Interim Results

Fleming Smaller Co's Inv. Trust PLC
23 February 2001



                         STOCK EXCHANGE ANNOUNCEMENT

              THE FLEMING SMALLER COMPANIES INVESTMENT TRUST PLC

         Preliminary announcement of results for the six months ended

                               31 January 2001


The Fleming Smaller Companies Investment Trust plc today announced its results
for the six months ended 31 January 2001.

In the six months to 31 January 2001, the Company's net asset value per share
decreased by 1.6%.  The performance of the Company's benchmark, the FTSE
SmallCap (ex-IT)Index, also decreased by 1.6% in the equivalent period.

Over the period the Company's share price increased by 5.3% as the discount at
which the ordinary shares trade to the net asset value decreased from 10.1% to
3.8%.

Chase Fleming Asset Management (UK) Limited - Secretary

23rd Feb 2001



For further information:

Fraser Easton
Chase Fleming Asset Management (UK) Limited ...................020 7742 6000



              THE FLEMING SMALLER COMPANIES INVESTMENT TRUST PLC
         UNAUDITED FIGURES FOR THE HALF-YEAR ENDED 31ST JANUARY 2001

                                                            2001     2000


                                                           £'000    £'000

REVENUE

Income

Franked dividends                                            720      687
Scrip dividends                                               11       12
Deposit interest                                              46       20
Underwriting commission                                       31       11
                                                           _____    _____
Gross Revenue                                                808      730


Less   Management fee                                        256      169
       Other administrative expenses                          94      113
       Interest payable                                      201      119
                                                           _____    _____

Return before Taxation                                       257      329

Less  Taxation                                                10        4
                                                           _____    _____
Return available to ordinary shareholders                    247      325
                                                           =====    =====

                                         
                                                           2001      2000
 
                                                           £'000     £'000

CAPITAL
     
     Movements on investments                            (1,408)    27,257
     Less: Expenses charged to Capital                      256        169
     Less: Finance costs charged to Capital                 201        119
                                                          _____     ______
Return before Taxation                                   (1,865)    26,969
           Taxation                                          10          4
                                                         ______    _______
Return attributable to ordinary shareholders             (1,855)    26,973
                                                         ======    =======
          
Dividends per ordinary share                                 nil      nil


Revenue return per ordinary share                         0.92 p   1.22 p
Capital return per ordinary share                       (6.96) p 101.15 p
Total return per ordinary share                         (6.04) p  102.37p





              THE FLEMING SMALLER COMPANIES INVESTMENT TRUST PLC
         UNAUDITED FIGURES FOR THE HALF-YEAR ENDED 31ST JANUARY 2001




BALANCE SHEET

                                                            2001     2000
                                                           £'000    £'000


Investments at valuation                                 109,378  103,720

Net current liabilities                                  (1,877)  (2,117)

Creditors: amounts falling due after more than one      (11,500)  (7,500)
year
                                                         _______  _______
Total net assets                                          96,001   94,103
                                                            ====     ====

Net asset value per ordinary share                        360.0p   352.9p



CASH FLOW STATEMENT
                                                            2001     2000

                                                           £'000    £'000


Net cash inflow from operating activities                     72      227

Net cash outflow from returns on investments and
servicing of finance                                       (301)    (240)

Net cash inflow/(outflow) from capital expenditure
and financial investment                                     949  (3,289)

Total equity dividends paid                                (613)    (800)
                                                           _____    _____
Increase/(decrease) in cash in the period                    107  (4,102)
                                                            ====     ====



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 2000 have been delivered to the Registrar of Companies.


CHASE FLEMING ASSET MANAGEMENT (UK) LIMITED

23rd February 2001