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INVESCO PERPETUAL SELECT TRUST PLC - Half-yearly Report

Thursday, January 31, 2013 2:00 AM


INVESCO PERPETUAL SELECT TRUST PLC

Half-Yearly Financial Report

Six Months Ended 30 November 2012

FINANCIAL PERFORMANCE

CUMULATIVE TOTAL RETURNS TO 30 NOVEMBER 2012

UK EQUITY SHARE PORTFOLIO
                                                    SIX     ONE   THREE    FIVE
                                                 MONTHS    YEAR   YEARS   YEARS
                                                                               
Net Asset Value                                   14.3%   16.9%   54.6%   31.4%
                                                                               
Share Price                                       21.9%   34.6%   59.5%   39.0%
                                                                               
FTSE All-Share Index                              12.8%   12.1%   28.3%   12.4%

GLOBAL EQUITY INCOME SHARE PORTFOLIO

The name and objective of this Portfolio were changed with effect from 30
November 2011.
                                                    SIX     ONE   THREE    FIVE
                                                 MONTHS    YEAR   YEARS   YEARS
                                                                               
Net Asset Value                                    9.6%   13.2%   19.1%   15.3%
                                                                               
Share Price                                        8.8%   17.0%   17.5%   14.0%
                                                                               
MSCI World Index (£)                               8.3%   11.5%   25.1%   17.1%

BALANCED RISK SHARE PORTFOLIO

The name and objective of this Portfolio were changed with effect from 8
February 2012.
                                                   SINCE                        
                                             SIX   8 FEB     ONE   THREE    FIVE
                                          MONTHS    2012    YEAR   YEARS   YEARS
                                                                                
Net Asset Value                             6.0%    6.0%    4.5%   -4.5%  -12.6%
                                                                                
Share Price                                10.9%   12.1%   10.3%   -4.0%  -21.8%
                                                                                
3 month LIBOR +5% pa                        3.0%    4.8%    6.0%   17.5%   36.7%

MANAGED LIQUIDITY SHARE PORTFOLIO

                                                    SIX     ONE   THREE    FIVE
                                                 MONTHS    YEAR   YEARS   YEARS
                                                                               
Net Asset Value                                    0.4%    1.1%    2.8%   10.4%
                                                                               
Share Price                                       -0.3%    0.5%    1.5%    7.2%

Source: Thomson Reuters Datastream.

.

INTERIM MANAGEMENT REPORT INCORPORATING THE CHAIRMAN'S STATEMENT

Investment Objective and Policy

The Company's investment objective is to provide shareholders with a choice of investment strategies and policies, each intended to generate attractive risk-adjusted returns.

The Company's share capital comprises four share classes: UK Equity Shares, Global Equity Income Shares, Balanced Risk Shares and Managed Liquidity Shares, each of which has its own separate portfolio of assets and attributable liabilities. The Company enables shareholders to tailor their asset allocation to reflect their view of prevailing market conditions. Shareholders have the opportunity to convert between share classes capital gains tax free every three months.

Performance

The six month period to the end of November 2012 remained unsettled, although markets made worthwhile gains overall. They continued to be dominated by a steep yield curve and the combination of very loose monetary policy and tight fiscal policy, which has now supported markets for the last four years. The good performance of the period under review was largely influenced by events in the Eurozone, where it became clear that neither the banking sector nor the Euro would be allowed to collapse without sustained and determined efforts to prevent such an outcome.

The MSCI World Index reached its low in the 2008-9 crisis on 6 March 2009. Since then it has risen reasonably consistently by 81.0% on a total return basis, representing a compound annual growth rate of 17.2%. This performance of equities compares with a return over the same period from the FTSE Actuaries UK Conventional Gilts Over 15 Years Index of 37.4%, which represents a compound annual growth rate of 8.9%. While it has been the case that these asset classes have tended to be inversely correlated over short time periods, over the longer period this indicates a reappearance of the positive linkage that dominated markets after 1982. It has, however, been achieved at the cost of current extraordinarily low yields in bond markets. Equities' outperformance has benefited from a very low starting point for valuations, reasonable profits despite some disappointments and competitive current yields.

The performance of the different share classes is set out in detail below. It is encouraging that, in the first reporting period in which all classes were invested on the basis set out last autumn, performance was both positive and ahead of the relevant benchmarks.

In NAV terms, with dividends reinvested, the UK Equity Portfolio returned +14.3% over the six months compared with its benchmark FTSE All-Share Index total return of +12.8%.

In the six months to 30 November 2012 the Global Equity Income Portfolio returned +9.6% compared with its benchmark MSCI World Index total return over the period of +8.3%.

On 19 December 2012 Invesco Perpetual announced that Paul Boyne and Doug McGraw, who were the portfolio managers responsible for day-to-day management of the Global Equity Income portfolio, had accepted an offer to work for another investment firm in the US. Management of the portfolio has consequently been taken over by Nick Mustoe, Invesco Perpetual's Chief Investment Officer, supported by Invesco's Global Equity Group. There will be no change to the investment strategy of the portfolio, the objective of which continues to be to provide an attractive and growing level of income return and capital appreciation over the long term, predominantly through investment in a diversified portfolio of equities worldwide.

The Balanced Risk Portfolio returned +6.0% compared with a return of +3.0% for its benchmark, 3 month LIBOR plus 5% pa.

In NAV terms, the Company's more secure Managed Liquidity Shares, whose objective is derived from cash returns, was +0.4%.

Dividends

It remains the Directors' policy to distribute substantially all net revenues earned between each conversion date for each share class.

The following first and second interim dividends have been paid:

                             17 August 2012   16 November 2012
                                                              
UK Equity Shares:                     1.15p              1.00p
                                                              
Global Equity Income                  1.00p              0.65p
Shares:                                                       
Third interim dividends, payable on 15 February 2013, have also been declared,
as follows:
UK Equity Shares:                     0.95p                   
                                                              
Global Equity Income                  0.35p                   
Shares:                                                       

In consequence of the continued very low interest rates prevailing, the net revenue of the Managed Liquidity Portfolio has again been minimal and in view of the administrative costs, the Directors have so far not declared any interim dividends this financial year on the Managed Liquidity Shares. The net revenue earned to date will be taken into account in considering future dividends.

In order to maximise the capital return on the Balanced Risk Shares, the Directors only intend to declare dividends on the Balanced Risk Shares to the extent required, having taken into account the dividends paid on the other Share classes, to maintain the Company's status as an investment trust. Present estimates indicate that it is unlikely that any dividend will be declared on the Balanced Risk shares for some time.

Share Buy Backs and Discount

During the six months to 30 November 2012, the Company purchased and placed in treasury 1,115,000 Managed Liquidity Shares.

For the past year or so the Board has not had a formal discount policy for any Share class other than to maintain a narrow discount in the Managed Liquidity Share class. Despite the availability of the switching mechanism there have at various times been significant discounts in the other Share classes, creating arbitrage possibilities. A strategic review by the Board has led it to believe that it would be best for shareholders if the Company were to adopt a zero tolerance discount control policy for all four share classes whereby the Company will offer to issue or buy back shares of all classes with a view to maintaining the middle market price of the Shares at close to their respective net asset values. This will make explicit the policy previously pursued through the Managed Liquidity Share class and give existing and potential shareholders confidence both that underlying investment performance will be reflected in the Company's share prices and that there is continuous liquidity in the shares despite the small size of some of the share classes. The underlying assets of all the share classes are highly liquid so there should be no impact on the portfolio managers' performance. This decision also reflects continued confidence that the structure of the Company is a highly effective means of addressing the needs of investors.

Outlook

The Board remains confident that with the changes made in November 2011 we have Share classes matching our aspiration to provide attractive alternative investment solutions for existing and prospective shareholders and that all offer advantages to holders in the current unsettled market conditions. We further believe that the Company's structure, which enables shareholders to switch between share classes on a quarterly basis without cost or crystallising capital gains tax, is an attractive feature for private investors.

As usual, there are plenty of uncertainties for markets to worry about, political, economic and climatic. After the large rises in both equity and bond markets of the last four years it does begin to look as though the macro-economic environment is changing. The US economy is somewhat out of step with most of the rest of the world. It has experienced better growth than most other developed economies and seems likely to cut back its relatively expansionary fiscal policy against a background of demand supported by changes in the energy market and an improving external sector. Elsewhere there are signs of a shift away from the rhetoric of austerity and of a desire to encourage credit growth even if it means accepting greater risk in the banking sector. If this has any success it may create weaker bond markets. Equities are better protected by an improvement in growth prospects. However, a rise in the discount rate for equities coming after a four year long rise in prices may hamper further substantial progress in the near future.

Patrick Gifford
Chairman
30 January 2013
.

Related Party Transactions and Transactions with the Manager

Under UK GAAP (UK accounting standards and applicable law), the Company has identified no related parties and there have been no related party transactions during the period.

Invesco Asset Management Limited (`IAML'), a wholly owned subsidiary of Invesco Limited, acts as Manager and Company Secretary to the Company. Details of IAML's services and fee arrangements are summarised in note 2 on page 28 and are more fully described in the 2012 annual financial report, a copy of which can be found on the Manager's website at www.invescoperpetual.co.uk/ investmenttrusts.

Principal Risks and Uncertainties

A detailed explanation of principal risks and uncertainties can be found on pages 37 to 39 of the Company's 2012 annual financial report, which is available on the Manager's website.

