Transaction in Own Shares

JPMorgan Fleming Smaller Cos IT PLC
23 March 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
Tuesday 22nd March 2005 it purchased for cancellation 100,000 ordinary shares in
the market at 317 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 800,000.

The remaining shares in issue, following the above repurchases, is 24,616,186.


23rd March 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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