Ten Largest Investments,etc

Fleming Japanese Smaller Cos IT PLC
9 May 2000

                                         
Japanese Smaller                        
                                        
Ten Largest Investments                 
As at 30/04/00                          
Company                    % of Total
                          Assets
                                        
                                        
Funai Electric                       8.2
Obic                                 7.7
Yahoo Japan                          7.1
Trend Micro                          6.4
Kobayshi Pharmaceuticals             6.2
Aiful                                5.5
Goodwill                             4.9
Jafco                                4.8
Aeon Credit Service                  4.8
Otsuka Kagu                          4.6
                                        
                                   60.1%
                                        
Sector & Geographical      %
Breakdown
                                        
Cyclical Services                   43.0
Financials                          19.0
General Industries                  16.0
Assets / Liabilities                 9.0
Non-Cyclical Consumer                6.0
Goods
Information Technology               5.0
Non-Cyclical Services                2.0
Total                              100.0
                                        
Japan                               91.0
Assets / Liabilities                 9.0
Total                              100.0