Holding(s) in Company

JPMorgan Fleming Japanese Smllr Cos
12 November 2003

                                  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

STICHTING PHILIPS PENSIOENFONDS

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

IN RESPECT OF SHAREHOLDER IN 2 ABOVE

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

STICHTING PHILIPS PENSIOENFONDS


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

5,360,000

8)   Percentage of issued class

13.297%


9)   Class of security

ORDINARY 10p SHARES


10)  Date of transaction

NOT STATED

11)  Date company informed

12TH NOVEMBER    2003

12)  Total holding following this notification

NIL

13)  Total percentage holding of issued class following this notification

0.00%



14)  Any additional information

FOLLOWING THIS NOTIFICATION THE ABOVE MENTIONED COMPANY NO LONGER HAS A
NOTIFIABLE INTEREST IN JPMORGAN

FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC

15)  Name of contact and telephone number for queries


HELEN WALKER 0207-742-3453


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

PHILIP JONES 0207-742-7214



17) Date of notification



12TH NOVEMBER  2003









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