Top 10 Largest Investments

JPMorgan Flem Russian Secs PLC
2 December 2004

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


Ten Largest Investments
JPMorgan Fleming Russian Securities
Vimpel Communications ADR                                               14.3
Lukoil ADR                                                              14.3
JSC MMC Norilsk Nickel                                                  13.4
Gazprom ADS                                                             13.1
Surgutneftegaz ADR                                                      11.3
Mobile Telesystems ADS                                                   9.5
Sberbank Rossii                                                          8.1
RAO Unified Energy                                                       5.2
RBC information                                                          3.7
OAO Pharmacy                                                             3.2
                                                                        96.1


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