Portfolio Update

F&C U.S. Smaller Companies PLC
04 January 2006


F&C US Smaller Companies PLC

Top ten holdings and all holdings over 5% of gross assets as at 31 December 2005:

Stock                                                          % of gross assets


Conn's                                                                       2.7
Cousins Properties                                                           2.4
Freds                                                                        2.4
Republic Services                                                            2.2
LKQ Corporation                                                              2.2
Lithia Motors                                                                2.1
Checkers Drive-in Restaurant                                                 2.1
Pride International                                                          2.1
CapitalSource                                                                2.1
Community Health Systems                                                     2.1






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