Interim Management Statement

Invesco Perpetual UK Smaller Companies

                                                           Investment Trust plc

                         Interim Management Statement                          

                  for the Three Months ended 31 October 2011                   

Material Events

No material events in the period

Dividends

In the period, an interim dividend of 1.6 pence per ordinary share was declared
and was paid on 21 October 2011 to shareholders on the register on 30 September
2011.

Performance - Total Return

                             3 Months     1 Year      3 Years      5 Years   
                                                                             
Share Price                    -11.4%        8.1%        93.2%        16.6%
                                                                             
Net Asset Value                 -8.6%        4.1%        75.2%        21.4%
                                                                             
Extended Hoare Govett SMC       -9.5%        1.2%        92.8%        15.1%
                                                                             
Index (ex Investment                                                         
Companies)                                                                   

Source: Thomson Datastream

Share Price and Discount

                                             For the Three Months Ended      
                                                                             
                                                  31 October 2011            
                                                                             
                     As at 31 October      High         Low        Average   
                           2011                                              
                                                                             
Share Price (pence)        185.0          211.0        177.5        186.0    
                                                                             
Discount                   18.5%                                             

Assets and Gearing

                                31 October 20
                                           11
                                             
Total Gross Assets (£m)                 122.1
                                             
of which cash (£m)                      (2.4)
                                             
Borrowings (£m)                             -
                                             
Cum Income Net Asset Value per         227.0†
                                             
share (pence)                                
                                             
Gross Gearing                            2.0%
                                             
Net Gearing                              2.0%

† - ex dividend

`Gross Gearing' reflects loans drawn down, whereas `Net Gearing' reflects the
amount of borrowings actively invested in assets and not held in cash.

Sector Breakdown of Portfolio

                         31 October
                                   
                               2011
                                   
Industrials                   39.1%
                                   
Financials                    12.1%
                                   
Technology                    11.1%
                                   
Healthcare                     9.8%
                                   
Basic Materials                8.4%
                                   
Consumer Services              8.3%
                                   
Oil & Gas                      6.8%
                                   
Consumer Goods                 3.6%
                                   
Telecommunications             0.8%

Top Ten Holdings

Top Ten Holdings*             % of Portfolio    
                                                
Synergy Healthcare                  3.9         
                                                
Babcock International               3.7         
                                                
Fenner                              3.3         
                                                
Croda International                 2.5         
                                                
Chemring                            2.3         
                                                
Dechra Pharmaceutical               2.3         
                                                
RPC                                 1.9         
                                                
Diploma                             1.6         
                                                
Filtrona                            1.6         
                                                
Domino                              1.5         

* Ordinary shares unless otherwise stated

Changes to Share Capital

                            Ordinary Shares of 20p each 
                                                        
                                  Issued    Treasury    
                                                        
As at 31 July 2011            54,650,084        0       
                                                        
Shares bought back and         (841,000)        0       
cancelled                                               
                                                        
Share issued                         Nil        0       
                                                        
As at 31 October 2011         53,809,084        0       

Since 31 October 2011, 318,000 ordinary shares have been bought back and
cancelled, leaving 53,491,084 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

21 November 2011

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