Asset Analysis as at 31/3/01

Fleming Mercantile Inv Trust PLC
5 April 2001


ASSET ANALYSIS AS AT 31st MARCH 2001

THE FLEMING MERCANTILE INVESTMENT TRUST plc

                                                    % funds as at 31/3/01
UK FTSE 100                                                                   2
UK FTSE 250 (excluding IC's)                                                 64
FTSE Small Cap (excluding IC's)                                              25
IC income and capital shares                                                  0
Other IC's                                                                    0
International equities                                                        0
Cash and FI                                                                   9
                                                                            100