Top 10 Largest Investments

JPMorgan Flem Russian Secs PLC
1 November 2004


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


Ten Largest Investments

JPMorgan Fleming Russian Securities

Lukoil ADR                                                                  14.1
JSC MMC Norilsk Nickel                                                      14.1
Surgutneftegaz ADR                                                          14.1
Vimpel Communications ADR                                                   13.7
Gazprom ADS                                                                 13.3
Mobile Telesystems ADS                                                       9.3
Sberbank Rossii                                                              8.2
Rostelecom ADR                                                               3.8
RBC information                                                              3.6
OAO Pharmacy                                                                 3.1
                                                                            97.3



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