These are summarised as follows:

• Investment Policy - the investment policies may not achieve the published investment objectives;

• Risks Applicable to the Company - the prices of shares in the Company may not appreciate and the level of dividends may fluctuate;

• Compulsory Conversion of a Class of Shares - if ownership of a class of shares becomes too concentrated the Directors may serve notice on holders of the affected class requiring them to convert to another class;

• Liability of a Portfolio for the Liabilities of Another Portfolio - in the event that any Portfolio was unable to meet its liabilities, the shortfall would become a liability of the other Portfolios;

• Market Movements and Portfolio Performance - falls in stock markets will affect the performance of the individual Portfolios and securities held within the Portfolios;

• Gearing - borrowing will amplify the effect on shareholders' funds of gains and losses on the underlying securities;

• Hedging - where hedging is used there is a risk that the hedge will not be effective;

• Regulatory and Tax Related - whilst compliance with rules and regulations is closely monitored, breaches could affect returns to shareholders;

• Additional Risks Applicable to Balanced Risk Shares - the use of financial derivative instruments, in particular futures, forms part of the investment policy and strategy of the Balanced Risk Portfolio. The degree of leverage inherent in futures trading potentially means that a relatively small price movement in a futures contract may result in an immediate and substantial loss to the Portfolio;

• Additional Risks Applicable to Managed Liquidity Shares - the Shares are not designed to replicate a bank or building society deposit or money market fund; and

• Reliance on Third Party Service Providers - the Company has no employees, so is reliant upon the performance of third party service providers, particularly the Manager, for it to function.

In the view of the Board these principal risks and uncertainties are equally applicable to the remaining six months of the financial year as they were to the six months under review.

Going Concern

The financial statements have been prepared on a going concern basis. The Directors consider this to be appropriate as the Company has adequate resources to continue in operational existence for the foreseeable future. In reaching this conclusion, the Directors took into account the value of net assets; the Company's Investment Policy; its risk management policies; the diversified portfolio of readily realisable securities which can be used to meet funding commitments; the credit facility and the overdraft which can be used for both long-term and short-term funding requirements; the liquidity of the investments which could be used to repay the credit facility in the event that the facility could not be renewed or replaced; its revenue; and the ability of the Company in the light of these factors to meet all its liabilities and ongoing expenses.

DIRECTORS' RESPONSIBILITY STATEMENT

in respect of the preparation of the half-yearly financial report

The Directors are responsible for preparing the half-yearly financial report using accounting policies consistent with applicable law and UK Accounting Standards.

The Directors confirm that, to the best of their knowledge:

- the condensed set of financial statements contained within the half-yearly financial report have been prepared in accordance with the Accounting Standards Board's Statement "Half-Yearly Financial Report";

- the interim management report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R of the FSA's Disclosure and Transparency Rules; and

- the interim management report includes a fair review of the information required on related party transactions.

The half-yearly financial report has not been audited or reviewed by the Company's auditors.

Signed on behalf of the Board of Directors.

Patrick Gifford
Chairman
30 January 2013
.
UK EQUITY SHARE PORTFOLIO
PERFORMANCE RECORD
Total Return
                     SIX MONTHS TO    YEAR TO    YEAR TO    YEAR TO    YEAR TO
                            30 NOV     31 MAY     31 MAY     31 MAY     31 MAY
                              2012       2012       2011       2010       2009
                                                                              
Net Asset Value              14.3%      -1.0%      28.1%      20.0%     -20.0%
                                                                              
Share Price                  21.9%      -3.4%      27.5%      20.1%     -20.3%
                                                                              
FTSE All-Share Index         12.8%      -8.0%      20.4%      22.9%     -23.7%

Source: Thomson Reuters Datastream.

Revenue return per           2.10p      4.20p      4.10p      3.70p      3.30p
share                                                                         
                                                                              
Dividend                     2.15p      4.25p      4.20p      3.80p      3.45p
UK EQUITY SHARE PORTFOLIO
MANAGER'S REPORT
Investment Objective

The investment objective of the UK Equity Share Portfolio is to provide shareholders with an attractive real long-term total return by investing primarily in UK quoted equities.

Market and Economic Review

Global stock markets made further positive progress during the period after Mario Draghi stated that he would do `whatever it takes' to preserve the euro. The European Central Bank announced a new bond buying plan and the US Federal Reserve unveiled additional and unlimited quantitative easing. Concerns over the threat of a US `fiscal cliff' and the Greek debt crisis brought only a temporary halt to the stock market's progress as the period ended before resuming its upwards trend.

The period was also noteworthy for the number of profit downgrades from companies, particularly within the industrial cyclical part of the market. These included Caterpillar, a traditional bellwether of the global corporate outlook, which cut its earnings forecasts as far ahead as 2015, citing weak demand from the mining industry.

Portfolio Strategy and Review

On a total return basis, the Net Asset Value of the UK Equity Share class increased by 14.3% for the six months ended 30 November 2012, compared to a rise of 12.8% in the FTSE All-Share Index.

There were some significant contributions to the Portfolio's performance from a range of the "mid-cap" stocks held. Provident Financial announced a positive trading update, notably in its fast growing credit card business, while Amlin, Beazley and Hiscox all announced returns to profit on the back of a more benign claims environment. TalkTalk Telecom saw its shares rise strongly over a period where the company announced its own YouView TV service and an upbeat trading update with its interim results.

BT Group was another telecoms company to perform well over the period, helped by a more positive pricing environment for UK line rental and confirmation by the company of on-going cost cutting potential. The company also announced deals for a range of TV rights for Premier League football and for Premiership Rugby.

Shares in BAE Systems performed strongly in the months before the company confirmed that it was in early stage talks with EADS regarding a merger. The deal did not look particularly beneficial to shareholders and the companies subsequently confirmed that merger negotiations had been terminated. After an initial fall on this news the shares resumed their upward progress.

In an environment where cyclical stocks typically outperformed those viewed as defensive, the portfolio's holdings in the tobacco sector acted as a drag on performance. We maintain our view that the companies we hold in the sector represent exactly the sort of quality stocks that can deliver attractive profit and dividend growth through a low growth environment and do not yet believe that this sustainable growth potential is valued appropriately.

There were contrasting performances from the holdings in the traditionally defensive pharmaceutical sector. While GlaxoSmithKline saw its share price fall as the company confirmed challenging trading conditions in Europe, shares in AstraZeneca rallied on news of the appointment of a new Chief Executive and the Portfolio's holdings in the Swiss companies Novartis and Roche also performed strongly over the period.

There was disappointing news from Chemring during the period. Carlyle Group called off discussions with the company relating to a possible takeover and Chemring also issued a further profit warning. With a new management team now in place, the Manager is confident that the business can be stabilised.

There were relatively few significant changes to the Portfolio's holdings during the period. A new investment was made in Sherborne Investments and the holdings in Carnival and in Thomas Cook were increased. The holding of Filtrona was disposed of following very strong performance while the holdings in Wm Morrison, Tate & Lyle and Vodafone were reduced.

Outlook

The stock market's rise in the past year, fuelled by monetary stimulus and central bank policy initiatives, has occurred despite reductions in the forecasts of company earnings for the current financial year due to renewed weakness in the key economies of the US, China and the Eurozone. Equity valuations are therefore no longer as compellingly cheap as they were at the beginning of the year, especially within the mid-cap area of the market. The portfolio manager expects that stock markets may now track sideways for a while.

Despite the good market performance, there is still a subset of stocks that look attractively valued, particularly for investors seeking income. Indeed with the yield on offer from equities currently well above that of bonds or cash - a situation last witnessed in the 1950s - and earnings growth under pressure, income is likely to provide a higher percentage of stock market total return.

The portfolio manager's investment strategy is to focus on companies with reliable cashflow and sustainable dividend growth, operating in less cyclical and more defensive industries. Overlaying this is balance sheet strength, with an associated ability to access the credit markets for funding. He continues to believe that the valuations of such companies do not reflect their ability to deliver earnings and dividend growth in a continued challenging economic environment.

Mark Barnett
Portfolio Manager
30 January 2013
UK EQUITY SHARE PORTFOLIO
LIST OF INVESTMENTS
AT 30 NOVEMBER 2012

Ordinary shares listed in the UK unless stated otherwise

                                                              MARKET       % OF
COMPANY                       INDUSTRY GROUP†                  VALUE  PORTFOLIO
                                                               £'000           
                                                                               
Imperial Tobacco              Tobacco                          3,103        6.3
                                                                               
BT                            Fixed Line                       2,930        5.9
                              Telecommunications                               
                                                                               
Reynolds American - US common Tobacco                          2,667        5.4
stock                                                                          
                                                                               
British American Tobacco      Tobacco                          2,654        5.4
                                                                               
AstraZeneca                   Pharmaceuticals and              2,117        4.3
                              Biotechnology                                    
                                                                               
Roche - Swiss common stock    Pharmaceuticals and              2,020        4.1
                              Biotechnology                                    
                                                                               
BAE Systems                   Aerospace and Defence            1,971        4.0
                                                                               
GlaxoSmithKline               Pharmaceuticals and              1,886        3.8
                              Biotechnology                                    
                                                                               
Reckitt Benckiser             Household Goods and Home         1,784        3.6
                              Construction                                     
                                                                               
Babcock International         Support Services                 1,713        3.5
                                                                               
Novartis - Swiss common stock Pharmaceuticals and              1,671        3.4
                              Biotechnology                                    
                                                                               
