Geographical/Sector analysis

JPMorgan Fleming Eur Fldglng IT PLC
12 January 2004

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

JPMORGAN FLEMING EUROPEAN FLEDGING INVESTMENT TRUST

                                                                                    %
France                                                                           14.3
European Funds                                                                   13.0
Switzerland                                                                      11.2
Italy                                                                            11.1
Germany                                                                           9.8
Finland                                                                           8.7
Holland                                                                           8.6
Sweden                                                                            5.7
Spain                                                                             5.6
Norway                                                                            4.5
Denmark                                                                           3.7
Ireland                                                                           3.6
Belgium                                                                           2.0
Austrial                                                                          1.6
Portugal                                                                          1.0
Cash                                                                             -4.4
                                                                                  100

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


JPMORGAN FLEMING EUROPEAN FLEDGING INVESTMENT TRUST

                                                                                      %
Financials                                                                         27.1
Cyclical Services                                                                  19.7
Information Technology                                                             14.0
General Industrials                                                                11.2
Cyclical Consumer Goods                                                             8.7
Basic Industries                                                                    8.6
Non-Cyclical Consumer Goods                                                         7.5
Non-Cyclical Services                                                               4.8
Utilities                                                                           2.1
Resources                                                                           0.7
Cash                                                                               -4.4
                                                                                    100


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