Portfolio Update

North Atlantic Smlr Co Inv Tst PLC
02 August 2005


North Atlantic Smaller Companies Investment Trust plc
31 July 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 31 July 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   US Treasury Bill                     Treasury Stock
 2   Whatman                              Ordinary
 3   W-H Energy Services                  Common
 4   American Opportunity Trust           Ordinary
 5   UK Treasury Bill                     Treasury Stock
 6   Oryx International Growth Fund       Ordinary
 7   Worldport Communications             Common
 8   Communisis                           Ordinary
 9   Sterling Construction                Common
 10  Wichford                             Ordinary



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


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