Portfolio Update

F&C Smaller Companies PLC
02 February 2005

AVS Security No:

The Stock Exchange
RNS
Old Broad Street
London
EC2N 1HP                                                        2 February 2005

Dear Sir

F&C Smaller Companies PLC

Top ten holdings and all holdings over 5% of gross assets as at 31 January 2005:

Stock                                                         % of gross assets

Infratil                                                                    1.0
CLS Holdings                                                                1.0
Capital and Regional                                                        0.9
First Calgary Petroleums                                                    0.9
BSS Group                                                                   0.9
Victrex                                                                     0.8
Utilico Investment Trust                                                    0.8
Lamberth Howarth Group                                                      0.8
Meggitt                                                                     0.8
Graphite Enterprise Trust                                                   0.8


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