Asset Analysis

JPMorgan Fleming Mercantile IT PLC
9 December 2004


ASSET ANALYSIS AS AT 31st October 2004


JPMORGAN FLEMING MERCANTILE INVESTMENT TRUST plc

                                                                   % funds as at 30/11/04
UK FTSE 100                                                                             0
UK FTSE 250 (excluding IC's)                                                           77
FTSE Small Cap (excluding IC's)                                                        19
IC income and capital shares                                                            0
Other IC's                                                                              0
International equities                                                                  0
Cash and Fixed Interest                                                                 4
                                                                                      100
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