INVESCO ASIA TRUST PLC: Half-yearly Report

Invesco Asia Trust plc                              
                     Half-Yearly Financial Report                           

                     For the Six Months to 31 October 2012                     

Key Facts

Invesco Asia Trust plc is an investment trust listed on the London Stock

Investment Objective

The objective of Invesco Asia Trust plc is to provide long-term capital growth
by investing in a diversified portfolio of Asian and Australasian companies.
The Company aims to achieve growth in its net asset value in excess of the MSCI
All Countries Asia Pacific ex Japan Index, measured in sterling.

Investment Policy

Invesco Asia Trust plc invests primarily in the equity securities of companies
listed on the stockmarkets of China, Hong Kong, India, Malaysia, Singapore,
South Korea, Taiwan, Thailand and Australasia. It may also invest in unquoted
securities up to 10% of the value of the Company's gross assets, and in
warrants and options when it is considered the most economical means of
achieving exposure to an asset.

The Company is actively managed and the Manager has broad discretion to invest
the Company's assets to achieve its investment objective. The Manager seeks to
ensure that the portfolio is appropriately diversified having regard to the
nature and type of securities (such as performance and liquidity) and the
geographic and sector composition of the portfolio.

Full details of the Company's investment limits can be found on page 18 of the
2012 annual financial report.

Performance Statistics

The Benchmark Index of the Company is the MSCI All Countries Asia Pacific ex
Japan Index (in sterling terms).
                                                      At 31 Oct    At 30      %
                                                           2012     2012 Change

