Geographical/Sector analysis

JPMorgan Fleming US Disc IT PLC
12 January 2004

JPMORGAN FLEMING INVESTMENT TRUST               
GEORGRAPHICAL BREAKDOWNS % OF TOTAL ASSETS 
AS AT 31st December 2003

JPMORGAN FLEMING US DISCOVERY INVESTMENT TRUST

                                                                                    %
North America                                                                    98.9
Cash                                                                              1.1
                                                                                  100

JPMORGAN FLEMING INVESTMENT TRUST                                
SECTOR  BREAKSDOWNS
% OF TOTAL ASSETS AS AT      31st December 2003

JPMORGAN FLEMING US DISCOVERY INVESTMENT TRUST

                                                                                     %
Consumer Discretionary                                                            31.9
Healthcare                                                                        20.3
Technology                                                                        19.6
Financials                                                                        10.2
Producer Durables                                                                  6.2
Auto                                                                               3.5
Consumer Staple                                                                    3.1
Energy                                                                             3.1
Cash                                                                               1.1
Other                                                                              1.0
                                                                                   100


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