Portfolio Update

F&C Smaller Companies PLC
04 May 2004



AVS Security No:



The Stock Exchange

RNS
Old Broad Street
London
EC2N 1HP                                   4 May 2004

Dear Sir

F&C Smaller Companies Investment Trust PLC

The top ten holdings and all holdings over 5% of gross assets as at 30 April
2004 were:



Stock                                                     % of gross assets
Cairn Energy                                                            1.9
Kirby Corp                                                              1.0
Infratil Ltd                                                            0.9
Linmark Group                                                           0.9
CLS Holdings                                                            0.9
Topps Tiles                                                             0.8
Graphite Enterprise Trust                                               0.8
SCP Pool                                                                0.8
Lambert Howarth Group                                                   0.8
Utilico Investment Trust                                                0.7


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

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