Invesco Perp Sel Tst - Interim Management Statement

    Invesco Perpetual Select Trust plc

                          Hedge Fund Share Portfolio                           

                               (`the portfolio')                               

                         Interim Management Statement                          

                   for the Three Months ended 31 August 2008                    

Material Events

At the Invesco Perpetual Select Trust plc (`the Company') Annual General
Meeting held on 23 September 2008, shareholders approved all Resolutions,
including:

  * the approval of the Company's Investment Policy; and
   
  * the amendment of the Company's Articles of Association to update them
    primarily to take account of changes brought about by the Companies Act
    2006.
   
Stephen Zimmerman retired as a Director of the Company with effect from 23
September 2008.

Dividends

No dividends were declared in the period.

Performance - Total Return

                                     3 Months         1 Year    Since Inception
                                                                               
Share Price                              5.2%          17.5%              30.3%
                                                                               
Net Asset Value                         -3.9%           7.8%              25.1%
                                                                               
Merrill Lynch 3 month LIBOR              1.5%           6.4%              10.7%

Source: Fundamental Data and Merrill Lynch

Share Price and Discount

                                        As at    For the Three Months Ended    
                                                                               
                                    31 August          31 August 2008          
                                                                               
                                         2008                                  
                                                                               
                                                      High       Low    Average
                                                                               
Hedge Fund shares mid-market            131.0        131.5     123.5      128.8
price                                                                          
                                                                               
(pence)                                                                        
                                                                               
Premium/Discount                        +4.7%                                  

Source: Fundamental Data

Assets and Gearing

                                           31 August      31 May         Change
                                                                               
                                                2008        2008               
                                                                               
Total Gross Assets (�m)                         28.4        29.5          -3.7%
                                                                               
of which Cash (�m)                                 -           -               
                                                                               
Borrowings (�m)                                  0.2           -               
                                                                               
Cum Income Net Asset Value (pence)             125.1         130.2*       -3.9%
                                                                               
Actual Gearing                                   101         100               

*Ex dividend

`Actual Gearing' reflects loans drawn down. A figure of 100 means that the
Portfolio has no gearing.

Breakdown of Portfolio by Strategy

                                          % of Portfolio      % of Portfolio
                                                                            
                                                              at 31 May 2008
                                                                            
Equity Hedged High Volatility                     24.92%              21.50%
                                                                            
Macro                                             19.55%              22.00%
                                                                            
Specialist Credit                                 14.11%              13.40%
                                                                            
Event Driven                                      11.90%              11.60%
                                                                            
Equity Long Bias                                   9.63%              10.60%
                                                                            
Multiple Strategy                                  6.05%               6.40%
                                                                            
Volatility Trading                                 5.32%               6.30%
                                                                            
Equity Hedged Low Volatility                       4.45%               4.30%
                                                                            
Short Bias                                         4.07%               3.90%

Changes to Share Capital

                               Hedge Fund Shares of 1p each 
                                                            
                                       Issued       Treasury
                                                            
As at 31 May 2008                  22,683,076         34,000
                                                            
Hedge Fund shares bought back       (144,000)        144,000
                                                            
Hedge Fund shares issued                    0              0
                                                            
Treasury shares cancelled                   0              0
                                                            
As at 31 August 2008               22,539,076        178,000

Since 31 August 2008 no Hedge Fund shares were bought back.

Price and Performance

The Company's Hedge Fund Shares are listed on the London Stock Exchange and the
price is published in the Financial Times under `Investment Companies' and in
the Daily Telegraph under `Investment Trusts'.

The Portfolio's net asset value is calculated on a daily basis and can be
viewed on the London Stock Exchange website at www.londonstockexchange.com.

Further information can be obtained from Invesco Perpetual as follows:

Free Investor Helpline: 0800 085 8677

Internet address: www.invescoperpetual.co.uk/investmenttrusts

The information provided in this statement should not be considered as a
financial promotion.

In future, interim management statements are expected to be published in
September and March each year.

For and on behalf of

Invesco Asset Management Limited

- Company Secretary

6 October 2008

Registered Office

30 Finsbury Square, London, EC2A 1AG

Telephone: 020 7065 4000

Facsimile: 020 7065 3166

Registered in England No 5916642

An Investment Company under Section 266

of the Companies Act 1985



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