Top Ten Largest Investments

JPMorgan Fleming US Disc IT PLC
2 July 2004



                                                                              
  Jun-04                                                                      

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



  Ten Largest Investments                                                     
  JPMorgan Fleming US Discovery Investment Trust                              

  Impax Laboratories                                                     2.9  
  American Dental                                                        2.7  
  Marketwatch.com                                                        2.6  
  Proassurance Corporation                                               2.4  
  NuCO2                                                                  2.3  
  TTM Technologies                                                       2.1  
  American Healthways                                                    2.1  
  SM&A                                                                   2.0  
  SCP Pool                                                               1.9 
  Orient Express Hotels                                                  1.8  
                                                                         22.8 

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