Net Asset Value(s)

Montanaro European Smaller C.TstPLC
30 January 2007

NAV's as at close of business on 29/01/07

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                                406.85


Note: NAVs are diluted, where appropriate.



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