Listing Rule 21.20 (l)

North Atlantic Smlr Co Inv Tst PLC
03 February 2004


North Atlantic Smaller Companies Investment Trust plc

3 February 2004


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

In compliance with paragraph 21.20 (1) of the Listing Rules of the UK Listing
Authority, we hereby give notice that, as at 31 January 2004, 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   Whatman PLC                          Ordinary
 2   Mentmore PLC                         Ordinary
 3   Paramount plc                        Ordinary
 4   American Opportunity Trust PLC       Ordinary
 5   Waterbury Inc.                       Common
 6   Primary Health Properties PLC        Ordinary
 7   LESCO Inc (Ohio)                     Common
 8   Denison International PLC            Ordinary
 9   Santa Maria Foods Inc (Ontario)      Common
 10  W-H Energy Services Inc              Common


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