Statement re Listing Rule 15.

North Atlantic Smlr Co Inv Tst PLC
02 February 2006

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

In compliance with paragraph 15.4.11 (1) of the Listing Rules of the UK Listing
Authority, we hereby give notice that, as at 31 January 2006, 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   W-H Energy                           Common
 2   US Treasury Bill                     Treasury Stock
 3   Whatman                              Ordinary
 4   American Opportunity Trust           Ordinary
 5   Nationwide Accident Repair           Ordinary
 6   UK Treasury Bill                     Treasury Stock
 7   Sterling Construction                Common
 8   Georgica                             Ordinary
 9   Oryx Initial Growth Fund             Ordinary
 10  Rydenor Investments                  Loan Notes



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