Ten largest investments

ABERFORTH SMALLER COMPANIES TRUST plc


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


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

Paladin Resources    20,265,000       3.7%            3.7%
Johnson Service      15,558,774       2.9%            6.6%
Group
Holidaybreak         13,047,533       2.4%            9.0%
ITE Group            11,937,000       2.2%           11.2%
BSS Group            11,877,788       2.2%           13.4%
Greggs               11,307,793       2.1%           15.5%
Interserve           11,259,688       2.1%           17.6%
Headlam Group        10,440,155       1.9%           19.5%
RPC Group            10,146,161       1.9%           21.4%
Grainger Trust        9,814,992       1.8%           23.2%


Contact for enquiries
David Holland
Aberforth Partners
0131 220 0733

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