Asset Analysis

Fleming Mercantile Inv Trust PLC
8 June 2004


ASSET ANALYSIS AS AT 31st May 2004



THE FLEMING MERCANTILE INVESTMENT TRUST plc

                                                             % funds as at31/05/04
UK FTSE 100                                                           1
UK FTSE 250 (excluding IC's)                                         75
FTSE Small Cap (excluding IC's)                                      17
IC income and capital shares                                          0
Other IC's                                                            0
International equities                                                0
Cash and Fixed Interest                                               7
                                                                    100




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