Month End Portfolio Info

F&C U.S. Smaller Companies PLC
16 June 2004


F&C US SMALLER COMPANIES PLC

ALL DATA AS AT 31st May 2004

THIS DATA WILL BE AVAILABLE ON THE F&C MANAGEMENT WEB-SITE, www.fandc.com FROM
APPROXIMATLEY 18th June 2004

SECTOR ALLOCATION                                                              %
Autos And Transportation                                                    4.52
Consumer Discretionary                                                     29.15
Financial Services                                                         24.15
Health Care                                                                13.58
Materials And Processing                                                    7.01
Other Energy                                                                7.32
Producer Durables                                                           7.06
Technology                                                                  5.85
Utilities                                                                   1.36
                                                                            ----
Total                                                                        100
                                                                            ====

TOP 10 HOLDINGS                                                                %
Kirby                                                                       3.28
Cousins Properties                                                          3.13
SCP Pool                                                                    2.85
BankUnited Financial                                                        2.56
Freds                                                                       2.30
Republic Services                                                           2.29
Community Health                                                            2.15
Symantic                                                                    2.10
Roper Industries                                                            2.08
Neighborcare                                                                2.03
                                                                           -----
Total                                                                      24.77
                                                                           =====
EFFECTIVE GEARING                                                             0%




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