Holding(s) in Company

F&C U.S. Smaller Companies PLC
02 April 2004


AVS Security No:


The Stock Exchange

RNS

Old Broad Street

London

EC2N 1HP                                   2 April 2004

Dear Sir

F&C US Smaller Companies Plc

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

Stock                                          % of gross assets

Kirby                                                        4.1
Cousins Properties                                           3.1
SCP Pool                                                     2.9
Bankunited Financial                                         2.8
Freds                                                        2.3
American Capital Strategies                                  2.2
Community Health Services                                    2.2
Renal Care Group                                             2.1
Republic Services                                            2.0
Symantec                                                     2.0


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