RNS Number:7331S
Exeter Smaller Co's Income Fund Ld
02 December 2003

Exeter Smaller Companies Income Fund Limited and ESCIF Securities Limited



Please be advised that the unaudited net asset value per share of Exeter Smaller
Companies Income Fund Limited as at 30th November, 2003 was 0.00p



The unaudited net asset value per share of ESCIF Securities Limited as at 30th
November, 2003 was 69.63p.  This net asset value includes #2,158,657 of prior
years retained revenues and #60,122 of undistributed current period revenue of
Exeter Smaller Companies Income Fund Limited.



The above net asset values were calculated using mid prices for all investments.



Top Ten Holdings (% of fund)



Holding           Trust
      Value (#)        (%)



1,225,000        Acorn Income, Ord
1,292,375        13.43

2,500,000        Martin Currie Enhanced, Ord
1,025,000        10.65

   275,000        Hg Capital Trust, Ord
       770,000          8.00

   125,000        North Atlantinc Smaller Companies, Ord
   730,625          7.59

1,000,000        Asset Management Investment Company, Ord
495,000          5.14

   600,000        Invesco Recovery 2005, Ord
495,000          5.14

   200,000        Gartmore Growth Opportunities, Equity Index Loan Stock
460,000          4.78

   275,000        Kleinwort Capital Trust, Ord
     445,500          4.63

   200,000        Framlington Innovative Growth, Ord
434,000          4.51

       3,000        New Star Asset Management
270,000         2.80



   600,000        Rutland Trust, Ord*
     208,500         2.17

   250,000        Gartmore Absolute Growth & Income, Pref*
16,875          0.18

   500,000        BFS Equity Income & Bond, Inc*
      7,500          0.08

   324,000        Britannic UK Income, Ord*
       3,402          0.04



                    *Investment Companies that do not have a stated investment
policy to invest no mare than 15% of their assets in other UK listed investment
companies.





Close Fund Services Limited

As secretary


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