Geographical Distribution

Fleming Mercantile Inv Trust PLC
31 March 2004


                    JPMORGAN FLEMING INVESTMENT TRUST               
                   GEORGRAPHICAL BREAKDOWN % OF TOTAL
                    ASSETS AS AT 29th February 2004


THE FLEMING MERCANTILE INVESTMENT TRUST
                                                                               %
United Kingdom                                                              94.9
Cash                                                                         5.1
                                                                             100



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