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KEYSTONE INVESTMENT TRUST PLC - Half-yearly Report

May 15, 2014

Keystone Investment Trust plc Half-Yearly Financial Report Announcement for the Six Months to 31 March 2014 Performance Statistics SIX MONTHS SIX MONTHS YEAR ENDED ENDED ENDED 31 MAR 31 MAR 30 SEPT Total Return (capital growth with income 2014 2013 2013 reinvested) CHANGE % CHANGE % CHANGE % Net asset value (NAV) per share: - debt at par +10.1 +21.3 +29.4 - debt at fair value +10.6 +22.5 +31.1 Share price (mid-market) +6.0 +16.2 +29.3 FTSE All-Share Index +4.8 +14.5 +18.9 Source: Thomson Reuters Datastream Capital Return NAV per share: - debt at par +6.9 +17.9 +25.2 - debt at fair value +7.3 +18.8 +26.7 Share price +3.6 +13.5 +24.9 FTSE All-Share Index +3.2 +12.7 +14.8 SIX MONTHS SIX MONTHS ENDED ENDED 31 MAR 31 MAR % 2014 2013 CHANGE Revenue Revenue return per ordinary share 29.1p 26.6p +9.4 Interim dividend per ordinary share 18.0p 18.0p - Period End AT AT AT 31 MAR 31 MAR 30 SEPT 2014 2013 2013 NAV per share: - debt at par 1831.2p 1612.8p 1712.3p - debt at fair value 1781.8p 1557.2p 1660.1p Share price 1705.0p 1496.0p 1646.0p Discount/(premium) of share price to net asset value per share: - debt at par 6.9% 7.2% 3.9% - debt at fair value 4.3% 3.9% 0.8% Gearing from borrowings: - gross 12.9% 14.7% 13.8% - net 4.5% 8.5% 9.5% . INTERIM MANAGEMENT REPORT INCORPORATING THE CHAIRMAN'S STATEMENT Chairman's Statement Performance The Company's shares gave a total return of 6.0% to shareholders over the six months from 30 September 2013 to 31 March 2014. From the perspective of the underlying net asset value (NAV) per ordinary share, the total return was 10.6%. These compare with a total return by the Company's benchmark for performance measuring purposes, the FTSE All-Share Index, of 4.8% (all these figures are with income reinvested). On 31 March 2014, the discount of the share price relative to NAV (debt at fair value) was 4.3%. As mentioned in my statement in the last annual financial report, we are very grateful to Mark Barnett, on behalf of shareholders, for the excellent performance he has produced since he took control of the portfolio on 1 January 2003. From that date to 31 March 2014 the Company's NAV total return was 336.3% compared with 178.1% for the benchmark FTSE All-Share Index. The share price total return was 417.1% (Source: Thomson Reuters Datastream). Mark will continue to manage the Company's portfolio following his well-deserved promotion to Head of UK Equities at Invesco Perpetual in March this year. Gearing and Investment Guidelines Equity exposure ranged from approximately 104% to 110% of net assets in the period and stood at 104.5% at 31 March 2014 (109.5% at 30 September 2013). The Board sets guidelines for the Manager for gearing and during the period the gearing limits set by the Board were changed, requiring that the Manager must make no net purchases if equity exposure is more than 105% of net assets (reduced from 110%), and must make sales if (as a result of market movements) equity exposure rises to more than 115% of net assets. Dividend The Board has declared a first interim dividend of 18p per ordinary share which will be paid on 27 June 2014 to shareholders on the register on 30 May 2014. The shares will be marked ex-dividend on 28 May 2014. Auditor In accordance with corporate governance best practice the Audit Committee recently put the audit of the Company's annual financial statements to competitive tender. Following this process the Directors asked Ernst & Young LLP to resign and the Board has invited PricewaterhouseCoopers LLP to take their place. Beatrice Hollond Chairman 15 May 2014 . Manager's Report Market Review The period was noteworthy for improving news on the UK economy at the macroeconomic level, concluding with an upbeat assessment of the economy by the Chancellor of the Exchequer in his Budget speech in March. It also witnessed the commencement of tapering of quantitative easing by the US Federal Reserve, the prospect of which had been unsettling stock markets for much of 2013, with stock market concerns allayed by comments that US interest rates would be kept low for some time. However, 2014 commenced with a more difficult quarter as concerns grew over the outlook for economic growth in emerging markets, most notably China. Portfolio Strategy & Review The