Total Return Statistics(1)                                                      
Diluted net asset value(2)                                                 +0.7 
Benchmark Index                                                            +3.6 
Capital Statistics                                                              
Net assets (£'000)                                      176,859  164,741   
Gross gearing                                              7.0%     3.8%        
Net gearing                                                6.9%     3.6%        
Net asset value:                                                                
- diluted(2)                                             165.2p   168.6p   -
Benchmark Index - capital return(1)                       275.1    271.7   +1.3 
Mid-market price:                                                               
- ordinary shares                                        146.6p   149.4p   -1.9 
Discount per ordinary share(3)                                                  
- cum income                                              11.3%    11.4%       
- ex income                                               10.1%     9.7%       
(1) Source: Thomson Reuters Datastream. 
(2) As there are no longer any subscription shares, the diluted NAV is the
equivalent of the undiluted (basic) NAV for return statistics and the
calculation of the discount. 
(3) The discount is the amount by which the mid-market price per ordinary 
is less than the undiluted (30 April 2012: diluted) net asset value per share. 
Interim management report incorporating the Chairman's Statement 
Chairman's Statement 
Performance and Prospects 
Investor sentiment towards Asian equity markets has improved over the last six
months, as policymakers have made progress in limiting the probability of a
destabilising global macro downturn. In Europe, the European Central Bank has
been explicit in its support for the euro, while reducing the likelihood of a
Eurozone breakup. Meanwhile, the announcement of open-ended quantitative easing
by the US Federal Reserve has increased investor risk appetite for `riskier
assets', and seen Asian equities outperform relative to global peers. While
there is lingering uncertainty over the outlook for global growth, Asian
equities appear to be consolidating their recent gains, buoyed by news that the
slowdown in China's economy is stabilising. While the value of the portfolio
has increased over the period, regrettably it has underperformed relative to
the benchmark and this is discussed in detail in the Investment Managers'
Report. Over the period, the diluted net asset value per ordinary share grew by
0.7%, compared to the benchmark index, the MSCI All Countries Asia Pacific
ex-Japan Index, which returned growth of 3.6%, adjusted for sterling. The
Company's share price fell from 149.4p to 146.6p, while the discount to net
asset value (ex income) at which the shares trade has widened from 9.7% to
As in previous years, no interim dividend is being declared. 
Asian economic growth has slowed as developed markets continue to go through a
deleveraging process, with lingering uncertainty in the outlook for global
growth. However, there are reasons for optimism as China appears to have
avoided the hard landing scenario that some market participants had expected,
with signs of improvement in industrial production, exports and the general
condition of its manufacturing sector. Retail sales remain robust, while
incomes continue to rise, suggesting the gradual structural shift away from
investment-led growth to a more sustainable model continues. 
With generally low levels of government, corporate and household debt and
rising wealth levels across the region, Asian economies remain fundamentally
strong. However, Asia's trade linkages with advanced economies and China's
reduced ability to sustain the level of investment growth of the past decade
suggest more moderate levels of economic growth going forward. Nevertheless,
they will continue to compare favourably with those being generated elsewhere
and moderate inflation in most countries across Asia will allow for a gradual
easing of monetary policy. This should lend support to Asian markets as
investors gain confidence in a stabilisation of economic and earnings growth
where expectations appear to be more realistic. 
Although the global economic backdrop remains troubled, it is clear that Asia
is home to a growing number of companies that can continue to grow their
earnings despite a challenging macro environment. Asia's global economic
significance continues to rise and there are attractive investment
opportunities for investors in the medium-term, which are trading at the low
end of historical valuations. 
Subscription Share Exercise and Share Buy Backs 
During the period under review, subscription shareholders had their final
opportunity to exercise their right to subscribe for ordinary shares of the
Company at a price of 125p per share. The final subscription period ended on 31
August 2012 and, as a result, 17,648,153 ordinary shares were allotted in
mid-September 2012. The Company subsequently bought back 2,678,325 of these
shares into treasury. The Company also bought back a further 1,073,899 ordinary
shares, of which 598,899 were retained in treasury and 475,000 were cancelled.
These buy backs resulted in an enhancement to NAV of £750,000 (0.45%). 
At the period end, the issued share capital consisted of 110,338,910 ordinary
shares, of which 3,277,224 were held in treasury. Since the period end, a
further 1,150,000 ordinary shares have been bought back and cancelled by the
Company at a price of 143.73p, giving a further enhancement to NAV of £259,000
David Hinde 
19 December 2012 
Investment Managers' Report 
Market & Economic Review 
Asian equity markets made broad gains over the six months to the end of
October, despite opening the period markedly weaker as the Eurozone debt crisis
deepened and concerns grew over the strength of the US economic recovery and
the economic slowdown in China. Markets recovered from June lows, taking
positive momentum from a summit of EU leaders. Since then sentiment has
continued to improve due to the high profile policy announcements made by the
European Central Bank and US Federal Reserve in September. While external
factors have continued to influence investor sentiment towards Asian equity
markets, there have also been lingering concerns over the rate of deceleration
in China's economy. However, recently released economic data from China has
been better-than-expected, suggesting the economic cycle is starting to
China's 3Q GDP growth slowed to 7.4% year-on-year (y-o-y), from 7.6% the
previous quarter. Although inflationary pressures have remained benign, there
has been no sign of forceful stimulus from the Chinese authorities who refuse
to panic over the growth slowdown. Policy easing has been more gradual and
selective over the period, with two interest rate cuts, lower reserve
requirements for banks, more favourable lending conditions for first time
property buyers and a slight increase in approvals for infrastructure projects.
Industrial production, exports and fixed investment growth showed signs of
improvement in September, while retail sales growth remains robust at 14.2%
y-o-y. More recently, the official manufacturing Purchasing Manager's Index for
October rose to 50.2 from 49.8 in the prior month. 
The Indian stockmarket has generated strong gains lifted by a series of
