Asset Analysis

JPMorgan Fleming Japanese Smllr Cos
13 April 2004



                    ASSET ANALYSIS AS AT 31st March 2004



JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST plc

                                                         % funds as at 31/03/04

UK                                                                            0
Japan 1st section                                                            64
Japan 2nd section                                                            12
Japan OTC/regional                                                           22
Japan bonds                                                                   0
Cash and non Japanese fixed interest                                          2
                                                                            100


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