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Diverse Inc Trust (DIVI)


Wednesday 19 September, 2012

Diverse Inc Trust

Interim Management Statement


Interim Management Statement - quarter to 31 August 2012

The Diverse Income Trust plc (the "Company") presents its interim management
statement for the period 1 June 2012 to 31 August 2012. This constitutes the
Company's first 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 shareholders with an
attractive level of dividends coupled with capital growth over the long term.

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

Following a Placing and Offer for Subscription of C shares, 60 million C shares
were issued by the Company at an issue price of 50p per share and commenced
trading on 19 July 2012.

Despite some corporate downgrades as world growth expectations have moderated,
equity markets have been relatively buoyant in the period. Given the volatile
background many investors are favouring equities with good and growing dividend
prospects. This trend has led to some good share price appreciation in many of
the stocks in our portfolios, particularly those at the smallcap end of the
market capitalisation range. 

Despite low levels of market transactions during August, the new C share
capital has been progressively invested over recent weeks building this
portfolio to reach the 50% mark just before the end of the period. Once 90% of
the C share capital is invested, then the C share investors will be issued with
new Diverse Income Trust plc ordinary shares on an equitable basis.

Ordinary shares

                                                31 August 2012      31 May 2012
                                                    (unaudited)        (audited)
Mid-market share price                                   52.6p            48.8p 
Net asset value per share including                      51.8p            47.8p 
Net asset value per share excluding                      51.6p            46.8p 
Premium to net asset value                                1.5%             1.9%
Total assets (including income)                         £51.8m           £47.8m
% of total assets held as cash                            3.2%             2.8%

No ordinary shares were bought back during the period.

A first interim dividend of 0.3 pence per ordinary share has been declared to
ordinary shareholders on the register on 28 September 2012, and will be paid on
30 November 2012.

C shares

                                                31 August 2012    19 July 2012*
                                                    (unaudited)     (unaudited)
Mid-market share price                                   49.1p          *50.0p 
Net asset value per share including                      49.1p        ** 48.7p 
Net asset value per share excluding                      51.5p        ** 48.7p 
Premium to net asset value                                4.8%            2.7%
Total assets (including income)                         £29.5m          £29.2m
% of total assets held as cash                           47.8%          100.0%

* date of admission to trading
** net of launch expenses

Total Return Performance to 31 August 2012

Ordinary shares                             3 months    6 months    12 months  
                                                   %           %            %      
NAV *                                           11.9         8.0         15.9    
Share price (mid)                                9.6         9.0         15.4    

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     
                                          of Ordinary Share Pool   
Name                                        as at 31 August 2012    
Zotefoams plc                                       2.4            
Greencore Group plc                                 2.0            
CML Microsystems plc                                2.0            
Abbey Protection plc                                1.7            
Secure Trust Bank plc                               1.7            
Charles Taylor Consulting plc                       1.7            
32Red plc                                           1.7            
Fairpoint Group plc                                 1.6            
Quindell Portfolio plc                              1.6            
Chamberlin plc                                      1.6            
Consort Medical plc                                 1.6            
Eco Animal Health plc                               1.5            
Hilton Food Group plc                               1.5            
KCOM Group plc                                      1.5            
Office2Office plc                                   1.4            
Randall & Quilter Investment Holdings               1.4            
Beazley plc                                         1.3            
Silverdell plc                                      1.3            
Paypoint plc                                        1.3            
Stadium Group plc                                   1.3            
Total                                              32.1            

C Share Pool                                 % of total assets     
                                               of C Share Pool      
Name                                      as at 31 August 2012    
Fairpoint Group plc                                 1.8            
Charles Taylor Consulting plc                       1.7            
RPC Group plc                                       1.4            
RSA Insurance Group plc                             1.2            
Greencore Group plc                                 1.2            
BT Group plc                                        1.2            
St Ives plc                                         1.2            
4imprint Group plc                                  1.1            
Chemring Group plc                                  1.1            
Talk Talk Telecom plc                               1.0            
TUI Travel plc                                      1.0            
Playtech plc                                        1.0            
Randall & Quilter Investment Holdings               1.0            
Office2Office plc                                   1.0            
Amlin plc                                           1.0            
Cranswick plc                                       1.0            
McBride plc                                         1.0            
Intermediate Capital Group plc                      1.0            
Consort Medical plc                                 1.0            
Novae Group plc                                     1.0            
Total                                              23.1            

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

The Board is not aware of any material events or transactions occurring between
31 August 2012 and the date of publication of this interim management statement
which would have a material impact on the financial position of the Company.

19 September 2012

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