Ten Largest EquityInvestments

JPMorgan Fleming Eur Fldglng IT PLC
2 April 2004


Mar-04                                                           
JPMorgan Fleming Investment Trust                                
Ten Largest Equity Investments                                   
in % of Total Assets.                                            

Ten Largest Investments                                          
JPMorgan Fleming European Fledgeling Investment Trust            

FF European Discovery Fund                               13.6   
Konikijke Wessanen                                        1.6    
Exact Holdings                                            1.5    
Marzotto & Figli                                          1.4    
Havas                                                     1.4    
Valora Holdings                                           1.4    
Elior                                                     1.4    
SR Teleperformance                                        1.4    
Credito Emiliano                                          1.3    
Banca Popolare Di Milano                                  1.3    
                                                         26.3   


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