10 Largest Equity Investments

JPMorgan Flem Russian Secs PLC
2 June 2004


May-04
JPMorgan Fleming Investment Trust
Ten Largest Equity Investments
in % of Total Assets.


Ten Largest Investments
JPMorgan Fleming Russian Securities
Lukoil ADR                                                  15.1
Surgutneftegaz ADR                                          14.9
Sbererbank Rossii                                           14.8
JSC MMC Norilsk Nickel                                      13.9
Gazprom ADS                                                 13.2
Yukos ADR                                                    8.1
Rao Unified Energy System GDR                                6.9
Mobil Telesystems ADS                                        5.0
RBC information                                              2.8
Vimpel Communications                                        2.7
                                                            97.4



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