Asset Analysis

JPMorgan Fleming Japanese Smllr Cos
8 June 2004


ASSET ANALYSIS AS AT 31st May 2004



JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST plc

                                                             % funds as at31/05/04
UK                                                                    0
Japan 1st section                                                    60
Japan 2nd section                                                     8
Japan OTC/regional                                                   29
Japan bonds                                                           0
Cash and non Japanese fixed interest                                  3
                                                                    100



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