Ten Largest EquityInvestments

JPMorgan Fleming Japanese Smllr Cos
2 April 2004


Mar-04                                                           
JPMorgan Fleming Investment Trust                                
Ten Largest Equity Investments                                   
in % of Total Assets.                                            

Ten Largest Investments                                          
JPMorgan Fleming Japanese Smaller Investment Trust               

Nissho Iwai-Nichimen                                      3.6    
Sankyo-Tatetama                                           3.0    
Daiwa Kosho Lease                                         3.0    
Eaccess                                                   3.0    
Misawa Homes                                              2.6    
Uniden                                                    2.2    
Usen                                                      2.2    
Alfresa                                                   2.2    
Advanex                                                   2.2    
Nabtesco                                                  2.2    
                                                         26.2   


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