Geographical/Sector Breakdown

JPMorgan Fleming Japanese Smllr Cos
10 November 2003


                   JPMORGAN FLEMING INVESTMENT TRUST              
                  GEOGRAPHICAL BREAKDOWNS % OF TOTAL
                    ASSETS AS AT 31st October 2003


JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST

                                                                               %
Japan                                                                       93.9
Cash                                                                         6.1
                                                                             100


                    JPMORGAN FLEMING INVESTMENT TRUST                                
                  SECTOR BREAKDOWNS % OF TOTAL ASSETS AS AT                    
                        31st October 2003

JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST

                                                                               %
General Industrials                                                         37.7
Cyclical Services                                                           17.1
Basic Industries                                                            15.4
Information Technology                                                      14.9
Cash                                                                         6.1
Financials                                                                   5.4
Cyclical Consumer Goods                                                      2.9
Non-Cyclical Consumer Goods                                                  0.5
                                                                             100



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