Top Ten Holdings

Montanaro European Smaller C.TstPLC
02 November 2006


To:                   RNS

From:              Montanaro European Smaller Companies Trust plc

Date:               02-Nov-06



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 31-Oct-06:




Montanaro European Smaller Companies Trust
Top 10 Holdings
Company                                            % Total Assets
Poyry                                              2.3
Lundin Mining SDR                                  2.2
Elekta B Shs                                       2.2
Mouchel Parkman                                    2.2
Skistar                                            2.1
Domino Printing Scie                               2.1
Tullow Oil                                         2.1
Ramirent                                           2.1
Saes Getters                                       2.1
TGS Nopec Geophys                                  2.





For further information please contact:



Michael Campbell

F&C Asset Management plc

0131 465 1000




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