Portfolio Update

F&C U.S. Smaller Companies PLC
4 October 2004


The Stock Exchange
RNS
Old Broad Street
London
EC2N 1HP                                                          4 October 2004


Dear Sir

F&C US Smaller Companies PLC

The top ten holdings and all holdings over 5% of gross assets as at 30 September
2004 were:

Stock                                                     % of gross assets

Freds                                                                   2.7
Cousins Properties                                                      2.7
Bankunited Financial                                                    2.6
Republic Services                                                       2.3
Community Health Services                                               2.2
Pride International                                                     2.0
Kirby                                                                   2.0
Harvest Naturak Resources                                               1.8
Roper Industries                                                        1.8
Renal Care Group                                                        1.8



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