Portfolio Update

F&C Smaller Companies PLC
03 August 2004


F&C Smaller Companies PLC
Top ten holdings and all holdings over 5% of gross assets as at 31 July 2004:

Stock                                                                   % of gross assets
Cairn Energy                                                                          1.8
Infratil                                                                              0.9
Hardman Resources                                                                     0.9
CLS Holdings                                                                          0.9
Sondex                                                                                0.9
Graphite Enterprise Trust                                                             0.8
Linmark Group                                                                         0.8
Lambert Howarth Group                                                                 0.7
Capital and Regional                                                                  0.7
Bss Group                                                                             0.7


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