Top 10 Largest Investments

JPMorgan Flem Russian Secs PLC
4 October 2004

September-04

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


Ten Largest Investments
JPMorgan Fleming Russian Securities

JSC MMC Norilsk Nickel                                                          15.0
Surgutneftegaz ADR                                                              15.0
Lukoil ADR                                                                      14.8
Gazprom ADS                                                                     12.5
Vimpel Communications ADR                                                        8.3
Sberbank Rossii                                                                  7.7
Mobile Telesystems ADS                                                           7.3
Rostelecom ADR                                                                   3.9
OAO Pharmacy                                                                     3.3
RBC information                                                                  2.9

                                                                                90.7




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