Geographical/Sector Breakdown

Fleming Mercantile Inv Trust PLC
10 November 2003


                   JPMORGAN FLEMING INVESTMENT TRUST              
                  GEOGRAPHICAL BREAKDOWNS % OF TOTAL
                    ASSETS AS AT 31st October 2003

THE FLEMING MERCANTILE INVESTMENT TRUST

                                                                               %
United Kingdom                                                              89.4
Cash                                                                        10.6
                                                                             100


                    JPMORGAN FLEMING INVESTMENT TRUST                                
                  SECTOR BREAKDOWNS % OF TOTAL ASSETS AS AT                    
                        31st October 2003

THE FLEMING MERCANTILE INVESTMENT TRUST

                                                                               %
Cyclical Services                                                           28.4
Financials                                                                  16.8
Basic Industries                                                            15.9
Cash                                                                        10.6
Information Technology                                                       8.1
General Industrials                                                          7.1
Non-Cyclical Consumer Goods                                                  4.4
Utilities                                                                    3.6
Non-Cyclical Services                                                        1.6
Resources                                                                    1.5
Cyclical Consumer Goods                                                      1.3
Fixed Interest                                                               0.7
                                                                             100


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