Geographical Breakdown

JPMorgan Fleming Mercantile IT PLC
9 August 2004

                  JPMORGAN FLEMING INVESTMENT TRUSTS
                    GEOGRAPHICAL BREAKDOWNS % OF TOTAL
                       ASSETS AS AT 30th July 2004



JPMORGAN FLEMING MERCANTILE INVESTMENT TRUST

                                                                     %
United Kingdom                                                     96.5
Cash                                                                3.5
                                                                    100



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