Portfolio Update Top 10 Investments

ABERFORTH SMALLER COMPANIES TRUST plc


The  Board  of Aberforth Smaller Companies Trust plc ("the Company")  confirms
that,  as at 31 December 2006, the top ten investments ranked by market  value
(based  on  bid  prices)  of  the Company's total investable  assets  were  as
follows: -


Company              Value (£) Weight (%)  Accumulated
                                                  (%)

Greggs              22,252,156      2.7%         2.7%
ITE Group           21,731,068      2.6%         5.3%
Holidaybreak        19,523,138      2.4%         7.7%
BSS Group           19,052,625      2.3%        10.0%
Headlam Group       18,216,441      2.2%        12.2%
Grainger Trust      17,183,875      2.1%        14.3%
Shanks Group        16,587,912      2.0%        16.3%
Brown (N.) Group    16,130,682      1.9%        18.2%
Interserve          13,947,983      1.7%        19.9%
Huntsworth          13,658,604      1.7%        21.6%


Contact for enquiries
David Holland
Aberforth Partners LLP
0131 220 0733

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