Asset Analysis

JPMorgan Fleming Japanese Smllr Cos
9 December 2004


ASSET ANALYSIS AS AT 31st October 2004




JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST plc

                                                                   % funds as at 30/11/04
UK                                                                                      0
Japan 1st section                                                                      52
Japan 2nd section                                                                      10
Japan OTC/regional                                                                     31
Japan bonds                                                                             0
Cash and non Japanese fixed interest                                                    7
                                                                                      100



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