Portfolio Update

ISIS Smaller Companies Trust PLC
20 January 2006


ISIS Smaller Companies Trust plc


ALL DATA AS AT 31st December 2005

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


Top ten equity holdings                                         %

1                              Restaurant Group                 4.7
2                              MTL Instruments                  4.3
3                              Hitachi Capital                  4.1
4                              Mouchel Parkman                  4.0
5                              Xaar                             3.6
6                              Victrex                          3.4
7                              Morgan Crucible                  2.9
8                              Thorntons                        2.3
9                              Brewin Dolphin                   2.2
10                             Consolidated Mineral             2.2

Total                                                           33.8


Country                               %

Cyclical Services                     28.6
General Industrials                   25.8
Financials                            13.1
Information Technology                11.1
Non Cyclical Services                 5.3
Cash & Subsidiary                     3.8
Resources                             3.7
Basic Industries                      3.4
Cyclical Consumer Goods               2.8
Non Cyclical Consumer Goods           2.3

Total                                 100.0



Actual gearing:       93.0
Potential gearing:    110.2







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