Portfolio Update

Montanaro European Smaller C.TstPLC
03 October 2006



               
               
To:            RNS
From:          Montanaro European Smaller Companies Trust plc
Date:          03-Oct-06


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-Sep-06:

Montanaro European Smaller Companies Trust

Top 10 Holdings

Company                                            % Total Assets

Mouchel Parkman                                    4.0
Hitachi Capital                                    3.3
Victrex                                            2.9
Morgan Crucible                                    2.8
Restaurant Group                                   2.7
Domino Printing Scie                               2.4
Foseco                                             2.1
Coda                                               2.1
Connaught                                          2.0
VT Group                                           2.0


For further information please contact:

Gordon Hay-Smith
F&C Asset Management plc
0131 465 1000




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