Top Ten Investments

JPMorgan Flem Russian Secs PLC
17 February 2003

Jan-03                                                              
 
Ten Largest Investments                                             
JPMorgan Fleming Russian Securities Investment Trust                
Yukos Oil                                                      15.4 
Sberbank                                                       13.4 
Surgutneftegas                                                 12.8 
LUKoil                                                         12.3 
Rostelekom                                                     7.3  
Gazprom                                                        7.3  
Mobile Telesystems                                             7.0  
Vimpel Comm                                                    6.2  
Sibneft                                                        5.0  
OAO Pharmacy                                                   3.6  
                                                              90.3 



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