Final Results-Amendment

JPMorgan Fleming Smaller Cos IT PLC
21 October 2005

The following replaces the 'Final Results' announcement released on 21 October
2005 at 16.34 hrs under RNS: 0278T

Under the heading Revenue and Dividends, the record date should read 4th
November 2005 not 28th October 2005'.

All other details remain unchanged.  The full amended text appears below.



                          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 year ended 31st July 2005.

Investment Performance

I am pleased to be able to report that, for the third year in a row, the Company
has produced a strong set of results with continued outperformance of its
benchmark index. Over the year to 31st July 2005 the Company produced a total
return on net assets of 37.6% compared with the total return of our benchmark,
the FTSE Small Cap Index (excluding investment trusts) of 21.8%. The return to
shareholders was better still at 42.2% as the discount narrowed from 20.2% to
17.8%.



Since the year end, performance has remained strong with the Company continuing
to outperform the benchmark index. As at 14th October 2005 the net asset value
per share was 404.96p, the share price 353.75p and the discount 12.64%.



Revenue and Dividends

Net revenue after taxation for the year was £903,000 (2004: £966,000) and
earnings per share, calculated on the average number of shares in issue, were
3.62p (2004: 3.80p). The Directors are recommending a final dividend of 3.75p
per share (2004: 3.75p) in line with last year, resulting in a transfer of
£5,000 (2004: £13,000) to revenue reserves. If approved, the dividend will be
paid on 15th December 2005 to shareholders on the register on 4th November 2005.



Each year the level of income received varies according to the Company's
gearing, its investment stance and market conditions and, whilst it is the
Company's policy to distribute substantially all the available income each year,
shareholders should note that the Company's dividends will vary accordingly.



Continuation Vote

The Company's Articles of Association require that shareholders vote on the
continuation of the Company at every third Annual General Meeting. The fourth of
these votes falls this year. The Board has evaluated the performance and
progress of the Company over the last year and, in particular, the three years
since the last continuation vote was passed.



The table below shows that the Company has consistently outperformed over these
periods, and was ranked 6 out of 21 funds in the UK Smaller Companies Funds
Sector as measured by the Association of Investment Trust Companies (AITC) since
July 2002.


                1st August 2004          1st August 2002
                to 31st July 2005       to 31st July 2005

Net asset value
- total return     +37.6%                +96.8%
Benchmark
- total return     +21.8%                +55.6%
Share price
- total return     +42.2%               +106.2%



In the period since the last continuation vote the net asset value
outperformance each year against the benchmark has been as follows:-

                                1st August
                                to 31st July

2002 - 2003                      +7.4%
2003 - 2004                      +5.7%
2004 - 2005                      +15.8%

The Directors have confidence in the long-term growth prospects for UK smaller
companies and in the ability of the Managers to take advantage of this
potential. They therefore recommend that shareholders vote in favour of the
resolution at the Annual General Meeting on 28th November 2005, as they intend
to do so in respect of their own holdings.



Investment Manager

The Company's objective is to provide shareholders with capital growth from a
portfolio of investments in UK smaller companies. Your Board has once again
thoroughly reviewed the capabilities of the Investment Manager in order to
assess whether JPMorgan Asset Management (UK) Limited remains the most
appropriate manager of the Company's assets. We have concluded that the ongoing
appointment of the existing Investment Manager is in the best interests of
shareholders.



Share Buy-backs

It is the present intention of the Board to continue its policy of buying back
shares where appropriate to enhance net asset value per share. This policy will
be reviewed regularly in the light of market conditions. Over the course of the
year the Company repurchased a total of 1,470,000 shares, representing 5.8% of
the issued share capital, adding 1.3% to the net asset value per share.



Since 31st July 2005 the Company has repurchased a further 470,000 shares
representing 2.0% of the issued share capital. This process has added 0.3% to
the net asset value of the remaining shares. The Directors continue to believe
that this mechanism is of benefit to shareholders and therefore propose and
recommend that powers to repurchase up to 14.99% of the Company's shares for
cancellation be renewed for a further period.



Board of Directors

Richard Oldfield resigned as a Director on 4th April 2005. I would like to thank
him for his contribution over the six years he was a member of the Board.
Following Richard Oldfield's retirement, the Board undertook an extensive search
for replacements. As a result of this exercise, a number of suitable candidates
were identified and Mr Ivo Coulson, Director of UK Equities at Tiburon Partners
and Mr Michael Quicke, formerly Chief Executive of Leopold Joseph Holdings Plc
were appointed as Directors on 18th October 2005. I am confident that both will
make significant contributions to the Board's future deliberations.



