Ten Largest EquityInvestments

JPMorgan Flem Russian Secs PLC
2 April 2004


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


Ten Largest Investments                                          
JPMorgan Fleming Russian Securities                              

Surgutneftegas ADR                                       16.3  
Sberbank                                                 15.3  
Lukoil ADR                                               14.5 
JSC MMC Norilsk Nickel                                   14.1 
Gazprom ADS                                               7.9 
Yukos ADR                                                 5.4  
Mobil Telesystems ADS                                     5.2  
Vimpel Communicartions                                    5.1  
Rao Unifies Energy System GDR                             4.2  
RBC Information                                           2.6 
                                                         90.6   



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