Geographical/Sector analysis

JPMorgan Fleming American IT PLC
12 January 2004

JPMORGAN FLEMING INVESTMENT TRUST               
GEORGRAPHICAL BREAKDOWNS % OF TOTAL ASSETS 
AS AT 31st December 2003


JPMORGAN FLEMING AMERICAN INVESTMENT TRUST

                                                                                    %
North America                                                                    95.6
Cash                                                                              4.4
                                                                                  100


JPMORGAN FLEMING INVESTMENT TRUST                                
SECTOR  BREAKSDOWNS
% OF TOTAL ASSETS AS AT      31st December 2003

JPMORGAN FLEMING AMERICAN INVESTMENT TRUST plc
                                                                                    %
Non-Cyclical Consumer Goods                                                      21.6
Financials                                                                       21.2
Cyclical Services                                                                13.9
Information Technology                                                           13.7
General Industrials                                                               9.2
Resources                                                                         6.2
Cash                                                                              4.4
Non-Cyclical Services                                                             4.3
Utilities                                                                         2.3
Cyclical-Consumer Goods                                                           1.8
Basic Industrials                                                                 0.9
Fixed Interest                                                                    0.5
                                                                                  100




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