Portfolio Update

ISIS Smaller Companies Trust PLC
14 December 2005

ISIS Smaller Companies Trust plc

ALL DATA AS AT 30th November 2005

THIS DATA WILL BE AVAILABLE ON THE F&C ASSET MANAGEMENT WEB-SITE, http://
www.fandc.com/ FROM APPROXIMATELY 18th December 2005



Top ten equity holdings                                        %


           1      Restaurant Group                            4.7
           2      Mouchel Parkman                             4.1
           3      MTL Instruments                             4.0
           4      Hitachi Capital                             3.9
           5      Xaar                                        3.7
           6      Victrex                                     3.4
           7      Morgan Crucible                             2.9
           8      Thorntons                                   2.5
           9      Consolidated Mineral                        2.2
          10      Domino Printing Scie                        2.2



            Total                                            33.6



Sector                                       %


Cyclical Services                          30.9
General Industrials                        23.6
Financials                                 12.5
Information Technology                     11.4
Cash & Subsidiary                           4.2
Resources                                   3.9
Non Cyclical Services                       3.9
Cyclical Consumer Goods                     3.8
Basic Industries                            3.4
Non Cyclical Consumer Goods                 2.5



Total                                     100.0




Actual gearing:          107.0%
Potential gearing:       110.6%














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