Month End Portfolio Info

F&C Smaller Companies PLC
12 March 2004


F&C SMALLER COMPANIES PLC ALL DATA AS AT 27 February 2004 THIS DATA WILL BE
AVAILABLE ON THE F&C MANAGEMENT WEB-SITE, www.fandc.com FROM APPROXIMATELY 18th
March 2004

GEOGRAPHICAL ASSET ALLOCATION                                    %
UK                                                               46
US                                                               25
Japan                                                            9
Europe                                                           8
Far East                                                         7
Cash & F.I.                                                      5
                                                                 ----
Total                                                            100
                                                                 ====
TOP 10 HOLDINGS                                                  %
Cairn Energy                                                     1.58
Utilico Investment Trust                                         1.05
Kirby Corp                                                       0.92
CLS                                                              0.90
Lambert Howarth                                                  0.88
Graphite Enterprise Tst                                          0.87
Infratil Ltd                                                     0.82
American Capital Strategies                                      0.82
Topps Tiles                                                      0.76
Cousins Prop                                                     0.76
                                                                 -----
Total                                                            9.36
                                                                 =====
EFFECTIVE GEARING                                                6%



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