Hiscox                        Non-life Insurance               1,509        3.2
                                                                               
Capita                        Support Services                 1,258        2.5
                                                                               
Ladbrokes                     Travel and Leisure               1,190        2.4
                                                                               
Drax                          Electricity                      1,175        2.4
                                                                               
TalkTalk Telecom              Fixed Line                       1,163        2.4
                              Telecommunications                               
                                                                               
Amlin                         Non-life Insurance               1,110        2.2
                                                                               
Beazley                       Non-life Insurance               1,100        2.2
                                                                               
Provident Financial           Financial Services               1,093        2.2
                                                                               
Centrica                      Gas, Water and                   1,003        2.0
                              Multiutilities                                   
                                                                               
Carnival                      Travel and Leisure                 993        2.0
                                                                               
Compass                       Travel and Leisure                 954        1.9
                                                                               
Rentokil Initial              Support Services                   929        1.9
                                                                               
KCOM                          Fixed Line                         918        1.9
                              Telecommunications                               
                                                                               
Reed Elsevier                 Media                              917        1.9
                                                                               
BTG                           Pharmaceuticals and                848        1.7
                              Biotechnology                                    
                                                                               
SSE                           Electricity                        828        1.7
                                                                               
Brown (N)                     General Retailers                  756        1.5
                                                                               
Serco                         Support Services                   756        1.5
                                                                               
Vodafone                      Mobile Telecommunications          721        1.5
                                                                               
A J Bell - Unquoted           Financial Services                 688        1.4
                                                                               
Tate & Lyle                   Food Producers                     574        1.2
                                                                               
Homeserve                     Support Services                   569        1.2
                                                                               
Lancashire                    Non-life Insurance                 539        1.1
                                                                               
Thomas Cook                   Travel and Leisure                 533        1.1
                                                                               
Wm Morrison Supermarkets      Food and Drug Retailers            464        0.9
                                                                               
Vectura                       Pharmaceuticals and                359        0.7
                              Biotechnology                                    
                                                                               
Doric Nimrod Air Two - C      Equity Investment                  324        0.7
shares                        Instruments                                      
                                                                               
Impax Environmental Markets   Equity Investment                  321        0.6
                              Instruments                                      
                                                                               
Chemring                      Aerospace and Defence              320        0.6
                                                                               
Sherborne Investors           Equity Investment                  294        0.6
(Guernsey) B                  Instruments                                      
                                                                               
Regus                         Support Services                   271        0.5
                                                                               
PuriCore                      Health Care Equipment and          123        0.2
                              Services                                         
                                                                               
Barclays Bank - Nuclear Power Electricity                        119        0.2
Notes 28 February 2019(1)                                                      
                                                                               
Xcounter - Swedish common     Health Care Equipment and          118        0.2
stock                         Services                                         
                                                                               
Halosource I & II (AIM        Chemicals                           41        0.1
listed)                                                                        
                                                                               
Coalfield Resources (formerly Mining                              26          -
UK Coal)                                                                       
                                                                               
Helphire                      Financial Services                   6          -
                                                                               
Hibu (formerly Yell)          Media                                2          -
                                                                               
XL Techgroup                  Software and Computer                -          -
                              Services                                         
                                                                               
                                                              49,428      100.0

(1)Contingent Value Rights (`CVRs') referred to as Nuclear Power Notes (`NPNs') were offered by EDF as a partial alternative to cash in its bid for British Energy. The NPNs were issued by Barclays Bank.

†FTSE Industry Classification Benchmark.

UK EQUITY SHARE PORTFOLIO
INCOME STATEMENT
                                                                            YEAR
                                                                           ENDED
                        SIX MONTHS ENDED           SIX MONTHS ENDED       31 MAY
                        30 NOVEMBER 2012           30 NOVEMBER 2011         2012
                                                                                
                     REVENUE  CAPITAL   TOTAL  REVENUE  CAPITAL    TOTAL   TOTAL
                       £'000    £'000   £'000    £'000    £'000    £'000   £'000
                                                                                
Gains/(losses) on          -    4,861   4,861        -  (1,801)  (1,801) (1,471)
investments                                                                     
                                                                                
Foreign exchange           -        2       2        -        4        4       4
gains                                                                           
                                                                                
Income                   962        -     962      989        -      989   2,024
                                                                                
Management fee -        (47)    (110)   (157)     (44)    (104)    (148)   (300)
note 2                                                                          
                                                                                
Performance fee -          -     (22)    (22)        -    (217)    (217)   (388)
note 2                                                                          
                                                                                
Other expenses          (78)        -    (78)     (85)      (1)     (86)   (186)
                                                                                
Net return before        837    4,731   5,568      860  (2,119)  (1,259)   (317)
finance costs and                                                               
taxation                                                                        
                                                                                
Finance costs           (18)     (43)    (61)     (19)     (45)     (64)   (123)
                                                                                
Return on ordinary       819    4,688   5,507      841  (2,164)  (1,323)   (440)
activities before                                                               
tax                                                                             
                                                                                
Tax on ordinary         (11)        -    (11)     (11)        -     (11)    (36)
activities                                                                      
                                                                                
Return on ordinary       808    4,688   5,496      830  (2,164)  (1,334)   (476)
activities after                                                                
tax for the                                                                     
financial period                                                                
                                                                                
Basic return per        2.1p    12.2p   14.3p     2.1p   (5.5)p   (3.4)p  (1.2)p
ordinary share -                                                                
note 4                                                                          
SUMMARY OF NET ASSETS
                                                  AT            AT           AT
                                         30 NOVEMBER   30 NOVEMBER       31 MAY
                                                2012          2011         2012
                                                                               
                                               £'000         £'000        £'000
                                                                               
Fixed assets                                  49,428        45,529       46,520
                                                                               
Current assets                                   612           362          582
                                                                               
Creditors falling due within one               (981)         (625)      (1,077)
year, excluding borrowings                                                     
                                                                               
Bank loan                                    (7,800)       (5,625)      (7,100)
                                                                               
Net assets                                    41,259        39,641       38,925
                                                                               
Net asset value per ordinary share -          112.1p        100.1p       100.0p
note 5                                                                         
                                                                               
Gross gearing                                  18.9%         14.2%        18.2%
                                                                               
Net gearing                                    18.2%         14.0%        17.8%
.
GLOBAL EQUITY INCOME SHARE PORTFOLIO
PERFORMANCE RECORD
The name, objective and benchmark of this Portfolio were changed with effect
from 30 November 2011.
Total Return
                               SIX MONTHS TO  YEAR TO  YEAR TO  YEAR TO  YEAR TO
                                      30 NOV   31 MAY   31 MAY   31 MAY   31 MAY
                                        2012     2012     2011     2010     2009
                                                                                
Net Asset Value                         9.6%    -8.6%     9.8%    26.0%   -16.6%
                                                                                
Share Price                             8.8%    -8.0%     8.1%    25.8%   -16.8%
                                                                                
MSCI World Index (£)                    8.3%    -4.8%    13.0%    26.1%   -20.1%

Source: Thomson Reuters Datastream.

Revenue return per share               1.10p    2.70p    2.00p    1.50p    2.10p
                                                                                
Dividend                               1.65p    2.50p    1.70p    1.35p    2.25p
GLOBAL EQUITY INCOME SHARE PORTFOLIO
MANAGER'S REPORT

Investment Objective

The investment objective of the Global Equity Income Portfolio is to provide an attractive and growing level of income return and capital appreciation over the long term, predominantly through investment in a diversified portfolio of equities worldwide.

Market and Economic Review

In the first half of the year global equity markets were in `risk-on risk-off' mode, reflecting markets rallying as investor sentiment improved and selling off as investors became concerned by poor macro-economic news. Performance was primarily driven by European sovereign debt worries and fears of a slowdown in Chinese economic growth. Global macro momentum had deteriorated and political uncertainty in Europe had increased. However, there has been a significant change in sentiment towards Europe since July when European Central Bank (ECB) President Mario Draghi declared that the ECB would do `whatever it takes' to save the euro. Global equity markets were driven by the European Central Bank's bond-buying rescue plan, alongside overwhelming central bank support from the US, UK and Japan. Following the US presidential election in November the focus of markets turned to the threat of a potential US `fiscal cliff' of spending cuts and tax rises. Market sentiment in the final weeks of 2012 was consequently dominated by the likely impact of $600 billion of tax increases and spending cuts should the fiscal cliff issue remain unresolved. Markets were anticipating a choppy ride over the next few months amid such levels of uncertainty. However, a last-minute deal on the evening of 1 January 2013 triggered a relief rally in global equity markets as the threat of the US tipping back into recession receded. Yet the long term real issue is not so much about the fiscal cliff but the broader fiscal picture over the next two to three years.

Portfolio Strategy and Review

On a total return basis, the Net Asset Value of the Global Equity Income Share class rose by 9.6% over the six months to the end of November 2012, compared to a rise of 8.3% in the MSCI World Index (£, net of withholding tax).

The start of the review period witnessed yet another swing of the pendulum from risk off to risk on, with central bank support being the trigger for the change in sentiment. Markets rallied and the shape of sector leadership tended to change month by month. We expect that the Portfolio should outperform in falling markets, participate in broad-based up markets and lag the risk-on rallies. Performance of the Portfolio over the six months has been consistent with these expectations.

Financials led the review period overall, and while the portfolio is underweight this sector relative to the benchmark, stock picking was strong (eg. HSBC). Healthcare was another strong performer against the broader market. The portfolio's overweight exposure to the sector was a positive for performance as was stock selection. Notable contributors to performance included Roche, Baxter International and Novartis.

