Net Asset Value(s)

Montanaro European Smaller C.TstPLC
04 January 2007


NAV's as at close of business on 03/01/07

F & C Asset Management plc Investment Trusts announces the unaudited Net Asset
Values for the following Investment Trust.

(Pence per share).  Investments valued on a bid price basis.



Montanaro European Smaller Companies Trust                            402.25


Note: NAVs are diluted, where appropriate.





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