much-awaited policy announcements, including a cut to diesel subsidies and the
opening up of the retail and aviation sectors to foreign direct investment.
However, the economy continues to struggle with slowing growth and high
inflation. Elsewhere in the region, weaker demand from Europe and the US has
seen industrial production and exports disappoint, with growth forecasts
downgraded accordingly. Taiwan and Korea remain particularly exposed to slowing
global growth, with concerns raised over the strength of their domestic
economies. Other Asian economies have proved more resilient, with strong
domestic demand and robust intra-regional trade, while central banks have been
able to ease monetary policy in support of their economies. Finally, although
returns from Australia have been supported by attractive dividend yields,
concerns remain over the outlook for the domestic economy, its reliance on the
materials sector and the continued high valuation of the Australian dollar. 
In corporate news, earnings growth forecasts have generally been downgraded to
more reasonable levels. However, despite slower global economic growth and
general macro uncertainty, selected Asian companies have continued to prove
their ability to grow earnings. For example, Samsung Electronics and Taiwan
Semiconductor Manufacturing have reported impressive earnings growth driven by
strong demand for smartphones. Elsewhere, conglomerates such as Jardine
Matheson and Hutchison Whampoa have beaten expectations driven by strong growth
across diverse business units (Jardine's autos unit being the notable
exception); an impressive result considering the moderation of growth in some
of their major markets. 
Company Performance 
In the six months to the end of October 2012, the Company's diluted net asset
value grew by 0.7% (total return), compared to the benchmark MSCI All Countries
Asia Pacific ex-Japan Index, which returned +3.6% (total return) in sterling
Stock selection in financials was a significant detractor from Company
performance over the period. Holdings in selected insurance companies and
Korean banks disappointed with earnings results missing expectations due to the
difficult trading environment. Our limited exposure in Australian banks also
detracted, as the sector outperformed the market, supported by the attractive
dividend yields a number of these stocks offer. We continue to prefer the
earnings growth potential available in other regional banks, particularly those
with a presence in the Asean region. 
Stock selection in consumer-related sectors also disappointed, largely due to a
number of holdings in Chinese retailers being negatively impacted by slowing
demand and a competitive environment. A number of our holdings in US-listed
Chinese companies have been negatively impacted by concerns over opaque
ownership structures, although these fears have since receded. However, a
number of these holdings are in Chinese internet companies, which have also
faced increasing concerns over slowing growth from online advertising. 
Conversely, stock selection in industrials made a positive contribution to
Company performance, with our holding in Jardine Matheson having the single
biggest impact. The company's 2Q earnings beat consensus expectations by a
large margin, while the outlook for its major subsidiaries remains positive.
With good exposure to the growth of domestic consumption in China and
South-east Asia, 3Q earnings growth is expected to be robust, even against a
backdrop of moderating growth in many of its key markets. Selected holdings in
Hong Kong property developers have benefited from relative performance as
prices have proved resilient. Finally, our underweight exposure in the
materials and energy sectors also helped our performance against the benchmark. 
Outlook for Asian Economies and Markets 
Asian economic growth has slowed significantly in the face of global macro
uncertainty and the lagged effects of earlier policy tightening measures.
However, there are signs that China's economic cycle is close to bottoming-out,
which would bring some stability back to Asian economic growth. Exports and
industrial production have shown signs of improvement, supported by recent
positive manufacturing PMI readings. Furthermore, income growth has held up
well with retail sales remaining robust. While the Chinese government has
certainly had the capacity to give its economy further support, the moderate
policy response to the slowdown suggests the authorities are comfortable with a
gradual transition from investment-led growth to a more sustainable model,
where consumption plays a greater role. Aggressive stimulus is also unlikely
considering the Chinese authorities are loath to repeat the large fiscal
stimulus of 2008/9, which is now regarded as having been excessive. 
Future economic growth rates for China, as well as the rest of the Asian
region, are likely to be lower than they have been in the past. However, they
are still likely to compare favourably with those being generated elsewhere.
Asian economies remain fundamentally strong with low levels of household debt
which, combined with increasing wage growth, should support consumer spending.
Also, with inflation remaining moderate in most countries across Asia, further
gradual easing of monetary policy can be expected if economic growth
decelerates further. This should lend support to Asian markets as investors
gain confidence in a stabilisation of economic and earnings growth. In the
meantime, we believe there is likely to be a continued tug of war between
improved liquidity conditions and earnings risk. 
In recent months, earnings growth forecasts for Asia Pacific ex Japan companies
have generally been downgraded, as they have elsewhere. Consensus estimates for
earnings growth now stand at 3% for 2012 and at around 12% for 2013, bringing
current valuation levels for the region to around 12.4 times 2012 earnings and
11.1 times 2013 earnings. These valuation levels are at the low end of their
normal range, historically a good entry point for buying Asian equities.
However, while these lowered estimates are more realistic, further small
downward revisions, particularly for 2013, are likely given lingering global
macroeconomic uncertainty. 
Investor concerns over the slowdown in China, particularly in relation to
capital-intensive sectors such as materials, have seen valuation levels in this
area fall considerably. Following signs of stabilisation in China's economy and
the attractive valuations on offer, we have generally increased our cyclical
exposure through existing holdings such as POSCO, BHP Billiton and Standard
Chartered, and have introduced new holdings to the Company. Firstly, the
airline company Cathay Pacific is attractive, in our view, trading at close to
trough valuations and what we consider to be the bottom of the earnings cycle.
Angang Steel, another addition, trades at close to half its book value and is
well positioned to benefit from any pick-up in construction activity in the
near term. Other additions include CNOOC, a Chinese oil exploration &
production company, and Pacific Basin, a large dry-bulk carrier whose share
price, in our view, is discounting a far too pessimistic outlook. 
Otherwise, our strategy is largely unchanged, seeking to capitalise on Asia's
structural strengths, especially the growth of domestic demand, with a focus on
selecting underappreciated companies that offer a relatively high
predictability and quality of earnings. Our main overweight position relative
to the benchmark index remains Hong Kong & China, believing that companies
