Transaction in Own Shares

JPMorgan Fleming Smaller Cos IT PLC
29 July 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 100,000 ordinary shares in the market
at 320 pence per share representing a total of 0.42% of the ordinary shares in
issue.


The number of shares repurchased under the current authority now totals
1,470,000.


The remaining shares in issue, following the above repurchases, is 23,946,186.




29th July 2005







For further information, please contact:



Andrew Norman
For and on behalf of
JPMorgan Asset Management (UK) Limited - Secretary
020 7742 6000



Gavin Tooke
Dresdner Kleinwort Wasserstein - Stockbrokers to the Company
020 7623 8000








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