Portfolio Update

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


F&C US Smaller Companies PLC

Top ten holdings and all holdings over 5% of gross assets as at 30 June 2005:

Stock                                          % of gross assets   Market value
                                                                              £

Cousins Properties                                           2.6      1,849,936
Pride International                                          2.3      1,672,231
Freds                                                        2.2      1,597,644
LKQ                                                          2.2      1,581,045
Republic Services                                            2.2      1,574,037
Bankunited Financial                                         2.2      1,564,215
Conns                                                        2.2      1,559,844
Kirby                                                        2.0      1,444,498
Lithia Motors                                                2.0      1,436,183
SCP Pool                                                     2.0      1,427,718

                                                            21.9     15,707,351 
                                                                 

Gross assets                                                         71,287,000






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