Portfolio Update

Merrill Lynch British Smaller Companies Trust plc
As at 30 November 2007

Top 10 holdings:                                  
                                               
                                                    
AVEVA GROUP PLC                                     
                                                    
BREWIN DOLPHIN                                      
                                                    
BSS GROUP                                           
                                                    
DECHRA PHARMACEUTICALS                              
                                                    
ITE GROUP                                           
                                                    
MOUCHEL PARKMAN                                     
                                                    
RATHBONE BROTHERS                                   
                                                    
SPIRAX-SARCO ENGINEERING PLC                        
                                                    
ULTRA ELECTRONIC HOLDINGS PLC                       
                                                    
VICTREX                                             



Other holdings over 5%:


n/a


Holdings in restricted UK listed investment companies:

n/a

4 December 2007