Top Ten Largest Investments

JPMorgan Fleming Eur Fldglng IT PLC
5 January 2004

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

Ten Largest Investments                                           
JPMorgan Fleming European Fledgeling Investment Trust             

FF European Discovery Fund                                   13.0 
Koniklijke Wessanen                                          1.6  
Havas                                                        1.6  
Exact Holdings                                               1.5  
Group Steria                                                 1.5  
Marzotte & Figli                                             1.5  
Valora Holdings                                              1.5  
Credito Emiliano                                             1.4  
Neopost                                                      1.4  
SR Teleperformance                                           1.3  
                                                            26.3  


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