Interim Results - 6 Months to 31 January 2000

Fleming Smaller Co's Inv. Trust PLC
22 February 2000


 Preliminary announcement of results for the six
           months ended 31 January 2000
                        
The  Fleming  Smaller  Companies Investment  Trust
plc  today announced  its  results for the six
months  ended  31  January 2000.

In  the six months to 31 January 2000, the Company's
net asset value  per  share  increased  by 40.9%.
This  represents  an outperformance of the Company's 
benchmark, the  FTSE SmallCap (ex-IT)  Index,  
which increased by 15.7% in  the  equivalent period.  
The total return on the Company's net assets  in  the 
period  under  review was 41.0%, which compares with
a  total return of 17.1% on the benchmark index.

Fleming Investment Trust Management Limited - Secretary


THE FLEMING SMALLER COMPANIES INVESTMENT TRUST PLC
UNAUDITED FIGURES FOR THE HALF YEAR ENDED 31ST
JANUARY 2000
                              2000           1999
                             £'000           £'000

REVENUE

Income

Franked dividends              763            655
Foreign income dividends        -              26
Scrip dividends                 12             10
Deposit interest                20             47
Underwriting commission         11             13
                              _____        _____

Gross Revenue                  806            751

Less Management fee            169            124
Other administrative expenses  113             66
Interest payable               119            132
                              ______        _____
Return before Taxation          405           429

Less Taxation                    80            89
                               _____        _____
Return available to ordinary
shareholders                    325           340
                               ====          ====


                                2000         1999

                                £'000       £'000
CAPITAL
Movements on investments       27,257      (5,371)
Less: Expenses charged to
Capital                           169         124
Less: Finance costs charged
to Capital                        119         132
                               ______      ______
Return before Taxation         26,969      (5,627)

Taxation                            4           5
                               ______      ______
Return attributable to ordinary
shareholders                   26,973      (5,622)
                               ======        ====

Dividends per ordinary share      nil       nil


Revenue return per ordinary
share                           1.22p       1.27p
Capital return per ordinary
share                         101.15p     (21.08)
Total return per ordinary
share                         102.37p     (19.81)p


At 31 January 2000

Total Net Assets (£'000)        94,103     48,734
Net Asset Value per Ordinary
Share                           352.9p     182.8p




  THE FLEMING SMALLER COMPANIES INVESTMENT TRUST PLC
UNAUDITED FIGURES FOR THE HALF YEAR ENDED 31ST
JANUARY 2000


CASH FLOW STATEMENT
                                2000         1999
                               £'000        £'000
Net cash inflow from operating
activities                       227          285

Net cash outflow from returns
on investments and
servicing of finance            (240)        (304)

Net cash (outflow)/inflow from
capital expenditure
and financial investment       (3,289)      1,160

Total equity dividends paid      (800)       (693)
                                _____       _____
(Decrease)/increase in cash
in the period                  (4,102)        448
                                  ====       ====


The  above financial information does not constitute
statutory accounts as defined in Section 240 of the
Companies Act  1985. Statutory accounts for the year
ended 31st July 1999 have been delivered to the
Registrar of Companies.

FLEMING INVESTMENT TRUST MANAGEMENT LIMITED