Brochure - Invesco Perpetual

Invesco Perpetual Select Trust plc
An investment trust for changing times
This brochure is for Professional Clients only
and is not for consumer use

An investment trust for changing times
Invesco Perpetual Select Trust plc, launched in November
2006, is a multi-asset class investment trust. It has four
share portfolios – UK Equity Shares, Global Equity Income
Shares, Balanced Risk Shares and Managed Liquidity
Shares – with a range of objectives suited to investors
looking for a long-term investment with the flexibility to
react to changing investment conditions.
The investment trust’s design offers shareholders access
to a wide array of markets; from the home shores of the
UK to wider global markets. In addition, the investment
trust’s innovative capital structure permits quarterly
conversions between the four share classes allowing
maximum flexibility for shareholders to gain exposure to
their preferred asset classes without triggering a disposal
for Capital Gains Tax purposes.
Long-term
investment
Invesco Perpetual Select Trust plc
An investment trust for changing times 01

Investment trust construction
UK Equity Shares
Mark Barnett
Fund Manager UK Equities
Invesco Perpetual
Investment objective
To provide shareholders with an attractive real long-term total return by investing
primarily in UK quoted equities. The UK Equity Shares portfolio is unconstrained,
but for performance management purposes it is measured against the FTSE
All-Share index.
Portfolio management
Managed by Mark Barnett whose high conviction approach seeks to maximise
exposure to the sectors and securities he considers to be most attractive. Dividend
growth is key which ultimately, Mark believes, leads to share price growth.
Mark has 20 years industry experience, 16 of which have been at Invesco Perpetual 1 .
Global Equity Income Shares
Nick Mustoe
Chief Investment Officer
Invesco Perpetual
Investment objective
The investment objective of the Global Equity Income Shares 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.
Portfolio management
Managed by Nick Mustoe and the Global Income Group who look for investment
opportunities in high-quality companies with attractive valuations and sustainable
dividends that offer the potential for a compelling mix of income and capital appreciation.
Nick has over 28 years industry experience, 2 of which have been at Invesco Perpetual 1 .
1
Source: Invesco/Invesco Perpetual as at 31 March 2013.
Invesco Perpetual Select Trust plc
An investment trust for changing times 02

Balanced Risk Shares
Scott Wolle
Chief Investment Officer
Invesco Global Asset
Allocation team
Invesco
Investment objective
The investment objective of the Balanced Risk Shares 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.
Portfolio management
Managed by Scott Wolle and the Invesco Global Asset Allocation team based in Invesco’s
Atlanta office. The team’s approach to portfolio construction is, literally, to balance
the risk contribution from each of the three asset classes – equities, bonds and
commodities – so that each contributes an equal proportion of the total risk. Then,
through active positioning, the team make additional tactical adjustments to the
asset allocation, seeking to take advantage of the prevailing economic conditions.
Exposure to the asset classes will be principally obtained through highly liquid
and transparently priced exchange-traded futures contracts, with cash and cash
equivalents being held as collateral. However, the portfolio may also be invested in
equities, equity-related securities and debt securities (including floating rate notes).
Financial derivative instruments (including but not limited to futures and total return
swaps) are used only to achieve additional long exposure to the three asset classes.
The portfolio may also use financial derivative instruments, including currency
futures and forwards, for efficient portfolio management, hedging and investment
purposes. Financial derivative instruments will not be used to create net short
positions in any asset class.
Scott has 22 years industry experience, 14 of which have been at Invesco 1 .
Managed Liquidity Shares
Stuart Edwards
Fund Manager
Fixed Interest team
Invesco Perpetual
Investment objective
The investment objective of the Managed Liquidity Shares portfolio is to produce
an appropriate level of income return combined with a high degree of security. The
portfolio, invests in a range of Sterling-based or related money market fund assets
(which may include transferable securities, money market instruments, warrants,
collective investment schemes and deposits), either directly or indirectly through
money market funds, including funds managed by Invesco Perpetual or its associated
companies. At present, a significant proportion of the Managed Liquidity Shares
portfolio is invested in the Invesco Perpetual Money Fund, a sub-fund of the Invesco
Perpetual Managed Investment Series, an ICVC authorised by the FCA.
Portfolio management
Managed by Stuart Edwards, an experienced manager of cash, government bond
and aggregate bond portfolios who is a specialist in the analysis of macroeconomic
data and trends.
Stuart has 16 years industry experience, 10 of which have been at Invesco Perpetual 1 .
1
Source: Invesco/Invesco Perpetual as at 31 March 2013.
Invesco Perpetual Select Trust plc
An investment trust for changing times 03

