Interim Management Statement

Invesco Perpetual UK Smaller Companies

                                                           Investment Trust plc

                         Interim Management Statement                          

                  for the Three Months ended 31 October 2010                   

Material Events

Appointment of a New Director

The Board of Invesco Perpetual UK Smaller Companies Investment Trust plc is
pleased to announce the appointment of Mr Christopher Fletcher as a
non-executive Director of the Company with effect from 1 December 2010.

Mr Fletcher is Head of Retail Investments at Baillie Gifford & Co with
responsibility for administration and non-institutional business development,
particularly of investment trusts and pooled funds. He is managing director of
Baillie Gifford & Co Ltd, Baillie Gifford Life Limited and Baillie Gifford
Savings Management Ltd.

Mr Fletcher is also a Director and Chairman of the Audit Committee of Northern
2 VCT plc.

Prior to joining Baillie Gifford & Co in 1997, Mr Fletcher was a partner in the
Edinburgh office of KPMG for over 12 years.

He does not currently hold any of the Company's ordinary shares.

No information is to be disclosed in respect of paragraphs 9.6.13 (2) - (6) of
the Financial Services Authority's Listing Rules for Mr Fletcher.

Dividends

In the period, an interim dividend of 1.6 pence per ordinary share was declared
and was paid on 22 October 2010 to shareholders on the register on 24 September
2010.

Performance - Total Return

                             3 Months     1 Year      3 Years      5 Years   
                                                                             
Share Price                        9.1%       20.1%        -1.0%        50.3%
                                                                             
Net Asset Value                   11.4%       20.6%        -1.0%        55.8%
                                                                             
Extended Hoare Govett SMC         11.1%       23.0%         0.7%        49.7%
                                                                             
Index (ex Investment                                                         
Companies)                                                                   

Source: Thomson Datastream

Share Price and Discount

                                             For the Three Months Ended      
                                                                             
                                                  31 October 2010            
                                                                             
                     As at 31 October      High         Low        Average   
                           2010                                              
                                                                             
Share Price (pence)        175.0          177.5        155.5        165.6    
                                                                             
(Discount)/Premium        -21.0%                                             

Assets and Gearing

                                 31 October 20      31 July 2010       Change
                                            10                               
                                                                             
Total Gross Assets (£m)                  126.0             114.9         9.7%
                                                                             
of which cash (£m)                         3.8               7.2             
                                                                             
Borrowings (£m)                              -                 -            -
                                                                             
Cum Income Net Asset Value per          221.5†             201.2        10.1%
                                                                             
share (pence)                                                                
                                                                             
Actual Gearing                             100               100             
                                                                             
Asset Gearing                               98                94             

† - ex dividend

`Actual Gearing' reflects loans drawn down, whereas `Asset 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

                         31 October       31 July
                                                 
                               2010          2010
                                                 
Industrials                   39.3%         42.5%
                                                 
Technology                    13.7%         11.7%
                                                 
Financials                    10.3%          9.8%
                                                 
Healthcare                     9.9%          9.4%
                                                 
Consumer Services              9.6%          9.5%
                                                 
Basic Materials                6.8%          6.3%
                                                 
Oil & Gas                      6.0%          6.5%
                                                 
Consumer Goods                 4.4%          4.3%

Top Ten Holdings

Ranking now     Top Ten Holdings*             % of Portfolio    
                                                                
1               Synergy Healthcare                 4.2%         
                                                                
2               Fenner                             3.6%         
                                                                
3               Croda International                3.0%         
                                                                
4               Chemring                           3.0%         
                                                                
5               Babcock International              2.8%         
                                                                
6               Domino                             2.1%         
                                                                
7               Dechra Pharmaceutical              1.8%         
                                                                
8               Premier Oil                        1.7%         
                                                                
9               Homeserve                          1.6%         
                                                                
10              Mears                              1.6%         

* Ordinary shares unless otherwise stated

Changes to Share Capital

                            Ordinary Shares of 20p each 
                                                        
                                  Issued    Treasury    
                                                        
As at 31 July 2010            57,104,629        0       
                                                        
Shares bought back and         (200,000)        0       
cancelled                                               
                                                        
Share issued                         Nil        0       
                                                        
As at 31 October 2010         56,904,629        0       

Since 31 October 2010, 345,600 ordinary shares were bought back and cancelled
on 18 November 2010, leaving 56,559,029 ordinary shares in issue.

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 expects to renew these authorities
each year.

Price and Performance

The Company's Ordinary 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 Company'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.

Interim management statements are normally expected to be published in May and
November each year.

For and on behalf of

Invesco Asset Management Limited

1 December 2010

Registered Office

30 Finsbury Square, London, EC2A 1AG

Telephone: [phone]

Facsimile: 020 7065 3166

Registered in England No 2129187

An Investment Company under Section 833

of the Companies Act 2006