Interim Management Statement

DIVERSE INCOME TRUST PLC Interim Management Statement - Three Months to 28 February 2013 Diverse Income Trust plc (the "Company") presents its interim management statement for the period 1 December 2012 to 28 February 2013. This constitutes the Company's second interim management statement for the financial year ending 31 May 2013, as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3. Investment Objective The Company's investment objective is to provide an attractive level of dividends coupled with capital growth over the long term. In its first year the Company met its target annualised dividend yield of 4%. The Company intends to pay dividends on a quarterly basis and will seek to grow the dividend progressively. The Company will invest primarily in quoted UK companies with a wide range of market capitalisations with a long term bias toward small and mid equities. The Company may also invest in large cap companies, including FTSE 100 constituents, where it is believed that this will increase shareholder value. The Manager will adopt a stock specific approach in managing the Company's portfolio and therefore sector weightings will be of secondary consideration. As a result of this approach, the Company's portfolio will not track any benchmark index. Review of the Period Despite some concerns over cutbacks due to the US budget ceiling, equity markets have performed well in the three months to the end of February. The FTSE All-Share appreciated by 9.3%. Income stocks tend to be less volatile and tend to rise less abruptly. Even so many of the smaller companies in the portfolio continued to attract greater interest and the Company's ordinary share NAV (excluding revenue) appreciated by 13.1% in the period. Following an open offer, placing and offer for subscription launched on 20 November 2012, 62 million C shares were issued on 17 December 2012. In the period between 17 December 2012 and 28 February 2013, the C share portfolio has appreciated by 5.7%. This capital has been progressively invested. As announced on 7 March 2013, the calculation date for the conversion of the C shares is 21 March 2013, and they are due to convert to ordinary shares at close of business on 25 March 2013. 28 Feb 2013 30 Nov 2012 Ordinary shares (unaudited) (unaudited) Mid-market share price 63.0p 57.3p Net asset value per share including 61.6p 54.8p revenue Net asset value per share excluding 61.2p 54.1p revenue Premium to net asset value 2.3% 4.6% Total assets (including income) £96.4m £85.7m % (gearing) / net cash (1.1)% 1.2% There were no ordinary shares bought back during the period. A third interim dividend of 0.46p pence per ordinary share has been declared to ordinary shareholders on the register on 22 March 2013, and will be paid on 31 May 2013. 28 Feb 2013 17 Dec 2012* C shares (unaudited) (unaudited) Mid-market share price 53.0p * 50.0p Net asset value per share including 51.5p ** 48.7p revenue Net asset value per share excluding 51.4p ** 48.7p revenue Premium to net asset value 2.9% 2.5% Total assets (including income) £31.9m £30.2m % of total assets held as cash 8.6% 100.0% * date of admission to trading ** net of launch expenses Total Return Performance to 28 February 2013 Ordinary shares 3 months 6 months 12 months % % % NAV * 13.9 19.5 25.8 Share price (mid) 11.0 21.4 32.8 Sources: * NAV returns based on NAVs excluding income. Total returns assume that dividends are reinvested at the ex-dividend date. Top Twenty Equity Holdings Ordinary Share Pool % of total assets Sector / Business of Ordinary Share Pool Name Activity as at 28 February 2013 Fairpoint Group plc General Financial 2.1 Bioventix plc Pharmaceuticals & 2.1 Biotech CML Microsystems plc Technology & 2.1 Hardware Silverdell plc Support Services 2.0 Quindell Portfolio plc Software & Computer 1.9 Services Greencore Group plc Food Producers 1.9 888 Holdings plc Travel & Leisure 1.8 St Ives plc Support Services 1.7 Secure Trust Bank plc Banks 1.7 UK Mail plc Industrial 1.7 Transport Zotefoams plc Chemicals 1.7 Abbey Protection plc Non Life Insurance 1.6 Randall & Quilter Investment Non Life Insurance 1.6 Holdings plc Playtech plc Travel & Leisure 1.5 Charles Taylor Consulting plc General Financial 1.4 Interserve plc Support Services 1.4 Wilmington plc Media 1.4 Beazley plc Non Life Insurance 1.4 4imprint plc Media 1.4 Talk Talk Telecom plc Telecommunications 1.4 Total 33.8 C Share Pool % of total assets Sector / Business of C Share Pool Name Activity as at 28 February 2013 Randall & Quilter Investment Non Life Insurance 2.3 Holdings plc Beazley plc Non Life Insurance 2.1 Playtech plc Travel & Leisure 2.0 Abbey Protection plc Non Life Insurance 1.9 888 Holdings plc Travel & Leisure 1.9 KCOM Group plc Telecommunications 1.8 Segro plc Real Estate 1.7 Lancashire Holdings plc Non Life Insurance 1.6 Charles Taylor Consulting plc General Financial 1.6 St Ives plc Support Services 1.6 Interserve plc Support Services 1.6 Amlin plc Support Services 1.5 Novae Group plc Non Life Insurance 1.5 Dairy Crest Group plc Food Producers 1.5 Cable & Wireless Communications Telecommunications 1.5 plc Fairpoint Group plc General Financial 1.5 StarCom plc Software & Computer 1.5 Services Vodafone Group plc Mobile 1.5 Telecommunications Sainsbury (J) plc Food & Drug 1.5 Retailers BT Group plc Telecommunications 1.5 Total 33.6 This is an interim management statement. Full details of the Company, including the current share prices, NAVs and factsheets, are available at www.mitongroup.com. The Board is not aware of any material events or transactions occurring between 28 February 2013 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. 25 March 2013 Neither the contents of the Diverse IncomeTrust plc website nor the contents of any website accessible from hyperlinks on the website (or any other website) is incorporated into, or forms part of, this announcement.
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