Geographical/Sector analysis

JPMorgan Fleming Japanese Smllr Cos
12 January 2004

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

JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST

                                                                                    %
Japan                                                                            97.9
Cash                                                                              2.1
                                                                                  100


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


JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST

                                                                                     %
General Industrials                                                               37.2
Cyclical Services                                                                 19.2
Basic Industries                                                                  17.4
Information Technology                                                            12.2
Financials                                                                         5.2
Non-Cyclical Consumer Goods                                                        3.6
Cyclical Consumer Goods                                                            3.1
Cash                                                                               2.1
                                                                                   100



                      This information is provided by RNS
            The company news service from the London Stock Exchange
        GUUQAGUPCGAP