Top Ten Largest Investments

JPMorgan Flem Russian Secs PLC
2 December 2003


30th November 2003

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

Ten Largest Investments
JPMorgan Fleming Russian Securities

Surgutneftegas                                            16.3
Lukoil                                                    15.2
Gazprom                                                   12.8
JSC Mmc Norilsk                                           12.4
Sberbank                                                  10.1
Yukos                                                      9.6
Mobile Telesystems                                           9
Vimpel Communications                                      8.5
Rostelecom                                                 4.9
Sibneft                                                    2.7
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