Net Asset Value(s)

Montanaro European Smaller C.TstPLC
02 February 2007




NAV as at close of business on 1/02/07

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

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


Montanaro European Smaller Companies Trust     429.5



Note: NAVs are diluted, where appropriate.





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