Net Asset Value(s)

Montanaro European Smaller C.TstPLC
08 September 2006


NAV's as at close of business on 07/09/06

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

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





Montanaro European Smaller Companies Trust                             341.9


Note: NAVs are diluted, where appropriate.



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