Asset Analysis at 30.06.05

JPMorgan Fleming Japanese Smllr Cos
12 July 2005

                      ASSET ANALYSIS AS AT 30th June 2005



JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST plc

                                                          % funds as at 30/06/05
UK                                                                             0
Japan 1st section                                                             57
Japan 2nd section                                                             13
Japan OTC/regional                                                            27
Japan bonds                                                                    0
Cash and non Japanese fixed interest                                           3
                                                                             100




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