Month End Portfolio Info

F&C U.S. Smaller Companies PLC
15 May 2003

F&C US SMALLER COMPANIES PLC

ALL DATA AS AT 31st March 2003

THIS DATA WILL BE AVAILABLE ON THE F&C MANAGEMENT WEB-SITE, www.fandc.com FROM
APPROXIMATLEY 18th April 2003

SECTOR ALLOCATION                                      %
Autos And Transportation                            7.39
Consumer Discretionary                             27.76
Financial Services                                 23.65
Health Care                                        12.03
Materials And Processing                            8.12
Other                                               1.62
Other Energy                                        5.26
Producer Durables                                   6.58
Technology                                          5.13
Utilities                                           2.47
                                                    ----
Total                                                100                                                                
                                                    ====

TOP 10 HOLDINGS                                        %
Kirby Corp.                                         4.53
Cousins Properties Inc.                             3.76
SCP Pool Corp.                                      3.36
Fred's Inc.                                         2.76
BankUnited Financial Corp.                          2.65
American Capital Strategies Ltd.                    2.46
Republic Services Inc.                              2.43
Renal Care Group Inc.                               2.22
Iron Mountain Inc.                                  2.21
Pride International Inc.                            2.07
                                                   -----
Total                                              28.45
                                                   =====
EFFECTIVE GEARING                                     0%


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