Portfolio Update

F&C Smaller Companies PLC
02 November 2004




AVS Security No:

The Stock Exchange

RNS

Old Broad Street

London

EC2N 1HP                                   2 November 2004

Dear Sir

F&C Smaller Companies Investment Trust PLC

The top ten holdings and all holdings over 5% of gross assets as at 31 October
2004 were:


Stock     % of gross assets

Cairn Energy                                                            1.4
Infratil                                                                1.0
Graphite Enterprise Trust                                               0.9
Hardman Resources                                                       0.8
CLS Holdings                                                            0.8
Victrex                                                                 0.8
Capital and Regional                                                    0.7
Cousins Properties                                                      0.7
Bss Group                                                               0.7
Sondex                                                                  0.7


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