Portfolio Update

Montanaro European Smaller C.TstPLC
03 July 2007


To:          RNS

From:        Montanaro European Smaller Companies Trust plc

Date:        03-Jul-07



Listing Rule 15



In accordance with paragraph 15.4.11(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 gross assets, as at 29-Jun-07:




Montanaro European Smaller Companies Trust
Top 10 Holdings

Company                                            % Total Assets
Palfinger                                          3.2
Poyry                                              3.0
Arcadis                                            2.3
Nokian Renkaat                                     2.3
Sweco B Shs                                        2.2
YIT Oyj                                            2.1
Frigoglass                                         2.1
Belimo Hldgs Regd                                  2.0
Fuchs Petrolub Pref                                2.0
Konecranes                                         1.9





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