Top Ten Largest Investments

JPMorgan Fleming Smaller Cos IT PLC
5 January 2004

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

Ten Largest Investments                                           
JPMorgan Fleming Smaller Companies Investment Trust               
Mcbride                                                      2.4  
Savills                                                      1.8  
Evolution                                                    1.8  
Paragon Group of Companies                                   1.7  
Hornby                                                       1.7  
ITNET                                                        1.7  
Atkins (WS)                                                  1.6  
Uniq                                                         1.6  
Clinton Cards                                                1.6  
Brewin Dolphin                                               1.5  
                                                            17.4  


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