Company's net asset value, including reinvested dividends, rose by 10.6% during the 6 months to the end of March 2014, compared to a rise of 4.8% from the FTSE All-Share Index (total returns). Over a third of the portfolio's rise was driven by its holdings in the pharmaceutical sector, notably AstraZeneca. The company has unveiled a series of positive surprises on the drug pipeline front, while the industry as a whole is benefiting from an increased rate of drug approvals by the FDA. BTG saw its shares rise on news that it had received approval from the US Food and Drug Administration for its Varithena injectable foam treatment (previously known as Varisolve) for the non-surgical treatment of varicose veins. The holdings in the fixed line telecoms sector also performed well over the period, contributing nearly one fifth of the portfolio's increase in value. BT Group has continued to deliver results above expectations, with profit growth driven by cost cutting as well as by the company's dominant position in fibre optic infrastructure and broadband. The latest results were also accompanied by a 13% hike in the dividend and a comment that its recently introduced BT Sport package had made a "confident start". TalkTalk Telecom had previously seen its shares underperform on fears over the impact that BT might have on its broadband strategy, but saw its shares rise very strongly during the review period on confirmation of good progress over the first half of its fiscal year, with accelerating revenue growth. The non-life insurance sector provided the next most significant contribution to performance. The specialist insurance group Beazley saw gross premiums written rise by 5%, driven by growth in reinsurance and positive news from its Political Risks and Contingency Division. Beazley also said that the claims environment had "developed favourably" last year. The portfolio's holdings in the support services sector enjoyed mixed fortunes over the period, but overall contributed positively. Capita maintained its very impressive run of good news, again confirming a major increase in its pipeline of tendered work - now up to 5.5 billion. Bunzl pleased investors with an improving rate of organic revenue growth but particularly with a rise in its operating margin. There was disappointing news, however, from Serco. The company warned that 2014 profits would fall by as much as 20% below market forecasts, citing a reduction of its largest contract, in Australia. More positive news was that the company is now eligible to bid for UK government contracts, after the government said that it was reassured that Serco "had developed a thorough plan for corporate renewal", and the appointment of Rupert Soames as the company's new CEO. The political debate over electricity retail prices had a negative impact on the share prices of SSE and Centrica. Both have subsequently shown some recovery as SSE announced its own price freeze and Ofgem confirmed a full competition industry review. The referral by Ofgem of the industry to the Competition Commission noted that there is no meaningful evidence of wrong doing or excessive returns, but just that some elements of the market are not functioning optimally. We expect the review to conclude that industry returns are not excessive, while moves such as that by SSE are already addressing the political agenda of pricing and transparency of margins. Rolls-Royce surprised the market with its first profit warning in a decade, and confirmed that this year will see no growth in sales or profits. This is largely blamed on defence spending cuts and the company claims that this is a pause, not a change in direction, and that growth will resume in 2015. BAE Systems, meanwhile, warned that profits would also be hit by defence cuts, however, the company reassuringly announced that it had agreed pricing with Saudi Arabia over the rising cost of a long running Eurofighter contract. The UK Budget led to a fall in value of the holding in Ladbrokes, as a new duty on fixed odds betting terminals was unveiled. This followed a warning from the company earlier in the period that profits would not match expectations, blaming challenging trading in its on-line business. In terms of portfolio activity, new investments were made in BP, CLS Holdings, Derwent London, G4S, Horizon Discovery, Nimrod Sea Assets, Macau Property and Shaftesbury. The