Key investment trust benefits
– The investment trust provides a choice of four asset classes offering access
to non-correlated investments and to Invesco Perpetual’s ‘best ideas’ in the
world’s major markets
– Invesco Perpetual offers a stable, experienced investment team with a
proven track record
– The investment trust offers the opportunity for effective asset allocation
resulting in shareholders having the opportunity to build diversified portfolios
– Quarterly conversions – the investment trust has an innovative capital structure
that permits quarterly conversions between the four share portfolios, allowing
maximum flexibility for shareholders to gain exposure to their preferred asset
classes. Conversions take place 1 February, May, August and November, and
are on a NAV-to-NAV basis and, under current tax legislation, are not considered
to be a disposal for Capital Gains Tax purposes. This is, therefore, a tax-efficient
way to build a long-term asset allocation investment strategy
– Quarterly dividends – dividends and dividend growth are major components of
the investment strategies driving both the UK Equity and Global Equity Income
share portfolios. These two share portfolios pay a dividend quarterly, just
before each conversion date. When sufficient cash is available for distribution
at the end of each quarter, the Managed Liquidity Share portfolio will also
pay a quarterly dividend
Fast Facts
UK Equity Global Equity Managed Balanced
Shares Income Shares Liquidity Shares Risk Shares
Fund Manager Mark Barnett Nick Mustoe Stuart Edwards Scott Wolle and
(Invesco Perpetual) and the Global (Invesco Perpetual) the Global Asset
Income Group
Allocation team
(Invesco)
AIC Sector UK Growth Global Growth Sector Specialist: Global Growth
& Income Liquidity Funds
Annual Management Charge 0.75% 0.75% 0.25% 0.75%
Performance Fee 12.5% of the increase in net assets per share in No performance No performance
excess of a hurdle of the relevant benchmark fee charged fee charged
index plus 1% per annum. Capped at 0.75% of net
assets of the relevant portfolio payable at the end
of each accounting period of the UK Equity Shares
portfolio /Global Equity Income Shares portfolio
Invesco Perpetual Select Trust plc
An investment trust for changing times 04

About Invesco Perpetual
Invesco Perpetual has become one of the largest independent
investment managers in the UK. It currently manages £64
billion of assets 1 on behalf of private investors, institutional
and investment professionals. Our broad product range
includes ICVCs, investment trusts, ISAs, pension funds and
other specialist investment solutions. But despite its size,
Invesco Perpetual has not sacrificed the principles and
philosophy upon which it was built. Having helped hundreds
of thousands of investors, our highly-respected fund
management teams are experienced at finding the right
long-term investments, whatever the market conditions.
1
Source: Invesco Perpetual as at 31 December 2012.
Working
together
Invesco Perpetual Select Trust plc
An investment trust for changing times 07

Important information
This brochure has been issued on behalf of
the Board of the investment trust and has
been approved for issue by Invesco Asset
Management Limited (‘IAML’), its Manager
and Secretary.
The value of investments and any income will
fluctuate (this may partly be as a result of
exchange rate fluctuations) and investors may
not get back the full amount invested. Past
performance is not a guide to future returns.
Where Invesco Perpetual has expressed its
views and opinions, these may change.
Invesco Perpetual Select Trust plc may
use derivatives for the purpose of efficient
portfolio management. There may not be a
price correlation between price movements in
the underlying securities, currency or index,
on the one hand, and price movements in
the investments, which are the subject of
the hedge, on the other. In addition, an
active market may not exist for a particular
derivative instrument at any particular time.
The Invesco Perpetual Select Trust plc will
make significant use of financial derivatives
(complex instruments) which will result in large
fluctuations in the value of the investment
trust. Leverage created from borrowing
on certain types of transactions including
derivatives may impair the investment
trust’s liquidity, cause it to liquidate positions
at unfavourable times or otherwise cause
the investment trust not to achieve its
intended objective. Leverage occurs when
the economic exposure created by the use
of derivatives is greater than the amount
invested resulting in the investment trust
being exposed to a greater loss than the
initial investment.
The Invesco Perpetual Select Trust plc will gain
exposure to commodities which are generally
considered to be high risk investments and
may result in large fluctuations in the value
of the investment trust.
Fixed income securities to which the Invesco
Perpetual Select Trust plc is exposed are open
to credit risk which may result in issuers not
always making interest and or other payments
nor is the solvency of the issuers guaranteed.
Invesco Perpetual Select Trust plc Global
Equity Income portfolio may invest in emerging
market securities. Investors should be prepared
to accept a higher degree of risk than for an
investment trust with a broader investment
mandate, as difficulties in dealing, settlement
and custody problems could arise.
Switching details
Shares will be convertible at the option of
the holder into any other class of Shares
every quarter, on or around 1 February,
1 May, 1 August and 1 November. Notice
from the shareholder to convert any class
of Shares on any conversation date will be
required up to a maximum of 10 business
days prior to the relevant conversation
date. Forms for conversion are available
from www.invescoperpetual.co.uk/ipst
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 Shares, calculated
shortly before the date of conversion.
The Directors have been advised that
conversion of one class of Shares into
another will not be treated as a disposal
for the purposes of UK capital gains tax.
Invesco Perpetual Select Trust plc
An investment trust for changing times 08

Contact us
For further information regarding Invesco Perpetual Select Trust plc:
Telephone 0207 065 3897
investmenttrust@invescoperpetual.co.uk
www.invescoperpetual.co.uk
Telephone calls may be recorded.
Invesco Perpetual is a business name of Invesco Asset Management Limited
Perpetual Park, Perpetual Park Drive, Henley-on-Thames, Oxfordshire RG9 1HH, UK
Authorised and regulated by the Financial Conduct Authority
52283/PDF/110413