Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC All information is at30 September 2015 and unaudited.
Performance at month end is calculated on a capital only basis
	One	Three	One		Three	Five
	month	months	year		years	years
	%	%	%		%	%
Net asset value*	-1.4	-0.7	14.6		66.4	104.6
Share price*	-5.0	-5.4	12.5		71.0	118.5
Numis ex Inv Companies + AIM	-2.4	-3.8	2.6		29.2	41.1
*performance calculations based on a capital only NAV with debt at par, without income reinvested. Share price performance calculations exclude income reinvestment.
Sources:  BlackRock and Datastream
At month end
Net asset value Capital only (debt at par value):				1011.76p
Net asset value Capital only (debt at fair value):				1001.22p
Net asset value incl. Income (debt at par value)**:				1027.14p
Net asset value incl. Income (debt at fair value)**:				1016.59p
Share price				879.00p
Discount to Cum Income NAV (debt at par value):				14.4%
Discount to Cum Income NAV (debt at fair value):				13.5%
Net yield^^^:				1.6%
Gross assets^:				£531.7m
Gearing range as a % of net assets:				0-15%
Net gearing including income (debt at par):				5.5%
2015 Ongoing charges ratio^^				0.7%
2015 Ongoing charges ratio (including performance fees):				1.0%
Ordinary shares in issue#:				47,879,792
**includes net revenue of 15.38p ^includes current year revenue ^^ As reported in the Annual Financial Report for the year ended 28 February 2015, the ongoing charges ratio is calculated as a percentage of net assets and using operating expenses, excluding performance fees, finance costs and taxation. ^^^Yield calculations are based on dividends announced in the last 12 months as at the date of release of this announcement, and comprise of the interim dividend of 5.50 pence per share, (announced on 24 October 2014, gone ex-dividend on 6 November 2014) and the final dividend of 9.00 pence per share (announced on 27 April 2015 and going ex-dividend on 21 May 2015) #excludes 2,113,731 shares held in treasury.
Sector Weightings	% of portfolio
Industrials	25.1
Consumer Services	21.1
Financials	18.9
Consumer Goods	9.1
Technology	8.2
Health Care	8.2
Basic Materials	6.4
Oil & Gas	2.4
Telecommunications	0.6
	-----
Total	100.0
	=====
Ten Largest Equity Investments
Company	% of portfolio
CVS Group	2.2
4imprint Group	2.2
Savills	1.8
Workspace Group	1.8
Lookers	1.7
Ted Baker	1.6
Avon Rubber	1.6
Topps Tiles	1.6
Rathbone Brothers	1.5
Headlam Group	1.5
Commenting on the markets, Mike Prentis, representing the Investment Manager noted:
During September the Company’s NAV per share fell by 1.4% on a capital only basis whilst our benchmark index fell by 2.4%; the FTSE 100 Index fell by 3.0%. September was another difficult month for equities generally with worries about Chinese GDP growth, some poor high profile company news, for instance from Volkswagen, and continued weak commodity prices. Relative outperformance mainly derived from good stock selection. Sector allocation contributed modestly mainly due to our overweight position in healthcare equipment companies. Gearing detracted from performance. The largest positive contributors to stock selection during the month were our holdings in 4imprint Group and CVS Group. 4imprint Group’s shares had seen some profit taking in August and recovered during September. CVS Group announced good full year results with revenues up 17% and earnings per share up 30%. We also had a very positive meeting with management. The largest detractor was Topps Tiles, one of our better performers over the last year, which saw some profit taking. Topps Tiles announced a pre-close update which indicated like-for-like sales growth of about 5.3% for the year to 30 September 2015, reflecting continued growth in market share. We did not make any significant changes to the portfolio during the month although we did sell several smaller holdings, and trimmed a few other holdings.
21 October 2015
ENDS
Latest information is available by typing www.blackrock.co.uk/brsc on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV terminal).  Neither the contents of the Manager’s website nor the contents of any website accessible from hyperlinks on the Manager’s website (or any other website) is incorporated into, or forms part of, this announcement.