Portfolio Update

F&C Smaller Companies PLC
02 January 2004

As at 31 December, 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                      1.10%



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