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Invesco Perpetual Select Trust Plc ANNUAL FINANCIAL REPORT YEAR ENDED 31 MAY 2016 IP Select Covera4 29/07/2016 11:34 Page IFC1

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Invesco Perpetual Select Trust Plc ANNUAL FINANCIAL REPORT YEAR ENDED 31 MAY 2016 IP Select Covera4 29/07/2016 11:34 Page IFC1 IP Select_coverA4 29/07/2016 11:34 Page FC1 Invesco Perpetual Select Trust plc ANNUAL FINANCIAL REPORT YEAR ENDED 31 MAY 2016 IP Select_coverA4 29/07/2016 11:34 Page IFC1 The Company in Brief Nature of the Company Invesco Perpetual Select Trust plc (the ‘Company’) is a public listed Investment Company whose shares are traded on the London Stock Exchange. The business of the Company is to invest shareholders’ funds with the aim of spreading investment risk and generating returns for shareholders. The Company has an indefinite life and is intended as a long-term investment vehicle. The Company provides shareholders with a choice of investment policies and objectives, each intended to generate attractive risk-adjusted returns from segregated portfolios. The Company’s share capital comprises the following four share classes, each of which has its own separate Portfolio of assets and liabilities: • UK Equity www.invescoperpetual.co.uk/selectuk • Global Equity Income www.invescoperpetual.co.uk/selectglobal • Balanced Risk www.invescoperpetual.co.uk/selectbr • Managed Liquidity www.invescoperpetual.co.uk/selectml Investment Policy The Company’s Investment Policy, which includes objectives, policies, risks and investment limits for the Company and the separate Portfolios, is disclosed in full on pages 28 to 31. Borrowings and Gearing The two equity portfolios may use bank borrowings, the proceeds from which can be invested, gearing up exposure to the stock market with the aim of enhancing returns to shareholders. The Balanced Risk portfolio is geared by means of the financial derivative instruments used to implement its investment policy. Business Model The Company has contracted with an external investment manager, Invesco Fund Managers Limited (the ‘Manager’), to manage its investments and for the Company’s general administration. Other administrative functions are contracted to external service providers. The Company has a Board of non-executive directors who oversee and monitor the activities of the Manager and other service providers on behalf of shareholders and ensure that the investment policy is adhered to. The Company has no employees. Share Class Conversion The Company enables shareholders to alter their asset allocation to reflect their views of prevailing markets through the opportunity to convert between share classes every three months, on or around 1 February, 1 May, 1 August and 1 November. Notice from a shareholder to convert any class of Share on any conversion date will be accepted up to ten days prior to the relevant conversion date. Forms for conversion are available on the web pages of all the share classes on the Manager’s website (see above) and from the Company Secretary. Conversion from one class of Shares into another will be on the basis of a ratio derived from the prevailing underlying net asset value of each class of relevant Share, calculated shortly before the date of conversion. The Directors have been advised that conversion of one class of Share into another will not be treated as a disposal for the purposes of UK Capital Gains Tax. The Company’s four share classes are each eligible for investment in an ISA and qualify to be considered as mainstream investment products suitable for promotion to retail investors. Front Cover: Close up of Mica Crystals IP Select_pp01_27 29/07/2016 11:22 Page 01 Contents 02 Financial Performance 03 Chairman’s Statement 06 UK Equity Share Portfolio: 06 Performance Record 07 Manager’s Report 10 List of Investments UK EQUITY 11 Income Statement 11 Summary of Net Assets 12 Global Equity Income Share Portfolio: 12 Performance Record 13 Manager’s Report 16 List of Investments INCOME 17 Income Statement GLOBAL EQUITY 17 Summary of Net Assets 18 Balanced Risk Share Portfolio: 18 Performance Record STRATEGY 19 Manager’s Report 22 List of Investments 23 List of Derivative Instruments 24 Income Statement BALANCED RISK 24 Summary of Net Assets 25 Managed Liquidity Share Portfolio: 25 Performance Record 26 Manager’s Report 27 List of Investments LIQUIDITY MANAGED 27 Income Statement 27 Summary of Net Assets 28 Business Review 39 Directors 40 The Company’s Governance Framework 41 Corporate Governance Statement 42 Audit Committee Report 45 Directors’ Report GOVERNANCE 54 Directors’ Remuneration Report 57 Directors’ Responsibilities Statement 58 Independent Auditor’s Report 63 Income Statement 64 Reconciliation of Movements in Shareholders’ Funds 65 Balance Sheet FINANCIAL 67 Notes to the Financial Statements 91 Notice