Asset Analysis

Fleming Mercantile Inv Trust PLC
13 April 2004



                    ASSET ANALYSIS AS AT 31st March 2004


THE FLEMING MERCANTILE INVESTMENT TRUST plc

                                                         % funds as at 31/03/04

UK FTSE 100                                                                   1
UK FTSE 250 (excluding IC's)                                                 80
FTSE Small Cap (excluding IC's)                                              16
IC income and capital shares                                                  0
Other IC's                                                                    0
International equities                                                        0
Cash and Fixed Interest                                                       3
                                                                            100





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