Top 10 Holdings

ISIS Smaller Companies Trust PLC
4 October 2004

To:                RNS
From:              ISIS Smaller Companies Trust
Date:              04 October 2004



Listing Rule 21

In accordance with paragraph 21.20 l (ii) of the Listing Rules ISIS Smaller
Companies Trust announces its top ten holdings, including all holdings with a
value greater than 5% of its gross assets, as at 30 September 2004:


ISIS Smaller Companies Trust
Top 10 Holdings
Company                                            % Total Assets
Paladin Resources                                  4.7
Hitachi Capital                                    4.6
Restaurant Group                                   4.4
Domino Printing Scie                               4.2
Bovis Homes                                        3.8
MTL Instruments                                    3.8
Mouchel Parkman                                    3.5
Thorntons                                          3.4
RPC Grp                                            3.1
Glenmorangie 'A'                                   2.8





For further information please contact:

Gordon Hay Smith
ISIS Asset Management plc
0131 465 1000


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