Month End Portfolio Info

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


F&C US SMALLER COMPANIES PLC ALL DATA AS AT 29th August 2003 THIS DATA WILL BE
AVAILABLE ON THE F&C MANAGEMENT WEB-SITE, www.fandc.com FROM APPROXIMATLEY 18th
September 2003

SECTOR ALLOCATION                                            %
Autos And Transportation                                     7.37
Consumer Discretionary                                       29.39
Financial Services                                           20.00
Health Care                                                  11.98
Materials And Processing                                     7.33
Other                                                        1.92
Other Energy                                                 6.02
Producer Durables                                            8.15
Technology                                                   5.60
Utilities                                                    1.90
Others                                                       0.33
                                                             ----
Total                                                        100
                                                             ====
TOP 10 HOLDINGS                                              %
Kirby Corp.                                                  4.14
SCP Pool Corp.                                               3.42
Cousins Properties Inc.                                      3.40
Fred's Inc.                                                  3.08
BankUnited Financial Corp.                                   2.50
Lithia Motors Inc.                                           2.45
Republic Services Inc.                                       2.29
Community Health Systems Inc.                                2.27
Monaco Coach Corp.                                           2.21
Roper Industries Inc.                                        2.16
                                                             ----
Total                                                        27.92
                                                             =====
EFFECTIVE GEARING                                            -4%



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