Month End Portfolio Info

F&C U.S. Smaller Companies PLC
16 June 2003


F&C US SMALLER COMPANIES PLC

ALL DATA AS AT 31st May 2003 THIS DATA WILL BE AVAILABLE ON THE F&C MANAGEMENT
WEB-SITE, www.fandc.com FROM APPROXIMATLEY 18th June 2003

SECTOR ALLOCATION                                                                         %

Consumer Discretionary                                                                    26.59
Autos And Transportation                                                                  7.30
Other Energy                                                                              6.62
Other                                                                                     1.68
Financial Services                                                                        23.08
Health Care                                                                               12.62
Materials And Processing                                                                  7.21
Producer Durables                                                                         7.33
Utilities                                                                                 2.21
Technology                                                                                5.35
                                                                                          ----
Total                                                                                     100
                                                                                          ====

TOP 10 HOLDINGS                                                                           %

Kirby                                                                                     4.18
Cousins Properties                                                                        3.58
SCP Pool                                                                                  3.00
Freds Inc                                                                                 2.80
American Capital Strategies                                                               2.63
Republic Services                                                                         2.51
Bankunited Financial                                                                      2.41
Allied Capital                                                                            2.17
Rental Care Group                                                                         2.12
Roper Industries                                                                          2.10
                                                                                          -----
Total                                                                                     27.5
                                                                                          =====
EFFECTIVE GEARING                                                                         0%


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