Final Results

Fleming Smaller Co's Inv. Trust PLC
11 October 2001



              THE FLEMING SMALLER COMPANIES INVESTMENT TRUST PLC

                         STOCK EXCHANGE ANNOUNCEMENT

               PRELIMINARY RESULTS FOR THE YEAR TO 31 JULY 2001


The Fleming Smaller Companies Investment Trust plc today announces its
preliminary results for the year ended 31 July 2001.


Over the period the Company's net asset value per share fell by 22.0% to
285.6 pence, which compares with a fall of 18.8% in the FTSE SmallCap Index
(Ex IT) over the same period.  The share price fell by 19.5% to 265.0 pence
per share as the discount on the Company's shares narrowed from 10.1% to 7.2%.


The Board recommends that a final dividend of 2.30 pence per share (2000:
2.30p), be paid on 26th November 2001 to shareholders on the register at the
close of business on 26th October 2001.





J. P. Morgan Fleming Asset Management (UK) Limited - Secretary
11th October 2001




For further information please contact:
Fraser Easton
JPMorgan Fleming Asset Management (UK) Limited ..........020 7742 6000




             THE FLEMING  SMALLER COMPANIES INVESTMENT TRUST PLC
             UNAUDITED FIGURES FOR THE YEAR ENDED  31ST JULY 2001

                                                              2001         2000
                                                             £'000        £'000

REVENUE

Income

Franked Investment income                                    1,667        1,486
Scrip dividends                                                 38           30
Underwriting commission                                         39           26
Deposit interest                                                60           23
                                                           _______      _______
Gross Revenue                                                1,804        1,565

Less:
Management fee                                                 493          396
Other administrative expenses                                  204          249
Interest payable                                               467          288
                                                           _______      _______
Return before Taxation                                         640          632

Less:  Taxation                                                 13            6
                                                           _______      _______
Return available to ordinary shareholders                      627          626
                                                             =====        =====

                                                              2001         2000
                                                             £'000        £'000

CAPITAL


Movements on investments                                  (20,514)       31,469
Less: Expenses charged to capital                              960          684
                                                            ______      _______


Return before taxation                                    (21,474)       30,785
                                                            ______      _______
Taxation                                                        13            6
                                                           _______      _______

Return attributable to ordinary shareholders              (21,461)       30,791
                                                             =====        =====
Dividends per ordinary share                                2.30 p       2.30 p



Revenue return per ordinary share                           2.35 p       2.35 p
Capital return per ordinary share                         (80.48)p     115.47 p
Total return per ordinary share                           (78.13)p     117.82 p
                                                             =====        =====




              THE FLEMING SMALLER COMPANIES INVESTMENT TRUST PLC
             UNAUDITED FIGURES FOR THE YEAR ENDED  31ST JULY 2001

                                                                  2001     2000
                                                                 £'000    £'000

BALANCE SHEET


Investments at valuation                                        91,021  109,524

Net current assets/(liabilities)                                 2,641    (415)

Net non current liabilities                                   (17,500) (11,500)

                                                               _______  _______
Total net assets                                                76,162   97,609
                                                           
                                                                 =====    =====
Net asset value per ordinary share                              285.6p   366.0p


CASH FLOW STATEMENT
                                                                  2001     2000
                                                                 £'000    £'000

Net cash inflow from operating activities                          542      524

Net cash outflow from returns on servicing of finance            (919)    (534)

Net cash outflow from capital expenditure and                  (2,770)  (5,101)
financial investment

Total equity dividends paid                                      (613)    (800)

Net cash inflow from financing                                   6,000    4,000
                                                               _______   ______
Increase/(decrease) in cash for the period                       2,240  (1,911)
                                                                 =====     ====




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
2000. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.





JP Morgan Fleming Asset Management -

11th October 2001