Month End Portfolio Info

F&C Smaller Companies PLC
15 December 2003


F&C SMALLER COMPANIES PLC ALL DATA AS AT 30th November 2003 THIS DATA WILL BE
AVAILABLE ON THE F&C MANAGEMENT WEB-SITE, www.fandc.com FROM APPROXIMATELY 18th
December 2003

GEOGRAPHICAL ASSET ALLOCATION                                    %
UK                                                               43
USA                                                              25
Europe                                                           9
Japan                                                            9
Far East                                                         8
Cash & F.I.                                                      6
                                                                 ----
Total                                                            100
                                                                 ====

TOP 10 HOLDINGS                                                  %
Kirby Corp                                                       1.00
Cairn Energy                                                     0.99
Utilico Investment Trust                                         0.97
Graphite Enterprise Tst                                          0.87
Cousins Prop                                                     0.86
Infratil Ltd                                                     0.86
Linmark Group                                                    0.83
American Capital Strategies                                      0.83
CLS                                                              0.82
Lambert Howarth                                                  0.82
                                                                 -----
Total                                                            8.85
                                                                 =====
EFFECTIVE GEARING                                                6%



                      This information is provided by RNS
            The company news service from the London Stock Exchange