Asset Analysis as at 31st Jan

JPMorgan Fleming Japanese Smllr Cos
08 February 2006


                     ASSET ANALYSIS AS AT 31st January 2006


JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST plc

                                                               % funds as at
                                                                    31/01/06
UK                                                                         0
Japan 1st section                                                         58
Japan 2nd section                                                          6
Japan OTC/regional                                                        30
Japan bonds                                                                0
Cash and non Japanese fixed interest                                       6
                                                                         100




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