Top Ten Holdings

Ivory & Sime UK Smlr.Co's Trust PLC
1 April 2004


To:    RNS

From:  I & S UK Smaller Companies Trust

Date:  01 April 2004



Listing Rule 21

In accordance with paragraph 21.20 l (ii) of the Listing Rules I & S UK Smaller
Companies Trust announces its top ten holdings, including all holdings with a
value greater than 5% of its gross assets, as at 31 March 2004:

                                                                                            
Top 10 Holdings                                                 

Company                                         % Total Assets  
Topps Tiles                                     5.3             
Hitachi Capital                                 4.7             
Bovis Homes                                     4.2             
Mouchel Parkman                                 3.9             
MTL Instruments                                 3.8             
Paladin Resources                               3.7             
Domino Printing Scie                            3.6             
Restaurant Group                                3.6             
Austin Reed                                     3.2             
RPC Grp                                         3.0             
Holdings greater than 5% of total fund value                    
Topps Tiles                                     5.3          


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