Portfolio Update

Montanaro European Smaller C.TstPLC
03 January 2008

To:                   RNS

From:                 Montanaro European Smaller Companies Trust plc

Date:                 03-Jan-08



Portfolio Update



The largest ten investments and all investments with a value greater than 5% of
total assets as at 31-Dec-07 are




Montanaro European Smaller Companies Trust
Top 10 Holdings
Company                                            % Total Assets
Poyry                                              2.9
Smit Intl                                          2.7
Frigoglass                                         2.7
Schoeller Bleckmann                                2.6
Nokian Renkaat                                     2.4
Genus                                              2.4
Sweco B Shares                                     2.4
Prosegur Seguridad                                 2.3
Belimo Holdings Regd                               2.3
GFK                                                2.2



This announcement is made in accordance with the UKLA Listing Rules.





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