Interim Management Statement

Invesco Perpetual UK Smaller Companies

                                                           Investment Trust plc

                         Interim Management Statement                          

                   for the Three Months ended 31October 2009                   

Material Events

No material events occurred during the period.

Dividends

In the period, an interim dividend of 1.6p per ordinary share was declared and
was paid on 23 October 2009 to shareholders on the register as at 25 September
2009.

Performance - Total Return

                               3 Months      1 Year      3 Years      5 Years   
                                                                             
Share Price                       15.1%       48.8%       -10.2%        68.0%
                                                                             
Net Asset Value                   16.8%       39.5%        -3.3%        65.0%
                                                                             
Extended Hoare Govett SMC         13.6%       54.9%        -7.5%        51.8%
                                                                             
Index (ex Investment                                                         
Companies)                                                                   

Source: Fundamental Data

Share Price and Discount

                                             For the Three Months Ended      
                                                                             
                                                  31 October 2009            
                                                                             
                     As at 31 Oct 2009     High         Low        Average   
                                                                             
Share Price (pence)       149.75          157.0        131.5        145.2    
                                                                             
(Discount)/Premium        -20.5%                                             

Assets and Gearing

                                   31 October           31 July        Change
                                                                             
                                         2009              2009              
                                                                             
Total Gross Assets (£m)                 108.1              93.6         15.5%
                                                                             
of which cash (£m)                        1.9               1.4              
                                                                             
Borrowings (£m)                             -                 -             -
                                                                             
Cum Income Net Asset Value per          188.1              160.6†       17.1%
share (pence)                                                                
                                                                             
Actual Gearing                            100               100              
                                                                             
Asset Gearing                              98                99              

† - 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
                                                 
                               2009          2009
                                                 
Industrials                   42.6%         39.4%
                                                 
Healthcare                    11.2%         11.1%
                                                 
Financial                     11.1%         12.2%
                                                 
Consumer Services             10.0%          9.8%
                                                 
Technology                    10.0%          9.3%
                                                 
Oil & Gas                      6.5%          8.2%
                                                 
Basic Materials                4.5%          4.9%
                                                 
Consumer Goods                 4.1%          5.1%

Top Ten Holdings

Top Ten Holdings*             % of     
                            Portfolio  
                                       
Synergy Healthcare            4.0%     
                                       
Chemring                      3.4%     
                                       
VT                            2.9%     
                                       
Fenner                        2.4%     
                                       
Premier Oil                   2.0%     
                                       
Croda                         1.9%     
                                       
Dechra Pharmaceutical         1.8%     
                                       
Dignity                       1.8%     
                                       
Mears                         1.6%     
                                       
Mouchel Parkman               1.6%     

* Ordinary shares unless otherwise stated

Changes to Share Capital

                            Ordinary Shares of 20p 
                                     each          
                                                   
                                Issued   Treasury  
                                                   
As at 31 July 2009          57,694,629      0      
                                                   
Shares bought back           (200,000)      0      
                                                   
Share issued                       Nil      0      
                                                   
As at 31 October 2009       57,494,629      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 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 expected to be published in May and November
each year.

For and on behalf of

Invesco Asset Management Limited

24 November 2009

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