Portfolio Update

North Atlantic Smlr Co Inv Tst PLC
01 November 2005



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

In compliance with paragraph 15.4.11 (2) of the Listing Rules of the UK Listing
Authority, we hereby give notice that, as at 31 October 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   American Opportunity Trust           Ordinary
 2   Nationwide Accident Repairs          Common
 3   US Treasury Bill                     Treasury Stock
 4   Whatman                              Ordinary
 5   WH Energy                            Common
 6   UK Treasury Bill                     Treasury Stock
 7   Sterling Construction                Common
 8   Oryx International Growth Fund       Ordinary
 9   Worldport Communications             Common
 10  Georgica                             Ordinary


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