The strongest area of outperformance for the portfolio was its consumer discretionary exposure, and more specifically, its position in the media sub-sector. The portfolio has a large exposure to media companies where the focus is upon businesses which demonstrate strong cash flow dynamics and attractive valuations. Some of the best individual stock performers were Wolters Kluwer, Time Warner Inc and Time Warner Cable.

In spite of the often volatile nature of markets, the management of the portfolio continues to reflect a value philosophy, focusing on cash flow generation and the return of capital to shareholders. The following sectors are currently favoured: consumer discretionary, consumer staples, health care and industrials.

Outlook

The likely outlook remains one of slow and prolonged economic recovery, against a backdrop of European sovereign debt concerns and fiscal austerity in the developed world. The strategy for the portfolio remains constant, to invest in high quality companies at attractive valuations. High quality companies are considered to be those that can sustain profit margins and deliver positive returns through the economic cycle. Growing and sustainable dividends are viewed as clear evidence of these sorts of companies. In aggregate therefore, companies that offer attractive yields, sustainable income and capital upside are targeted.

Nick Mustoe
Portfolio Manager
30 January 2013
GLOBAL EQUITY INCOME SHARE PORTFOLIO
LIST OF INVESTMENTS
AT 30 NOVEMBER 2012

Ordinary shares unless stated otherwise

                                                              MARKET       % OF
COMPANY                    INDUSTRY GROUP†        COUNTRY†     VALUE  PORTFOLIO
                                                               £'000           
                                                                               
Novartis                   Pharmaceuticals,       Switzerland  1,413        4.2
                           Biotechnology and Life                              
                           Sciences                                            
                                                                               
Roche                      Pharmaceuticals,       Switzerland  1,216        3.6
                           Biotechnology and Life                              
                           Sciences                                            
                                                                               
Johnson & Johnson          Pharmaceuticals,       US           1,144        3.4
                           Biotechnology and Life                              
                           Sciences                                            
                                                                               
SES                        Media                  France       1,086        3.2
                                                                               
Wolters Kluwer             Media                  Netherlands  1,082        3.2
                                                                               
British Sky Broadcasting   Media                  UK           1,042        3.1
                                                                               
British American Tobacco   Food, Beverage and     UK           1,041        3.1
                           Tobacco                                             
                                                                               
Amcor                      Materials              Australia    1,008        3.0
                                                                               
Canon                      Technology Hardware    Japan        1,008        3.0
                           and Equipment                                       
                                                                               
Philip Morris              Food, Beverage and     US           1,006        3.0
International              Tobacco                                             
                                                                               
Pearson                    Media                  UK             972        2.8
                                                                               
Vodafone                   Telecommunication      UK             927        2.7
                           Services                                            
                                                                               
United Technologies        Capital Goods          US             883        2.6
                                                                               
Emerson Electric           Capital Goods          US             856        2.5
                                                                               
HSBC                       Banks                  UK             840        2.5
                                                                               
Exxon Mobil                Energy                 US             682        2.0
                                                                               
Chevron                    Energy                 US             670        2.0
                                                                               
Microsoft                  Software and Services  US             663        1.9
                                                                               
Vivendi                    Telecommunication      France         604        1.8
                           Services                                            
                                                                               
JP Morgan Chase            Diversified Financials US             597        1.8
                                                                               
Pfizer                     Pharmaceuticals,       US             595        1.7
                           Biotechnology and Life                              
                           Sciences                                            
                                                                               
Robert Half International  Commercial and         US             578        1.7
                           Professional Services                               
                                                                               
AON - A Shares             Insurance              US             573        1.7
                                                                               
Hutchison Whampoa          Capital Goods          Hong Kong      557        1.6
                                                                               
Orkla                      Capital Goods          Norway         547        1.6
                                                                               
Deutsche Boerse            Diversified Financials Germany        535        1.6
                                                                               
ComfortDelGro              Transportation         Singapore      532        1.6
                                                                               
Northern Trust             Diversified Financials US             532        1.6
                                                                               
Time Warner                Media                  US             531        1.5
                                                                               
Automatic Data Processing  Software and Services  US             522        1.5
                                                                               
Mitsubishi Estate          Real Estate            Japan          516        1.5
                                                                               
United Parcel Service - B  Transportation         US             514        1.5
shares                                                                         
                                                                               
Koninklijke Ahold          Food and Staples       Netherlands    512        1.5
                           Retailing                                           
                                                                               
Raytheon                   Capital Goods          US             497        1.4
                                                                               
Macy's                     Retailing              US             481        1.4
                                                                               
Viacom - B shares          Media                  US             440        1.3
                                                                               
Target                     Retailing              US             432        1.3
                                                                               
Mondelez International - A Food, Beverage and     US             429        1.3
shares                     Tobacco                                             
                                                                               
Safran                     Capital Goods          France         415        1.2
                                                                               
Time Warner Cable          Media                  US             415        1.2
                                                                               
Baxter International       Health Care Equipment  US             411        1.2
                           and Services                                        
                                                                               
GlaxoSmithKline            Pharmaceuticals,       UK             403        1.2
                           Biotechnology and Life                              
                           Sciences                                            
                                                                               
Honda Motor                Automobiles and        Japan          394        1.2
                           Components                                          
                                                                               
Lawson                     Food and Staples       Japan          383        1.1
                           Retailing                                           
                                                                               
Covidien                   Health Care Equipment  US             367        1.1
                           and Services                                        
                                                                               
Procter & Gamble           Household and Personal US             366        1.1
                           Products                                            
                                                                               
Catlin                     Insurance              UK             362        1.1
                                                                               
Venture                    Technology Hardware    Singapore      343        1.0
                           and Equipment                                       
                                                                               
CRH - ADR                  Materials              Ireland        336        1.0
                                                                               
Kraft Foods                Food, Beverage and     US             336        1.0
                           Tobacco                                             
                                                                               
Accenture - A shares       Software and Services  US             319        0.9
                                                                               
Tyco International         Capital Goods          US             256        0.8
                                                                               
Keihin                     Automobiles and        Japan          199        0.5
                           Components                                          
                                                                               
Pentair                    Capital Goods          US             105        0.3
                                                                               

NEC Networks & System Capital Goods Japan 102 0.3 Integration

                                                                    
                                                                               
Canon Marketing Japan      Retailing              Japan           89        0.3
                                                                               
Meitec                     Commercial and         Japan           84        0.2
                           Professional Services                               
                                                                               
NEC Fielding               Software and Services  Japan           81        0.2
                                                                               
Shimachu                   Retailing              Japan           80        0.2
                                                                               
OPTEX                      Technology Hardware    Japan           79        0.2
                           and Equipment                                       
                                                                               
                                                              33,988      100.0

†MSCI and Standard & Poor's Global Industry Classification Standard.

GLOBAL EQUITY INCOME SHARE PORTFOLIO
INCOME STATEMENT
                                                                            YEAR
                                                                           ENDED
                             SIX MONTHS ENDED       SIX MONTHS ENDED      31 MAY
                             30 NOVEMBER 2012       30 NOVEMBER 2011        2012
                                                                                
                           REVENUE CAPITAL TOTAL REVENUE CAPITAL   TOTAL   TOTAL
                             £'000   £'000 £'000   £'000   £'000   £'000   £'000
                                                                                
Gains/(losses) on                -   2,983 2,983       - (4,462) (4,462) (3,898)
investments                                                                     
                                                                                
(Losses)/gains on                -    (52)  (52)       -       -       -       -
derivative instruments                                                          
                                                                                

Foreign exchange losses - (7) (7) - (80) (80) (64)

                                                                                
Income                         487       -   487     387       -     387   1,193
                                                                                

Management fees - note 2 (39) (92) (131) (38) (89) (127) (257)

                                                                                
Other expenses                (65)       -  (65)    (80)       -    (80)   (158)
                                                                                
Net return before finance      383   2,832 3,215     269 (4,631) (4,362) (3,184)
costs and taxation                                                              
                                                                                
Finance costs                    -     (1)   (1)     (1)     (2)     (3)     (4)
                                                                                
Return on ordinary             383   2,831 3,214     268 (4,633) (4,365) (3,188)
activities before tax                                                           
                                                                                

Tax on ordinary activities (37) - (37) (29) - (29) (106)

                                                                                
Return on ordinary             346   2,831 3,177     239 (4,633) (4,394) (3,294)
activities after tax for                                                        
the financial period                                                            
                                                                                
Basic return per ordinary     1.1p    9.2p 10.3p    0.8p (14.6)p (13.8)p (10.4)p
share - note 4                                                                  
SUMMARY OF NET ASSETS
                                                     AT           AT         AT
                                            30 NOVEMBER  30 NOVEMBER     31 MAY
                                                   2012         2011       2012
                                                                               
                                                  £'000        £'000      £'000
                                                                               
Fixed assets                                     33,988       32,772     33,733
                                                                               
Current assets                                      181          797        692
                                                                               
Overdraft                                          (15)            -      (538)
                                                                               
Derivative liabilities held at fair value           (7)            -          -
through profit or loss                                                         
                                                                               
Creditors falling due within one year,             (91)        (185)      (107)
excluding borrowings                                                           
                                                                               
Net assets                                       34,056       33,384     33,780
                                                                               
Net asset value per ordinary share - note        116.8p       106.1p     108.1p
5                                                                              
                                                                               
Gross gearing                                      0.0%         0.0%       1.6%
                                                                               
Net gearing                                        0.0%          n/a       0.1%
                                                                               
Net cash                                            n/a         1.7%        n/a
.
BALANCED RISK SHARE PORTFOLIO
PERFORMANCE RECORD
The name and objective of this Portfolio were changed with effect from on 8
February 2012.
Total Return
                                 SIX MONTHS  YEAR TO  YEAR TO  YEAR TO  YEAR TO
                                  TO 30 NOV   31 MAY   31 MAY   31 MAY   31 MAY
                                       2012     2012     2011     2010     2009
                                                                               
Net Asset Value                        6.0%    -8.0%    -0.3%     6.9%   -19.3%
                                                                               
Share Price                           10.9%   -12.4%    -1.9%    10.3%   -22.1%
                                                                               
3 month LIBOR +5% pa                   3.0%     5.9%     5.7%     5.9%    10.1%

Source: Thomson Reuters Datastream

Total Return - since change of objective (8 February 2012)

                                                                  8 FEBRUARY TO
                                                                    30 NOVEMBER
                                                                           2012
                                                                               
Net Asset Value                                                            6.0%
                                                                               
Share Price                                                               12.1%
                                                                               
3 month LIBOR +5% pa                                                       4.8%
BALANCED RISK SHARE PORTFOLIO
MANAGER'S REPORT

Investment Objective

The investment objective of the Balanced Risk Portfolio is to provide shareholders with an attractive total return in differing economic and inflationary environments, and with low correlation to equity and bond market indices by gaining exposure to three asset classes: debt securities, equities and commodities.

