GARTMORE SMALLER COMPANIES TRUST P.L.C.                    

In accordance with Listing Rule 21.20(l)(ii), Gartmore Smaller Companies Trust
p.l.c. announces that at 30th November 2003 the ten largest investments were as
follows:

Company                                                 �'000     Percentage of
                                                                   Gross Assets
                                                                               
Evolution Group                                           966               1.6
                                                                               
Melrose Resources                                         767               1.3
                                                                               
Neutec Pharmaceuticals                                    643               1.1
                                                                               
Tellings GM                                               628               1.1
                                                                               
Shaftesbury                                               602               1.0
                                                                               
Quintain Estates and Development                          594               1.0
                                                                               
Auto Indemnity                                            587               1.0
                                                                               
Baggeridge Brick                                          581               1.0
                                                                               
McBride                                                   549               0.9
                                                                               
Findel                                                    541               0.9

At 30th November 2003 there were no investments with a value greater than 5% of
the Company's gross assets.

Gartmore Investment Limited

Secretaries

2 December 2003



END