Top Ten Largest Investments

JPMorgan Fleming Japanese Smllr Cos
2 December 2003


30th November 2003

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

Ten Largest Investments
JPMorgan Fleming Japanese Smaller Companies Investment Trust

Nabtesco                                                   4.5
Sankyo Aluminium                                           4.5
Nissho-Iwai-Nichimen                                         4
JGC                                                        3.3
ARRK                                                       3.2
UMC Japan                                                    3
Aeon Credit Services                                       2.8
Tomen Electronics                                            2
THK                                                          2
E-System                                                     2
                                                          31.3

                      This information is provided by RNS
            The company news service from the London Stock Exchange