Listing Rule 21.20

North Atlantic Smlr Co Inv Tst PLC
02 November 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 October 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                     Treasury Stock
 2   TBI                                  Ordinary
 3   Paramount                            Ordinary
 4   Whatman                              Ordinary
 5   American Opportunity Trust           Ordinary
 6   Worldport Communications             Common
 7   Communisis                           Ordinary
 8   Oryx International Growth Fund       Ordinary
 9   Waterbury                            Common
 10  W-H Energy Services                  Common







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