Top Ten Largest Investments

JPMorgan Fleming American IT PLC
5 January 2004

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

Ten Largest Investments                                           
JPMorgan Fleming American Investment Trust                        

Pfizer                                                       4.1  
Citigroup                                                    3.1  
Microsoft                                                    2.9  
General Electric                                             2.8  
Exxon Mobil                                                  2.7  
IBM                                                          2.5  
American International                                       2.2  
Johnson & Johnson                                            2.1  
JPMF America Micro Cap                                       2.1  
Fleming US Discovery III Fund                                2.0 
                                                            26.5  



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