Top Ten Investments as at 31 December 2003

ABERFORTH GEARED CAPITAL & INCOME TRUST plc


The Board of Aberforth Geared Capital & Income Trust plc ("the Company")
confirms that as at 31 December 2003 - the top ten securities ranked  by
market value in the Company's investment portfolio were as follows:

Company              £         % Total % Accumulated Total
                           Investments         Investments
Bellway          2,224,000        3.0%                3.0%
Headlam Group    1,771,525        2.4%                5.4%
Mersey Docks &   1,722,500        2.3%                7.7%
Harbour
Geest            1,571,382        2.1%                9.8%
Holidaybreak     1,556,100        2.1%               11.9%
Bovis Homes      1,541,955        2.1%               14.0%
Group
Forth Ports      1,495,440        2.0%               16.0%
First Choice     1,457,020        2.0%               18.0%
Holidays
Mowlem           1,451,996        2.0%               20.0%
Arriva           1,425,000        1.9%               21.9%


Contact for enquiries
Steven McKeane
Aberforth Partners
0131 220 0733