Portfolio Update

ISIS Smaller Companies Trust PLC
16 February 2006

ISIS Smaller Companies Trust plc




ALL DATA AS AT 31st January 2006



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





Top ten equity holdings                                         %


1                              Restaurant Group                 4.6
2                              MTL Instruments                  4.3
3                              Mouchel Parkman                  4.2
4                              Xaar                             4.1
5                              Hitachi Capital                  4.0
6                              Victrex                          3.5
7                              Morgan Crucible                  3.0
8                              Havelock Europa                  2.2
9                              Brewin Dolphin                   2.1
10                             Domino Printing Science          2.1

Total                                                           34.1








Sector                                %

Industrials                           34.0
Consumer Services                     21.7
Financials                            13.1
Technology                            11.1
Consumer Goods                        9.2
Basic Materials                       6.1
Cash & Subsidiary                     3.9
Oil & Gas                             0.9



Total                                 100.0








Actual gearing:       106.6
Potential gearing:    109.9














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