RNS Number:1868U
Ivory & Sime UK Smlr.Co's Trust PLC
13 January 2004



NAV as at close of business on 12/01/04


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                                      217.23



Note: NAV is diluted, where appropriate.



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


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