Asset Analysis as at 31/01/05

JPMorgan Fleming Japanese Smllr Cos
8 February 2005

ASSET ANALYSIS AS AT 31st January 2005



JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST plc

                                                          % funds as at 31/01/05
UK                                                                         0
Japan 1st section                                                         54
Japan 2nd section                                                          8
Japan OTC/regional                                                        34
Japan bonds                                                                0
Cash and non Japanese fixed interest                                       4
                                                                         100




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