Portfolio Update

ISIS Smaller Companies Trust PLC
15 August 2006

ISIS Smaller Companies Trust plc





ALL DATA AS AT 31st July 2006



THIS DATA WILL BE AVAILABLE ON THE F&C ASSET MANAGEMENT WEB-SITE, http://
www.fandc.com/ FROM APPROXIMATELY 18th August 2006




Top ten equity holdings

Restaurant Group  5.0%
Mouchel Parkman  4.0%
Hitachi Capital  3.5%
MTL Instruments  3.2%
Victrex  2.9%
Xaar  2.4%
Morgan Crucible  2.4%
Domino Printing Scie  2.3%
Codascisys  2.1%
VT Group  2.1%

Total  29.9%




Sector allocation

Industrials   39.8%
Consumer Services  17.9%
Financials   13.1%
Technology   8.1%
Consumer Goods   5.6%
Basic Materials   4.8%
Cash & Subsidiary   5.0%
Oil & Gas   2.9%
Healthcare   2.7%

Total  100.0%








Actual gearing:   105.8
Potential gearing:  110.2














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