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Diverse Inc Trust (DIVI)


Tuesday 18 October, 2011

Diverse Inc Trust

Interim Management Statement


Interim Management Statement - period to 30 September 2011

Diverse Income Trust Plc (the "Company") presents its interim management
statement for the period 28 April 2011 to 30 September 2011. This constitutes
the Company's first interim management statement for the financial year ending
31 May 2012, as required by the UK Listing Authority's Disclosure and
Transparency Rule 4.3.

The Company was incorporated on 30 March 3011 and its shares were admitted to
trading on the London Stock Exchange on 28 April 2011.

Investment Objective

The Company's investment objective is to provide an attractive level of
dividends coupled with capital growth over the long term. The Company intends
to pay dividends on a quarterly basis and will seek to grow the dividend
progressively. In its first year the Company will target an annualised dividend
yield of 4 per cent.

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

                                              30 September 2011  28 April 2011*
Mid-market share price                                    47.3p          50.0p 
Net asset value per share including revenue               45.5p       ** 48.7p 
Net asset value per share excluding revenue               45.2p       ** 48.7p 
Premium to net asset value                                 3.8%           2.7%
Total assets (including income)                          £45.5m         £48.7m
% of total assets held as cash                            28.8%         100.0%

* date of Admission to trading

** net of launch expenses

There were no shares bought back during the period.

A first interim dividend of 0.3 pence per ordinary share was declared to
ordinary shareholders on the register on 30 September 2011, and will be paid on
30 November 2011.

Total Return Performance to 30 September 2011

                                            3 months     1 year     Since   
                                                %          %           %     
NAV*                                          -6.6        n/a        -7.2    
Share price (mid)**                           -7.4        n/a        -5.5    

Sources: *Based on initial NAV of 48.7p (after launch expenses). Company launch
date was 28 April 2011. NAV returns based on NAVs excluding income. **Financial
Express. Net income reinvested GBP.

Top Twenty Equity Holdings

Name                                         % of total assets     
                                          as at 30 September 2011  
Abbey Protection plc                               1.8%            
32 Red plc                                         1.7%            
Randall & Quilter Investment Holdings plc          1.6%              
Stadium Group plc                                  1.5%            
Paypoint plc                                       1.4%            
London Capital Group Holdings plc                  1.4%            
BT plc                                             1.3%            
Office 2 Office plc                                1.3%            
British Polythene Industries plc                   1.3%            
Chamberlin plc                                     1.3%            
CML Microsystems plc                               1.2%            
Charles Taylor Consulting plc                      1.2%            
Cable & Wireless Communications plc                1.2%            
Dairy Crest Group plc                              1.2%            
James Cropper plc                                  1.1%            
Fairpoint Group plc                                1.1%            
National Grid plc                                  1.1%            
Stobart Group Ltd                                  1.1%            
Consort Medical plc                                1.1%            
Catlin Group Ltd                                   1.1%            
Total                                             26.1%           

This is an interim management statement. Full details of the Company, including
the current share price, NAV and factsheets, are available at

The Board is not aware of any material events or transactions occurring between
30 September 2011 and the date of publication of this interim management
statement which would have a material impact on the financial position of the

18 October 2011

Neither the contents of the Diverse Income Trust 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.

a d v e r t i s e m e n t