Sector Analysis

Fleming Mercantile Inv Trust PLC
11 April 2003


Mar-03               
JP Morgan Fleming Investment Trust                                    
Sector Breakdowns in % of Total Assets                                

Fleming Mercantile Investment Trust                                   
Cyclical Services                                                 30.5
Cash                                                              17.9
Financials                                                        17.6
Basic Industries                                                  16.6
Non-Cyclical Consumer Goods                                        5.6
General Industrials                                                4.1
Information Technology                                             2.6
Fixed Interest                                                     1.3
Non-Cyclical Services                                              1.2
Resources                                                          1.2
Utilities                                                          1.0
Cyclical Consumer Goods                                            0.4
Total                                                            100.0


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