Month End Portfolio Info

F&C U.S. Smaller Companies PLC
14 July 2004

F&C US SMALLER COMPANIES PLC

ALL DATA AS AT 30th June 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                                                    4.43
Consumer Discretionary                                                     29.66
Financial Services                                                         23.73
Health Care                                                                13.53
Materials And Processing                                                    6.92
Other Energy                                                                7.63
Producer Durables                                                           7.22
Technology                                                                  5.55
Utilities                                                                   1.33
                                                                            ----
Total                                                                        100
                                                                            ====
TOP 10 HOLDINGS                                                                %
Kirby Corp.                                                                 3.20
Cousins Properties Inc.                                                     3.16
SCP Pool Corp.                                                              3.06
BankUnited Financial Corp.                                                  2.43
Fred's Inc.                                                                 2.31
Republic Services Inc.                                                      2.20
Community Health Systems Inc.                                               2.16
Roper Industries Inc.                                                       2.15
American Capital Strategies Ltd.                                            1.91
Pride International Inc.                                                    1.89
                                                                           -----
Total                                                                      24.48

                                                                           =====
EFFECTIVE GEARING                                                             0%




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