Portfolio Update

Merrill Lynch Br. SmallerCo Tst PLC
02 March 2006


Merrill Lynch British Smaller Companies Trust plc
As at 28 February 2006

Top 10 holdings:

AVEVA GROUP
BREWIN DOLPHIN HOLDINGS
BSS GROUP
CHARTER CONSOLIDATED
KIER GROUP
MOUCHEL PARKMAN
RATHBONE BROTHERS
RENISHAW
SIG
WSP GROUP


Other holdings over 5%:

n/a


Holdings in restricted UK listed investment companies:

n/a


2 March 2006


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