Interim Results

JPMorgan Fleming Smaller Cos IT PLC
04 April 2005



                          STOCK EXCHANGE ANNOUNCEMENT

            JPMORGAN FLEMING SMALLER COMPANIES INVESTMENT TRUST PLC

                   PRELIMINARY ANNOUNCEMENT OF ANNUAL RESULTS



The Directors of JPMorgan Fleming Smaller Companies Investment Trust plc
announce the Company's preliminary results for the six months ended 31st January
2005.



Performance

I am very pleased to report a strong period of outperformance for the Company's
net asset value and share price. Over the six month period to 31st January 2005,
the Company's net asset value rose by 26.3% in total return terms and this
compares with the 16.2% total return recorded by the Company's benchmark index,
the FTSE Small Cap Index (excluding investment trusts).

The return to shareholders over the period was 31.7% as the discount of the
share price to net asset value reduced from 20.2% to 17.1%. The Company
repurchased 400,000 of its shares over the six month period at an average
discount of 19.9%.

Gearing

Average gearing over the review period was 7% of net assets reflecting the
Board's belief that a cautious approach to gearing is required while the
underlying small cap sector remains volatile.

The Board

Richard Oldfield has decided to step down as a Director of the Company after
being on the Board for six years. We wish him well in his new venture.

Outlook

Despite concerns expressed by market commentators, the UK stock market has
remained resilient over the last 12 months and the area of the market in which
the Company invests has seen strong gains. Although it will be difficult to
achieve another period of strong outperformance I believe that the small
companies investment arena gives good opportunities for the investment managers
to invest productively.



Strone Macpherson

Chairman 4th 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


JPMorgan Fleming Smaller Companies Investment Trust plc

Unaudited figures for the six months ended 31 January 2005



Statement of Total Return (Unaudited)


                                       Six months to 31 January      Six months to 31 January     Year to 31 July 2004
                                                  2005                        2004
                                     Revenue    Capital    Total  Revenue   Capital     Total  Revenue  Capital    Total
                                       £'000      £'000    £'000    £'000     £'000     £'000    £'000    £'000    £'000


Realised gains on investments              -        409      409        -       618       618        -    1,923    1,923
Unrealised gains on investments            -     17,233   17,233        -    12,394    12,394        -    8,931    8,931
Other capital charges                      -        (4)      (4)        -       (8)       (8)        -     (15)     (15)
UK investment income                     811          -      811      762         -       762    1,725        -    1,725
Scrip dividends                            8          -        8       17         -        17       43        -       43
Deposit interest                          20          -       20        -         -         -       11        -       11
Underwriting commission                    -          -        -        2         -         2       11        -       11
                                     _______   ________  _______  _______  ________   _______  _______  _______  _______

Gross return                             839     17,638   18,477      781    13,004    13,785    1,790   10,839   12,629

Management fee                         (200)      (200)    (400)    (174)     (174)     (348)    (368)             (736)
                                                                                                          (368)
Other administrative expenses          (106)          -    (106)    (133)         -     (133)    (282)        -    (282)

Interest payable                        (74)       (74)    (148)     (98)      (98)     (196)    (174)    (174)    (348)

                                     _______    _______  _______  _______   _______   _______  _______  _______  _______

Return before taxation                   459     17,364   17,823      376    12,732    13,108      966   10,297   11,263

Taxation                                   -          -        -        -         -         -        -        -        -

                                      ______    _______  _______   ______   _______   _______  _______  _______  _______

Total return attributable to
ordinary shareholders                    459     17,364   17,823      376    12,732    13,108      966   10,297   11,263
Dividend  on ordinary shares               -          -        -        -         -         -    (953)        -
                                                                                                                   (953)
                                      ______    _______  _______   ______   _______   _______   ______  _______  _______
Transfer to reserves                     459     17,364   17,823      376    12,732    13,108       13   10,297   10,310


Return per ordinary share              1.81p     68.53p   70.34p    1.48p    50.09p    51.57p    3.80p   40.51p   44.31p

Dividend per ordinary share              Nil                          Nil                        3.75p








JPMorgan Fleming Smaller Companies Investment Trust plc

Unaudited figures for the six months ended 31 January 2005


BALANCE SHEET                                                         31 January      31 January         31 July
                                                                            2005            2004            2004
                                                                           £'000           £'000           £'000

Investments at valuation                                                  96,479          84,112          78,470

Net current (liabilities)/assets                                           (874)         (2,450)             394

Loan                                                                     (5,600)         (5,600)         (5,600)
                                                                         _______         _______         _______
Total net assets                                                          90,005          76,062          73,264
                                                                           =====           =====           =====
Net asset value per ordinary share                                        359.8P          299.3P          288.3p




CASH FLOW STATEMENT                                                   31 January      31 January         31 July
                                                                            2005            2004            2004
                                                                           £'000           £'000           £'000

Net cash inflow from operating activities                                    327             337             801

Net cash outflow from returns on investments and servicing
of finance
                                                                           (148)           (188)           (333)

Net cash inflow from capital expenditure and financial
investment                                                                    73             588           3,840

Total equity dividends paid                                                (953)           (724)           (724)

Net cash (outflow)/inflow from financing                                   (784)              20         (2,594)
                                                                         _______         _______          ______
(Decrease)/increase in cash for the period                               (1,485)              33             990
                                                                           =====           =====            ====





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
2002. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.



J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED

4th April 2005




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