Asset Analysis

JPMorgan Fleming Japanese Smllr Cos
9 February 2004


                         ASSET ANALYSIS AS AT 31st January 2004


JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST plc

                                                             % funds as at 31/01/04
UK                                                                                      0
Japan 1st section                                                                      68
Japan 2nd section                                                                       7
Japan OTC/regional                                                                     22
Japan bonds                                                                             0
Cash and non Japanese fixed interest                                                    3
                                                                                      100


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