Transaction in Own Shares

JPMorgan Fleming Smaller Cos IT PLC
15 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 Monday
14th March 2005 it purchased for cancellation 200,000 ordinary shares in the
market at 313 pence per share representing a total of 0.80% of the ordinary
shares in issue.

The number of shares repurchased under the current authority now totals 700,000.

The remaining shares in issue, following the above repurchases, is 24,716,186.



15th 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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