SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* ABACUS TRUST (Last) (First) (Middle) 102 PARGAS STREET NO 9 (Street) NICOSIA G4 1065 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 01/21/2005	3. Issuer Name and Ticker or Trading Symbol A CONSULTING TEAM INC [ TACX ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner Officer (give title below) X Other (specify below) Trustee	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	4,972,701(2)	I	By Excalibur Investment Group Ltd.(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* ABACUS TRUST (Last) (First) (Middle) 102 PARGAS STREET NO 9 (Street) NICOSIA G4 1065 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Trustee

1. Name and Address of Reporting Person* OAK FINANCE INVESTMENTS LTD (Last) (First) (Middle) 325 WATERFRONT DRIVE OMAR HODGE BUILDING 2ND FLR WICKHAMS CAY (Street) ROAD TOWN TORTOLA D8 00000 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. Joint Filing on behalf of (1) David Perlman, Trust Secretary of The Abacus Trust, Office 102, Pargas St. No. 9, Nicosia, Cyprus 1065, (2) Matthew Charles Stokes, Sole director of Excalibur Investment Group, Ltd., c/o Trident Trust Company (BUI) Ltd., Trident Chambers, PO Box 48 Road Town, Tortola, British Virgin Islands and (3) Excalibur Investment Group Ltd.

2. Right to acquire under agreements dated 01/25/2005. See Issuer's Form 8-K filed 01/26/2005.

	/s/ David Perlman, Trust Secretary for The Sonali Trust	01/31/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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