Listing Rule 21.20 (l)

North Atlantic Smlr Co Inv Tst PLC
05 May 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 30 April 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

     American Opportunity Trust           Ordinary
     Lesco Inc Ohio                       Common
     Mentmore                             Ordinary
     Paramount                            Ordinary
     Primary Health Properties            Ordinary
     Santa Maria (Ontario)                Common
     US Treasury Bill                     Treasury Stock
     Waterbury                            Common
     W-H Energy Services                  Common
     Whatman                              Ordinary


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