Month End Portfolio Info

F&C U.S. Smaller Companies PLC
15 January 2004


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

January 2004

SECTOR ALLOCATION                                                              %

Autos And Transportation                                                    6.44
Consumer Discretionary                                                     26.81
Financial Services                                                         20.76
Health Care                                                                13.91
Materials And Processing                                                    9.46
Other                                                                       1.46
Other Energy                                                                6.96
Producer Durables                                                           7.50
Technology                                                                  5.44
Utilities                                                                   1.25
                                                                            ----
Total                                                                        100
                                                                            ====

TOP 10 HOLDINGS                                                                %

Kirby Corp.                                                                 4.31
Cousins Properties Inc.                                                     3.12
SCP Pool Corp.                                                              2.63
BankUnited Financial Corp.                                                  2.58
Community Health Systems Inc.                                               2.28
American Capital Strategies Ltd.                                            2.16
Republic Services Inc.                                                      2.07
Renal Care Group Inc.                                                       2.01
Furniture Brands International Inc.                                         1.93
Allied Capital Corp.                                                        1.92
                                                                           -----
Total                                                                      25.03
                                                                           =====

EFFECTIVE GEARING                                                            -3%



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