holding in Carnival was sold. Outlook The UK equity market has struggled to find a convincing direction in 2014. The outlook is likely to remain challenging for the foreseeable future due to a combination of elevated valuations and an environment of continued flat corporate profit. In fact the recent earnings season was notable for the number of profit warnings from large corporates. Despite the well-publicised improvements in economic growth in the UK and US economies, the current valuation of the market represents a level which perhaps overly reflects this optimism and which may struggle to be maintained if the pace of earnings growth does not accelerate. The other significant reasons for caution over the near term are a reduction in the scale of asset purchases under the policy of QE in the US, uncertainty about the strength of economic growth in the developing world especially China, and a heightened level of political risk both in a domestic context ahead of the UK General Election and internationally due to the Ukrainian/Russian situation. Despite the overall cautious tone of these comments, there remain some pockets of undervaluation within the UK stock market. The key to navigating the near term is to remain highly vigilant about the strength of corporate performance and to remain judicious in portfolio selection, given the increase in valuations. It is unlikely that the performance of the market in 2013 will be repeated in the current year. The portfolio strategy remains largely unchanged from the recent past, with a strong preference for companies that have proven ability to grow revenues, profits and free cash flow in this low growth world, coupled with management teams that are fully cognisant of the need to deliver sustainable, long term, dividend growth. It is this type of investment opportunity that forms the majority of the portfolio and that we believe offers the potential to deliver good risk adjusted returns over the long term. Mark Barnett Fund Manager 15 May 2014 . Related Party Transactions and Transactions with the Manager Note 21 of the 2013 annual financial report gives details of related party transactions and transactions with the Manager. The basis of these has not changed for the six months being reported. The 2013 annual financial report is available on the Manager's website at www.invescoperpetual.co.uk/ investmenttrusts Principal Risks and Uncertainties The principal risk factors relating to the Company can be summarised as: - Investment Objective - the Company may not achieve its published objective. - Market Risk - a fall in the stock market as a whole will affect the performance of the portfolio and individual investments. - Investment Risk - the active fund management approach employed can result in a portfolio that looks and behaves differently to the benchmark index. - Shares - share price is affected by market sentiment, supply and demand, and dividends declared as well as portfolio performance. - Gearing - borrowing will amplify the effect on shareholders' funds of portfolio gains and losses. - Reliance on the Manager and Other Service Providers - failure by any service provider to carry out its obligations to the Company could have a materially detrimental impact on the operations of the Company and affect the ability of the Company to successfully pursue its investment policy. - Regulatory - whilst compliance with rules and regulations is closely monitored, breaches could affect returns to shareholders. A detailed explanation of these principal risks and uncertainties can be found on pages 9 and 10 of the 2013 annual financial report, which is available on the Manager's website. 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 This half-yearly financial report has been prepared on a going concern basis. The Directors consider this is the appropriate basis as they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being taken as 12 months after the date of this report. In considering this, the Directors took into account the diversified portfolio of readily realisable securities which can be used to meet short-term funding commitments, and the ability of the Company to meet all of its liabilities, including the debentures, and ongoing expenses. The Directors also considered the revenue forecasts for the year and future dividend payments in concluding on the going concern