Portfolio Update

F&C Smaller Companies PLC
03 February 2004

As at 31 January 2004, F&C Smaller Companies PLC had the following holding in
other UK listed investment companies that do not have a stated policy to invest
no more than 15% of their gross assets in other UK listed investment companies:


Investment Company                                 Holding (% of gross assets)

Utilico Investment Trust plc                            1.07%






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