RNS Number:9102T
Ivory & Sime UK Smlr.Co's Trust PLC
6 January 2004



NAV as at close of business on 05/01/04

ISIS Asset Management plc Investment Trusts announces the unaudited Net Asset
Value for the following Investment Trust.

                                                               (Pence per share)

Ivory + Sime UK Smaller Companies                                         207.99


Note: NAV is diluted, where appropriate.




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

END
NAVUUUBGGUPCGAQ