basis. . STATEMENT OF DIRECTORS' RESPONSIBILITIES 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 this 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 FCA'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. Beatrice Hollond Chairman 15 May 2014 . INVESTMENTS BY INDUSTRY AT 31 MARCH 2014UK listed ordinary shares unless otherwise stated INDUSTRY/COMPANY MARKET VALUE %OF '000 PORTFOLIO Basic Materials Coalfield Resources 284 0.1 HaloSource 69 - 353 0.1 Consumer Goods British American Tobacco 12,255 4.7 Imperial Tobacco 10,553 4.1 Reynolds American - US common stock 9,257 3.6 Reckitt Benckiser 7,133 2.8 39,198 15.2 Consumer Services Thomas Cook 6,160 2.4 Reed Elsevier 5,002 1.9 Compass 4,830 1.9 N Brown 4,201 1.6 Ladbrokes 2,896 1.1 Betfair 418 0.2 Mirada 5 - 23,512 9.1 Financials Provident Financial 6,178 2.4 Beazley 5,741 2.2 Amlin 5,404 2.1 Legal & General 5,139 2.0 Hiscox 4,719 1.8 A J Bell - Unquoted 3,750 1.5 Shaftesbury 3,741 1.4 NewRiver Retail 3,709 1.4 London Stock Exchange 3,487 1.3 Workspace 3,336 1.3 Lancashire 3,302 1.3 Macau Property Opportunities Fund 2,621 1.0 Derwent London 2,335 0.9 Nimrod Sea Assets 2,130 0.8 IP Group 2,069 0.8 Imperial Innovations 2,022 0.8 CLS 1,567 0.6 Doric Nimrod Air Two - Preference Shares 1,469 0.6 Doric Nimrod Air Three - Preference Shares 1,448 0.6 Sherborne Investors Guernsey B - A Shares 1,386 0.5 Damille Investments II 1,174 0.5 Altus Resource Capital 249 0.1 Acquisition 1234 - Unquoted 2 - 66,978 25.9 INDUSTRY/COMPANY MARKET VALUE %OF '000 PORTFOLIO Healthcare AstraZeneca 9,892 3.8 Roche - Swiss common stock 9,744 3.8 GlaxoSmithKline 8,519 3.3 Novartis - Swiss common stock 8,072 3.1 BTG 4,500 1.7 Napo Pharmaceuticals - Unquoted US common 3,022 1.2 stock Lombard Medical Technologies 2,321 0.9 Vectura 2,060 0.8 PuriCore 1,088 0.4 Horizon Discovery 743 0.3 XTL Biopharmaceuticals - ADR 53 - 50,014 19.3 Industrials BAE Systems 7,113 2.8 Rolls-Royce 5,066 2.0 Bunzl 5,013 1.9 Babcock International 4,857 1.9 Rentokil Initial 4,829 1.9 Capita 4,746 1.8 G4S 3,263 1.3 Serco 2,681 1.0 HomeServe 2,434 0.9 Chemring 715 0.3 Nexeon - B Shares - Unquoted 497 Nexeon - Preference C Shares - Unquoted 400 0.3 Nexeon - Unquoted 4 41,618 16.1 Oil & Gas BP 5,462 2.1 5,462 2.1 Telecommunications BT Group 10,421 4.0 KCOM 3,772 1.5 TalkTalk Telecom 3,555 1.4 17,748 6.9 Utilities SSE 5,072 2.0 Drax 4,888 1.9 Centrica 3,513 1.3 Barclays Bank - Nuclear Power Notes 28 Feb 208 0.1 2019(1) 13,681 5.3 Total Investments 258,564 100.0 (1)Contingent Value Rights (CVR) referred to as Nuclear Power Notes (NPN) were offered by EDF as a partial alternative to cash in it's bid for British Energy (BE). The NPNs were issued by Barclays Bank. The CVRs participate in BE's existing business. . CONDENSED INCOME STATEMENT YEAR SIX MONTHS TO SIX MONTHS TO ENDED 31 MARCH 2014 31 MARCH 2013 30 SEPTEMBER 2013 REVENUE CAPITAL TOTAL REVENUE CAPITAL TOTAL TOTAL NOTE '000 '000 '000 '000 '000 '000 '000 Gains on - 19,278 19,278 - 35,273 35,273 49,016 investments Foreign exchange 2 - (9) (9) - (30) (30) (4) (losses)/gains Income: UK dividends - 2,922 - 2,922 3,007 - 3,007 6,707 ordinary UK dividends - 471 280 751 - - - 765 special Overseas dividends 965 - 965 1,338 - 1,338 1,521 - ordinary Overseas dividends 351 - 351 - - - 189 - special Scrip dividends 25 - 25 6 - 6 34 Deposit interest 7 - 7 1 - 1 2 Investment 3 (231) (1,316) (1,547) (188) (868) (1,056) (2,577) management and performance-related fees Other expenses (171) - (171) (159) - (159) (333) Net return before 4,339 18,233 22,572 4,005 34,375 38,380 55,320 finance costs and taxation Finance costs Interest payable (274) (822) (1,096) (274) (822) (1,096) (2,191) Debenture stock buy - - - - (6) (6) (6) back Distributions in (6) - (6) (6) - (6) (12) respect of non-equity shares Return on ordinary 4,059 17,411 21,470 3,725 33,547 37,272 53,111 activities before taxation Tax on ordinary 4 (122) - (122) (149) - (149) (192) activities Net return on 3,937 17,411 21,348 3,576 33,547 37,123 52,919 ordinary activities after tax Return per ordinary share Basic 5 29.1p 128.8p 157.9p 26.6p 249.6p 276.2p 393.1p 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 presented for information purposes in accordance with the Statement of Recommended Practice issued by the Association of Investment Companies. All items in the above statement derive from continuing operations and the