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Invesco Inc Grth Tst (IVI)

  Print      Mail a friend       Annual reports

Wednesday 18 July, 2007

Invesco Inc Grth Tst

Interim Management Statement

                        INVESCO Income Growth Trust plc                        

                         Interim Management Statement                          

                     for the Three Months ended 30 June 2007                     

Material Events

During the period, a final dividend of 2.75p was proposed and approved by
shareholders at the AGM held on 12 July 2007. This dividend will be paid on 17
July 2007 to ordinary shareholders on the register on 22 June 2007.

It came to the Board's attention that the Company's annual report includes an
error in the summary of the management agreement with INVESCO Asset Management
Limited. The agreement may in normal circumstances be terminated by the company
on twelve months' notice, not three months as stated in note 3 to the accounts
on page 38 of the annual report.

The Board have also announced the appointment of an additional Director, Mr
Jonathan Silver, with effect from 1 August 2007. Mr Silver will seek election
from shareholders at the 2008 AGM.


In the period, a dividend of 1.75p per ordinary share was declared and was paid
on 10 May 2007 to shareholders on the register as at 13 April 2007.            

Performance - Total Return

                              3 Months      1 Year      3 Years      5 Years   
Share Price                     1.1%        26.1%        80.3%        78.9%    
Net Asset Value                 2.5%        24.2%        75.7%        83.0%    
FTSE All-Share Index            4.5%        18.4%        68.2%        77.5%    

Source: Fundamental Data

Share Price and Discount

                                         For the Three Months Ended 30 June2007
                        As at 30 June        High         Low        Average   
Share Price                 240.0p          249.8p       234.0p       244.3p   
Discount                     9.0%           10.5%         6.1%         7.8%    

Source: Fundamental Data

Assets and Gearing

                          30 June 2007  31 March 2007         Change
Total Gross Assets (£'000)       169.7          170.0          -0.2%  
Cash (£'000)                         -              -              -
Borrowings (£'000)                14.9           11.7          27.3%
Net Asset Value (pence)          263.8         260.0†           1.5%
Actual Gearing                     110            100               
Effective Gearing                  111             99               

† - ex final dividend

`Actual Gearing' reflects loans drawn down, whereas `Effective Gearing'
reflects the amount of loans invested in the portfolio. A figure of 100 means
that the Trust has no gearing.

Sector Breakdown of Portfolio

                          30 June 2007   31 March 2007
Oil & Gas                         8.7%            7.4%
Basic Materials                   2.9%            2.6%
Industrials                      13.2%           14.1%
Consumer Goods                   11.0%           11.2%
Health Care                       5.1%            3.3%
Consumer Services                17.8%           18.1%
Telecommunications                8.8%            8.1%
Utilities                        10.7%           11.5%
Financial                        21.8%           23.7%
TOTAL                           100.0%          100.0%

Changes to Portfolio

Ranking   Top Ten Holdings*      % of Portfolio   Bought/Sold     Ranking at   
Now                                                in Period     31 March 2007 
1         Vodafone Group              5.0%             S               2       
2         BP                          4.8%             B               3       
3         Imperial Tobacco            4.0%             S               1       
4         Royal Bank of Scotland      3.9%             B               4       
5         Royal Dutch Shell           3.8%             -               9       
6         BT                          3.8%             S               5       
7         GlaxoSmithKline             3.3%             B               7       
8         British American            3.2%             S               8       
9         HSBC Holdings               3.1%             S              10       
10        National Grid               2.9%             S               6       

* Ordinary shares unless otherwise stated

Changes to Share Capital

                             Ordinary Shares of 25p each
                                    Issued   Treasury   
As at 31 March 2007             60,162,036       0      
Shares bought back and         (1,470,506)       0      
Share issued                           Nil       0      
As at 30 June 2007              58,691,530       0      

The Company has authority to buy back shares (for cancellation or into
treasury) and to issue new shares (disapplying pre-emption rights), in each
case within specified limits. The Company renewed this authority at the AGM
held on 12 July 2007.

Since 30 June 2007, a further 140,000 ordinary shares of 25p each have been
bought back and cancelled.

For and on behalf of

INVESCO Asset Management Limited

18 July 2007


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