of Annual General Meeting 95 Advisers and Principal Service Providers 96 Shareholder Information FOR 97 Glossary of Terms 99 Alternative Investment Fund Managers Directive Disclosures INFORMATION INFORMATION SHAREHOLDERS If you have any queries about Invesco Perpetual Select Trust plc or any of the other specialist funds managed by Invesco Perpetual, please contact our Client Services team on: ☎ 0800 085 8677 www.invescoperpetual.co.uk/investmenttrusts INVESCO PERPETUAL SELECT TRUST PLC 01 IP Select_pp01_27 29/07/2016 11:22 Page 02 STRATEGY FINANCIAL PERFORMANCE CUMULATIVE TOTAL RETURNS TO 31 MAY 2016 UK Equity Portfolio ONE THREE FIVE YEAR YEARS YEARS Net Asset Value –1.4% 34.7% 90.4% Share Price –2.2% 25.1% 97.5% FTSE All-Share Index –6.3% 9.6% 31.2% Global Equity Income Portfolio The name and objective of this Portfolio were changed with effect from 30 November 2011. SINCE ONE THREE FIVE 30 NOVEMBER 2011 YEAR YEARS YEARS Net Asset Value 71.3% –0.2% 23.8% 51.8% Share Price 84.4% –2.8% 22.2% 57.8% MSCI World Index (£) 67.8% 0.7% 25.7% 55.1% Balanced Risk Portfolio The name and objective of this Portfolio were changed with effect from 8 February 2012. The strategy followed for the last four years since 8 February 2012 is substantially different to the strategy in place prior to that date. The five year figures below are presented for consistency. SINCE ONE THREE FIVE 8 FEBRUARY 2012 YEAR YEARS YEARS Net Asset Value 19.1% –0.3% 9.5% 9.6% Share Price 31.0% –2.1% 7.4% 13.6% 3 month LIBOR +5% pa 24.3% 5.6% 16.7% 28.4% Managed Liquidity Portfolio ONE THREE FIVE YEAR YEARS YEARS Net Asset Value –0.1% 0.0% 1.3% Share Price –0.9% 0.0% 1.5% Source: Thomson Reuters Datastream. YEAR END NET ASSET VALUE, SHARE PRICE AND DISCOUNT NET ASSET SHARE VALUE PRICE DISCOUNT/ SHARE CLASS (PENCE) (PENCE) (PREMIUM) UK Equity 164.3 162.5 1.1% Global Equity Income 159.2 156.0 2.0% Balanced Risk 122.8 119.3 2.9% Managed Liquidity 103.1 101.0 2.1% 02 IP Select_pp01_27 29/07/2016 11:22 Page 03 STRATEGY CHAIRMAN’S STATEMENT The Company 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 investment objectives and policies of all of the Portfolios are set out on pages 28 to 31. The Company enables shareholders to adjust their asset allocation to reflect their view of prevailing market conditions. As set out on the inside of the front cover, shareholders have the opportunity to convert between share classes, free of capital gains tax, every three months. Performance The NAV total return of the UK Equity Portfolio over the year was –1.4%, which compares with the total return of –6.3% posted by the FTSE All-Share Index. The NAV total return of the Global Equity Income Portfolio over the year was –0.2%, compared with the MSCI World Index (£) net return of +0.7%. The Balanced Risk Portfolio returned –0.3% compared with the total return of +5.6% for its benchmark of 3 months LIBOR plus 5% per annum. The Managed Liquidity Portfolio performance continued to be affected by the ongoing low interest environment, with an NAV total return of –0.1%. The UK Equity Portfolio performed well over the year, although the second half represented a period of slight underperformance as more cyclical companies recovered. The small outperformance recorded by the Global Equity Income Portfolio in the first half was reversed for similar reasons. The portfolio managers’ reports go into considerable detail about the sources of performance. The Balanced Risk Portfolio, however, performed well once its strategic position in commodities, which had hampered performance in the first half, recovered from the oversold position to which pessimism about growth had driven it. From a competitive point of view the performance of the Balanced Risk Portfolio is interesting. Elsewhere in this report (page 19) you will find the analysis of contribution to return over a variety of periods. This makes clear the scale of the drag from commodities as they plunged by as much as in the Great Depression of the early 1930s. It also shows the contribution made by the portfolio manager’s tactical allocations, which have been very helpful. Your Board regularly reviews the performance of this strategy against other funds and managers who are aiming to produce the same outperformance of cash benchmarks with relatively low volatility. These include some closed end funds, some hedge funds and ‘absolute return’ funds. Within this universe the Balanced Risk Portfolio’s performance since its inception looks very respectable and ahead of several well known competitors even though at 31 May 2016 its return since the strategy was adopted just over four years ago of 19.1% was behind that of our objective, over the same period, of 24.3%. Very recent performance has lifted the return since inception to 25.4%, which is very slightly ahead of our objective.
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