Transaction in Own Shares

JPMorgan Fleming Smaller Cos IT PLC
21 February 2005


                          STOCK EXCHANGE ANNOUNCEMENT


            JPMORGAN FLEMING SMALLER COMPANIES INVESTMENT TRUST PLC


                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION



JPMorgan Fleming Smaller Companies Investment Trust plc announces that on Friday
18th February 2005 it purchased for cancellation 100,000 ordinary shares in the
market at 310.5 pence per share representing a total of 0.40% of the ordinary
shares in issue.



The number of shares repurchased under the current authority now totals 500,000.



The remaining shares in issue, following the above repurchases, is 245,916,186.







21st February 2005







For further information, please contact:



Andrew Norman
For and on behalf of
J.P. Morgan Fleming Asset Management (UK) Limited - Secretary
020 7742 6000





Gavin Tooke
Dresdner Kleinwort Wasserstein - Stockbrokers to the Company
020 7623 8000








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