Top 10 Investments

ABERFORTH SMALLER COMPANIES TRUST plc


The Board of Aberforth Smaller Companies Trust plc ("the Company") confirms
that,  as at 31 March 2005, the top ten investments ranked by market  value
of the Company's total investable assets were as follows: -


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

Paladin Resources    21,162,450       3.6%            3.6%
Johnson Service      16,546,595       2.8%            6.4%
Group
Greggs               14,704,510       2.5%            8.9%
ITE Group            13,667,000       2.3%           11.2%
Holidaybreak         13,478,029       2.3%           13.5%
BSS Group            13,273,350       2.3%           15.8%
RPC Group            13,225,950       2.3%           18.1%
Interserve           11,764,900       2.0%           20.1%
Tops Estates         11,021,355       1.9%           22.0%
Headlam Group        11,018,766       1.9%           23.9%


Contact for enquiries
David Holland
Aberforth Partners
0131 220 0733

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