Aberforth Smaller Companies Regulatory News (ASL)

Aberforth Smaller Companies Trust plc

Interim Management Statement for the three months to 31 March 2012

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 2012, the Company's net asset value rose by
23.5%. By comparison, the Company's benchmark, RBS HGSC (XIC), rose by
18.1%. All figures are total returns.

* As at 31 March 2012, the share price was 644.50p, representing a discount
of 15.1% to the net asset value.

* No shares were purchased for cancellation during the period under review.
96,138,792 ordinary shares remain in issue.

* At the Annual General Meeting held on 7 March 2012, shareholders voted in
favour of all nine resolutions.

* A second interim dividend in respect of the year ended 31 December 2011 of
14.3p was paid on 24 February 2012.

Performance - Total Returns
Periods to 31 March 2012
3 Months 6 Months 1 Year 3 Years

ASCoT Share Price +31.8% +22.7% +0.8% +89.4%

ASCoT NAV +23.5% +23.8% +3.0% +100.4%

RBS HGSC (XIC) +18.1% +19.6% +5.6% +114.9%

Note: Past performance is not a guide to future performance

Top 10 Holdings % of Net Assets
As at 31 March 2012

RPC Group 3.6
Bodycote 3.3
Galliford Try 3.2
JD Sports Fashion 3.1
e2v technologies 3.0
RPS Group 3.0
CSR 2.8
Anite 2.5
Spirit Pub Company 2.3
Tullett Prebon 2.1
____
28.9
Size Distribution across FTSE Indices
As at 31 March 2012
RBS HGSC (XIC) ASCoT
% Total % of
Portfolio

FTSE 100 0.0 0.0
FTSE 250 77.5 51.1
FTSE SmallCap 16.2 38.3
FTSE Fledgling 1.1 2.7
Other 5.2 7.9
_____ _____
100.0 100.0
Financial Position As at As at
31 March 2012 31 December 2011

Fixed Assets: Investments at bid price £785.5m £669.9m
Net Liabilities £(55.4m) £(66.8m)
_______ _______
Total Shareholders' Funds £730.1m £603.1m
_______ _______
Net Asset Value 759.42p 627.31p

Share Price 644.50p 501.00p

Discount 15.1% 20.1%

Shares in Issue 96,138,792 96,138,792

Market Capitalisation £619.6m £481.7m

Gearing 7.6% 11.1%
General Information
Management Fee (p.a.) 0.80%
Total Expense Ratio (2011 -p.a.) 0.88%
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: 0131 220 0733)
Aberforth Partners LLP, Secretaries, 10 April 2012