Month End Portfolio Info

F&C U.S. Smaller Companies PLC
13 November 2003


F&C US SMALLER COMPANIES PLC ALL DATA AS AT 31st October 2003 THIS DATA WILL BE
AVAILABLE ON THE F&C MANAGEMENT WEB-SITE, www.fandc.com FROM APPROXIMATLEY 18th
November 2003
SECTOR ALLOCATION                                                                         %

Autos And Transportation                                                                    6.42
Consumer Discretionary                                                                     27.58
Financial Services                                                                         21.13
Health Care                                                                                14.12
Materials And Processing                                                                    8.68
Other                                                                                       1.79
Other Energy                                                                                5.71
Producer Durables                                                                           8.64
Technology                                                                                  4.88
Utilities                                                                                   1.03
                                                                                          ----
Total                                                                                     100
                                                                                          ====
TOP 10 HOLDINGS                                                                           %
Kirby Corp.                                                                               3.97
Cousins Properties Inc.                                                                   3.21
SCP Pool Corp.                                                                            3.09
Fred's Inc.                                                                               2.64
BankUnited Financial Corp.                                                                2.42
Roper Industries Inc.                                                                     2.38
Community Health Systems Inc.                                                             2.26
American Capital Strategies Ltd.                                                          2.14
Republic Services Inc.                                                                    2.06
Genesis HealthGenesis                                                                     2.04
                                                                                          -----
Total                                                                                     26.21
                                                                                          =====
EFFECTIVE GEARING                                                                         -3%




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