Portfolio Update

Montanaro European Smaller C.TstPLC
02 October 2007



To:       RNS
From:     Montanaro European Smaller Companies Trust plc
Date:     02-Oct-07


Listing Rule 15


In accordance with paragraph 15.6.8(2) of the Listing Rules Montanaro European
Smaller Companies Trust plc announces its top ten holdings, including all
holdings with a value greater than 5% of its total assets, as at 30-Sep-07:




Montanaro European Smaller Companies Trust
Top 10 Holdings
Company                                            % Total Assets
Poyry                                              2.7
Nokian Renkaat                                     2.5
Schoeller Bleckmann                                2.3
Frigoglass                                         2.3
Tullow Oil                                         2.3
Konecranes                                         2.2
Belimo Hldgs Regd                                  2.2
Smit Intl                                          2.2
Sweco B Shs                                        2.2
Prosegur Seguridad                                 2.1





For further information please contact:

Michael Campbell
F&C Investment Business Limited
0207 628 8000




                      This information is provided by RNS
            The company news service from the London Stock Exchange