Top Ten Largest Investments

JPMorgan Flem Russian Secs PLC
2 July 2004



                                                                              
  Jun-04                                                                      

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




  Ten Largest Investments                                                     
  JPMorgan Fleming Russian Securities                                         

  Surgutneftegaz ADR                                                    15.5 
  Sberbank Rossii                                                       14.8  
  Lukoil ADR                                                            14.4 
  JSC MMC Norilsk Nickel                                                13.8 
  Gazprom ADS                                                           12.7 
  Yukos ADR                                                              9.4  
  Rao Unified Energy System GDR                                          6.9  
  Mobile Telesystems ADS                                                 4.8  
  RBC information                                                        2.7  
  Oao Pharmacy                                                           2.6 
                                                                        97.6 
 






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