Films containing silver nanoclusters within a lamellar morphology were obtained via postprocessing reduction of the silver-containing regions of block copolymers synthesized by ring opening metathesis polymerization. Solution-cast films (0.1 mm thickness) of the block copolymer exhibited an oriented lamellar morphology with lamellar normals perpendicular to the film plane. The slightly anisotropic dielectric properties, perpendicular and parallel to the film plane, were investigated by direct measurement and by model calculations. The conductivity was highly anisotropic, differing by at least four orders of magnitude in directions parallel and perpendicular to the film plane.