there can take advantage of relatively good economic growth prospects. We
favour consumer-related areas of these markets, including Hong Kong-listed
conglomerates. We also have an overweight position in Korea, where the market
is generally valued at a discount relative to the region. Holdings include
global leaders with competitive advantages at what we consider to be attractive
valuations. Our exposure in the technology sector remains significant and
includes industry leaders with significant market share as well as Chinese
internet companies. 
Our main underweight position remains in Australia, which we believe is at a
later stage in the credit cycle and has a lower growth profile compared to
other economies in the region. We are also concerned by the continued strength
of the Australian dollar. The underweight position is largely driven by our
limited exposure to Australian banks. We prefer to hold banks which have an
ability to grow their loan books profitably, such as those in Thailand and the
Philippines where credit penetration is low. We remain modestly underweight in
India, where valuations in some areas are relatively full in our opinion,
although we remain on the lookout for opportunities as and when the market and
currency exhibit significant weakness. The portfolio also continues to have
selective exposure to smaller companies (with market cap of less than US$ 1
billion), which offer the opportunity to deliver superior returns being at an
earlier stage in their growth cycle. 
Stuart Parks / Ian Hargreaves 
Investment Managers 
19 December 2012 
Related Parties and transactions with the manager 
Under accounting standards, the Company has no related parties. Invesco Asset
Management Limited (`IAML'), a wholly-owned subsidiary of Invesco Limited, acts
as Manager, Company Secretary and Administrator to the Company. Details of
IAML's services and fee arrangements are given in the 2012 annual financial
report, which is available on the Manager's website at 
Principal Risks and Uncertainties 
The principal risk factors relating to the Company can be summarised as
- Investment objective - there can be no guarantee that the Company will meet
its investment objective; 
- Market risk - a fall in the stock markets and/or a prolonged period of
decline in the stock markets relative to other forms of investment will affect
the performance of the portfolio; 
- Investment risk -the risk of poor performance of individual investments. This
is mitigated by diversification and ongoing monitoring of investment
- Foreign Exchange Risks - foreign exchange currency movements will affect the
non-sterling assets and liabilities of the Company and could have a detrimental
impact on performance; 
- Ordinary Shares - the market value of the ordinary shares may not reflect
their underlying NAV and may trade at a discount to it. The Company has a
discount monitoring mechanism to help the management of this; 
- Gearing - the use of borrowings will amplify the effect on shareholders'
funds of portfolio gains and losses; 
- Derivatives - derivative returns that do not exactly match the returns of the
underlying assets or liabilities being hedged may expose the Company to greater
loss than if the derivative contract had not been entered into; 
- Reliance on Third Party Service Providers - failure by any service provider
to carry out its obligations to the Company could have a materially detrimental
impact on the operation of the Company and affect the ability of the Company to
successfully pursue its investment policy; and 
- Regulatory - consequences of a serious breach of regulatory rules could
include, but are not limited to, the Company being subject to capital gains on
its investments; suspension from the London Stock Exchange; fines; a qualified
audit report; reputational problems and a loss of assets through fraud. 
A detailed explanation of these principal risks and uncertainties can be found
on pages 20 to 22 of the Company's 2012 annual financial report, which is
available on the Manager's website 
In the view of the Board these principal risks and uncertainties are as much
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 is the appropriate basis as they have a reasonable
expectation that the Company has adequate resources to continue in operational
existence for the foreseeable future. In considering this, the Directors took
into account the diversified portfolio of readily realisable securities which
can be used to meet short-term funding commitments, and the ability of the
Company to meet all of its liabilities and ongoing expenses from its assets. 
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
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 Reports'; 
- the interim management report includes a fair review of the information
required by 4.2.7R and 4.2.8R of the FSA's Disclosure and Transparency Rules;
- 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. 
David Hinde 
19 December 2012 
Twenty-five largest holdings at 31 October 2012 
Ordinary shares unless otherwise stated 
                                                            Value      % of
Company                 Industry Group†             Country     £'000 
Samsung Electronics     Semiconductors &            South      11,928       6.3 
                    Semiconductor Equipment     Korea                       
Jardine Matheson        Capital Goods               Hong Kong   8,631       4.6 
Hutchison Whampoa       Capital Goods               Hong Kong   6,561       3.5 
Daphne International    Consumer Durables & Apparel Hong Kong   5,630       3.0 
Taiwan Semiconductor    Semiconductors &            Taiwan      5,526       2.9
Manufacturing           Semiconductor Equipment                                 
CNOOCR                  Energy                      China       4,835       2.6 
Hon Hai Precision       Technology Hardware &       Taiwan      4,786       2.5 
POSCO                   Materials                   South       4,161       2.2 
Standard Chartered      Banks                       UK          4,003       2.1 
China MobileR           Telecommunication Services  China       3,945       2.1 
China Taiping           Insurance                   China       3,882       2.1
Hyundai Mobis           Automobiles & Components    South       3,833       2.0 
DGB Financial           Banks                       South       3,796       2.0 
BHP Billiton            Materials                   Australia   3,765       2.0 
Hyundai Motor           Automobiles & Components    South       3,714       2.0 
Housing Development     Banks                       India       3,499       1.8
HSBC                    Banks                       UK          3,347       1.8 
United Phosphorus       Materials                   India       3,304       1.7 
                                                                                 Software & Services         China       3,145       1.6 
Goodpack                Transportation              Singapore   3,071       1.6 
Shinhan Financial       Banks                       South       3,065       1.6 
Industrial & Commercial Banks                       China       3,016       1.6
Bank of ChinaH                                                                  
Kasikornbank            Banks                       Thailand    2,986       1.6 
AIA                     Insurance                   Hong Kong   2,983       1.6 
Newcrest Mining         Materials                   Australia   2,820       1.5 

