Asset Analysis

JPMorgan Fleming Japanese Smllr Cos
6 November 2003

ASSET ANALYSIS AS AT 31st October 2003

JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST plc

                                                  % funds as at 31/10/03

UK                                                                     0
Japan 1st section                                                     68
Japan 2nd section                                                      5
Japan OTC/regional                                                    21
Japan bonds                                                            0
Cash and non Japanese fixed interest                                   6
                                                                     100



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