Interim Management Statement

North Atlantic Smlr Co Inv Tst PLC
15 June 2007



NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC


INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 30 APRIL 2007


Investment Objective

The objective of North Atlantic Smaller Companies Investment Trust PLC ('the
Company') is to provide capital appreciation through investment in a portfolio
of smaller companies principally based in countries bordering the North Atlantic
Ocean.



Financial Highlights


                                                      Cumulative performance
                                 As at  30   3 months   6 months      1 year     3 years     5 years
                                April 2007          %          %           %           %           %

NAV *
  Basic                             1,770p        0.9        2.1         4.9        40.3        36.4
  Diluted                           1,226p        0.7        3.1         9.3        58.4        70.3

Mid-market price                  1,140.0p       (1.1)       1.5         9.3        80.8        94.0

Discount to diluted NAV *              7.0%

Standard & Poor's 500                741.2        0.9        2.6         2.8        18.7         0.3
Composite Index **
Russell 2000 **                      407.3       (0.4)       1.3        (3.2)       29.0        16.2
FTSE All-Share Index               3,355.6        4.5        6.9         9.2        50.0        33.6
US Dollar/Sterling exchange         1.9999       (2.2)      (4.9)      (10.0)      (12.8)      (37.2)
rate



* Excluding retained revenue for the period.

** Sterling adjusted.





Material Events

There were no material events to report during the period under review.





Material Transactions

The Board consider the following transactions that occurred during the quarter
ended 30 April 2007 to be material:



On 23 February 2007, one of the Company's subsidiaries, American Opportunity
Trust PLC ('AOT') merged with Oryx International Growth Fund Limited ('Oryx') by
way of a Scheme of Arrangement under Section 425 of the Companies Act 1985.
Under the Scheme of Arrangement, Oryx acquired AOT and is the continuing
company.  All of the assets and liabilities of AOT have been transferred into
Oryx. North Atlantic Value LLP, the Company's Joint Manager, also acts as
manager to Oryx and Christopher Mills, the Company's Chief Executive, sits on
the Board of Oryx.



In March 2007, AssetCo Group Limited announced a reverse takeover by AIM quoted
Asfare Group Plc, to be renamed AssetCo plc, and a concurrent placing of new
shares. The Acquisition and Placing were completed on 30 March 2007. The Placing
was at a 25% premium to our holding cost and the shares have performed well in
the after market.



There were no other material transactions during the quarter ended 30 April
2007.





TWENTY LARGEST INVESTMENTS AT 30 APRIL 2007


                                                                                                    %
Oryx International Growth Fund Limited *                                      UK Listed          10.6
DM Technical Services Limited                                               UK Unquoted           8.4
W-H Energy Services Inc.                                                     USA Listed           7.4
Nationwide Accident Repair Services PLC                                UK Quoted on AIM           7.0
Gleeson (MJ) Group PLC                                                        UK Listed           4.6
Georgica PLC                                                           UK Quoted on AIM           4.4
Inspired Gaming Group PLC                                              UK Quoted on AIM           3.9
Hampton Trust Group                                                         UK Unquoted           3.4
Whatman PLC                                                                   UK Listed           3.2
Sterling Construction Inc.                                                   USA Listed           3.1
Worldport Communications Inc.                                              USA Unquoted           3.0
BBA Aviation Group PLC                                                        UK Listed           2.7
LESCO, Inc.                                                                  USA Listed           2.6
Motherwell Bridge Limited                                                   UK Unquoted           2.2
Cardpoint PLC                                                          UK Quoted on AIM           1.8
Trident Private Equity II LP                                    Cayman Islands Unquoted           1.7
AssetCo PLC                                                            UK Quoted on AIM           1.7
Communisis PLC                                                                UK Listed           1.6
RPC Group PLC                                                                 UK Listed           1.4
Primesco Inc.                                                              USA Unquoted           1.4

% of total portfolio                                                                             76.1




* Incorporated in Guernsey





SECTOR ANALYSIS OF INVESTMENTS AT FAIR VALUE AS AT 30 APRIL 2007


                                                    United       United
                                                    States      Kingdom       Europe        Total
                                                         %            %            %            %
Investment Companies                                   0.2         13.6            -         13.8
Support Services                                       0.9         10.4            -         11.3
General Industrials                                      -          9.8            -          9.8
Travel & Leisure                                         -          8.3            -          8.3
Oil & Gas                                              7.4          0.8            -          8.2
Construction & Materials                               3.0          4.6            -          7.6
Real Estate                                              -          6.0          0.3          6.3
Industrial Engineering                                 0.7          5.0            -          5.7
Healthcare, Equipment & Services                       0.6          4.6            -          5.2
General Financial                                      4.8          0.3            -          5.1
Industrial Transportation                                -          2.7            -          2.7
Wholesale Trade                                        2.6            -            -          2.6
Media                                                    -          1.3            -          1.3
Technology Hardware & Equipment                        0.9            -            -          0.9
Banking                                                0.4            -            -          0.4
Food Producers                                           -          0.2            -          0.2
Manufacturing                                          0.1          0.1            -          0.2

                                                      21.6         67.7          0.3         89.6
Treasury Bills                                        10.4            -            -         10.4

Total at 30 April 2007                                32.0         67.7          0.3        100.0



The financial information for the quarter ended 30 April 2007 contained within
this Interim Management Statement has not been audited.



Annual General Meeting

The next Annual General Meeting of the Company will be held on Wednesday 27 June
2007 at 12 noon in the Board Room, Ground Floor, Ryder Court, 14 Ryder Street,
London SW1Y 6QB.



By order of the Board



Bonita Guntrip, for and on behalf of
J O Hambro Capital Management Limited as Company Secretary



15 June 2007






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