Top 10 Largest Investments

JPMorgan Flem Russian Secs PLC
2 September 2004

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




Ten Largest Investments
JPMorgan Fleming Russian Securities
-----------------------------------
Surgutneftegaz ADR                                                     15.8
Lukoil ADR                                                             15.3
JSC MMC Norilsk Nickel                                                 14.6
Gazprom ADS                                                            14.1
Sberbank Rossii                                                         7.9
Mobile Telesystems ADS                                                  6.4
Vimpel Communications ADR                                               5.7
Rostelecom ADR                                                          3.8
Rao Unified Energy System GDR                                           3.3
RBC information                                                         3.0
                                                                       89.9





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