Top 10 Largest Investments

JPMorgan Flem Russian Secs PLC
5 January 2005


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



Ten Largest Investments

JPMorgan Fleming Russian Securities

Lukoil ADR                                                                  14.3
Vimpel Communications ADR                                                   14.0
JSC MMC Norilsk Nickel                                                      13.5
Gazprom ADS                                                                 12.9
Surgutneftegaz ADR                                                          12.4
Mobile Telesystems ADS                                                       9.7
Sberbank Rossii                                                              9.4
RAO Unified Energy                                                           7.0
RBC information                                                              3.7
OAO Pharmacy                                                                 3.3
                                                                           100.2



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