Top Ten Investments

ABERFORTH GEARED CAPITAL & INCOME TRUST plc


The  Board  of Aberforth Geared Capital & Income 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 (%)

Headlam Group         2,199,500       2.5%            2.5%
Geest                 1,996,767       2.3%            4.8%
RPC Group             1,941,195       2.2%            7.0%
Johnson Service       1,887,050       2.1%            9.1%
Group
Carillion             1,862,765       2.1%           11.2%
Croda                 1,785,938       2.0%           13.2%
International
Spirax-Sarco          1,692,000       1.9%           15.1%
Engineering
Holidaybreak          1,613,180       1.8%           16.9%
British Vita          1,606,250       1.8%           18.7%
ITE Group             1,598,577       1.8%           20.5%



Contact for enquiries
Steven McKeane
Aberforth Partners
0131 220 0733