Asset Analysis as at 31/12/04

JPMorgan Fleming Mercantile IT PLC
14 January 2005



                       ASSET ANALYSIS AS AT 31st December 2004



JPMORGAN FLEMING MERCANTILE INVESTMENT TRUST plc

                                                          % funds as at 31/12/04

UK FTSE 100                                                                    0
UK FTSE 250 (excluding IC's)                                                  79
FTSE Small Cap (excluding IC's)                                               18
IC income and capital shares                                                   0
Other IC's                                                                     0
International equities                                                         0
Cash and Fixed Interest                                                        3
                                                                             100



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