Transaction in Own Shares

JPMorgan Fleming Smaller Cos IT PLC
29 November 2006

                          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 today in
the market it purchased for cancellation 500,000 ordinary shares at 495 pence
per share representing 2.18% of the ordinary shares in issue.



The current repurchase authority for 3,438,883 shares was approved by
shareholders on 29th November 2006.  To date 500,000 shares have been
repurchased under this authority.



The remaining shares in issue following this repurchase totals 22,441,186.






29th November 2006





For further information, please contact:


Andrew Norman
JPMorgan Asset Management (UK) Limited - Secretary
020 7742 6000




Gavin Tooke
Dresdner Kleinwort Wasserstein - Stockbrokers to the Company
0207 623 8000








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