Ten Largest EquityInvestments

Fleming Mercantile Inv Trust PLC
2 April 2004


Mar-04                                                           
JPMorgan Fleming Investment Trust                                
Ten Largest Equity Investments                                   
in % of Total Assets.                                            

Ten Largest Investments                                          
Fleming Mercantile Investment Trust                              

Trinity Mirror                                            1.9    
Hammerson                                                 1.7    
Persimmon                                                 1.6    
Barratt Developments                                      1.5    
Gresham Computing                                         1.5    
BPB                                                       1.5    
Berkeley                                                  1.5    
EMI Group                                                 1.4    
Travis Perkins                                            1.4    
Logica CMG                                                1.4    
                                                         15.4   



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