Portfolio Update

Merrill Lynch Br. SmallerCo Tst PLC
02 February 2006

Merrill Lynch British Smaller Companies Trust plc

As at 31 January 2006, Merrill Lynch British Smaller Companies Trust plc
announces that it had no investments in other listed investment companies that
do not have a stated policy to invest no more than 15% of their gross assets in
other listed investment companies.


2 February 2006


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