Portfolio Update

F&C Smaller Companies PLC
01 July 2004

The Stock Exchange

RNS

Old Broad Street

London

EC2N 1HP                                   01 July 2004

Dear Sir

As at 30 June 2004, F&C Smaller Companies PLC had the following holding in other
UK listed investment companies that do not have a stated policy to invest no
more than 15% of their gross assets in other UK listed investment companies:


Investment Company                                   Holding (% of gross assets)

Utilico Investment Trust plc                            0.94%






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