Market and Economic Review

Global Markets in the six months to 30 November 2012 were broadly positive despite growing concerns over continued weakness in economic activity and the US fiscal cliff. Bond yields spiked several times over the period, but managed to settle down to similar or slightly lower levels than they started, as markets see-sawed between concerns over inflation and uncertainty. Most equity markets performed well on the expectation of additional policy support and hope that Europe would make headway on the lingering economic issues. Commodity performance was positive and supported by dollar weakness, but subdued by grain prices as fears over tight supplies were alleviated by better than expected inventories and crop forecasts.

Portfolio Strategy and Review

The Balanced Risk Portfolio posted a Net Asset Value return for the six months of 6%. Equities provided the largest contribution over the period with strong results from all six of the markets invested in (Europe, Japan, UK, US large cap, US small cap and Hong Kong). Commodities produced robust results overall due to a strong rally in the middle of the period on the expectation that additional policy support would be forthcoming from the Fed's mid-September meeting. However, performance in the asset class was subdued in October and November over better than expected crop yields, expectations of reduced demand from China and concerns in Europe. Government bonds contributed marginally to performance as yields fluctuated over fears of inflation and continued weakness in Europe as well as the approach of the potential US `fiscal cliff'. Tactical shifts helped to match the strategy to the operating environment and marginally improved results.

Outlook

Investors should expect high volatility across markets as media coverage of US budget negotiations intensifies. The stock market is likely to rally on any indications that progress is being made and will subsequently sell off on any indications to the contrary. Beyond US budgetary issues, the situation in Europe is seen as an ongoing and difficult to resolve issue, compounded by uncertainty as to the stability of Chinese economic growth and geopolitical tensions across the Middle East. Tactical positioning continues to overweight all six equity markets. Bonds saw the largest recent tactical change, with a net underweight risk allocation being adopted. Australia, Canada and Japanese bond markets now assume an underweight, while Germany takes a neutral position. However, the US and UK bond market exposures remain overweight. Within commodities, the overweights to soy beans and soy meal have been removed and are now neutral. In precious metals the overweight to gold has been reduced, but the overweight to silver has been slightly increased. Copper has been moved to overweight from an underweight position. The overweight to Brent crude has been added to slightly and West Texas Intermediate crude has been moved from underweight to neutral.

Scott Wolle
Chief Investment Officer
Invesco Global Asset Allocation
30 January 2013
BALANCED RISK SHARE PORTFOLIO
LIST OF DERIVATIVE INSTRUMENTS
AT 30 NOVEMBER 2012
                                                                       NOTIONAL
                                                           NOTIONAL    EXPOSURE
                                                           EXPOSURE     AS % OF
                                                              £'000  NET ASSETS
                                                                               
Government Bonds                                                               
                                                                               
Australia                                                     2,033        18.2
                                                                               
UK                                                            2,029        18.2
                                                                               
Germany                                                       1,970        17.6
                                                                               
Canada                                                        1,459        13.1
                                                                               
US                                                              934         8.4
                                                                               
Japan                                                           877         7.8
                                                                               
Total Bond Futures                                            9,302        83.3
                                                                               
Equities                                                                       
                                                                               
Europe                                                          775         6.9
                                                                               
Japan                                                           772         6.9
                                                                               
UK                                                              705         6.3
                                                                               
US large cap                                                    705         6.3
                                                                               
US small cap                                                    562         5.0
                                                                               
Hong Kong                                                       443         4.0
                                                                               
Total Equity Futures                                          3,962        35.4
                                                                               
Commodities                                                                    
                                                                               
Precious Metals                                                                
                                                                               
Gold                                                            751         6.7
                                                                               
Silver                                                          315         2.8
                                                                               
Energy                                                                         
                                                                               
Brent crude                                                     207         1.9
                                                                               
Gas oil                                                         178         1.6
                                                                               
Heating oil                                                     159         1.4
                                                                               
Gasoline                                                        143         1.3
                                                                               
WTI crude                                                        56         0.5
                                                                               
Agriculture                                                                    
                                                                               
Sugar                                                           256         2.3
                                                                               
Soy beans                                                       224         2.0
                                                                               
Soy meal                                                        216         1.9
                                                                               
Live cattle                                                      33         0.3
                                                                               
Industrial Metals                                                              
                                                                               
Copper                                                          492         4.4
                                                                               
Aluminium                                                       129         1.2
                                                                               
Total Commodities Futures                                     3,159        28.3
                                                                               
Total Derivative Instruments                                 16,423       147.0

The targeted annualised risk (volatility of monthly returns) for the portfolio as listed above is analysed as follows:

ASSET CLASS                                                   RISK CONTRIBUTION
                                                                               
Bonds                                                         2.1%        22.1%
                                                                               
Equities                                                      4.4%        46.0%
                                                                               
Commodities                                                   3.0%        31.9%
                                                                               
                                                              9.5%       100.0%
LIST OF INVESTMENTS
AT 30 NOVEMBER 2012
                                                             MARKET           %
                                                  YIELD       VALUE      OF NET
                                                      %       £'000      ASSETS
                                                                               
Short Term Investments                                                         
                                                                               
Short-Term Investments Company (Global            0.396       3,600        32.3
Series)                                                                        
                                                                               
UK Treasury Bill 11 Feb 2013                      0.247       2,998        26.8
                                                                               
UK Treasury Bill 11 Mar 2013                      0.275       2,997        26.8
                                                                               
Total Short Term Investments                                  9,595        85.9
                                                                               
Hedge Funds(1)                                                   52         0.5
                                                                               
Total Fixed Asset Investments                                 9,647        86.4

(1)The hedge fund investments are residual holdings of the previous investment strategy, which are in process of disposal and/or liquidation.

BALANCED RISK SHARE PORTFOLIO
INCOME STATEMENT
                                                                           YEAR
                                                                          ENDED
                               SIX MONTHS ENDED      SIX MONTHS ENDED    31 MAY
                               30 NOVEMBER 2012      30 NOVEMBER 2011      2012
                                                                               
                             REVENUE CAPITAL TOTAL REVENUE CAPITAL TOTAL  TOTAL
                               £'000   £'000 £'000   £'000   £'000 £'000  £'000
                                                                               
Losses on investments              -    (10)  (10)       -   (828) (828)  (906)
                                                                               
Gains/(losses) on derivative      32     695   727       -       -     -   (11)
instruments                                                                    
                                                                               
Foreign exchange (losses)/         -    (24)  (24)       -     (1)   (1)     14
gains                                                                          
                                                                               
Income                            18       -    18       -       -     -     13
                                                                               
Management fees - note 2        (12)    (28)  (40)       -    (14)  (14)   (43)
                                                                               
Other expenses                  (27)       -  (27)    (28)       -  (28)   (55)
                                                                               
Return on ordinary                11     633   644    (28)   (843) (871)  (988)
activities before finance                                                      
costs                                                                          
                                                                               
Finance costs                      -       -     -       -    (11)  (11)   (11)
                                                                               
Return on ordinary                11     633   644    (28)   (854) (882)  (999)
activities before tax                                                          
                                                                               
Tax on ordinary activities         -       -     -       -       -     -      -
                                                                               
Return on ordinary                11     633   644    (28)   (854) (882)  (999)
activities after tax for the                                                   
financial period                                                               
                                                                               
Basic return per ordinary       0.1p    6.2p  6.3p  (0.3)p  (8.0)p (8.3)p(9.4)p
share - note 4                                                                
SUMMARY OF NET ASSETS
                                                      AT           AT        AT
                                             30 NOVEMBER  30 NOVEMBER    31 MAY
                                                    2012         2011      2012
                                                                               
                                                   £'000        £'000     £'000
                                                                               
Fixed assets                                       9,647       10,873     9,617
                                                                               
Derivative assets held at fair value                 160            -       374
through profit or loss                                                         
                                                                               
Current assets                                     1,482          210     1,351
                                                                               
Derivative liabilities held at fair value           (87)            -     (658)
through profit or loss                                                         
                                                                               
Other creditors excluding borrowings                (30)         (26)      (45)
                                                                               
Net assets                                        11,172       11,057    10,639
                                                                               

Net asset value per ordinary share - note 5 109.4p 104.2p 103.1p

                                                                               
Exposure                                          147.0%          n/a    169.8%
.
MANAGED LIQUIDITY SHARE PORTFOLIO
PERFORMANCE RECORD
Total Return
                             SIX MONTHS TO  YEAR TO  YEAR TO  YEAR TO  YEAR TO
                                    30 NOV   31 MAY   31 MAY   31 MAY   31 MAY
                                      2012     2012     2011     2010     2009
                                                                              
Net Asset Value                       0.4%     0.8%     1.0%     2.4%     2.9%
                                                                              
Share Price                          -0.3%     0.3%     1.0%     0.4%     4.8%
                                                                              
Revenue return per share             0.10p    0.30p    0.50p    0.30p    3.60p
                                                                              
Dividend                                 -    0.50p    0.50p    0.40p    4.10p

Source: Thomson Reuters Datastream.

