Top Ten Largest Investments

JPMorgan Fleming Japanese Smllr Cos
5 January 2004

Dec-03                                                            
JPMorgan Fleming Investment Trust                                 
Ten Largest Investments                                           
in % of Total Assets.                                             

Ten Largest Investments                                           
JPMorgan Fleming Japanese Smaller Investment Trust                

Nabtesco                                                     4.7  
Sankyo-Tatetama                                              3.9  
Nissho-Iwai-Nichimen                                         3.7  
ARRK                                                         2.9  
Nichii Gakkan                                                2.7  
JGC                                                          2.5  
Daiwa Kosho                                                  2.4  
Kawasaki Kisen                                               2.4  
E-System                                                     2.2  
THK                                                          2.2  
                                                            29.6  


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