Transaction in Own Shares

JPMorgan Fleming Smaller Cos IT PLC
28 April 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
Thursday 28th April 2005 it purchased for cancellation 100,000 ordinary shares
in the market at 301 pence per share representing a total of 0.41% of the
ordinary shares in issue.

The number of shares repurchased under the current authority now totals
1,020,000.

The remaining shares in issue, following the above repurchases, is 24,396,186.


28th April 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



                      This information is provided by RNS
            The company news service from the London Stock Exchange