Asset Analysis

JPMorgan Fleming Japanese Smllr Cos
6 November 2002


                    ASSET ANALYSIS AS AT 31st October 2002

        JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST plc

                                                      % funds as at 31/10/02
UK                                                                         0
Japan 1st section                                                         50
Japan 2nd section                                                          4
Japan OTC/regional                                                        28
Japan bonds                                                                0
Cash and non Japanese fixed interest                                      18
                                                                         100


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