Investment Policy Announcemnt

JPMorgan Fleming Claverhouse IT PLC
21 October 2003


                           STOCK EXCHANGE ANNOUNCEMENT

                JPMORGAN FLEMING CLAVERHOUSE INVESTMENT TRUST PLC

                      ANNOUNCEMENT OF INVESTMENT POLICY


Following the publication by The Financial Services Authority of the Investment
Entities (Listing Rules and Conduct of Business) Instrument 2003, the Board of
JPMorgan Fleming Claverhouse Investment Trust plc (the 'Company') announces that
it is the Company's policy to invest no more than 15% of its gross assets in
other listed investment companies (including listed investment trusts).


21st October 2003


J.P. Morgan Fleming Asset Management (UK) Limited - Secretary

For further information, please contact:

Jonathan Latter ..............................020 7742 3408


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