Top Ten Largest Investments

JPMorgan Flem Russian Secs PLC
5 January 2004

Dec-03                                                            
JPMorgan Fleming Investment Trust                                 
Ten Largest Investments                                           
in % of Total Assets.                                             

Ten Largest Investments                                           
JPMorgan Fleming Russian Securities                               
Surgutneftegas                                              16.9  
Lukoil                                                      15.2  
JSC Mmc Norilsk                                             13.2 
Gazprom                                                     12.3 
Sberbank                                                     9.8 
Mobil Telesystems                                            7.4  
Yukos                                                        6.2  
Vimpel Communications                                        6.1  
Rostelecom                                                   3.8  
RBC Infoemation                                              2.6  
                                                            93.5 



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