Month End Portfolio Info

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


F&C US SMALLER COMPANIES PLC ALL DATA AS AT 31st July 2003 THIS DATA WILL BE
AVAILABLE ON THE F&C MANAGEMENT WEB-SITE, www.fandc.com FROM APPROXIMATLEY 18th
August 2003
SECTOR ALLOCATION                                                          %
Autos And Transportation                                                   6.94
Consumer Discretionary                                                     28.61
Financial Services                                                         21.13
Health Care                                                                12.41
Materials And Processing                                                   7.61
Other                                                                      1.97
Other Energy                                                               6.30
Producer Durables                                                          7.81
Technology                                                                 5.35
Utilities                                                                  1.89
                                                                           ----
Total                                                                      100
                                                                           ====
TOP 10 HOLDINGS                                                            %
Kirby                                                                      4.15
Cousins Properties                                                         3.54
SCP Pool                                                                   3.46
Freds                                                                      2.70
BankUnited Financial                                                       2.52
American Capital Strategies                                                2.51
Republic Services                                                          2.41
Community Health                                                           2.34
Lithia Motors                                                              2.25
Invitrogen                                                                 2.17
                                                                           -----
Total                                                                      27.03
                                                                           =====
EFFECTIVE GEARING                                                          -4%



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