Portfolio Update

BLACKROCK SMALLER COMPANIES TRUST PLC All information is at31 July 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*	8.4	-0.1	-3.4		29.6	62.9
Share price*	5.0	-6.1	-9.2		21.5	57.8
Numis ex Inv Companies + AIM (capital only)	6.9	0.5	-3.5		9.1	26.5
*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):				1,013.53p
Net asset value Capital only(debt at fair value):				1,003.95p
Net asset value incl. Income(debt at par value)**:				1,026.96p
Net asset value incl. Income(debt at fair value)**:				1,017.38p
Share price				844.50p
Discount to Cum Income NAV (debt at par value):				17.8%
Discount to Cum Income NAV (debt at fair value):				17.0%
Net yield^^^:				2.1%
Gross assets^:				£526.6m
Gearing range as a % of net assets:				0-15%
Net gearing including income (debt at par):				5.4%
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 13.43p ^includes current year revenue ^^ As reported in the Annual Financial Report for the year ended 28 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 gone ex-dividend on 5 November 2015) #excludes 2,113,731 shares held in treasury.
Sector Weightings	% of portfolio
Industrials	27.4
Consumer Services	20.3
Financials	14.7
Technology	9.9
Consumer Goods	9.0
Health Care	8.5
Basic Materials	8.0
Oil & Gas	2.0
Utilities	0.2
	-----
Total	100.0
	=====
Ten Largest Equity Investments
Company	% of portfolio
4imprint Group	2.6
CVS Group	2.3
Dechra Pharmaceuticals	2.0
Fevertree Drinks	2.0
Advanced Medical Solutions	1.8
Hill & Smith	1.8
Restore	1.7
GB Group	1.6
Avon Rubber	1.5
Workspace Group	1.5
Commenting on the markets, Mike Prentis, representing the Investment Manager noted: After the very difficult period following the UK referendum result, markets bounced back in July. During July the Company’s NAV per share rose by 8.4% on a capital only basis whilst our benchmark index rose by 6.9%; the FTSE 100 Index rose by 3.4%. Stock selection and gearing contributed to relative performance during the month, with sector allocation being slightly negative. Whilst we reduced gearing at the end of June, it nevertheless contributed 0.5% to relative outperformance during July. Within stock selection our holdings in Fevertree Drinks, Sierra Rutile and Accesso all contributed positively to relative outperformance. Fevertree Drinks interim results to 30 June 2016 showed revenue growth of 69% (all organic), earnings per share growth of 83% and net cash up to £18m. We held another good meeting with management who continue to impress. Sierra Rutile shares were strong following a half year operational update showing good production growth and successful commissioning of their new dry mine. Subsequently Sierra Rutile has recommended an offer for the company from Iluka Resources. Accesso did not have newsflow during the month although several brokers did initiate research on the company with positive recommendations. There were no holdings which were significant detractors from relative performance from a stock specific point of view during the month. We continued to suffer from being underweight the mining sector; not holding stocks such as Vedanta, Hochschild, Evraz and Centamin detracted in aggregate 0.7% from relative performance. We are overweight the software sector and this contributed positively to sector allocation during the month. 10 August 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.