Asset Analysis as at 31/12/04

JPMorgan Fleming Japanese Smllr Cos
14 January 2005



                       ASSET ANALYSIS AS AT 31st December 2004



JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST plc

                                                          % funds as at 31/12/04

UK                                                                             0
Japan 1st section                                                             55
Japan 2nd section                                                              7
Japan OTC/regional                                                            33
Japan bonds                                                                    0
Cash and non Japanese fixed interest                                           5
                                                                             100



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