Holdings in Investment Cos

Shires Smaller Companies PLC
02 November 2004

2 November 2004

Shires Smaller Companies plc

Pursuant to Listing Rule 21.20 (l) (i), Shires Smaller Companies plc announces
that as at 31 October 2004 its investments in other listed investment companies
(including listed investment trusts) which themselves do not have stated
investment policies to invest no more than 15% of their total assets in other
listed investment companies (including listed investment trusts) were as
follows:

Name of Holding                                                    Number held

City Natural Resources High Yield Trust plc Ord                      1,000,000


Shires Smaller Companies plc is managed by Glasgow Investment Managers.



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