Portfolio Update Top Ten Investments as at 31/1...

ABERFORTH SMALLER COMPANIES TRUST plc


The  Board  of  Aberforth Smaller Companies Trust plc  ("the  Company")
confirms  that, as at 31 December 2007, 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                      24,138,824        3.3%           3.3%
Shanks Group                17,032,015        2.3%           5.6%
MITIE Group                 16,859,252        2.3%           7.9%
Interserve                  16,250,844        2.2%          10.1%
Ultra Electronics Hldgs     15,241,250        2.1%          12.2%
Hampson Industries          14,971,603        2.0%          14.2%
Robert Wiseman Dairies      14,863,480        2.0%          16.2%
Thomas Cook Group           14,650,746        2.0%          18.2%
BSS Group                   14,585,216        2.0%          20.2%
Hiscox                      14,339,518        2.0%          22.2%

Contact for enquiries
David Holland
Aberforth Partners LLP
0131 220 0733