Geographical/Sector Breakdown

JPMorgan Fleming Smaller Cos IT PLC
10 November 2003


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

JPMORGAN FLEMING SMALLER COMPANIES INVESTMENT TRUST

                                                                               %
United Kingdom                                                             105.4
Cash                                                                        -5.4
                                                                             100


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

JPMORGAN FLEMING SMALLER COMPANIES INVESTMENT TRUST

                                                                               %
Cyclical Services                                                           34.6
Financials                                                                  19.7
Basic Industries                                                            11.6
General Industrials                                                         11.6
Information Technology                                                       8.7
Cyclical Consumer Goods                                                      6.2
Non-Cyclical Consumer Goods                                                  5.8
Non-Cyclical Services                                                        4.4
Resources                                                                    2.8
Cash                                                                        -5.4
                                                                             100


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