Annual Report and Accounts

North Atlantic Smlr Co Inv Tst PLC
11 August 2004


North Atlantic Smaller Companies Investment Trust PLC
Annual Report for the year ended 31 January 2004


A copy of the above document, along with a copy of the Conversion Notice to Loan
Stockholders, has been submitted to the UK Listing Authority today, and will
shortly be available for inspection at the UK Listing Authority's Document
Viewing Facility, which is situated at:


Financial Services Authority

25 The North Colonnade

Canary Wharf

London E14 5HS


Tel. No. (0)20 7676 1000.


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