Top 10 holdings as at 30 June 2004

ABERFORTH SMALLER COMPANIES TRUST plc


The Board of Aberforth Smaller Companies Trust plc ("the Company") confirms that, as at 30 June 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       18,364,500      3.7%            3.7%
Johnson Service Group   14,622,630      3.0%            6.7%
BSS Group               11,690,129      2.4%            9.1%
Headlam Group           11,411,255      2.3%           11.4%
Holidaybreak            10,608,445      2.2%           13.6%
Geest                    9,655,800      2.0%           15.6%
SMG                      9,398,877      1.9%           17.5%
Marshalls                9,094,422      1.8%           19.3%
ITE Group                9,026,960      1.8%           21.1%
Abbot Group              8,757,080      1.8%           22.9%



Contact for enquiries
David Holland
Aberforth Partners
0131 220 0733

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