Interim Management Statement

Invesco Perpetual UK Smaller Companies Investment Trust plc

                         Interim Management Statement                          

                   for the Three Months ended 31 October 2013                   

Material Events

No material events occurred during the period.

Dividends

During the period, an interim dividend of 1.6 pence per ordinary share was
declared on 17 September 2013. The dividend was paid on 24 October 2013 to 
shareholders on the register on 27 September 2013.


Performance - Total Return

                               3 Months     1 Year      3 Years      5 Years   
                                                                             
Share Price                       10.4%       42.3%        88.5%       236.8%
                                                                             
Net Asset Value                    5.9%       31.8%        63.8%       175.7%
                                                                             
Numis Smaller Companies            7.6%       36.9%        66.7%       217.5%
                                                                             
Index (ex Investment                                                         
Companies)                                                                   

Source: Thomson Reuters Datastream



Share Price and Discount

                                             For the Three Months Ended      
                                                                             
                                                  31 October 2013            
                                                                             
                     As at 31-Oct-2013     High         Low        Average   
                                                                             
Share Price (pence)       308.00          308.00       281.50       297.80   
                                                                             
Discount                   10.5%    

                                         

Assets and Gearing

                                  31-Oct-2013
                                             
Total Gross Assets (£m)                 183.1
                                             
of which cash (£m)                        2.3
                                             
Borrowings (£m)                             -
                                             
Cum Income Net Asset Value per          344.1
                                             
share (pence)                                
                                             
Net Cash                                 1.3%

`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

                             31 Oct
                                   
                               2013
                                   
Industrials                   29.5%
                                   
Consumer Services             19.5%
                                   
Financials                    16.1%
                                   
Health Care                   12.0%
                                   
Technology                     6.6%
                                   
Consumer Goods                 6.3%
                                   
Oil & Gas                      6.1%
                                   
Basic Materials                3.9%
                                   



Changes to Portfolio

Top Ten Holdings*                % of Portfolio 
                                                
Synergy Healthcare                    3.3%      
                                                
Senior                                3.1%      
                                                
Dechra Pharmaceuticals                2.9%      
                                                
Howden Joinery                        2.9%      
                                                
Diploma                               2.3%      
                                                
LSL Property Services                 2.1%      
                                                
Elementis                             2.0%      
                                                
Euromoney Institutional Investor      1.9%      
                                                
CVS                                   1.8%      
                                                
RPC                                   1.8%      

* Ordinary shares unless otherwise stated.



Changes to Share Capital

                            Ordinary Shares of 20p each 
                                                        
                                  Issued    Treasury    
                                                        
As at 31-Jul-2013             53,209,084        -       
                                                        
Shares bought back and                 -        -       
cancelled                                               
                                                        
Shares issued                          -        -       
                                                        
As at 31- Oct-2013            53,209,084        -       

Since 31 October 2013, no ordinary shares were bought back and no ordinary
shares were 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 December
each year.




For and on behalf of

Invesco Asset Management Limited

17 December 2013

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