Index: mcs/class/System/System.ComponentModel/ReflectionPropertyDescriptor.cs
===================================================================
--- mcs/class/System/System.ComponentModel/ReflectionPropertyDescriptor.cs	(revision 84301)
+++ mcs/class/System/System.ComponentModel/ReflectionPropertyDescriptor.cs	(working copy)
@@ -231,7 +231,7 @@
 				MethodInfo mi = FindPropertyMethod (component, "ShouldSerialize");
 				if (mi != null)
 					return (bool) mi.Invoke (component, null);
-				return false;
+				return Attributes.Contains (DesignerSerializationVisibilityAttribute.Content);
 			}
 
 			DefaultValueAttribute attrib = ((DefaultValueAttribute) Attributes[typeof (DefaultValueAttribute)]);
Index: mcs/class/System/System.ComponentModel/ChangeLog
===================================================================
--- mcs/class/System/System.ComponentModel/ChangeLog	(revision 84397)
+++ mcs/class/System/System.ComponentModel/ChangeLog	(working copy)
@@ -1,5 +1,11 @@
 2007-08-19  Ivan N. Zlatev  <contact@i-nz.net>
 
+	ReflectionPropertyDescriptor.cs: For read-only properties,
+	ShouldSerializeValue must also check for 
+	DesignerSerializationVisibility.Content and if presetn return true.
+
+2007-08-19  Ivan N. Zlatev  <contact@i-nz.net>
+
 	* EnumConverter.cs: Implement conversion to and from Enum[]
 
 2007-08-19  Ivan N. Zlatev  <contact@i-nz.net>
Index: mcs/class/System/Test/System.ComponentModel/PropertyDescriptorTests.cs
===================================================================
--- mcs/class/System/Test/System.ComponentModel/PropertyDescriptorTests.cs	(revision 84301)
+++ mcs/class/System/Test/System.ComponentModel/PropertyDescriptorTests.cs	(working copy)
@@ -193,6 +193,18 @@
 				set { _prop7 = value; }
 			}
 
+			[ReadOnly (true)]
+			[DesignerSerializationVisibility (DesignerSerializationVisibility.Content)]
+			public string Prop8 {
+				get { return null; }
+			}
+
+			[ReadOnly (true)]
+			[DesignerSerializationVisibility (DesignerSerializationVisibility.Content)]
+			public string Prop9 {
+				get { return null; }
+			}
+
 			public bool SerializeProp3 {
 				get { return _serializeProp3; }
 				set { _serializeProp3 = value; }
@@ -243,6 +255,11 @@
 				return _serializeProp7;
 			}
 
+			public bool ShouldSerializeProp8 ()
+			{
+				return false;
+			}
+
 			private string _prop1;
 			private string _prop2;
 			private string _prop3;
@@ -412,6 +429,8 @@
 			PropertyDescriptor prop5PD = properties ["Prop5"];
 			PropertyDescriptor prop6PD = properties ["Prop6"];
 			PropertyDescriptor prop7PD = properties ["Prop7"];
+			PropertyDescriptor prop8PD = properties ["Prop8"];
+			PropertyDescriptor prop9PD = properties ["Prop9"];
 
 			Assert.IsFalse (prop1PD.ShouldSerializeValue (test), "#A1");
 			Assert.IsTrue (prop2PD.ShouldSerializeValue (test), "#A2");
@@ -448,6 +467,11 @@
 			Assert.IsTrue (prop7PD.ShouldSerializeValue (test), "#C7");
 			test.Prop7 = "good";
 			Assert.IsTrue (prop7PD.ShouldSerializeValue (test), "#C8");
+
+			// has both DesignerSerializationVisibility.Content and ShouldSerialize { return false }
+			Assert.IsFalse (prop8PD.ShouldSerializeValue (test), "#D1");
+			// has DesignerSerializationVisibility.Content, no ShouldSerialize
+			Assert.IsTrue (prop9PD.ShouldSerializeValue (test), "#D2");
 		}
 
 		[Test]
Index: mcs/class/System/Test/System.ComponentModel/ChangeLog
===================================================================
--- mcs/class/System/Test/System.ComponentModel/ChangeLog	(revision 84375)
+++ mcs/class/System/Test/System.ComponentModel/ChangeLog	(working copy)
@@ -1,5 +1,11 @@
 2007-08-19  Ivan N. Zlatev  <contact@i-nz.net>
 
+	PropertyDescriptorTests.cs: For read-only properties,
+	ShouldSerializeValue must also check for 
+	DesignerSerializationVisibility.Content and if presetn return true.
+
+2007-08-19  Ivan N. Zlatev  <contact@i-nz.net>
+
 	* TypeDescriptorTest.cs: new test to verify that GetProperties returns 
 	only the last type's implementation of a property with a matching name 
 	in the base types.