Net Asset Value(s)

ISIS Smaller Companies Trust PLC
23 January 2006

NAV as at close of business on 20/01/06

F & C Asset Management plc Investment Trusts announces the unaudited Net Asset
Value for the following Investment Trust.

(Pence per share).  Investments valued on a bid price basis.


ISIS Smaller Companies Trust plc                                          347.24



Note: NAV is diluted, where appropriate.


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