Month End Portfolio Info

F&C Smaller Companies PLC
16 June 2004


F&C SMALLER COMPANIES PLC

ALL DATA AS AT 31st May 2004

THIS DATA WILL BE AVAILABLE ON THE F&C MANAGEMENT WEB-SITE, www.fandc.com FROM
APPROXIMATELY 18th June 2004

GEOGRAPHICAL ASSET ALLOCATION     %

UK                               44

USA                              24

Japan                            11

Europe                            8

Far East                          8

Cash & Fixed Interest             5

Total                           100

TOP 10 HOLDINGS                                                                %
Cairn Energy                                                                1.83
Infratil Ltd                                                                0.94
Topps Tiles                                                                 0.92
Graphite Enterprise Tst                                                     0.87
CLS                                                                         0.87
Lambert Howarth                                                             0.87
Kirby Corp                                                                  0.82
Cousins Properties Inc                                                      0.79
Blacks Leisure                                                              0.77
Linmark Group                                                               0.75
                                                                           -----
Total                                                                       9.43
                                                                           =====
EFFECTIVE GEARING                                                             6%



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