Portfolio Update

North Atlantic Smlr Co Inv Tst PLC
01 November 2006



     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 October 2006, 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   Nationwide Accident Repair           Ordinary
 2   US Treasury Bill                     Treasury Stock
 3   W-H Energy                           Common
 4   DM Technical Services Limited        Ordinary
 5   American Opportunity Trust           Ordinary
 6   Georgica                             Ordinary
 7   Oryx International Growth            Ordinary
 8   Whatman                              Ordinary
 9   Sterling Construction                Common
 10  DM Technical Services Limited        Loan Stock






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