Miscellaneous Top 10 holdings as at 31 March 2004

ABERFORTH SMALLER COMPANIES TRUST plc


The  Board of Aberforth Smaller Companies Trust plc ("the Company")  confirms
that as at 31 March 2004 - the top ten investments ranked by market value  of
the Company's total investable assets were as follows: -


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

Paladin Resources   16,802,469     3.5%         3.5%
Johnson Service
 Group              13,830,523     2.9%         6.4%
Countrywide Assured
 Group              11,388,408     2.4%         8.8%
Bovis Homes Group   11,186,649     2.3%        11.1%
Headlam Group       10,723,830     2.2%        13.3%
Holidaybreak        10,301,483     2.1%        15.4%
BSS Group           10,014,411     2.1%        17.5%
HMV Group            9,896,822     2.1%        19.6%
Quintain Estates &
 Development         9,789,875     2.0%        21.6%
Grainger Trust       9,687,392     2.0%        23.6%



Contact for enquiries
David Holland
Aberforth Partners
0131 220 0733