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JPMorganFlemJapSmllr (JPS)

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Monday 05 December, 2005


Interim Results

JPMorgan Fleming Japanese Smllr Cos
05 December 2005

                           STOCK EXCHANGE ANNOUNCEMENT


                              INVESTMENT TRUST PLC

Unaudited Results for the six months ended 30th September 2005


I am pleased to report that the Company enjoyed extremely favourable conditions
during the first six months of our year, with the return to shareholders - the
gain in our share price - reaching 23.9%. This was due to a combination of net
asset value growth of 12.8% and a narrowing of the discount at which the shares
trade from 9.2% as at 31st March to just 0.2% by 30th September 2005. This
narrowing reflects substantially improving market perceptions of Japan amid
signs that the prolonged stagnation of the economy, and the correspondingly poor
stock market returns, may be coming to an end.

The volatility which has long characterised the Japanese smaller company sector
was again in evidence in our opening half year. Swings in investor sentiment
were once more marked, as industries and individual companies moved swiftly into
and out of favour. This pattern of short term volatility poses challenges to
investment managers operating in this sector and also means that performance
monitoring is best conducted over lengthy time frames. Compared with our net
asset growth of 12.8% and overall shareholder returns of 23.9%, the Citigroup
Equity Japan Extended Market Index was up 18.9% in the first half.

During the six months under review the investment managers have kept to their
principal fundamental belief of buying attractively priced good companies with
strong growth prospects, or companies which are turning around and
restructuring. The Board continues to support the investment managers in this
strategy which involves focusing on individual company research to seek out
those stocks with the highest growth potential. Over the longer term this should
result in strong growth in underlying earnings per share which will, in turn,
produce positive returns for the Company. However, due to improving economic
news in the Japan in the first part of this reporting period, the Japanese
smaller companies which showed the strongest performance tended to be the poorer
quality companies in cyclically exposed sectors such as materials, technology,
financials and machinery and, as we were underweight within these sectors, this
detracted from the portfolio's overall performance.

More recently, however, sentiment has changed and there is evidence that the
market is beginning to move in favour of the companies in which we are invested.
This has become more apparent since the end of the reporting period as the
Company's performance for the two months to the end of November was an increase
in net asset value of +20.5%.

Investment Manager

With effect from 1st October 2005 David Mitchinson assumed sole responsibility
for managing the investment portfolio. The Board believes that it is beneficial
for the Company to have a single manager focusing on the portfolio and we have
been extremely impressed with David's track record and all-round knowledge of
the Japanese market. I would like to thank Tadashi Ohta for his past involvement
with the management of the Company's portfolio.

Alan Clifton

Chairman          5th December 2005

The JPMorgan Fleming Japanese Smaller Investment Trust plc
Unaudited figures for the six months ended 30 September 2005

Statement of Total Return (Unaudited)

                        Six months to 30 September 2005 Six months to 30 September 2004     Year to 31 March 2005
                          Revenue     Capital     Total   Revenue   Capital       Total   Revenue   Capital      Total
                            £'000       £'000     £'000     £'000     £'000       £'000     £'000     £'000      £'000

Realised losses on
investments                     -     (1,465)   (1,465)         -   (3,388)     (3,388)         -   (5,794)    (5,794)

Unrealised gains/
(losses) on investments         -      14,513    14,513         -  (15,878)    (15,878)         -   (3,482)    (3,482)

Currency gains on cash
and short-term
deposits held during
the period                      -           -         -         -       284         284         -       252        252

Realised gains on
repayment of Yen loan           -          25        25         -       124         124         -       363        363

Unrealised gains/
(losses) on Yen loans           -          30        30         -       324         324         -      (10)       (10)

Other capital charges           -        (35)      (35)         -      (16)        (16)         -      (43)       (43)

Overseas dividends            318           -       318       209         -         209       715         -        715

Other income                  108           -       108       215         -         215       308         -        308
                          _______    ________   _______    ______   _______    ________   _______   _______    _______

Gross return/(loss)           426      13,068    13,494       424  (18,550)    (18,126)     1,023   (8,714)    (7,691)

Management fee              (665)           -     (665)     (740)         -       (740)   (1,361)         -    (1,361)

Other administrative
expenses                    (129)           -     (129)      (92)         -        (92)     (250)         -      (250)

Interest payable             (50)           -      (50)      (52)         -        (52)     (114)         -      (114)

                          _______     _______   _______    ______   _______     _______   _______   _______    _______

(Loss)/return before
taxation                    (418)      13,068    12,650     (460)  (18,550)    (19,010)     (702)   (8,714)    (9,416)

Taxation                     (22)           -      (22)      (15)         -        (15)      (43)         -       (43)

                           ______     _______   _______    ______   _______      ______   _______   _______    _______

attributable to
ordinary shareholders       (440)      13,068    12,628     (475)  (18,550)    (19,025)     (745)   (8,714)    (9,459)

Return/(loss) per
ordinary share                                   32.04p                        (48.28)p                       (24.00)p

The JPMorgan Fleming Japanese Smaller Investment Trust plc
Unaudited figures for the  six months ended 30 September 2005

BALANCE SHEET                                                       30 September    30 September        31 March
                                                                            2005            2004            2005
                                                                           £'000           £'000           £'000

Investments at valuation                                                 119,635          88,040          96,703

Net current assets                                                         1,442          10,092           6,719

Creditors (amounts falling due after more than one year)                 (9,975)         (9,224)         (4,948)
                                                                         _______         _______         _______
Total net assets                                                         111,102          88,908          98,474
                                                                           =====           =====           =====
Net asset value per ordinary share                                        281.9p          225.6p          249.9p

CASH FLOW STATEMENT                                                 30 September    30 September        31 March
                                                                            2005            2004            2005
                                                                           £'000           £'000           £'000

Net cash outflow from operating activities                                 (257)           (194)           (565)

Net cash outflow from returns on investments and servicing
of finance                                                                 (624)           (624)         (1,244)

Net cash (outflow)/inflow from capital expenditure and
financial investment                                                     (6,839)          12,576          12,931

Net cash inflow/(outflow) from financing                                   5,084         (5,106)         (7,774)
                                                                         _______         _______          ______
(Decrease)/Increase in cash for the period                               (2,636)           6,652           3,348
                                                                           =====           =====            ====

The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the year ended 31st March
2005. These accounts,

upon which the auditors issued an unqualified opinion, have been delivered to
the Registrar of Companies.


5th December 2005

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                                                                                                                                                              

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