Top Ten Largest Investments

JPMorgan Fleming Japanese IT PLC
2 July 2004



                                                                              
  Jun-04                                                                      

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



  Ten Largest Investments                                                     
  JPMorgan Fleming Japanese Investment Trust                                  

  Toyota Motor                                                           4.3 
  Honda Motor                                                            3.7 
  Matsui Securities                                                      3.6 
  Canon                                                                  3.3 
  Nissan Motor                                                           3.1 
  Sumitomo Trust & Banking                                               2.7 
  Fanuc                                                                  2.4 
  Nidec Corporation                                                      2.3 
  Nippon Steel                                                           2.2 
  Sumitomo Realty & Development                                          2.2 
                                                                        29.8  



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