Portfolio Update

F&C Smaller Companies PLC
03 February 2004



AVS Security No:



The Stock Exchange

RNS

Old Broad Street

London

EC2N 1HP                                   3 February 2004

Dear Sir

F&C Smaller Companies Investment Trust PLC

The top ten holdings and all holdings over 5% of gross assets as at 31 January
2004 were:



Stock     % of gross assets

Cairn Energy                                                            1.4
Utilico Investment Trust                                                1.0
Kirby Corp                                                              0.9
Infratil Ltd                                                            0.8
Topps Tiles                                                             0.8
Lambert Howarth Group                                                   0.8
CLS Holdings                                                            0.8
American Capital Strategies                                             0.8
Graphite Enterprise Trust                                               0.8
Cousins Properties                                                      0.8


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