We study the conductance (g) distribution function of an ensemble of i
solated conducting rings, with an Aharonov-Bohm flux. This is done in
the discrete spectrum limit, i.e. when the inelastic rate, frequency a
nd temperature are all smaller than the mean level spacing. Over a wid
e range of g the distribution function exhibits universal behaviour P(
g) similar to g(-(4+beta)/3) where beta = 1 (2) for systems with (with
out) a time reversal symmetry. The non-universal large-g tail of this
distribution determines the values of high moments.