During the year, the Board carried out an evaluation of the Directors, the
Chairman, the Board itself and its Committees. In accordance with the Company's
Articles of Association, the Director retiring by rotation at this year's Annual
General Meeting is Richard Fitzalan Howard. Richard has a wealth of experience
in the fund management industry and I have no hesitation in recommending his
re-election. In addition, having served as a Director for more than nine years,
I am also standing for re-election. The Board does not believe that length of
service in itself should disqualify a Director from seeking re-election and, in
proposing my re-election, it has taken into account the ongoing requirements of
the Combined Code, including the need to refresh the Board and its Committees.
In accordance with the Company's Articles of Association both Mr Ivo Coulson and
Mr Michael Quicke will stand for election at the forthcoming Annual General
Meeting.









Annual General Meeting

This year's Annual General Meeting will be held on 28th November 2005 at 3.30 pm
at The City Conference Centre, 80 Coleman Street, London EC2R 5BJ.



Strone Macpherson

Chairman            21st October 2005





For further information, please contact:
Andrew Norman
For and on behalf of
JPMorgan Asset Management (UK) Limited - Secretary
020 7742 6000

JPMorgan Fleming Smaller Companies Investment Trust plc
Unaudited figures for the year ended 31  July 2005

Statement of Total Return


                                               Year ended 31 July 2005                  Year ended 31 July 2004

                                                              Unaudited                         Audited
                                                   Revenue      Capital       Total   Revenue   Capital       Total
                                                     £'000        £'000       £'000     £'000     £'000       £'000

Realised gains on investments                            -        3,227       3,227         -     1,923       1,923
Unrealised gains on investments                          -       22,394      22,394         -     8,931       8,931
Other capital charges                                    -         (12)        (12)         -      (15)        (15)
Income from investments                              1,722            -       1,722     1,768         -       1,768
Other income                                            28            -          28        22         -          22
                                                   _______     ________     _______   _______   _______     _______

Gross return                                         1,750       25,609      27,359     1,790    10,839      12,629
Management fee                                       (424)        (424)       (848)     (368)     (368)       (736)
Other administrative expenses                        (243)            -       (243)     (282)         -       (282)
Interest payable                                     (180)        (180)       (360)     (174)     (174)       (348)
                                                   _______      _______     _______   _______   _______     _______

Net return before taxation                             903       25,005      25,908       966    10,297      11,263
Taxation                                                 -            -           -         -         -           -
                                                   _______      _______     _______   _______   _______     _______

Total return attributable to ordinary                  903       25,005      25,908       966    10,297      11,263
shareholders
Dividends payable                                    (898)            -       (898)     (953)         -       (953)
                                                   _______      _______     _______   _______   _______     _______

Transfer to reserves                                     5       25,005      25,010        13    10,297      10,310
                                                   _______      _______     _______   _______   _______     _______

Return per ordinary share                            3.62p      100.41p     104.03p     3.80p    40.51p      44.31p




JPMorgan Fleming Smaller Companies Investment Trust plc
Unaudited figures for the year ended 31 July 2005

BALANCE SHEET                                                                     31 July          31 July
                                                                                     2005             2004
                                                                                Unaudited          Audited
                                                                                    £'000            £'000

Investments at valuation                                                          100,882           78,470

Net current (liabilities)/assets                                                  (7,027)              394

Amounts falling due after more than one year                                            -          (5,600)
                                                                                  _______          _______
Total net assets                                                                   93,855           73,264
                                                                                    =====            =====
                                                                                  _______          _______
Ordinary shareholders' funds                                                       93,855           73,264
                                                                                    =====            =====

Net asset value per ordinary share                                                 391.9p           288.3p



CASH FLOW STATEMENT
                                                                           Year ended  31    Year ended 31
                                                                                     July             July
                                                                                     2005             2004
                                                                                Unaudited          Audited
                                                                                    £'000            £'000

Net cash inflow  from operating activities                                            719              801

Net cash outflow from servicing of finance                                          (392)            (333)

Net cash inflow from capital expenditure and financial investment                   3,102            3,840

Dividends paid                                                                      (953)            (724)

Net cash outflow from financing                                                   (4,099)          (2,594)
                                                                                  _______           ______
(Decrease)/increase in cash for the period                                        (1,623)              990
                                                                                    =====             ====





The above financial information does not constitute statutory accounts for the
years ended 31 July 2005 or 2004. The financial information for the year ended
31 July 2004 is derived from the statutory accounts for that year that have been
delivered to the Registrars of Companies.  The auditors reported on those
accounts; their report was unqualified and did not contain a statement under
s237(2) or (3) Companies Act 1985.  The statutory accounts for the year ended 31
July 2005 will be finalised on the basis of the financial information presented
by the directors in this preliminary announcement and will be delivered to the
Registrar of Companies following the company's annual general meeting.



JPMORGAN ASSET MANAGEMENT (UK) LIMITED





21st October 2005


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