Top Ten Largest Investments

JPMorgan Fleming Japanese Smllr Cos
2 July 2004



                                                                              
  Jun-04                                                                      

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



  Ten Largest Investments                                                     
  JPMorgan Fleming Japanese Smaller Investment Trust                          

  eAccess                                                                4.8 
  Dwango                                                                 4.3 
  Alfresa                                                                2.6  
  Arrk                                                                   2.6 
  Infocom                                                                2.3  
  Faith                                                                  2.2  
  Tokyo Steel Manufacturing                                              2.1  
  Creed                                                                  2.0  
  Sumitomo Rubber                                                        2.0  
  Works Application                                                      2.0  
                                                                        26.9  



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