Top Ten Largest Investments

Fleming Mercantile Inv Trust PLC
5 January 2004

Dec-03                                                            
JPMorgan Fleming Investment Trust                                 
Ten Largest Investments                                           
in % of Total Assets.                                             

Ten Largest Investments                                           
Fleming Mercantile Investment Trust                               
Hammerson                                                    1.6  
Trinity Mirror                                               1.5  
BPB                                                          1.5  
Logicacmg                                                    1.5  
Barratt Developments                                         1.5  
Gresham Computing                                            1.4  
Carlton Communications                                       1.4  
Berkeley                                                     1.3  
Perisimmon                                                   1.3  
Kesa Electricals                                             1.3  
                                                            14.3  


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