RNS Number:4954T
Ivory & Sime UK Smlr.Co's Trust PLC
19 December 2003


NAV as at close of business on 18/12/03

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

(Pence per share)


Ivory + Sime UK Smaller Companies                                        204.78

Note: NAV is diluted, where appropriate.



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