Holding(s) in Company

JPMorgan Fleming Japanese Smllr Cos
01 March 2005

                                  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          3,576,266

NORTRUST NOMINEES       1,571,450

BONY NOMINEES           758,531

STATE STREET NOMINEES   257,300

PICTET                  68,223

MELLON                  83,809



5)   Number of shares/amount of stock acquired

375,000


6)   Percentage of issued class

0.95%

7)   Number of shares/amount of stock disposed

N/A


8)   Percentage of issued class

N/A

9)   Class of security

ORDINARY 25P SHARES

10)  Date of transaction

25TH FEBRUARY 2005

11)  Date company informed

28TH FEBRUARY 2005

12)  Total holding following this notification

6,315,579




13)  Total percentage holding of issued class following this notification

16.03%

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: 1ST MARCH 2005






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