MANAGED LIQUIDITY SHARE PORTFOLIO
MANAGER'S REPORT

Investment Objective

The investment objective of the Managed Liquidity Share Portfolio is to produce an appropriate level of income return combined with a high degree of security.

Market and Economic Review

Continued low UK interest rates resulted in low but positive returns for the portfolio.

The Monetary Policy Committee of the Bank of England voted unanimously throughout the six month period to 30 November 2012 to keep UK interest rates unchanged at the record low level of 0.5%. However, following on from the extension of the bank's asset purchasing programme to £325 billion in February, support for a further extension grew in the summer months. Bank Governor, Sir Mervyn King, was in a minority of four of the nine-member committee voting for a £25 billion increase in June. However, in July a £50 billion extension to a total of £375 billion was agreed by seven of the members.

UK inflation (annual change in the Consumer Price Index) remained relatively low over the period, falling from 2.8% in May to 2.2% in September, before rising to close the period on 2.7%. Rising food prices and increased utility charges were both factors in this pick up over the autumn months. Economic activity remains subdued. The UK economy came out of recession in the third quarter of 2012 and growth in private sector employment has boosted overall employment. However, unemployment remains high, at 7.8% in September. In addition those in work are seeing their real incomes squeezed, with earnings rising just 1.7% in the year to September, while prices rose 2.2%. Sub-inflationary earnings growth has now been a feature of the UK economy for four years. The effect of this on consumption can be seen in retail sales data which shows sales rising at an annual level of just 0.6% to October.

The 2 year Gilt yield rose from 0.24% at the end of May to 0.32% at the end of November while the 10 year yield rose from 1.57% to 1.78%. In price terms, the March 2022 4% Gilt fell from £121.94 to £120.57. These rises in yield in part reflect the greater investor appetite for credit risk, which has seen demand for corporate bonds increase. According to data from Merrill Lynch, aggregate sterling AAA rated corporate bond yields fell from 2.40% to 1.90% over the same period.

Portfolio Strategy and Review

Our investment strategy is achieved by investing in the Invesco Perpetual Money Fund and Short-Term Investments Company (Global Series)(`STIC'), each of which invests in a diversified portfolio of high quality Sterling denominated short-term money market instruments. The Invesco Perpetual Money Fund (but not STIC) has maintained holdings in floating-rate notes (FRNs) where yields are reset every three months to reflect changes in LIBOR (the London Interbank Offered Rate benchmark interest rate). UK interest rates are expected to continue to remain near their current low levels for a considerable time, with any policy adjustments being gradual and drawn out, so the fund also has positions in a number of government, quasi-government and corporate bonds. These have higher interest coupons than those currently available on FRNs. In order to limit risk exposure, these bonds are both short dated and of high quality.

Outlook

It is expected that economic growth in the UK will continue to be subdued as poor earnings growth and continuing balance sheet strengthening put downward pressure on consumption. Interest rates are not expected to rise quickly from current levels.

Stuart Edwards
Portfolio Manager
30 January 2013
MANAGED LIQUIDITY SHARE PORTFOLIO
LIST OF INVESTMENTS
                                                      AT           AT        AT
                                             30 NOVEMBER  30 NOVEMBER    31 MAY
                                                    2012         2011      2012
                                                                               
                                                  MARKET       MARKET    MARKET
                                                   VALUE        VALUE     VALUE
                                                                               
FUND                                               £'000        £'000     £'000
                                                                               
Invesco Perpetual Money Fund†                      7,584        8,285     7,566
                                                                               
Short-Term Investments Company (Global             4,866           95     1,166
Series)                                                                        
                                                                               
                                                  12,450        8,380     8,732

†At the period end the Managed Liquidity Share Portfolio held 13.1% (November 2011: 12.3%; May 2012: 11.9%) of the outstanding shares in the Invesco Perpetual Money Fund.

MANAGED LIQUIDITY SHARE PORTFOLIO
INCOME STATEMENT
                                                                           YEAR
                                                                          ENDED
                               SIX MONTHS ENDED      SIX MONTHS ENDED    31 MAY
                               30 NOVEMBER 2012      30 NOVEMBER 2011      2012
                                                                               
                            REVENUE  CAPITAL TOTAL REVENUE CAPITAL TOTAL  TOTAL
                              £'000    £'000 £'000   £'000   £'000 £'000  £'000
                                                                               
Losses on investments             -      (1)   (1)       -    (14)  (14)    (8)
                                                                               
Income                           26        -    26      28       -    28     60
                                                                               
Management fees - note 2        (3)        -   (3)       -       -     -    (1)
                                                                               
Other expenses                 (18)        -  (18)    (17)       -  (17)   (32)
                                                                               
Return on ordinary                5      (1)     4      11    (14)   (3)     19
activities before tax for                                                      
the financial period                                                           
                                                                               
Tax on ordinary activities        -        -     -       -       -     -      -
                                                                               
Return on ordinary                5      (1)     4      11    (14)   (3)     19
activities after tax for                                                       
the financial period                                                           
                                                                               
Basic return per ordinary      0.1p     0.0p  0.1p    0.1p  (0.1)p     -   0.2p
share - note 4                                                                 
SUMMARY OF NET ASSETS
                                                        AT          AT       AT
                                               30 NOVEMBER 30 NOVEMBER   31 MAY
                                                      2012        2011     2012
                                                                               
                                                     £'000       £'000    £'000
                                                                               
Fixed assets                                        12,450       8,380    8,732
                                                                               
Current assets                                          76          68       81
                                                                               
Creditors falling due within one year,               (162)       (162)    (161)
excluding borrowings                                                           
                                                                               
Overdraft                                                -        (99)        -
                                                                               
Net assets                                          12,364       8,187    8,652
                                                                               

Net asset value per ordinary share - note 5 102.9p 102.4p 102.5p

.
INVESCO PERPETUAL SELECT TRUST PLC
CONDENSED INCOME STATEMENT
                                                                           YEAR
                                                                          ENDED
                            SIX MONTHS ENDED       SIX MONTHS ENDED      31 MAY
                            30 NOVEMBER 2012       30 NOVEMBER 2011        2012
                                                                               
                          REVENUE CAPITAL TOTAL REVENUE CAPITAL   TOTAL   TOTAL
                            £'000   £'000 £'000   £'000   £'000   £'000   £'000
                                                                               
Gains/(losses) on               -   7,833 7,833       - (7,080) (7,080) (6,283)
investments                                                                    
                                                                               
Gains/(losses) on              32     643   675       -       -       -    (11)
derivative instruments                                                         
                                                                               
Foreign exchange losses         -    (29)  (29)       -    (77)    (77)    (46)
                                                                               
Income                      1,493       - 1,493   1,404       -   1,404   3,290
                                                                               
Management fees - note 2    (101)   (230) (331)    (82)   (207)   (289)   (601)
                                                                               
Performance fees - note 2       -    (22)  (22)       -   (217)   (217)   (388)
                                                                               
Other expenses              (188)       - (188)   (210)    (26)   (236)   (431)
                                                                               
Net return before finance   1,236   8,195 9,431   1,112 (7,607) (6,495) (4,470)
costs and taxation                                                             
                                                                               
Finance costs                (18)    (44)  (62)    (20)    (58)    (78)   (138)
                                                                               
Return on ordinary          1,218   8,151 9,369   1,092 (7,665) (6,573) (4,608)
activities before tax                                                          
                                                                               
Tax on ordinary              (48)       -  (48)    (40)       -    (40)   (142)
activities                                                                     
                                                                               
Return on ordinary          1,170   8,151 9,321   1,052 (7,665) (6,613) (4,750)
activities after tax for                                                       
the financial period                                                           
                                                                               
Basic return per ordinary                                                      
share - note 4                                                                 
                                                                               
UK Equity Share Portfolio    2.1p   12.2p 14.3p    2.1p  (5.5)p  (3.4)p  (1.2)p
                                                                               
Global Equity Income         1.1p    9.2p 10.3p    0.8p (14.6)p (13.8)p (10.4)p
Share Portfolio                                                                
                                                                               
Balanced Risk Share          0.1p    6.2p  6.3p  (0.3)p  (8.0)p  (8.3)p  (9.4)p
Portfolio                                                                      
                                                                               
Managed Liquidity Share      0.1p       -  0.1p    0.1p  (0.1)p       -    0.2p
Portfolio                                                                      

The total column of this statement represents the Company's profit and loss account, prepared in accordance with UK Accounting Standards. The supplementary revenue and capital columns are both prepared in accordance with the Statement of Recommended Practice issued by the Association of Investment Companies. All items in the above statement derive from continuing operations and the Company has no other gains or losses, therefore no statement of recognised gains or losses is presented. No operations were acquired or discontinued in the period. Income Statements for the different share classes are shown on pages 11, 15, 19 and 22 for the UK Equity, Global Equity Income, Balanced Risk and Managed Liquidity Share Portfolios respectively.

