Asset Analysis

JPMorgan Fleming Japanese Smllr Cos
9 December 2003

ASSET ANALYSIS AS AT 30th November 2003

JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST plc

                                                          % funds as at 30/11/03
UK                                                                             0
Japan 1st section                                                             63
Japan 2nd section                                                              5
Japan OTC/regional                                                            27
Japan bonds                                                                    0
Cash and non Japanese fixed interest                                           5
                                                                             100



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