INVESCO PERPETUAL SELECT TRUST PLC: Half-yearly Report

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 
END 
-0- Jan/31/2013 07:00 GMT
 
 
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