Portfolio Update

Merrill Lynch Br. SmallerCo Tst PLC
02 June 2006

Merrill Lynch British Smaller Companies Trust plc
As at 31 May 2006
Top 10 holdings:



AVEVA GROUP
BREWIN DOLPHIN HOLDINGS
CHARTER
DECHRA PHARMACEUTICALS
HEADLAM GROUP
MOUCHEL PARKMAN
RATHBONE BROTHERS
RENISHAW
SPIRAX-SARCO ENGINEERING
WSP GROUP




Other holdings over 5%:



n/a


Holdings in restricted UK listed investment companies:

n/a


2 June 2006


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