Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC All information is at31 May 2016 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*	2.7	6.5	0.9		38.5	67.6
Share price*	1.1	5.4	-1.2		38.1	74.0
Numis ex Inv Companies + AIM	0.9	6.3	-4.4		12.6	23.4
*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):				1042.58p
Net asset value Capital only (debt at fair value):				1033.00p
Net asset value incl. Income (debt at par value)**:				1051.24p
Net asset value incl. Income (debt at fair value)**:				1041.65p
Share price				910.00p
Discount to Cum Income NAV (debt at par value):				13.4%
Discount to Cum Income NAV (debt at fair value):				12.6%
Net yield^^^:				1.92%
Gross assets^:				£548.2m
Gearing range as a % of net assets:				0-15%
Net gearing including income (debt at par):				9.6%
2016 Ongoing charges ratio^^				0.7%
2016 Ongoing charges ratio (including performance fees):				0.9%
Ordinary shares in issue#:				47,879,792
**Includes net revenue of 8.65p. ^Includes current year revenue. ^^ As reported in the Annual Financial Report for the year ended 29 February 2016, 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 final dividend of 10.50 pence per share (announced on 25 April 2016, ex-dividend on 19 May 2016) and the interim dividend of 7.00 pence per share (announced on 26 October 2015 and ex-dividend on 5 November 2015). #Excludes 2,113,731 shares held in treasury.
Sector Weightings	% of portfolio
Industrials	27.0
Consumer Services	20.9
Financials	16.6
Technology	9.9
Consumer Goods	9.1
Health Care	8.5
Basic Materials	6.0
Oil & Gas	2.0
	-----
Total	100.0
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Ten Largest Equity Investments
Company	% of portfolio
4imprint Group	2.3
CVS Group	2.2
JD Sports	1.8
Workspace Group	1.8
Restore	1.7
Dechra Pharmaceuticals	1.7
Avon Rubber	1.6
Savills	1.6
Fevertree Drinks	1.5
Advanced Medical Solutions	1.5
Commenting on the markets, Mike Prentis, representing the Investment Manager noted: During May the Company’s NAV per share rose by 2.7% on a capital only basis whilst our benchmark index rose by 0.9%; the FTSE 100 Index fell by 0.2%. Relative performance was driven by good stock selection, with sector allocation and gearing also helping slightly. The most notable positive contributors to relative performance were our holdings in Avon Rubber and Fevertree Drinks. Avon Rubber announced interim results which were better than the market had expected, with revenues up by 5% and EBITDA up by 9%. We had a good meeting with management which highlighted their confidence. Fevertree Drinks announced a trading update for the four months to end April 2016 which confirmed strong business momentum and indicated that full year 2016 results are expected to be materially ahead of expectations. Other good contributors included Joules, which we bought at IPO, CVS Group, Accesso and Topps Tiles. There were no significant individual stock detractors from relative performance during the month. Turning to sector allocation, our performance was helped by our underweight position in the mining sector. This sector had a major negative impact on relative performance in April; we recovered part of this in May. As mentioned above, we added the position in Joules on IPO. Joules is a UK retailer focussed on supplying good value, colourful country wear. 8 June 2016 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.