Top Ten Largest Investments

JPMorgan Fleming Mercantile IT PLC
2 July 2004



                                                                              
  Jun-04                                                                      

  JPMorgan Fleming Investment Trust                                           
  Ten Largest Investments                                                     
  in % of Total Assets.                                                       



  Ten Largest Investments                                                     
  JP Morgan Fleming Mercantile Investment Trust                               

  Trinity Mirror                                                         1.9  
  Berkeley                                                               1.8  
  Hammerson                                                              1.8  
  BPB                                                                    1.8  
  GKN                                                                    1.5  
  Persimmon                                                              1.5  
  P&O                                                                    1.5  
  Barratt Developments                                                   1.5  
  Kesa Electricals                                                       1.5  
  Kelda                                                                  1.4  
                                                                        16.2  



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