Top 10 Holdings

ISIS Smaller Companies Trust PLC
1 July 2004

To:    RNS

From:  ISIS Smaller Companies Trust

Date:  01 July 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 June 2004:

ISIS Smaller Companies Trust                     
Top 10 Holdings                                  
Company                          % Total Assets  

Paladin Resources                4.7             
Domino Printing Scie             4.6             
Hitachi Capital                  4.4             
MTL Instruments                  4.0             
Topps Tiles                      3.8             
Bovis Homes                      3.8             
Restaurant Group                 3.7             
Thorntons                        3.5             
Mouchel Parkman                  3.5             
Austin Reed                      3.1             



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