Top Ten Holdings

Ivory & Sime UK Smlr.Co's Trust PLC
05 January 2004

To:          RNS

From:        Ivory & Sime UK Smaller Companies Trust plc

Date:        5 January 2004



Listing Rule 21

In accordance with paragraph 21.20 l (ii) of the Listing Rules Ivory & Sime UK
Smaller Companies Trust plc announces its top ten holdings, including all
holdings with a value greater than 5% of its gross assets, as at 31 December
2003:

Company                                 % Total Assets

Hitachi Capital                                    4.8
Topps Tiles                                        4.8
Mouchel Parkman                                    4.4
Bovis Homes Group                                  3.7
MTL Instruments                                    3.7
Brewin Dolphin                                     3.6
Domino Printing Science                            3.6
Thorntons                                          3.4
City Centre Restaurants                            3.4
Paladin Resources                                  3.4
Total                                             38.8


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