Portfolio Update

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



The Stock Exchange

RNS

Old Broad Street

London

EC2N 1HP                                   1 July 2004

Dear Sir

F&C US Smaller Companies Plc

The top ten holdings and all holdings over 5% of gross assets as at 30 June 2004
were:



Stock     % of gross assets
Kirby                                                                   3.2
Cousins Properties                                                      3.1
SCP Pool                                                                3.0
Bankunited Financial                                                    2.4
Freds                                                                   2.3
Community Health Services                                               2.2
Republic Services                                                       2.2
Roper Industries                                                        2.1
American Capital Strategies                                             1.9
Pride International                                                     1.9


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