Net Asset Value(s)

ISIS Smaller Companies Trust PLC
23 November 2005


NAV's as at close of business on 22/11/05

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

                                                               (Pence per share)

ISIS Smaller Companies Trust plc                                          321.13



Note: NAV is diluted, where appropriate.





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