Ten Largest Investments as at 31 December 2003

ABERFORTH SMALLER COMPANIES TRUST plc

The  Board  of  Aberforth Smaller Companies Trust  plc  ("the  Company")
confirms that as at 31 December 2003 - the top ten securities ranked  by
market value in the Company's investment portfolio were as follows:

                                  % of Total     Accumulated
                                                       % of
Company                  £       Investments          Total
                                                Investments

Paladin Resources   13,882,039          3.1%           3.1%
Johnson Service     12,720,557          2.9%           6.0%
Group
Holidaybreak         9,937,473          2.3%           8.3%
BSS Group            9,336,144          2.1%          10.4%
Bellway              9,232,456          2.1%          12.5%
Headlam Group        9,190,872          2.1%          14.6%
SMG                  8,978,980          2.0%          16.6%
Countrywide Assured  8,679,069          2.0%          18.6%
Group
Mersey Docks &       8,412,425          1.9%          20.5%
Harbour
Grainger Trust       8,273,584          1.9%          22.4%


Contact for enquiries
David Holland
Aberforth Partners
0131 220 0733