TIDMASL 
 
Aberforth Smaller Companies Trust plc 
 
Interim Management Statement for the periods to 31 March 2014 and 30 June 2014 
 
 
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 Numis Smaller Companies Index (Excluding Investment Companies) (NSCI 
(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 2014, the Company's net asset value rose by 
    3.7%. By comparison, the Company's benchmark, the NSCI (XIC), rose by 3.5%. 
    Over the 6 months to 30 June 2014, the Company's net asset value rose by 1.0% 
    though the benchmark fell by 0.6%.All figures are total returns. 
 
  * 18,000 shares were purchased for cancellation on 30 June 2014 for a total 
    consideration of GBP188,000. 
 
  * The Board declared an interim dividend for the year ending 31 December 2014 
    of 7.75p, an increase of 5.4%, which will be paid on 28 August 2014. In 
    addition, a final dividend in respect of the year ended 31 December 2013 of 
    16.15p, an increase of 5.9%, was paid on 6 March 2014. 
 
  * At the Annual General Meeting held on 27 February 2014, shareholders voted 
    in favour of all 14 resolutions. 
 
 
Financial Position                    As at            As at              As at 
                               30 June 2014    31 March 2014   31 December 2013 
 
Fixed Assets: Investments           GBP1,166m          GBP1,191m            GBP1,168m 
at bid price 
Net Liabilities                       GBP(32m)           GBP(27m)             GBP(30m) 
                                    -------          -------            ------- 
Total Shareholders' Funds           GBP1,134m          GBP1,164m            GBP1,138m 
                                    -------          -------            ------- 
Net Asset Value                    1189.50p         1220.69p          1,193.22p 
 
Share Price                        1046.00p         1131.00p          1,095.00p 
 
Discount                              12.1%             7.3%               8.2% 
 
Shares in Issue                  95,364,792       95,382,792         95,382,792 
 
Market Capitalisation                 GBP998m          GBP1,079m            GBP1,044m 
 
Gearing                                2.8%             2.3%               2.6% 
 
 
General Information 
 
Ongoing charges (2013 -p.a.)                           0.79% 
Launch Date                                 10 December 1990 
 
 
Further Information 
 
Further information regarding the Company, including any share buybacks, the 
most recently published net asset value and the monthly factsheet can be found 
on the following website: www.aberforth.co.uk 
 
 
Contact 
 
David Holland (Tel: 0131 220 0733) 
Aberforth Partners LLP, Secretaries, 
25 July 2014 
 
 
Note 
This information has been provided in satisfaction of obligations under DTR 4.3 
noting that the data for the period ended 31 March 2014 has been submitted 
late. 
 
 
END
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