Final Results

FLEMING SMALLER COMPANIES INVESTMENT TRUST PLC
23 September 1999
                                   

          THE FLEMING SMALLER COMPANIES INVESTMENT TRUST PLC
                                   
                      STOCK EXCHANGE ANNOUNCEMENT
                                   
           PRELIMINARY RESULTS FOR THE YEAR TO 31 JULY 1999


The Fleming Smaller Companies Investment Trust plc today announces its
preliminary results for the year ended 31 July 1999.

Over  the period the Company's net asset value per share increased  by
23.7%  to 250.5 pence, representing an outperformance of the Company's
benchmark, the FTSE SmallCap Index (Ex IT), which increased  by  10.1%
over  the  same period.  The share price increased by 20.3%  to  204.5
pence per share.

The  Board  recommends that a final dividend of 3.0  pence  per  share
(1998:  2.6p),  be paid on 24th November 1999 to shareholders  on  the
register at the close of business on 29th October 1999.

Fleming Investment Trust Management Limited - Secretary

23rd September 1999
                                   

          THE FLEMING SMALLER COMPANIES INVESTMENT TRUST PLC
          UNAUDITED FIGURES FOR THE YEAR ENDED 31ST JULY 1999

                                        1999      1998
                                       £'000     £'000
REVENUE

Income

     Franked dividends                  1,549    1,166
     Foreign income dividends              43      127
     Scrip dividends                       54       56
     Deposit interest                      67       59
     Underwriting commissions              15        9
                                        _____    _____
Gross Revenue                           1,728    1,417

Less Management fee *                     263      241
     Other administrative expenses        144      133
     Interest payable *                   260      110
                                       ______    _____
Return before Taxation                  1,061      933

Less Taxation                             186      229
                                       ______    _____
Return available to ordinary shareholders 875      704
                                        =====     ====

* These expenses are charged 50% to capital and 50% to revenue. The
total management fee for the period was £526k and the total interest
charge was £520k.


CAPITAL

     Movements on investments          13,226   10,403
     Less: Expenses charged to Capital    523      351
                                       ______    _____
Return before Taxation                 12,703   10,052

     Taxation                              11        6
                                       ______    _____
Return available to ordinary           12,714   10,058
shareholders                            =====    =====

Dividend payable per ordinary share    3.00 p   2.60 p

Cost of dividends payable (£'000)         800      693

Revenue return per ordinary share      3.28 p   2.64 p
Capital return per ordinary share     47.68 p  37.72 p
Total return per ordinary share       50.96 p  40.36 p


At 31 July 1999

Total Net Assets (£'000)               66,805   54,016
Net Asset Value per Ordinary Share    250.5 p  202.6 p

The above financial information does not constitute statutory accounts
as  defined in Section 240 of the Companies Act 1985.  The comparative
financial information is based on the statutory accounts for the  year
ended  31st July 1998. These accounts, upon which the auditors  issued
an  unqualified  opinion,  have been delivered  to  the  Registrar  of
Companies.


FLEMING INVESTMENT TRUST MANAGEMENT LIMITED
23rd September 1999