Asset Analysis

JPMorgan Fleming Japanese Smllr Cos
12 January 2004

ASSET ANALYSIS AS AT 31st December 2003



JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST plc

                                                             % funds as at 31/12/03
UK                                                                                      0
Japan 1st section                                                                      66
Japan 2nd section                                                                       5
Japan OTC/regional                                                                     27
Japan bonds                                                                             0
Cash and non Japanese fixed interest                                                    2
                                                                                      100



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