Asset Analysis

JPMorgan Fleming Japanese Smllr Cos
5 November 2004



               ASSET ANALYSIS AS AT 31st October 2004

JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST plc

                                                          % funds as at 31/10/04
UK                                                                             0
Japan 1st section                                                             49
Japan 2nd section                                                              9
Japan OTC/regional                                                            38
Japan bonds                                                                    0
Cash and non Japanese fixed interest                                           4
                                                                             100





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