Interim Management Statement

JPMorgan Fleming Mercantile IT PLC
30 November 2007


                JPMorgan Fleming Mercantile Investment Trust plc

                          Interim Management Statement

                  For the three months ended 31st October 2007


This interim management statement relates to the quarter from 31st July 2007 to
31st October 2007 and contains information that covers that period, unless
otherwise stated.


Financial performance -  Cumulative Total Return *

                         1 month       3 months      1 Year      3 Years      5 Years       10 Years
Share price                  2.6%          -2.8%        8.3%       111.9%       207.2%         317.7%
Net asset value              5.0%          -0.9%       11.1%       105.0%       223.8%         302.9%
Benchmark                    5.6%           2.0%       13.1%        90.2%       193.4%         212.0%


* total return with net dividends reinvested

Source: JPMAM/Fundamental Data


Financial position

                             As at 31st October 2007    As at 29th November 2007
Total assets                                £1647.2m                    £1512.6m
Share price                                  1202.0p                     1108.0p
Net asset value                              1386.7p                     1236.6p
Discount                                       13.3%                       10.4%
Gearing                                         104%                        101%



Share prices shown are closing mid

Net asset values are shown with debt at fair value

Source: JPMAM/Fundamental Data


Material events

Following a ruling by the European Court of Justice, HM Revenue and Customs has
recently accepted that VAT will no longer be charged on investment management
fees. For the Company it may also be possible to recover some of the VAT paid in
the past on management fees. However, the quantum of any such repayment is
subject to a number of legal and procedural considerations which currently are
under review by the Directors.


Material transactions


Changes to share capital
                                                                              Issued Ordinary Shares of 25p
As at 31st July 2007                                                                            107,659,958
Shares bought back and cancelled                                                                  1,609,563
Shares issued                                                                                             -
As at 31st October 2007                                                                         106,050,395

During the quarter, the Company made market purchases of 1,609,563 of its own
shares for cancellation, representing 1.29% of the shares outstanding at the
beginning of the financial year, at an average discount of 10.88%.


Payment of dividends

On 1st August 2007 a first quarterly dividend of 5.50p per share was paid to
shareholders on the register as at the close of business on 6th July 2007.

On 1st November 2007 a second quarterly dividend of 5.50p per share was paid to
shareholders on the register as at the close of business on 5th October 2007.


Portfolio

Top ten holdings as at 31st October 2007

Stock name                             Sector                         Weight %
Ladbrokes                              Consumer Services              2.2
IG                                     Financials                     2.2
Millenium & Copthorne Hotels           Consumer Services              2.1
GKN                                    Consumer Goods                 2.0
Burberry                               Consumer Goods                 1.8
United Business Media                  Consumer Services              1.8
Drax                                   Utilities                      1.8
LogicaCMG                              Technology                     1.7
Cobham                                 Industrials                    1.6
Kesa Electricals                       Consumer Services              1.5

                               
Sector analysis as at 31st October 2007
                                                      Portfolio %

Financials                                            23.2
Industrials                                           22.8
Consumer Services                                     20.7
Consumer Goods                                        9.9
Oil & Gas                                             8.8
Technology                                            3
Utilities                                             3
Basic Materials                                       2.3
Unassigned                                            0.2
Health Care                                           -
Telecommunications                                    -
Cash                                                  6.1
Total                                                 100.00



By order of the Board

Juliet Dearlove, for and on behalf of
JPMorgan Asset Management (UK) Limited, Secretary
30th November 2007

Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ

This interim management statement has been prepared solely to provide
information to meet the requirements of the UK Listing Authority's Disclosure
and Transparency Rules.

Please note that up to date information on the Company, including daily NAV and
share prices, factsheets and portfolio information can be found at
www.jpmfmercantile.com For investor information please contact the JPMorgan
helpline on Freephone 0800 40 30 30.


                      This information is provided by RNS
            The company news service from the London Stock Exchange