Asset Analysis as at 28/2/01

Fleming Mercantile Inv Trust PLC
15 March 2001


ASSET ANALYSIS AS AT 28TH FEBRUARY 2001

The Fleming Mercantile Investment Trust plc

                                         % of funds as at 28/02/01

UK FTSE 100                                                      2
UK FTSE 250 (ex Ics)                                            69
FTSE Small Cap (ex Ics)                                         26
IC Income & Cap Shares                                           0
Other Ics                                                        0
Int'l Eqs                                                        
Cash & FI                                                        3

                                                               100