Company has no other gains or losses and therefore no statement of total recognised gains or losses is presented. No operations were acquired or discontinued in the period. . CONDENSED BALANCE SHEET Registered number 538179 NOTE AT AT AT 31 MARCH 31 MARCH 30 2014 2013 SEPTEMBER '000 '000 2013 '000 Fixed assets Investments held at fair value through 258,564 233,967 254,279 profit or loss Current assets Amounts due from brokers 214 1,545 774 Unrealised profit on forward currency 2 - - 1 contracts Prepayments and accrued income 1,358 1,263 606 Overseas withholding tax recoverable 356 332 172 Cash and cash funds 20,842 13,472 9,809 22,770 16,612 11,362 Creditors: amounts falling due within one year Amounts due to brokers - (367) (5) Accruals and deferred income (1,253) (1,168) (1,265) Performance-related fee - - (1,002) (1,253) (1,535) (2,272) Net current assets 21,517 15,077 9,090 Total assets less current liabilities 280,081 249,044 263,369 Creditors: amounts falling due after more than one year Debenture stock 6 (31,652) (31,626) (31,639) Cumulative preference shares (250) (250) (250) Provision 3 (623) (349) - Net assets 247,556 216,819 231,480 Capital and reserves Called up share capital 6,760 6,722 6,760 Share premium 3,449 2,214 3,449 Capital redemption reserve 466 466 466 Capital reserve 228,490 199,435 211,079 Revenue reserve 8,391 7,982 9,726 Shareholders' funds 247,556 216,819 231,480 Net asset value per share Basic 7 1831.2p 1612.8p 1712.3p . CONDENSED CASH FLOW STATEMENT SIX MONTHS SIX MONTHS YEAR TO TO 31MARCH TO 31 MARCH 30 SEPTEMBER 2014 2013 2013 '000 '000 '000 Total return before finance costs and 22,572 38,380 55,320 taxation Adjustment for gains on investments and (19,278) (35,273) (49,016) certificates of deposit Cash outflow from forward currency - (3) (4) contracts Scrip dividends (25) (16) (34) (Increase)/decrease in debtors (937) (740) 77 (Decrease)/increase in creditors and (390) 40 791 provisions Tax on overseas dividends (122) (149) (192) Cash inflow from operating activities 1,820 2,239 6,942 Servicing of finance (1,089) (1,090) (2,179) Capital expenditure and financial investment Purchases of investments (35,835) (25,979) (48,638) Proceeds from sale of investments 51,409 25,512 42,029 Net equity dividends paid - note 9 (5,272) (4,100) (6,508) Net cash inflow/(outflow) before 11,033 (3,418) (8,354) management of liquid resources and financing Management of liquid resources (5,700) 1,670 5,720 Financing Buy back of debenture stock - (37) (37) Net proceeds from shares issued - 993 2,266 Decrease in cash in the period 5,333 (792) (405) Cashflow from movement in liquid 5,700 (1,670) (5,720) resources Debenture stock non-cash movement (13) (12) (26) Reduction in debenture stock - 31 32 Movement in net debt in the period 11,020 (2,443) (6,119) Net debt at beginning of period (22,080) (15,961) (15,961) Net debt at period end (11,060) (18,404) (22,080) Analysis of changes in net debt Brought forward: Cash and cash funds 9,809 15,934 15,934 Debenture stock (31,639) (31,645) (31,645) Cumulative preference shares (250) (250) (250) Net debt brought forward (22,080) (15,961) (15,961) Movements in the period: Cash inflow/(outflow) from cash funds 11,033 (2,462) (6,125) and short term deposits Reduction in debenture stock liability - 31 32 Debenture stock non-cash movement (13) (12) (26) Net debt at period end (11,060) (18,404) (22,080) . CONDENSED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS CAPITAL SHARE SHARE REDEMPTION CAPITAL REVENUE CAPITAL PREMIUM RESERVE RESERVE RESERVE TOTAL '000 '000 '000 '000 '000 '000 For the six months ended 31 March 2014 At 30 September 2013 6,760 3,449 466 211,079 9,726 231,480 Dividends paid - note 9 - - - - (5,272) (5,272) Net return on ordinary - - - 17,411 3,937 21,348 activities At 31 March 2014 6,760 3,449 466 228,490 8,391 247,556 For the six months ended 31 March 2013 At 30 September 2012 6,685 1,258 466 165,888 8,506 182,803 Dividends paid - note 9 - - - - (4,100) (4,100) Issue of ordinary shares - 37 956 - - - 993 note 8 Net return on ordinary - - - 33,547 3,576 37,123 activities At 31 March 2013 6,722 2,214 466 199,435 7,982 216,819 For the year ended 30 September 2013 At 30 September 2012 6,685 1,258 466 165,888 8,506 182,803 Dividends paid - note 9 - - - - (6,508) (6,508) Issue of ordinary shares 75 2,191 - - - 2,266 Net return on ordinary - - - 45,191 7,728 52,919 activities At 30 September 2013 6,760 3,449 466 211,079 9,726 231,480 . NOTES TO THE CONDENSED FINANCIAL STATEMENTS 1. Accounting Policies The condensed financial statements have been prepared using the same accounting policies as those adopted in the annual financial report for the year ended 30 September 2013. 