GARTMORE SMALLER COMPANIES TRUST P.L.C.                    

In accordance with Listing Rule 21.20(l)(i), Gartmore Smaller Companies Trust
p.l.c. announces that at 31st December 2003 holdings in companies that do not
have policies to invest less than 15% in investment companies were as follows:

London Asia Capital

Avanti Capital

At 31st December 2003 the aggregate value of the investment listed above
represented 0.81% of the Company's gross assets.

Gartmore Investment Limited

Secretaries

2 January 2004



END