Top Ten Holdings

F&C U.S. Smaller Companies PLC
02 January 2004


The Stock Exchange

RNS

Old Broad Street

London

EC2N 1HP                                   2 January 2004

Dear Sir


F&C US Smaller Companies PLC

The top ten holdings and all holdings over 5% of gross assets as at 31 December
2003 were:


Stock     % of gross assets

Kirby                                                                   4.2
Cousins Properties                                                      3.1
SCP Pool                                                                2.6
BankUnited Financial                                                    2.5
Community Health Systems                                                2.2
American Capital Strategies                                             2.1
Republic Services                                                       2.0
Renal Care                                                              2.0
Freds                                                                   2.0
Roper Industries                                                        1.9


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