                                                              110,232      58.3

Other investments                                              78,819      41.7 
Total investments                                             189,051     100.0 
H: H-Shares - shares issued by companies incorporated in the People's Republic
of China (`PRC') and listed on the Hong Kong Stock Exchange. 
R: Red Chip Holdings - holdings in companies incorporated outside the PRC,
listed on the Hong Kong Stock Exchange, and controlled by PRC entities by way
of direct or indirect shareholding and/or representation on the board. 
† MSCI and Standard & Poor's Global Industry Classification Standard. 
condensed Income Statement 
Year To 
                           Six Months To            Six months To        30 
                          31 October 2012          31 October 2011          
                      Revenue Capital   Total Revenue  Capital    Total    
                       Return  Return  Return  Return   Return   Return   
                        £'000   £'000   £'000   £'000    £'000    
£'000    £'000  
Losses on investments                                                            
held at fair value                                                               


  loss or profit                - (3,239) (3,239)       - (14,452) (14,452) 
Losses on foreign               -   (199)   (199)       -    (472)    (472)    
currency revaluation                                                             




  Overseas dividends        2,539       -   2,539   2,941        -    2,941  
  Scrip dividends             109       -     109     305        -      305  


  UK dividends                121       -     121      25        -       25  


  Deposit interest              -       -       -       -        -        -  


Gross return                2,769 (3,438)   (669)   3,271 (14,924) (11,653)  
Investment management fee   (155)   (465)   (620)   (161)    (483)    (644)  
- note 2                                                                         


