Top Ten Largest Investments

JPMorgan Fleming Smaller Cos IT PLC
2 July 2004



                                                                              
  Jun-04                                                                      

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


  Ten Largest Investments                                                     
  JPMorgan Fleming Smaller Companies Investment Trust                         

  Savills                                                                2.3  
  Mcbride                                                                2.3  
  Kensington                                                             1.8  
  Workspace                                                              1.8  
  Peacock                                                                1.7  
  Mccarthy & Stone                                                       1.5  
  Brewin Dolphin                                                         1.5  
  Charter                                                                1.5  
  Bellway                                                                1.5  
  Corin                                                                  1.4  
                                                                        17.3  

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