Holding(s) in Company

JPMorgan Fleming Japanese Smllr Cos
04 October 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          3,033,105
NORTRUST NOMINEES         928,808
BONY NOMINEES             835,379
STATE STREET NOMINEES     214,214
PICTET NOMINEES           100,028
MELLON NOMINEES           153,865



5)   Number of shares/amount of stock acquired

325,000


6)   Percentage of issued class

0.82%

7)   Number of shares/amount of stock disposed

N/A


8)   Percentage of issued class



9)   Class of security

ORDINARY 10P SHARES

10)  Date of transaction

29 SEPTEMBER 2006

11)  Date company informed

4 OCTOBER 2006

12)  Total holding following this notification

5,265,579




13)  Total percentage holding of issued class following this notification

13.36%

14)  Any additional information

N/A

15)  Name of contact and telephone number for queries

CLAIRE FAVIER-TILSTON   020 7742 3453

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



HILARY LOWE



Date of notification: 4 OCTOBER 2006






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