Other expenses              (259)     (4)   (263)   (256)      (3)    (259)    
Return before finance       2,355 (3,907) (1,552)   2,854 (15,410) (12,556)  
costs and taxation                                                               


Finance costs - note 2       (14)    (42)    (56)    (12)     (36)     (48)     
Return on ordinary          2,341 (3,949) (1,608)   2,842 (15,446) (12,604)  
activities before tax                                                            


Tax on ordinary             (159)       -   (159)   (247)        -    (247)    


Net return on ordinary                                                           
activities after                                                                 


  tax for the period        2,182 (3,949) (1,767)   2,595 (15,446) (12,851) 
Return per ordinary share                                                        
- note 3                                                                         


Basic                        2.2p  (4.0)p  (1.8)p    2.8p  (16.4)p  (13.6)p   
Diluted                       n/a     n/a     n/a    2.7p  (15.8)p  (13.1)p   
The total column of this statement represents the Company's profit and loss
account. The supplementary revenue and capital columns are presented for
information purposes 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 total recognised gains and losses is
presented. No operations were acquired or discontinued in the period. 
Condensed Balance Sheet 
Registered Number 03011768 

                                                           at        at      at
                                                           31        31      30
                                                      October   October   April
                                                         2012      2011    2012

                                                    £'000     £'000   
Fixed assets                                                                    
Investments designated at fair value                  189,051   165,564 170,744 
Current assets                                                                  
Amounts due from brokers                                  132         -     169 
Taxation                                                  292       291     258 
VAT recoverable                                            13         9       9 
Prepayments and accrued income                             72        46     378 
Cash at bank                                               92       229     327 

                                                          601       575   1,141

Creditors: amounts falling due                                                  
  within one year                                                            
Bank overdraft                                          (550)         -       - 
Bank loans                                           (11,779)   (3,409) (6,286) 
Amounts owed to brokers                                     -         -   (413) 
Accruals and deferred income                            (464)     (424)   (445) 

                                                     (12,793)   (3,833) (7,144)

Net current liabilities                              (12,192)   (3,258) (6,003) 
Total net assets                                      176,859   162,306 164,741 
Capital and reserves                                                            
Share capital                                          11,034     9,672   9,493 
Share premium                                          95,907    75,457  75,457 
Capital redemption reserve                              2,090     1,863   2,042 
Special reserve                                         4,113    11,798   9,287 
Capital reserve                                        59,186    59,187  63,135 
Revenue reserve                                         4,529     4,329   5,327 

                                                      176,859   162,306 164,741

Net asset value per share - note 4                                              
Basic                                                  165.2p    170.7p  176.6p 
Diluted                                                   n/a    163.7p  168.6p 
Condensed Cash Flow Statement 

                                                          six       six         
                                                       months    months         

                                                       TO        TO  Year 
                                                    31 Oc        31 30 
                                                    tober   october          
                                                     2012      2011     
                                                    £'000     £'000    
Return before finance costs                                                      
  and taxation                                        (1,552)  (12,556)  
Adjustment for losses on investments                    3,239    14,452   
Adjustment for losses on currency                                                
  revaluation                                             199       472     
Tax on unfranked investment income                      (197)     (333)    
Scrip dividends received as income                      (109)     (305)    
Decrease in debtors                                       302       486      
Increase/(decrease) in creditors                           19      (46)     
Cash inflow from operating activities                   1,901     2,170    
Servicing of finance                                                             
Interest paid on bank loans                              (56)      (48)     
Taxation                                                    4        11        - 
Dividends paid                                        (2,980)   (2,724)  
Capital expenditure and financial                                                



Purchase of investments                              (42,216)  (32,815) 

Sale of investments                                    20,403    36,604   

Net cash (outflow)/inflow before                                                

  financing                                          (22,944)     3,198    


Bank debt                                               5,408   (3,241)    

Shares bought back                                    (5,174)         -  

Net proceeds from conversion of                                                 

  subscription shares                                  22,039     1,025    

(Decrease)/increase in cash in the period               (671)       982      

Cash flow from movement in debt                       (5,408)     3,241      

Loss on currency revaluation                            (199)     (472)    

