Holding(s) in Company

JPMorgan Fleming Japanese Smllr Cos
15 November 2004

                                  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

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

AS ABOVE

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

CHASE NOMINEES              3,576,266
NORTRUST NOMINEES           1,571,450
BONY NOMINEES                 435,563
STATE STREET NOMINEES         257,300



5)   Number of shares/amount of stock acquired

NOT NOTIFIED


6)   Percentage of issued class

NOT NOTIFIED

7)   Number of shares/amount of stock disposed

NOT NOTIFIED


8)   Percentage of issued class

NOT NOTIFIED

9)   Class of security

ORDINARY 25P SHARES

10)  Date of transaction

NOT NOTIFIED

11)  Date company informed

15TH NOVEMBER 2004

12)  Total holding following this notification

5,840,579




13)  Total percentage holding of issued class following this notification

14.82%

14)  Any additional information

N/A

15)  Name of contact and telephone number for queries

NICOLA WALTERS     020 7742 3453

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



RICHARD LEWIS



Date of notification: 15TH NOVEMBER 2004






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