Portfolio Update

F&C U.S. Smaller Companies PLC
04 April 2005


F&C US Smaller Companies PLC

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

Stock                                                          % of gross assets


Freds                                                                        2.5
Pride International                                                          2.4
Republic Services                                                            2.2
Sourcecorp                                                                   2.1
Community Health Services                                                    2.1
Kirby                                                                        2.0
Renal Care                                                                   2.0
Bankunited Financial                                                         2.0
CapitalSource                                                                2.0
SCP Pool                                                                     1.9


                                                                            21.2




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