Geographical Distribution

JPMorgan Fleming Smaller Cos IT PLC
11 January 2005

                        JPMORGAN FLEMING INVESTMENT TRUST               
                             GEOGRAPHICAL BREAKDOWNS 
                            % OF TOTAL ASSETS AS AT 
                               31st December 2004




JPMORGAN FLEMING SMALLER COMPANIES INVESTMENT TRUST

                                                                               %

United Kingdom                                                              99.8
Cash                                                                         0.2
                                                                             100



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