Geographical/Sector analysis

JPMorgan Flem Russian Secs PLC
12 January 2004

JPMORGAN FLEMING INVESTMENT TRUST               
GEORGRAPHICAL BREAKDOWNS % OF TOTAL ASSETS 
AS AT 31st December 2003

JPMORGAN FLEMING RUSSIAN SECURITIES

                                                                                    %
Russia                                                                          101.2
Cash                                                                             -1.2
                                                                                  100

JPMORGAN FLEMING INVESTMENT TRUST                                
SECTOR  BREAKSDOWNS
% OF TOTAL ASSETS AS AT      31st December 2003

JPMORGAN FLEMING RUSSIAN SECURITIES

                                                                                      %
Energy                                                                             52.0
Telecommunications                                                                 18.8
Industrials                                                                        17.7
Financials                                                                          9.8
IT                                                                                  2.6
Transport                                                                           0.3
Cash                                                                               -1.2
                                                                                    100


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