Month End Portfolio Info

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


F&C US SMALLER COMPANIES PLC ALL DATA AS AT 30th November 2003 THIS DATA WILL BE
AVAILABLE ON THE F&C MANAGEMENT WEB-SITE, www.fandc.com FROM APPROXIMATLEY 18th
December 2003

SECTOR ALLOCATION                                                                           %
Autos And Transportation                                                                  6.24
Consumer Discretionary                                                                    27.75
Financial Services                                                                        21.15
Health Care                                                                               14.82
Materials And Processing                                                                  8.76
Other                                                                                     1.94
Other Energy                                                                              5.69
Producer Durables                                                                         7.91
Technology                                                                                4.73
Utilities                                                                                 1.02
                                                                                          ----
Total                                                                                     100
                                                                                          ====
TOP 10 HOLDINGS                                                                           %
Kirby Corp.                                                                               3.89
Cousins Properties Inc.                                                                   3.23
SCP Pool Corp.                                                                            3.03
BankUnited Financial Corp.                                                                2.68
Community Health Systems Inc.                                                             2.44
Genesis Health Ventures Inc.                                                              2.29
Fred's Inc.                                                                               2.24
American Capital Strategies                                                               2.22
Republic Services Inc.                                                                    2.16
Renal Care Group Inc.                                                                     2.07
                                                                                          -----
Total                                                                                     26.25
                                                                                          =====
EFFECTIVE GEARING                                                                         -3%



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