Movement in net (debt)/funds in                                                 

  the period                                          (6,278)     3,751     

Net debt at beginning of period                       (5,959)   (6,931)  

Net debt at end of period                            (12,237)   (3,180)  

Analysis of changes in net                                                      


Brought forward:                                                                

  Net cash/(overdraft) at bank                            327     (281)    

  Debt due within one year                            (6,286)   (6,650)  

Net debt brought forward                              (5,959)   (6,931)  

Movements in the period:                                                        

  Cash (outflow)/inflow from bank                       (671)       982     

  Movement on currency revaluation                      (199)     (472)    

  Debt due within one year                            (5,408)     3,241     

Net debt at end of period                            (12,237)   (3,180)  

Condensed Reconciliation of movements in Shareholders' Funds
                             Share   Share Redemption Special  Capital Revenue      

                       Capital Premium    Reserve Reserve  Reserve Reserve    
                     £'000   £'000      £'000   £'000    £'000   
£'000    £'000 

    For the year ended 30                                                           
    April 2012                                                                      

At 30 April 2011         9,598  74,506      1,863  11,798   74,633   4,458  
Final dividend for           -       -          -       -        - (2,724)  
Net return from              -       -          -       - (11,498)   3,593  
ordinary activities                                                              
Exercise of                (8)       8          -       -        -       -      
subscription shares                                                              

    into ordinary shares                                                            

Issue of ordinary           82     943          -       -        -       -    
shares on conversion                                                             

    of subscription shares                                                          

Shares bought back and   (179)       -        179 (2,511)        -       -  
At 30 April 2012         9,493  75,457      2,042   9,287   63,135   5,327  

    For the six months                                                              
    ended 31 October 2012                                                           

At 30 April 2012         9,493  75,457      2,042   9,287   63,135   5,327  
Interim (in lieu of          -       -          -       -        - (2,980)  
final) dividend for                                                              


Net return from              -       -          -       -  (3,949)   2,182  
ordinary activities                                                              
Exercise of              (176)     176          -       -        -       -      
subscription shares                                                              

    into ordinary shares                                                            

Issue of ordinary        1,765  20,274          -       -        -       -   
shares on conversion                                                             

    of subscription shares                                                          

Shares bought back and    (48)       -         48 (5,174)        -       -  
cancelled/held in                                                                


At 31 October 2012      11,034  95,907      2,090   4,113   59,186   4,529  

    For the six months                                                              
    ended 31 October 2011                                                           

At 30 April 2011         9,598  74,506      1,863  11,798   74,633   4,458  
Final dividend for           -       -          -       -        - (2,724)  
Net return from              -       -          -       - (15,446)   2,595 
ordinary activities                                                              
Exercise of                (8)       8          -       -        -       -      
subscription shares                                                              

    into ordinary shares                                                            

Issue of ordinary           82     943          -       -        -       -    
shares on conversion                                                             

    of subscription shares                                                          

At 31 October 2011       9,672  75,457      1,863  11,798   59,187   4,329  
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 were
prepared under the historical cost convention and are consistent with
applicable UK Accounting Standards and with the Statement of Recommended
Practice `Financial Statements of Investment Trust Companies and Venture
Capital Trusts'. 
2. Management Fee and Finance Costs 
Investment management fees and finance costs of borrowings are charged 75% to
capital and 25% to revenue. 
3. Basis of Returns 

                                           Six months   Six months      Year to
                                                   to           to             
                                          31 Oct 2012  31 Oct 2011  30 Apr 2012

Basic returns after tax:                                                        
Revenue                                    £2,182,000   £2,595,000   
Capital                                             £            £            
                                      (3,949,000) (15,446,000) (11,498,000) 
Total                                               £            £ 
                                      (1,767,000) (12,851,000)              
Weighted average number of                                                      
  ordinary shares in issue                                                   
  during the period:                                                         
  - basic                                  97,550,904   94,355,015   
  - diluted                                       n/a   97,783,176   
4. Basis of Net Asset Value (`NAV') per Ordinary Share 

