Transaction in Own Shares

JPMorgan Fleming Smaller Cos IT PLC
17 October 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 today in
the market it purchased for cancellation 35,000 ordinary shares in the market at
352 pence per share representing a total of 0.15% of the ordinary shares in
issue.



The number of shares repurchased under the current authority now totals
1,940,000.



The remaining shares in issue, following the above repurchases, is 23,476,186.




17th October 2005







For further information, please contact:



Andrew Norman

For and on behalf of

JPMorgan Asset Management (UK) Limited - Secretary

020 7742 6000





Robbie Robertson

Dresdner Kleinwort Wasserstein - Stockbrokers to the Company

020 7623 8000








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