Holding in Company

North Atlantic Smlr Co Inv Tst PLC
22 January 2001

                                 SCHEDULE 10

                  NOTIFICATION OF MAJOR INTERESTS IN SHARES

1) Name of company

NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC

2) Name of shareholder having a major interest

MERCHANT INVESTORS ASSURANCE COMPANY LIMITED

3) Please state whether notification indicates that it is in respect of
holding of the shareholder named in 2 above or in respect of a
non-beneficial interest or in the case of an individual holder if it is a
holding of that person's spouse or children under the age of 18

AS IN 2 ABOVE.

4) Name of the registered holder(s) and, if more than one holder, the
number of shares held by each of them

THE BANK OF NEW YORK (NOMINEES) LIMITED

5) Number of shares/amount of stock acquired



6) Percentage of issued class



7) Number of shares/amount of stock disposed

97,635 ORDINARY SHARES

8) Percentage of issued class

0.90%

9) Class of security

ORDINARY SHARES OF 5p

10) Date of transaction

18 JANUARY 2001

11) Date company informed

19 JANUARY 2001

12) Total holding following this notification

305,857 ORDINARY SHARES


13) Total percentage holding of issued class following this notification

2.838%

14) Any additional information



15) Name of contact and telephone number for queries

BONITA DRYDEN - 020 7747 5681

16) Name and signature of authorised company official responsible for
making this notification

BONITA DRYDEN

Date of notification ..22 JANUARY....2001