Portfolio Update

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


F&C US Smaller Companies PLC

Top ten holdings and all holdings over 5% of gross assets as at 30 June 2006:

Stock                                                          % of gross assets


Cousins Properties                                                     2.8
Dollar Thrifty Automotive                                              2.6
Community Health Systems                                               2.6
Republic Services                                                      2.3
Mueller Industries                                                     2.3
Americas Car-Mart                                                      2.3
CapitalSource                                                          2.3
Lithia Motors                                                          2.2
Roper Industries                                                       2.2
Pool Corporation                                                       2.1




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