                                             At 31 Oct   At 31 Oct   at 30 Apr
                                                  2012        2011        2012

Ordinary shareholders' funds                         £           £           
                                       176,859,000 162,130,000 164,565,000 
Subscription shareholders funds                                                
  of 1p each                                         -    £176,000    
Total shareholders' funds                            £           £           
                                       176,859,000 162,306,000 164,741,000 
Number of ordinary shares in issue         107,061,686  94,956,757  93,165,757 
NAV per ordinary share                          165.2p      170.7p      176.6p 
Ordinary shareholders' funds                       n/a           £           
                                                   184,366,000 186,801,000 
Number of ordinary shares in issue                 n/a 112,604,910 110,813,910 
NAV per ordinary share                             n/a      163.7p      168.6p 
5. Share Capital 
Ordinary Shares of 10p each                                                     

                                           Six months Six months to     Year to
                                          31 Oct 2012   31 Oct 2011 30 Apr 2012

Number of ordinary shares:                                                      
Brought forward                            93,165,757    94,136,605  94,136,605 
Subscription shares exercised              17,648,153       820,152     820,152 
Shares bought back and cancelled            (475,000)             - (1,791,000) 
In issue at period end                    110,338,910    94,956,757  93,165,757 
On 3 September 2012, the remaining 17,648,153 subscription shares were
converted into the same number of ordinary shares. Included in the 110,338,910
ordinary shares are 3,277,224 shares held in treasury following buy backs in
the six months to 31 October 2012. 
Since the period end a further 1,150,000 ordinary shares have been repurchased
and cancelled for an average price of 143.73p per share. 
6. Dividends 
The Company paid an interim (in lieu of final) dividend of 3.2p per ordinary
share for the year ended 30 April 2012 on 1 August 2012 to shareholders on the
register on 6 July 2012. 
7. Investment Trust Status 
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. 
8. Status of Half-Yearly Financial Report 
The financial information contained in this half-yearly 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 31 October 2012 and 31
October 2011 have not been audited. The figures and financial information for
the year ended 30 April 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 Auditor, 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 
19 December 2012 
David Hinde (Chairman of the Board and Remuneration and Nomination Committees) 
Carol Ferguson 
Tom Maier 
James Robinson (Chairman of the Audit and Management Engagement Committees) 
All Directors are members of the Audit, Management Engagement, Remuneration and
Nomination Committees 
Manager, Secretary and Registered Office 
Invesco Asset Management Limited 
30 Finsbury Square, London EC2A 1AG 
020 7065 4000 
Company Secretarial contact: Kelly Nice 
Company Number 
Registered in England and Wales: No. 03011768 
Capita Registrars, 
The Registry 
34 Beckenham Road 
Kent BR3 4TU 
If you hold your shares directly rather than through an ISA or savings scheme,
and have any queries relating to your shareholding you should contact Capita
on: 0871 664 0300 between 9am and 5.30pm Monday to Friday (excluding Bank
Holidays). Calls cost 10p per minute plus network extras (from outside the UK:
+44 (0)208 639 3399). 
Shareholders holding shares directly can also access their holding details via
Capita's website or 
Capita provide an on-line and telephone share dealing service to existing
shareholders who are not seeking advice on buying or selling. This service is
available at or 0871 664 0364. Calls cost 10p per minute
plus network extras (From outside the UK: +44 (0)203 367 2686). Lines are open
8am to 4.30pm Monday to Friday (excluding Bank Holidays). 
Invesco Perpetual Investor Services 
Invesco Perpetual has an Investor Services Team available to assist you from
8.30am to 6pm each business day on 0800 085 8677. 
Invesco Perpetual Investment Trust Savings Scheme and 
ISA Administrators 
For both the Invesco Perpetual Investment Trust Savings Scheme & ISA: 
International Financial Data Services 
IFDS House 
St Nicholas Lane 
Essex SS14 5FS 
0800 028 5544 
Manager's Website 
Information relating to the Company can be found on the Manager's website at 
The contents of websites referred to in this document, or accessible from links
within those websites, are not incorporated into, nor do they form part of,
this document. 
-0- Dec/20/2012 07:00 GMT
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