Net Asset Value(s)

ISIS Smaller Companies Trust PLC
21 October 2005

NAV's as at close of business on 20/10/05

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

(Pence per share)

ISIS Smaller Companies Trust plc                                       310.65




Note: NAVs are diluted, where appropriate.



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