INVESCO PERPETUAL SELECT TRUST PLC
CONDENSED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
                                                CAPITAL                        
                       SHARE   SHARE SPECIAL REDEMPTION CAPITAL REVENUE        
                     CAPITAL PREMIUM RESERVE    RESERVE RESERVE RESERVE   TOTAL
                       £'000   £'000   £'000      £'000   £'000   £'000   £'000
                                                                               
SIX MONTHS ENDED                                                               
30 NOVEMBER 2012                                                               
                                                                               
At 31 May 2012         1,071   1,290  87,160        324   2,101      50  91,996
                                                                               
Cancellation of            -       -     (1)          1       -       -       -
deferred Shares                                                                
                                                                               
Shares issued on           4       -     (4)          -       -       -       -
conversion                                                                     
                                                                               
Shares bought back         -       - (1,116)          -       -       - (1,116)
and held in treasury                                                           
                                                                               
Net return on              -       -       -          -   8,151   1,170   9,321
ordinary activities                                                            
                                                                               
Dividends - note 8         -       -   (130)          -       - (1,220) (1,350)
                                                                               
At 30 November 2012    1,075   1,290  85,909        325  10,252       -  98,851
                                                                               
YEAR ENDED 31 MAY                                                              
2012                                                                           
                                                                               
At 31 May 2011         1,071   1,290  89,617        324   9,403       7 101,712
                                                                               
Shares bought back         -       - (2,457)          -       -       - (2,457)
and held in treasury                                                           
                                                                               
Net return on              -       -       -          - (7,302)   2,552 (4,750)
ordinary activities                                                            
                                                                               
Dividends for the          -       -       -          -       - (2,509) (2,509)
year                                                                           
                                                                               
At 31 May 2012         1,071   1,290  87,160        324   2,101      50  91,996
                                                                               
SIX MONTHS ENDED                                                               
30 NOVEMBER 2011                                                               
                                                                               
At 31 May 2011         1,071   1,290  89,617        324   9,403       7 101,712
                                                                               
Shares bought back         -       - (1,723)          -       -       - (1,723)
and held in treasury                                                           
                                                                               
Net return on              -       -       -          - (7,665)   1,052 (6,613)
ordinary activities                                                            
                                                                               
Dividends - note 8         -       -    (48)          -       - (1,059) (1,107)
                                                                               
At 30 November 2011    1,071   1,290  87,846        324   1,738       -  92,269
INVESCO PERPETUAL SELECT TRUST PLC
CONDENSED BALANCE SHEET
REGISTERED NUMBER 5916642
                                              GLOBAL                           
                                          UK  EQUITY BALANCED   MANAGED        
                                      EQUITY  INCOME     RISK LIQUIDITY   Total
                                       £'000   £'000    £'000     £'000   £'000
                                                                               
AT 30 NOVEMBER 2012                                                            
                                                                               
Fixed assets                                                                   
                                                                               

Investments held at fair value 49,428 33,988 9,647 12,450 105,513 through profit or loss

                                                         
                                                                               
Current assets                                                                 
                                                                               

Derivative assets held at fair value - - 160 - 160 through profit or loss

                                                         
                                                                               
Debtors                                  334     174        4        62     574
                                                                               

Cash, short-term deposits and cash 278 7 1,478 14 1,777 held at brokers

                                                                
                                                                               
                                         612     181    1,642        76   2,511
                                                                               
Creditors: amounts falling due                                                 
within one year                                                                
                                                                               

Derivative liabilities held at fair - (7) (87) - (94) value through profit or loss

                                                   
                                                                               
Other creditors                      (8,781)   (106)     (30)     (162) (9,079)
                                                                               

Net current (liabilities)/assets (8,169) 68 1,525 (86) (6,662)

                                                                               
Net assets                            41,259  34,056   11,172    12,364  98,851
                                                                               
.                                                                              
                                                                               
Shareholders' funds                                                            
                                                                               
Share capital                            430     336      133       176   1,075
                                                                               
Share premium                              -       -    1,290         -   1,290
                                                                               
Special reserve                       37,241  28,203    8,678    11,787  85,909
                                                                               
Capital redemption reserve                73      78       19       155     325
                                                                               
Capital reserve                        3,316   5,307    1,391       238  10,252
                                                                               
Revenue reserve                          199     132    (339)         8       -
                                                                               
Shareholders' funds                   41,259  34,056   11,172    12,364  98,851
                                                                               
Net asset value per ordinary share                                             
                                                                               
  Basic - note 5                      112.1p  116.8p   109.4p    102.9p        
                                                                               
AT 31 MAY 2012                                                                 
                                                                               
Fixed assets                                                                   
                                                                               

Investments held at fair value 46,520 33,733 9,617 8,732 98,602 through profit or loss

                                                         
                                                                               
Current assets                                                                 
                                                                               

Derivative assets held at fair value - - 374 - 374 through profit or loss

                                                         
                                                                               
Debtors                                  393     180        8        76     657
                                                                               

Cash, short-term deposits and cash 189 512 1,343 5 2,049 held at brokers

                                                                
                                                                               
                                         582     692    1,725        81   3,080
                                                                               
Creditors: amounts falling due                                                 
within one year                                                                
                                                                               

Derivative liabilities held at fair - - (658) - (658) value through profit or loss

                                                   
                                                                               
Other creditors                      (8,177)   (645)     (45)     (161) (9,028)
                                                                               

Net current (liabilities)/assets (7,595) 47 1,022 (80) (6,606)

                                                                               
Net assets                            38,925  33,780   10,639     8,652  91,996
                                                                               
.                                                                              
                                                                               
Shareholders' funds                                                            
                                                                               
Share capital                            451     357      135       128   1,071
                                                                               
Share premium                              -       -    1,290         -   1,290
                                                                               
Special reserve                       39,621  30,624    8,787     8,128  87,160
                                                                               
Capital redemption reserve                73      78       19       154     324
                                                                               
Capital reserve                      (1,372)   2,476      758       239   2,101
                                                                               
Revenue reserve                          152     245    (350)         3      50
                                                                               
Shareholders' funds                   38,925  33,780   10,639     8,652  91,996
                                                                               
Net asset value per ordinary share                                             
                                                                               
  Basic - note 5                      100.0p  108.1p   103.1p    102.5p        
INVESCO PERPETUAL SELECT TRUST PLC
CONDENSED BALANCE SHEET
continued
                                               GLOBAL                           
                                           UK  EQUITY BALANCED   MANAGED        
                                       EQUITY  INCOME     RISK LIQUIDITY   TOTAL
                                        £'000   £'000    £'000     £'000   £'000
                                                                                
AT 30 NOVEMBER 2011                                                             
                                                                                
Fixed assets                                                                    
                                                                                
Investments held at fair value         45,529  32,772   10,873     8,380  97,554
through profit or loss                                                          
                                                                                
Current assets                                                                  
                                                                                
Debtors                                   279     238        3        68     588
                                                                                

Cash, short-term deposits and cash 83 559 207 - 849 held at brokers

                                                                 
                                                                                
                                          362     797      210        68   1,437
                                                                                

Creditors: amounts falling due within (6,250) (185) (26) (261) (6,722) one year

Net current (liabilities)/assets (5,888) 612 184 (193) (5,285)

                                                                                
Net assets                             39,641  33,384   11,057     8,187  92,269
                                                                                
.                                                                               
                                                                                
Shareholders' funds                                                             
                                                                                
Share capital                             458     359      137       117   1,071
                                                                                
Share premium                               -       -    1,290         -   1,290
                                                                                
Special reserve                        40,263  30,840    9,086     7,657  87,846
                                                                                
Capital redemption reserve                 73      78       19       154     324
                                                                                
Capital reserve                       (1,391)   1,987      909       233   1,738
                                                                                
Revenue reserve                           238     120    (384)        26       -
                                                                                
Shareholders' funds                    39,641  33,384   11,057     8,187  92,269
                                                                                
Net asset value per ordinary share                                              
                                                                                
  Basic - note 5                       100.1p  106.1p   104.2p    102.4p        
.
INVESCO PERPETUAL SELECT TRUST PLC
CONDENSED CASH FLOW STATEMENT
                                   SIX MONTHS ENDED SIX MONTHS ENDED YEAR ENDED
                                        30 NOVEMBER      30 NOVEMBER     31 MAY
                                               2012             2011       2012
                                              £'000            £'000      £'000
                                                                               
Total return before finance costs             9,431          (6,495)    (4,470)
and tax                                                                        
                                                                               
Adjustment for (gains)/losses on            (7,833)            7,080      6,283
investments                                                                    
                                                                               
Adjustment for (gains)/losses on              (689)                -         66
derivatives                                                                    
                                                                               
Adjustment for exchange losses                   29               77         46
                                                                               
Scrip dividends received as income                -             (14)       (18)
                                                                               
Decrease in debtors                             138              160        145
                                                                               
(Decrease)/increase in creditors               (15)              194        391
                                                                               
Overseas tax                                   (48)             (40)      (142)
                                                                               
Net cash inflow from operating                1,013              962      2,301
activities                                                                     
                                                                               
Servicing of finance                           (56)             (78)      (140)
                                                                               
Taxation                                          6               15       (44)
                                                                               
Net financial investment                      1,083            5,362      5,534
                                                                               
Equity dividends paid                       (1,350)          (1,107)    (2,509)
                                                                               
