Month End Portfolio Info

F&C U.S. Smaller Companies PLC
18 May 2004

F&C US SMALLER COMPANIES PLC

ALL DATA AS AT 30th April 2004

THIS DATA WILL BE AVAILABLE ON THE F&C MANAGEMENT WEB-SITE, www.fandc.com FROM
APPROXIMATLEY 18th May 2004

SECTOR ALLOCATION                                                     %
AUTOS AND TRANSPORTATION                                            5.34
CONSUMER DISCRETIONARY                                             29.28
FINANCIAL SERVICES                                                 20.76
HEALTH CARE                                                        13.33
MATERIALS AND PROCESSING                                            8.39
OTHER ENERGY                                                        9.15
PRODUCER DURABLES                                                   6.44
TECHNOLOGY                                                          5.89
UTILITIES                                                           1.42
AUTOS AND TRANSPORTATION                                            5.34
                                                                    ----
Total                                                               100
                                                                   ====

TOP 10 HOLDINGS                                                      %

Kirby Corp.                                                        4.08
SCP Pool Corp.                                                     3.35
Cousins Properties Inc.                                            2.84
BankUnited Financial Corp.                                         2.59
Renal Care Group Inc.                                              2.39
Republic Services Inc.                                             2.30
Community Health Systems Inc.                                      2.19
Symantec Corp.                                                     2.08
Fred's Inc                                                         2.04
Pride International Inc.                                           1.96

Total                                                              -----
                                                                  25.72
                                                                  =====

EFFECTIVE GEARING                                                  0%




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