Top Ten Largest Investments

JPMorgan Flem Russian Secs PLC
3 August 2004

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



Ten Largest Investments
JPMorgan Fleming Russian Securities
Surgutneftegaz ADR                                                          16.4
Lukoil ADR                                                                  15.2
Gazprom ADS                                                                 14.4
JSC MMC Norilsk Nickel                                                      14.2
Sberbank Rossii                                                             13.3
Rao Unified Energy System GDR                                                7.0
Mobile Telesystems ADS                                                       5.3
Oao Pharmacy                                                                 2.8
RBC information                                                              2.5
Vimpel Communications ADR                                                    2.5
                                                                            93.6







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