RNS Number:4599L
Collective Assets Trust PLC
22 May 2003

NAV's as at close of business on 21/05/03

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

                                                  (Pence per share)
Collective Assets Trust                                127.98


Note: NAVs are diluted, where appropriate.                                                                              
                                   


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

END
NAVELLFLXEBLBBZ