Month End Portfolio Info

F&C Smaller Companies PLC
19 April 2004


F&C SMALLER COMPANIES PLC ALL DATA AS AT 31st March 2004 THIS DATA WILL BE
AVAILABLE ON THE F&C MANAGEMENT WEB-SITE, www.fandc.com FROM APPROXIMATELY 20th
April 2004

GEOGRAPHICAL ASSET ALLOCATION                                    %

UK                                                               45
USA                                                              23
Japan                                                            13
Europe                                                           8
Far East                                                         8
Cash & Fixed Interest                                            3
                                                                 ----
Total                                                            100
                                                                 ====
TOP 10 HOLDINGS                                                  %
Cairn Energy                                                     1.83
Kirby Corp                                                       1.04
Utilico Investment Trust                                         0.96
CLS                                                              0.88
Infratil Ltd                                                     0.88
Topps Tiles                                                      0.87
Lambert Howarth                                                  0.84
Linmark Group                                                    0.83
Graphite Enterprise Trust                                        0.83
Cousins Prop                                                     0.79
                                                                 -----
Total                                                            9.75
                                                                 =====
EFFECTIVE GEARING                                                8%



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