Interim Management Statement

Invesco Perpetual UK Smaller Companies Investment Trust plc

                         Interim Management Statement                          

                   for the Three Months ended 30 April 2014 
                   

Material Events

No material events occurred during the period.

Dividends

A final dividend of 4.9 pence per ordinary share was declared and approved by
shareholders at the AGM held on 5 June 2014. This dividend will be paid on 6
June 2014 to shareholders on the register on 25 April 2014.

Performance - Total Return

                               3 Months      1 Year      3 Years      5 Years   
                                                                             
Share Price                        4.8%       27.9%        76.7%       202.7%
                                                                             
Net Asset Value                    1.0%       21.7%        53.2%       164.3%
                                                                             
Numis Smaller Companies           -0.5%       23.0%        53.0%       168.5%
                                                                             
Index (ex Investment                                                         
Companies)                                                                   

Source: Thomson Reuters Datastream


Share Price and Discount

                                             For the Three Months Ended         
                                                   30 April 2014             
                                                                             
                   As at 30 April 2014     High         Low        Average   
                                                                           
                                                                             
Share Price (pence)       327.00          345.00       315.00       329.90   
                                                                             
Discount                   10.1%                                             

Source: Thomson Reuters Datastream


Assets and Gearing

                                               30 April 2014
                                                            
Total Gross Assets (£m)                                193.6
                                                            
of which cash (£m)                                       3.5
                                                            
Borrowings (£m)                                            -
                                                            
Cum Income Net Asset Value (pence)                     363.8
                                                            
Net Cash                                                1.8%

Net Cash - reflects the Company's net exposure to cash and cash equivalents
expressed as a percentage of shareholders' funds after any offset against its
gearing.


Sector Breakdown of Portfolio

                                    30 April
                                        2014
                                            
Industrials                            31.3%
                                            
Consumer Services                      17.4%
                                            
Financials                             14.9%
                                            
Health Care                            11.5%
                                            
Technology                              8.2%
                                            
Oil & Gas                               7.7%
                                            
Consumer Goods                          5.3%
                                            
Basic Materials                         3.7%
                                            


Top Ten Holdings

Investments                   % of Portfolio  
                                            
Synergy Health                          3.6%
                                            
Senior                                  2.7%
                                            
CVS                                     2.2%
                                            
Howden Joinery                          2.2%
                                            
Elementis                               2.1%
                                            
Diploma                                 2.1%
                                            
Mears                                   1.9%
                                            
Dechra Pharmaceuticals                  1.8%
                                            
Brown (N)                               1.8%
                                            
LSL Property Services                   1.7%

Ordinary shares unless otherwise stated.



Changes to Share Capital

                            Ordinary Shares of 20p each 
                                                        
                                  Issued    Treasury    
                                                        
As at 31 Jan 2014             53,209,084        0       
                                                        
Shares bought back and               Nil        0       
cancelled                                               
                                                        
Shares issued                        Nil        0       
                                                        
As at 30 April 2014           53,209,084        0       

Since 30 April 2014, no further ordinary shares have been bought back and no
ordinary shares have been issued.

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

5 June 2014


Registered Office

Perpetual Park, Perpetual Park Drive,

Henley-on-Thames, Oxfordshire, RG9 1HH

Telephone: [phone]

Facsimile: 020 3753 0123

Registered in England No 2129187

An Investment Company under Section 833

of the Companies Act 2006