Geographical/Sector analysis

JPMorgan Fleming Claverhouse IT PLC
12 January 2004

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


JPMORGAN FLEMING CLAVERHOUSE INVESTMENT TRUST

                                                                                    %
United Kingdom                                                                   98.2
Cash                                                                              1.8
                                                                                  100


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


JPMORGAN FLEMING CLAVERHOUSE INVESTMENT TRUST

                                                                                    %
Financials                                                                       29.7
Non-Cyclical Consumer Goods                                                      15.9
Cyclical Services                                                                14.9
Resources                                                                        12.7
Non-Cyclical Services                                                            12.4
Basic Industries                                                                  6.0
Utilities                                                                         3.0
General Industrials                                                               2.2
Cash                                                                              1.8
Cyclical Consumer Goods                                                           1.1
Information Technology                                                            0.3
                                                                                  100



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