Top 10 Largest Investments

JPMorgan Fleming Japanese Smllr Cos
2 September 2004

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



Ten Largest Investments
JPMorgan Fleming Japanese Smaller Investment Trust
--------------------------------------------------
eAccess                                                                 5.2
Usen                                                                    3.3
Pacific Management                                                      3.0
Dwango                                                                  2.8
Arrk                                                                    2.7
Alfressa                                                                2.2
Works Appication                                                        2.2
Dodwell                                                                 2.0
Faith                                                                   1.9
Infocom                                                                 1.9
                                                                       27.2



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