Holding(s) in Company

JPMorgan Fleming Japanese Smllr Cos
12 May 2006

                                  SCHEDULE 10

                   NOTIFICATION OF MAJOR INTERESTS IN SHARES


1)   Name of company

JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC

2)   Name of shareholder having a major interest

ASSET VALUE INVESTORS LIMITED

3)   Please state whether notification indicates that it is in respect of
     holding of the shareholder named in 2 above or in respect of a
     non-beneficial interest or in the case of an individual holder if it is a
     holding of that person's spouse or children under the age of 18

NON-BENEFICIAL

4)   Name of the registered holder(s) and, if more than one holder, the
     number of shares held by each of them

CHASE NOMINEES          3,043,783

NORTRUST NOMINEES         971,462

BONY NOMINEES             703,487

STATE STREET NOMINEES     215,342

PICTET NOMINEES            70,843

MELLON NOMINEES            90,662



5)   Number of shares/amount of stock acquired

N/A


6)   Percentage of issued class

N/A

7)   Number of shares/amount of stock disposed

250,000


8)   Percentage of issued class

0.63%

9)   Class of security

ORDINARY 10P SHARES

10)  Date of transaction

9 MAY 2006

11)  Date company informed

11 MAY 2006

12)  Total holding following this notification

5,095,579




13)  Total percentage holding of issued class following this notification

12.93%

14)  Any additional information

N/A

15)  Name of contact and telephone number for queries

CHRIS LEGG  020 7742 3477

16)  Name and signature of authorised company official responsible for
     making this notification



HILARY LOWE



Date of notification: 12 MAY 2006






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