Asset Analysis

Fleming Smaller Co's Inv. Trust PLC
4 January 2002

ASSET ANALYSIS AS AT 31st December 2001

THE FLEMING SMALLER COMPANIES INVESTMENT TRUST plc

                                                         % funds as at 31/12/01
UK FTSE 100                                                                   0
UK FTSE 250 (excluding IC's)                                                 15
FTSE Small Cap (excluding IC's)                                              78
IC income and capital shares                                                  0
Other IC's                                                                    0
International equities                                                        0
Cash equivalents                                                              7
                                                                            100