Asset Analysis

JPMorgan Fleming Japanese Smllr Cos
6 February 2003


                    ASSET ANALYSIS AS AT 31st January 2003

       JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST plc

                                                      % funds as at 31/01/03
UK                                                                         0
Japan 1st section                                                         60
Japan 2nd section                                                         12
Japan OTC/regional                                                        24
Japan bonds                                                                0
Cash and non Japanese fixed interest                                       4
                                                                         100



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