Top Ten Holdings

Montanaro European Smaller C.TstPLC
03 April 2007



To:          RNS
From:        Montanaro European Smaller Companies Trust plc
Date:        03-Apr-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 30-Mar-07:


Montanaro European Smaller Companies Trust

Top 10 Holdings

Company                                            % Total Assets

Poyry                                              2.7
YIT Oyj                                            2.6
Palfinger                                          2.5
TGS Nopec Geophys                                  2.3
Belimo Hldgs Regd                                  2.2
Fuchs Petrolub Pref                                2.1
Sweco B Shs                                        2.0
Lassila & Tikanoja                                 2.0
Saes Getters                                       2.0
Arcadis                                            1.9


For further information please contact:

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




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