Listing Rule 21.20

North Atlantic Smlr Co Inv Tst PLC
02 February 2005


North Atlantic Smaller Companies Investment Trust plc
2 February 2005


     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 2005, 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   Waterbury                            Common
 2   Whatman                              Ordinary
 3   Paramount                            Ordinary
 4   American Opportunity Trust           Ordinary
 5   Communisis                           Ordinary
 6   Oryx International Growth Fund       Ordinary
 7   W-H Energy Services                  Common
 8   Worldport Communications             Common
 9   Wichford                             Ordinary
 10  Lesco Inc                            Common


                      This information is provided by RNS
            The company news service from the London Stock Exchange