2. Forward Currency Contracts The equity portfolio includes 32,278,000 (31 March 2013: 35,096,000; 30 September 2013: 35,123,000) of equities denominated in currencies other than pounds sterling. In order to manage the currency risk, the Manager may hedge part of the currency exposure into sterling through the use of forward foreign exchange contracts. If used, foreign exchange contracts are designated as fair value hedges through profit or loss. At the period end no forward foreign exchange contracts were held. 3. Base Management Fee, Finance Costs and Performance-related Fee The base management fee and finance costs are allocated 75% to capital and 25% to revenue. The base management fee rate is 0.2% of the ten day average mid-market capital of the Company at each quarter end date. Up to 31 December 2012, a performance-related fee was due after the end of the calendar year if the Company's annualised total return over the previous three years was greater than the annualised return of the FTSE All-Share (Total Return) Index over the same period, plus 2%. For the accounting year to 30 September 2013, the period element of the performance-related fee was revised so that current and future performance-related fee calculation periods are coterminous with the Company's September year end, starting with that year end. SIX MONTHS TO SIX MONTHS TO YEAR TO 31 MAR 2014 31 MAR 2013 30 SEPT '000 '000 2013 '000 Provision brought forward - 322 322 Paid in period - (277) (277) Charge for the period/(reversal of 623 304 (45) provision) Provision carried forward 623 349 - 4. Tax The tax effect of expenditure is allocated between capital and revenue on the same basis as the particular item to which it relates, using the Company's effective rate of tax for the accounting period. 5. Basis of Returns SIX MONTHS TO SIX MONTHS TO YEAR TO 31 MAR 2014 31 MAR 2013 30 SEPT 2013 Returns after tax: Revenue 3,937,000 3,576,000 7,728,000 Capital 17,411,000 33,547,000 45,191,000 Total 21,348,000 37,123,000 52,919,000 Weighted average number of ordinary 13,518,799 13,441,739 13,458,388 shares in issue during the period 6. Debenture Stock The Company's structured debt at the period end is as follows: 31 MAR 2014 31 MAR 2013 30 SEPT 2013 '000 '000 '000 7.75% debenture stock 2020 7,000 7,000 7,000 6.5% debenture stock 2023 24,968 24,968 24,968 Total 31,968 31,968 31,968 Discount and issue expenses on (316) (342) (329) debenture stock 31,652 31,626 31,639 7. Basis of Net Asset Value per Ordinary Share AT AT AT 31 MAR 2014 31 MAR 2013 30 SEPT 2013 Shareholders' funds 247,556,000 216,819,000 231,480,000 Ordinary shares in issue at period 13,518,799 13,443,799 13,518,799 end 8. Movements in Called up Share Capital SIX MONTHS TO SIX MONTHS TO YEAR TO 31 MAR 2014 31 MAR 2013 30 SEPT 2013 '000 '000 '000 Number of ordinary 50p shares: Brought forward 13,518,799 13,368,799 13,368,799 Issued in period - 75,000 150,000 In issue at period end 13,518,799 13,443,799 13,518,799 9. Dividends Paid SIX MONTHS TO SIX MONTHS TO YEAR TO 31 MAR 2014 31 MAR 2013 30 SEPT 2013 '000 '000 '000 Second interim 32p (2013: 30.5p) 4,326 4,100 4,100 Special dividend 7p 946 - - First interim 18p - - 2,420 Return of unclaimed dividends from - - (12) previous years Total paid 5,272 4,100 6,508 The Company pays two interims a year, the second interim being in lieu of a final dividend. The first interim dividend of 18p will be paid on 27 June 2014 to shareholders on the register on 30 May 2014. 10. Investment Trust Status It is the intention of the Directors to conduct the affairs of the Company so that it satisfies the conditions for approval as an investment trust company within the meaning of section 1159 of the Corporation Tax Act 2010. 11. Status of Half-Yearly Financial Report 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 31 March 2013 and 31 March 2014 has not been audited. The figures and financial information for the year ended 30 September 2013 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



15 May 2014


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