Net cash inflow before management               696            5,154      5,142
of liquid resources and financing                                              
                                                                               
Management of liquid resources                    -                -          -
                                                                               
Financing                                                                      
                                                                               
Shares bought back                          (1,116)          (1,725)    (2,458)
                                                                               
Increase/(decrease) in bank                     177          (2,903)    (1,400)
borrowings                                                                     
                                                                               
(Decrease)/increase in cash                   (243)              526      1,284
                                                                               
Reconciliation of net cash flow to                                             
movement in net debt                                                           
                                                                               
(Decrease)/increase in cash                   (243)              526      1,284
                                                                               
Exchange movements                             (29)             (77)       (46)
                                                                               
Cash movement from changes in debt            (177)            2,903      1,400
                                                                               
Movement in period                            (449)            3,352      2,638
                                                                               
Net debt at beginning of year               (5,589)          (8,227)    (8,227)
                                                                               
Net debt at end of period                   (6,038)          (4,875)    (5,589)

Analysis of changes in net debt

                                         31 May   exchange      cash     30 NOV
                                           2012  movements      flow       2012
                                          £'000      £'000     £'000      £'000
                                                                               
Cash, short-term deposits and cash        2,049       (29)     (243)      1,777
held at brokers                                                                
                                                                               
Bank loan                               (7,100)          -     (700)    (7,800)
                                                                               
Overdrafts                                (538)          -       523       (15)
                                                                               
Net debt                                (5,589)       (29)     (420)    (6,038)
INVESCO PERPETUAL SELECT TRUST PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS

1. Accounting Policy

The condensed financial statements have been prepared using the same accounting policies as those adopted in the 2012 annual financial report, which are consistent with applicable United Kingdom Accounting Standards and with the Statement of Recommended Practice `Financial Statements of Investment Trust Companies and Venture Capital Trusts' issued by the Association of Investment Companies, in January 2009.

2. Management Fees

Invesco Asset Management Limited (`IAML'), is entitled to a basic fee (payable quarterly) in respect of each Portfolio (0.75% per annum of net assets in the case of the UK Equity, Global Equity Income and Balanced Risk Portfolios and 0.25% per annum of net assets in the case of the Managed Liquidity Portfolio).

IAML is also entitled to receive performance fees in respect of the UK Equity and Global Equity Income Portfolios of 12.5% of the performance of the net asset value per relevant Share in excess of a hurdle of the relevant benchmark plus 1% per annum. The amount of the performance fee payable in any one year is limited to 0.75% of the net assets of the relevant Portfolio. Any underperformance of the benchmark, or performance above the cap, is carried forward to subsequent periods.

After outperformance brought forward, the UK Equity Portfolio earned a performance fee of £22,000 in the period (six months ended 30 November 2011: £ 217,000 and in the year ended 31 May 2012: £388,000) which is charged wholly to capital.

No performance fee was earned for the Global Equity Income Portfolio in the period (six months ended 30 November 2011 and in the year ended 31 May 2012: none).

The management fees and finance costs are charged to the applicable Portfolio
as follows, in accordance with the Board's expected split of long-term income
and capital returns:
PORTFOLIO                                                    REVENUE    CAPITAL
                                                             RESERVE    RESERVE
                                                                               
UK Equity                                                        30%        70%
                                                                               
Global Equity Income                                             30%        70%
                                                                               
Balanced Risk*                                                   30%        70%
                                                                               
Managed Liquidity                                               100%          -

*Allocation changed on 8 February 2012 following change of investment objective and policy. Previously charged 100% to capital.

Any entitlement to the investment performance fee which is attributable to the UK Equity or Global Equity Income Portfolio is allocated 100% to capital as it is directly attributable to the capital performance of the investments in those Portfolios.

Further details of the above fees are disclosed in the 2012 annual financial report.

3. Tax expense represents the sums of tax currently payable and any deferred tax, with any tax payable being based on the taxable profit for the period.

Investment trusts which have been approved under Section 1159 of the Corporation Tax Act 2010 are not liable for taxation on capital gains.

4. Basic Return per Ordinary Share

Basic revenue, capital and total return per ordinary share is based on each of
the return on ordinary activities after taxation as shown by the income
statement for the applicable Share class and on the following number of shares
being the weighted number of shares in issue throughout the period for each
applicable Share class:
                                     WEIGHTED AVERAGE NUMBER OF SHARES         
                                                                               
                                SIX MONTHS ENDED SIX MONTHS ENDED    YEAR ENDED
                                30 NOVEMBER 2012 30 NOVEMBER 2011   31 MAY 2012
                                                                               
SHARE                                                                          
                                                                               
UK Equity                             38,501,883       39,710,856    39,602,185
                                                                               
Global Equity Income                  30,884,172       31,774,563    31,590,128
                                                                               
Balanced Risk                         10,161,200       10,689,872    10,633,343
                                                                               
Managed Liquidity                      8,834,920        8,215,987     8,148,347

5. Net Asset Values per Ordinary Share

The net asset values per ordinary share were based on the following
Shareholders' funds and shares (excluding treasury shares) in issue at the
period end:
                                                     AT           AT         AT
                                            30 NOVEMBER  30 NOVEMBER     31 MAY
                                                   2012         2011       2012
                                                  £'000        £'000      £'000
                                                                               
PORTFOLIO SHAREHOLDERS' FUNDS                                                  
                                                                               
UK Equity                                        41,259       39,641     38,925
                                                                               
Global Equity Income                             34,056       33,384     33,780
                                                                               
Balanced Risk                                    11,172       11,057     10,639
                                                                               
Managed Liquidity                                12,364        8,187      8,652
                                                                               
                                                     AT           AT         AT
                                            30 NOVEMBER  30 NOVEMBER     31 MAY
                                                   2012         2011       2012
                                                                               
PORTFOLIO SHARES IN ISSUE AT PERIOD END                                        
                                                                               
UK Equity                                    36,805,777   39,601,495 38,941,883
                                                                               
Global Equity Income                         29,163,994   31,454,464 31,236,703
                                                                               
Balanced Risk                                10,213,045   10,613,223 10,321,915
                                                                               
Managed Liquidity                            12,010,129    7,995,000  8,438,316

6. Movements in Share Capital and Share Class Conversion

IN THE SIX MONTHS ENDED 30                         GLOBAL                       
NOVEMBER 2012                              UK      EQUITY   BALANCED     MANAGED
                                       EQUITY      INCOME       RISK   LIQUIDITY
                                                                                
Ordinary 1p shares (number)                                                     
                                                                                
At 31 May 2012                     38,941,883  31,236,703 10,321,915   8,438,316
                                                                                
Shares bought back into treasury            -           -          - (1,115,000)
                                                                                
Arising on share conversion:                                                    
                                                                                
  - July 2012                       (225,099)    (70,405)  (376,842)     693,616
                                                                                
  - October 2012                  (1,911,007) (2,002,304)    267,972   3,993,197
                                                                                
At 30 November 2012                36,805,777  29,163,994 10,213,045  12,010,129
                                                                                
Treasury Shares (number)                                                        
                                                                                
At 31 May 2012                      6,163,000   4,488,000  3,125,000   4,452,216
                                                                                
Shares bought back into treasury            -           -          -   1,115,000
                                                                                
At 30 November 2012                 6,163,000   4,488,000  3,125,000   5,567,216
                                                                                
Average buy back price                      -           -          -       99.4p

As part of the conversion process 51,578 deferred shares of 1p each were created. All deferred shares are cancelled before each period end and so no deferred shares are in issue at the start or end of a period.

7. Share Prices
                                                   GLOBAL                      
                                            UK     EQUITY   BALANCED    MANAGED
                                        EQUITY     INCOME       RISK  LIQUIDITY
                                                                               
PERIOD END                                                                     
                                                                               
30 November 2011                         86.5p      97.0p      92.5p      99.5p
                                                                               
31 May 2012                              93.3p     102.8p      92.0p      99.8p
                                                                               
30 November 2012                        111.3p     110.0p     102.0p      99.5p

8. Dividends on Ordinary Shares

The first and second interim dividends were paid on 17 August 2012 and 16
November 2012 respectively:
PORTFOLIO                                        NUMBER OF   DIVIDEND     TOTAL
                                                    SHARES       RATE     £'000
                                                                               
UK Equity                                                                      
                                                                               
  First interim                                 38,941,883      1.15p       448
                                                                               
  Second interim                                38,716,784      1.00p       387
                                                                               
                                                                2.15p       835
                                                                               
Global Equity Income                                                           
                                                                               
  First interim                                 31,236,703      1.00p       312
                                                                               
  Second interim                                31,166,298      0.65p       203
                                                                               
                                                                1.65p       515

Dividends paid for the six months to 30 November 2012 totalled £1,350,000 (six months to 30 November 2011: £1,107,000).

9. It is the intention of the Directors to conduct the affairs of the Company so that it satisfies the conditions for approval as an investment trust company.

10. The financial information contained in this half-yearly financial report, which has not been reviewed or audited by the independent auditors, does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The financial information for the half years ended 30 November 2012 and 30 November 2011 have not been audited. The figures and financial information for the year ended 31 May 2012 are extracted and abridged from the latest published accounts and do not constitute the statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and include the Report of the Independent Auditors, which was unqualified and did not include a statement under section 498 of the Companies Act 2006.

By order of the Board
Invesco Asset Management Limited
Company Secretary

30 January 2013

(Source: PR Newswire )
(Source: Quotemedia)

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