Portfolio Update

North Atlantic Smlr Co Inv Tst PLC
04 May 2005



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



In compliance with paragraph 21.20 (1) of the Listing Rules of the UK Listing
Authority, we hereby give notice that, as at 30 April 2005, the following is a
list of the Company's ten largest investments which includes those with a value
greater than 5% of the Company's gross assets:


     Name of Investee Company             Class of share


 1   Paramount                            Ordinary
 2   Whatman                              Ordinary
 3   American Opportunity Trust           Ordinary
 4   Oryx International Growth Fund       Ordinary
 5   Communisis                           Ordinary
 6   Worldport Communications             Common
 7   W-H Energy Services                  Common
 8   LESCO Inc                            Common
 9   Wichford                             Ordinary
 10  East Surrey Holdings                 Ordinary



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