Asset Analysis

JPMorgan Fleming Smaller Cos IT PLC
6 November 2003

ASSET ANALYSIS AS AT 31st October 2003

JPMORGAN FLEMING SMALLER COMPANIES INVESTMENT TRUST plc

                                                  % funds as at 31/10/03

UK FTSE 100                                                            0
UK FTSE 250 (excluding IC's)                                          25
FTSE Small Cap (excluding IC's)                                       80
IC income and capital shares                                           0
Other IC's                                                             0
AIM OFEX                                                               0
International equities                                                 0
Cash/cash equivalents                                                 -5
                                                                     100



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