Top Ten Holdings

Montanaro European Smaller C.TstPLC
04 January 2007

To:                RNS

From:              Montanaro European Smaller Companies Trust plc

Date:              04-Jan-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 31-Dec-06:


Montanaro European Smaller Companies Trust
Top 10 Holdings
Company                                            % Total Assets
Ramirent                                           2.5
Genus                                              2.5
Poyry                                              2.5
Arcadis                                            2.4
Lassila & Tikanoja                                 2.4
Mouchel Parkman                                    2.3
TGS Nopec Geophys                                  2.2
Domino Printing Scie                               2.2
YIT Oyj                                            2.2
Belimo Hldgs Regd                                  2.2


For further information please contact:

Gordon Hay Smith
F&C Asset Management plc
0131 718 1000


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