幕式時表示，上半年國內信息消費規模達２﹒０７萬億元（人民幣．下同），同比上漲２０％。國內信息消費規模在不斷擴大，信息消費已經成為引領消費、擴大內需、提振經濟的新動力。發展互聯網金融亟待破除壟斷壁壘＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝金融和互聯網融合的新聞如潮水般湧來，面對互聯網對支付習慣、借貸方式和投資理財渠道帶來的改變，互聯網金融時代的到來已是勢不可擋。對於新生事物的發展，既需要企業的大膽嘗試，也需要監管層有破除金融壟斷的決心、開放的心態和市場化的監管手段。《上海證券報》各路資本蜂擁趕集互聯網大會＝＝＝＝＝＝＝＝＝＝＝＝＝在傳統周期行業「啞火」後，昨天在京開幕的２０１３中國互聯網大會，卻向我們呈現了另一張中國經濟的晴雨表。在這張晴雨表裡，我們看到了互聯網行業的朝氣蓬勃，更看到了中國經濟轉型的方向。包商銀行暫失兩年債券結算代理資格＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝央行通self storage中國外匯交易中心發布《關於暫停包商銀行銀行間債市結算代理業務資格的通知》，暫停該行銀行間債券市場債券結算代理業務資格兩年，自通知發布之日算起。中證協誠信管理辦法發布　誠信信息分級公開＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝面對私募等機構的「搶飯碗」，公募基金行業並不是無動於衷，而是舉起創新的大旗來守護陣地。比如正在發行的方正富邦互利定開債基，其靈活的浮動費率設計被認為更加惠民，這種創新不僅有望俘獲更多投資者的芳心，也有望在公募業創新史上留下濃重的一筆。《證券時報》苗圩：盡快出台化解產能過剩總體方案＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝＝工信部部長苗圩表示，下半年國內工業將繼續運行在合理增長區間，應圍繞「穩增長、調結構、促改革」三方面，著力提高增長質量和效益；信息消費等新型消費業態的快速發展及簡政放權等改革措施政策效應的顯現，將成為下半年國內工業平穩發展的重要支撐。中國互聯網大會昨在京開幕＝＝＝＝＝＝＝＝＝＝＝＝２０１３年中國互聯網大會昨日在北京國際會議中心開幕。會議將關注移動互聯網、電子商務、互聯網金融、大數據、雲計算、物聯網等多個熱門領域。未報銷的招待費背後＝＝＝＝＝＝＝＝＝上海建工被爆卷入「法官嫖娼」事件，緣由是該活動的組織者郭某是上海建工下屬企業一部門副總。腐敗的因子正日漸侵蝕國家和社會的肌體，如果再不下猛藥，從制度上進行根治，後果將不堪設想。（ｊｙ）迷你倉

　　在上周結束的男籃亞錦賽上，迷你倉庫中國隊被從未輸過的對手中華台北隊擋在四強門外，僅獲第五名。姚明退役後中國男籃巨大的實力空洞和CBA聯賽的虛假繁榮終於徹底暴露，中國男籃這次輸得徹底，輸得窩囊，大有向男足一樣墜向穀底的勢頭。只是，到底是什麼如山倒的大病，讓曾經的亞洲王者中國隊如此難堪呢？　　望：陣容老化 青黃不接　　本屆中國男籃最終的12人名單中，王治郅、易建聯、朱芳雨等6名球員在5年前的北京奧運會上就為國出戰，作為一個奧運周期的結束，北京奧運會本應是男籃換血的開始，可王治郅這樣已經36歲的老將還是不得不在菲律賓揮灑汗水。這無論是從競技體育的發展規律上，還是中國籃球的實際情況上來看，都是不合理的。老球員長時間在一起打比賽，可能會由於喪失新鮮感而缺乏動力，戰術也容易被對手摸透。而年輕球員得不到大賽機會鍛煉，等到真正需要他們扛起大旗時又會力有不逮。　　聞：新官上任 將帥失配　　作為一支球隊的統帥，教練無論是在平時訓練還是臨場指揮中的作用都是無可取代的。但從去年8月鄧華德卸任到今年5月中旬揚納基斯走馬上任，中間竟然隔了整整9個月。中國籃協不慌不忙的教練選拔工作實在令人難以理解。揚納基斯的打法要求整體和配合，如果能給他多一點時間，結合他過去的履歷，我們完全相信他能打造出一支鋼鐵之師。可他僅有兩個月時間，面對著一群自己完全不了解的球員，甚至在挑選球員上都不能完全做主，更嚴重的是他與球員之間的交流都不通暢，揚納基斯的英語水平不高，在臨場指揮時難免會出現詞不達意的情形。主帥匆忙上陣，這樣一支缺乏交流的球隊又怎能做到三軍用命呢？　　問：籃管中心儲存我行我素　　本屆亞錦賽結束後，籃協發表道歉聲明，籃協主席信蘭成也表明籃協應為此次失利負責。希望籃協能正確認識到自己的不足，而不是通過一封空洞的道歉信爭取全國球迷的原諒。李元偉在任期間大力推進CBA聯賽職業化，締造了中國籃球最輝煌的一段時期。而他退休後，籃協卻做出了一系列令人大跌眼鏡的改變，包括取消南北分區，將50輪的聯賽縮減到34輪，為國家隊集訓讓路等。殊不知對於籃球這樣的項目，聯賽才是根本，讓聯賽為國家隊讓路，只會使中國籃球成為無根之木，無源之水。每年國家隊之外的籃球選手將面臨長達8個月的假期，這無論是對體能的保持，還是競技水平的提高都有害無益。如果一個CBA賽季恢複到之前50輪的長度，年輕球員也會得到更多的機會，保證了中國籃球發展的後勁。　　切：“明”“郅”已去 誰來接班　　翻開現在CBA的數據排行榜，可能很少有人會相信這是中國的籃球聯賽，各項數據的前幾名幾乎都被外援把持，比賽的關鍵時刻往往成為外援們的決鬥，即使是易建聯這樣的中國男籃領軍人物在CBA也沒有絕對的統治力，這對中國本土人才的培養有毀滅性的打擊。外援橫行擠佔了本土球員的上場時間，而在比分膠著的時候，本土球員也會將球交給外援用個人能力解決戰鬥。這一問題在後衛線上體現得尤為明顯。中國籃球需要來自其他國家的高水平運動員，但也不能因此荒廢了自己人才的培養，在這兩者之間尋得平衡，才是中國籃球科學的發展之道。　　悟以往之不諫，知來者之可追。這次失敗是中國籃球的一聲警鐘，而非末日，中國籃球人應該以此為戒，找到“後姚明時代”的發展之路。標簽：中國 無論是 籃協 揚納基斯 籃球新蒲崗迷你倉

捲入新地貪污案的前政務司司長許仕仁（見圖），迷你倉出租繼遭東亞銀行入稟追討兩筆透支貸款及兩張信用卡欠款達六千萬元，新鴻基地產旗下的忠誠財務有限公司前日分兩案入稟高院，向許仕仁夫婦當年任董事的德福企業有限公司及身為借貸擔保人的許仕仁，追討同一筆債項連同利息超過三百一十六萬元。原告人為忠誠財務有限公司，答辯人分別為德福企業有限公司及前政務司司長許仕仁。據入稟狀指，德福企業於○四年五月向原告財務借貸逾三百一十六萬元，由許仕仁作為擔保，一直未有清還，原告入稟追討欠款連利息共三百一十六萬九百四十五元兩角四仙。