Listing Rule 21.20 (l)

North Atlantic Smlr Co Inv Tst PLC
03 August 2004

North Atlantic Smaller Companies Investment Trust plc
3 August 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 July 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   US Treasury Bill 16/09/04            Treasury Stock
 2   Paramount                            Ordinary
 3   TBI                                  Ordinary
 4   Whatman                              Ordinary
 5   American Opportunity Trust           Ordinary
 6   Waterbury                            Common
 7   W-H Energy Services                  Common
 8   Lesco Inc Ohio                       Common
 9   Communisis                           Ordinary
 10  Santa Maria (Ontario)                Common



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