Portfolio Update

North Atlantic Smlr Co Inv Tst PLC
02 August 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 July 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   W-H Energy                           Common
 2   US Treasury Bill                     Treasury Stock
 3   Nationwide Accident Repair           Ordinary
 4   Georgica                             Ordinary
 5   American Opportunity Trust           Ordinary
 6   Sterling Construction                Common
 7   Whatman                              Ordinary
 8   Oryx International Growth            Ordinary
 9   Worldport Communications             Common
 10  Paramount Restaurants                Ordinary




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