Portfolio Update

North Atlantic Smlr Co Inv Tst PLC
04 February 2008



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


In compliance with paragraph LR 15.6.8R(2) of the Listing Rules of the UK
Listing Authority, we hereby give notice that, as at 31 January 2008, 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    Castle Support Services                               Ordinary
  2    US Treasury Bill 13/03/2008                           Treasury Stock
  3    Oryx International Growth Fund                        Ordinary
  4    Motherwell Bridge                                     Ordinary
  5    Nationwide Accident                                   Ordinary
  6    Gleeson (MJ) Group                                    Ordinary
  7    BBA Aviation                                          Ordinary
  8    Hampton Trust                                         Units
  9    Inspired Gaming Group                                 Ordinary
 10    Nav Bidco Preference shares                           Preference

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