Asset Analysis as at 31/01/05

JPMorgan Fleming Mercantile IT PLC
8 February 2005

ASSET ANALYSIS AS AT 31st January 2005


JPMORGAN FLEMING MERCANTILE INVESTMENT TRUST plc

                                                          % funds as at 31/01/05
UK FTSE 100                                                                 0
UK FTSE 250 (excluding IC's)                                               80
FTSE Small Cap (excluding IC's)                                            19
IC income and capital shares                                                0
Other IC's                                                                  0
International equities                                                      0
Cash and Fixed Interest                                                     1
                                                                          100


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