Portfolio Update

F&C Smaller Companies PLC
05 January 2005


As at 31 December 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                          0.72%


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