Portfolio Update

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


F&C US Smaller Companies PLC

Top ten holdings and all holdings over 5% of gross assets as at 31 March 2006:

Stock                                                          % of gross assets


Cousins Properties                                                           2.8
Dollar Thrifty Automotive                                                    2.5
Lithia Motors                                                                2.4
Genesee & Wyoming                                                            2.3
Republic Services                                                            2.3
Mueller Industries                                                           2.3
Americas Car-Mart                                                            2.2
CapitalSource                                                                2.2
Community Health Systems                                                     2.2
Kirby                                                                        2.1




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