Portfolio Update

North Atlantic Smlr Co Inv Tst PLC
02 November 2007



     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 October 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    Castle Support Services                          Ordinary
   2    Oryx International Growth Fund                   Ordinary
   3    US Treasury Bill 13/12/2007                      Treasury Stock
   4    Nationwide Accident Repair Services              Ordinary
   5    Inspired Gaming Group                            Ordinary
   6    Gleeson (MJ) Group                               Ordinary
   7    BBA Aviation                                     Ordinary
   8    Hampton Trust                                    Units
   9    Motherwell Bridge                                Ordinary
  10    W-H Energy                                       Common




                      



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