Month End Portfolio Info

F&C U.S. Smaller Companies PLC
19 April 2004


F&C US SMALLER COMPANIES PLC ALL DATA AS AT 31st March 2004 THIS DATA WILL BE
AVAILABLE ON THE F&C MANAGEMENT WEB-SITE, www.fandc.com FROM APPROXIMATLEY 18th
April 2004

SECTOR ALLOCATION                                                 %

CONSUMER DISCRETIONARY                                         28.98
FINANCIAL SERVICES                                             20.78
HEALTH CARE                                                    12.87
MATERIALS AND PROCESSING                                        9.25
OTHER ENERGY                                                    8.52
PRODUCER DURABLES                                               6.92
TECHNOLOGY                                                      5.76
AUTOS AND TRANSPORTATION                                        5.55
UTILITIES                                                       1.37
CONSUMER DISCRETIONARY                                         28.98
                                                               ----
Total                                                           100
                                                               ====

TOP 10 HOLDINGS                                                   %
Kirby Corp.                                                    4.24
Cousins Properties Inc.                                        3.21
SCP Pool Corp.                                                 3.01
BankUnited Financial Corp.                                     2.85
Fred's Inc.                                                    2.33
American Capital Strategies Ltd.                               2.31
Community Health Systems Inc.                                  2.29
Renal Care Group Inc.                                          2.14
Republic Services Inc.                                         2.10
Symantec Corp.                                                 2.07
                                                              -----
Total                                                         26.54
                                                              =====
EFFECTIVE GEARING                                                0%




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