Month End Portfolio Info

F&C Smaller Companies PLC
15 January 2004


F&C SMALLER COMPANIES PLC ALL DATA AS AT 31st December 2003 THIS DATA WILL BE
AVAILABLE ON THE F&C MANAGEMENT WEB-SITE, www.fandc.com FROM APPROXIMATELY 18th
January 2004

GEOGRAPHICAL ASSET ALLOCATION                                    %

UK                                                               44
USA                                                              26
Europe                                                           7
Japan                                                            10
Far East                                                         8
Cash & FI                                                        5
                                                                 ----
Total                                                            100
                                                                 ====

TOP 10 HOLDINGS                                                  %

Utilico Investment Trust                                         1.11
Kirby Corp                                                       1.11
Cairn Energy                                                     1.00
Infratil Ltd                                                     0.90
Graphite Enterprise Tst                                          0.86
Lambert Howarth                                                  0.85
Topps Tiles                                                      0.84
Cousins Prop                                                     0.84
CLS                                                              0.82
American Capital Strategies                                      0.81
                                                                 -----
Total                                                            8.85
                                                                 =====

EFFECTIVE GEARING                                                7%



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