Geographical/Sector analysis

JPMorgan Fleming Smaller Cos IT PLC
12 January 2004

JPMORGAN FLEMING INVESTMENT TRUST               
GEORGRAPHICAL BREAKDOWNS % OF TOTAL ASSETS 
AS AT 31st December 2003

JPMORGAN FLEMING SMALLER COMPANIES INVESTMENT TRUST

                                                                                    %
United Kingdom                                                                  105.8
Cash                                                                             -5.8
                                                                                  100

JPMORGAN FLEMING INVESTMENT TRUST                                
SECTOR  BREAKSDOWNS
% OF TOTAL ASSETS AS AT      31st December 2003

JPMORGAN FLEMING SMALLER COMPANIES INVESTMENT TRUST

                                                                                     %
Cyclical Services                                                                 31.7
Financials                                                                        20.1
Basic Industries                                                                  11.6
General Industrials                                                               10.9
Information Technology                                                            10.2
Non-Cyclical Consumer Goods                                                        8.0
Cyclical Consumer Goods                                                            6.1
Non-Cyclical Services                                                              4.2
Resources                                                                          3.0
Cash                                                                              -5.8
                                                                                   100




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