Ten Largest Investments

JPMorgan Fleming Japanese Smllr Cos
2 March 2004


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


Ten Largest Investments                                          
JPMorgan Fleming Japanese Smaller Investment Trust               

Eaccess                                                   3.8    
Sankyo-Tatetama                                           3.4    
Daiwa                                                     3.0    
Nabtesco                                                  2.9    
Nissho Iwai-Nichimen                                      2.7    
Uniden                                                    2.5    
Koa                                                       2.4    
Advanex                                                   2.3    
Kawasaki Kisen                                            2.0    
Usen                                                      1.9    
                                                         26.9   


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