Interim Management Statement to 31 March 2011

ABERFORTH SMALLER COMPANIES TRUST plc                     

      Interim Management Statement for the three months to 31 March 2011       


Investment Objective

The investment objective of Aberforth Smaller Companies Trust plc (ASCoT) is to
achieve a net asset value total return (with dividends reinvested) greater than
on the RBS Hoare Govett Smaller Companies Index (Excluding Investment
Companies) (RBS HGSC (XIC)) over the long term.

Aberforth Partners LLP are contracted as the Investment Managers and
Secretaries to the Company.

Features

  * During the 3 months to 31 March 2011, the Company's net asset value rose by
    3.8%. By comparison, the Company's benchmark, the RBS HGSC (XIC) Index,
    rose by 1.6%. All figures are total returns.
   
  * As at 31 March 2011, the share price was 661.5p, representing a discount of
    12.8% to the net asset value.
   
  * No shares were purchased for cancellation during the period under review.
    96,366,792 shares remain in issue.
   
  * At the Annual General Meeting held on 2 March 2011, shareholders voted in
    favour of all ten resolutions.
   
  * A second interim dividend in respect of the year ended 31 December 2010 of
    13.0p was paid on 25 February 2011.

   
Performance - Total Returns
Periods to 31 March 2011

                      3 Months      6 Months      1 Year         3 Years       
                                                                               
ASCoT Share Price     +6.6%         +20.3%        +24.8%         +31.1%        
                                                                               
ASCoT NAV             +3.8%         +14.5%        +24.2%         +24.8%        
                                                                               
HGSC (XIC)            +1.6%         +13.0%        +20.4%         +32.5%        

Note: Past performance is not a guide to future performance



Top 10 Holdings             % of Investment Portfolio                          
As at 31 March 2011                                                            
                                                                               
RPC Group                                         3.4  
JD Sports Fashion                                 3.2  
e2v technologies                                  2.8  
Anite                                             2.4  
RPS Group                                         2.3  
Beazley                                           2.3  
Bodycote                                          2.2  
ProStrakan Group                                  2.2
Mecom                                             2.2  
CSR                                               2.1  
                                                 ----                              
                                                 25.1  


Size Distribution across FTSE Indices
As at 31 March 2011
                                            HGSC (XIC)                   ASCoT
                                               % Total                  %Total
                                                                               
FTSE 100                                           0.0                     0.0
                                                                               
FTSE 250                                          72.4                    49.2
                                                                               
FTSE SmallCap                                     19.5                    41.0
                                                                               
FTSE Fledgling                                     1.7                     5.0
                                                                               
Other                                              6.4                     4.8
                                                 ------                  -----          
                                                 100.0                   100.0



Financial Position                                As at                  As at
                                          31 March 2011       31 December 2010
                                                                               
Fixed Assets: Investments at bid prices         £793.4m                £769.0m
                                                                      
Net Liabilities                                £(62.1m)               £(52.2m)
                                                -------                -------               
Total Shareholders' Funds                       £731.3m                £716.8m
                                                -------                -------               
Net Asset Value                                 758.89p                743.81p
                                                                               
Share Price                                     661.50p                632.50p
                                                                               
Discount                                          12.8%                  15.0%
                                                                               
Shares in Issue                              96,366,792             96,366,792
                                                                               
Market Capitalisation                           £637.5m                £609.5m
                                                                               
Gearing                                            8.5%                   7.3%

General Information

Management Fee (p.a.)                                                    0.80%
                                                                               
Total Expense Ratio (2010 -p.a.)                                         0.85%
                                                                               
Launch Date                                                   10 December 1990

Further Information

Further information regarding the Company, including any share buybacks and the
most recently published net asset value can be found on the following website:
www.aberforth.co.uk

Contact

David Holland (Tel: [phone])

Aberforth Partners LLP, Secretaries, 5 April 2011