Monthly Portfolio Info

F&C U.S. Smaller Companies PLC
14 July 2003


F&C US SMALLER COMPANIES PLC ALL DATA AS AT 30th June 2003 THIS DATA WILL BE
AVAILABLE ON THE F&C MANAGEMENT WEB-SITE, www.fandc.com FROM APPROXIMATLEY 15th
July 2003

SECTOR ALLOCATION                                                                         %
Autos And Transportation                                                                  7.50
Consumer Discretionary                                                                    27.89
Utilities                                                                                 3.07
Financial Services                                                                        20.26
Health Care                                                                               12.30
Technology                                                                                5.33
Materials And Processing                                                                  7.27
Other                                                                                     1.93
Other Energy                                                                              6.81
Producer Durables                                                                         7.65
                                                                                          ----
Total                                                                                     100
                                                                                          ====
TOP 10 HOLDINGS                                                                           %
Kirby Corp.                                                                               4.41
Cousins Properties Inc.                                                                   3.60
SCP Pool Corp.                                                                            3.16
BankUnited Financial Corp.                                                                2.54
Fred's Inc.                                                                               2.37
Republic Services Inc.                                                                    2.32
American Capital Strategies Ltd.                                                          2.30
Renal Care Group Inc.                                                                     2.17
Community Health Systems Inc.                                                             2.10
Roper Industries Inc.                                                                     2.08
                                                                                          -----
Total                                                                                     27.05
                                                                                          =====
EFFECTIVE GEARING                                                                         0%



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