Month End Portfolio Info

F&C U.S. Smaller Companies PLC
13 February 2004


F&C US SMALLER COMPANIES PLC ALL DATA AS AT 30th January 2004 THIS DATA WILL BE
AVAILABLE ON THE F&C MANAGEMENT WEB-SITE, www.fandc.com FROM APPROXIMATLEY 18th
February 2004
                                                                 
SECTOR ALLOCATION                                                          %
Autos And Transportation                                                6.05
Consumer Discretionary                                                 26.39
Financial Services                                                     21.44
Health Care                                                            14.67
Materials And Processing                                                9.05
Other                                                                   1.38
Other Energy                                                            6.85
Producer Durables                                                       7.43
Technology                                                              5.41
Utilities                                                               1.33
                                                                        ----
Total                                                                    100
                                                                        ====

TOP 10 HOLDINGS                                                            %
Kirby Corp.                                                             3.98
Cousins Properties Inc.                                                 3.07
BankUnited Financial Corp.                                              2.69
SCP Pool Corp.                                                          2.52
Community Health Systems Inc.                                           2.38
American Capital Strategies Ltd.                                        2.28
Renal Care Group Inc.                                                   2.07
Republic Services Inc.                                                  1.98
Furniture Brands International Inc.                                     1.97
Allied Capital Corp.                                                    1.95
                                                                       -----
Total                                                                  24.88
                                                                       =====

EFFECTIVE GEARING                                                        -3%



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