Asset Analysis as at 31st Oct

JPMorgan Fleming Japanese Smllr Cos
04 November 2005


                  ASSET ANALYSIS AS AT 31st October 2005


JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST plc

                                                                 % funds as at
                                                                    31/10/05
UK                                                                           0
Japan 1st section                                                           56
Japan 2nd section                                                            9
Japan OTC/regional                                                          37
Japan bonds                                                                  0
Cash and non Japanese fixed interest                                        -2
                                                                           100



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