Asset Analysis

Fleming Japanese Smaller Cos IT PLC
7 June 2001

ASSET ANALYSIS AS AT 31st MAY 2001



THE FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST plc

                                                      % funds as at 31/5/01
UK                                                                            0
Japan 1st section                                                            56
Japan 2nd section                                                             2
Japan OTC/regional                                                           20
Japan bonds                                                                   0
Cash and non Japanese fixed interest                                         22
                                                                            100