Portfolio Update

North Atlantic Smlr Co Inv Tst PLC
02 February 2007



     North Atlantic Smaller Companies Investment Trust plc (the 'Company')



In compliance with paragraph 15.4.11 (1) of the Listing Rules of the UK Listing
Authority, we hereby give notice that, as at 31 January 2007, the Company's ten
largest investments, which includes those with a value greater than 5% of the
Company's gross assets, are:


     Name of Investee Company             Class of share


 1   Nationwide Accident Repair           Ordinary
 2   US Treasury Bill                     Treasury Stock
 3   W-H Energy                           Common
 4   DM Technical Services Limited        Ordinary
 5   Georgica                             Ordinary
 6   Gleeson (MJ) Group                   Ordinary
 7   American Opportunity Trust           Ordinary
 8   Oryx International Growth            Ordinary
 9   DM Technical Services Limited        Loan Stock
 10  Whatman                              Ordinary





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