Month End Portfolio Update

ISIS Smaller Companies Trust PLC
15 May 2006

ISIS Smaller Companies Trust plc


ALL DATA AS AT 30th April 2006


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


Top ten equity holdings

Restaurant Group  5.5%
Mouchel Parkman  4.7%
Xaar  3.9%
Hitachi Capital  3.8%
MTL Instruments  3.6%
Morgan Crucible  2.9%
Victrex  2.6%
Codascisys 2.1%
Brewin Dolphin  2.1%
Domino Printing Scie  2.1%

Total  33.2%


Sector

Industrials 40.3%
Consumer Services  18.8%
Financials  12.8%
Technology  9.0%
Basic Materials  5.1%
Consumer Goods  5.1%
Cash & Subsidiary  4.8%
Healthcare  2.8%
Oil & Gas  1.2%

Total  100.0%


Actual gearing: 105.2
Potential gearing: 109.4



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