Interim Results

JP Morgan Fleming Mid Cap Inv PLC  
17 March 2005

                          STOCK EXCHANGE ANNOUNCEMENT



                JPMORGAN FLEMING MID CAP INVESTMENT TRUST PLC



         UNAUDITED FIGURES FOR THE SIX MONTHS ENDED 31ST DECEMBER 2004



The Directors of JPMorgan Fleming Mid Cap Investment Trust plc announce the
Company's unaudited results for the period ended 31st December 2004.



The following are comments from the Chairman:


Performance

I am pleased to report that the improvement in performance achieved during the
year to 30th June 2004 has continued into the first six months of the new
financial year. Over the six months to 31st December 2004 during which the FTSE
250 Index (excluding investment trusts) rose by 11.7%, your Company achieved a
total return on net assets of 16.2%, an outperformance of 4.5%. The return to
shareholders was somewhat higher at 18.3%, reflecting a slight narrowing of the
discount to net asset value from 19.5% to 18.3%


Revenue and Dividends

Revenue after taxation for the six months to 31st December 2004 was £2,199,000
(2003 : £1,614,000) and earnings per share, calculated on the average weekly
number of shares in issue, were 5.95p (2003 : 4.18p). Reflecting this increase
and to rebalance the split between the interim and final dividends, the Board is
proposing that the interim dividend be increased from 2.75p per share to 3.00p
per share. The dividend will be paid on 5th April 2005 to shareholders on the
register at the close of business on 29th March 2005.


Loan Facilities and Gearing

The Company currently has a £10m loan with The Royal Bank of Scotland plc and a
£5m revolving credit facility with Allied Irish Bank, both of which run to 24th
April 2006. Actual gearing reduced from 116.7% as at 30th June 2004 to 112.0%.
Your Board regards the current level of gearing as appropriate and, indeed,
gearing contributed positively to the outperformance against benchmark in the
period under review.


Share Buybacks

Over the course of the half year under review the Company repurchased for
cancellation 1,931,000 ordinary shares, representing 5.00% of its issued share
capital. This added 0.9% to the net asset value of the remaining shares.


Board of Directors

Since the Company's Annual General Meeting on 3rd November 2004, there have been
two changes to the Company's Board of Directors. Firstly, Gordon McQueen was
appointed a Director on 1st December 2004. Gordon brings a wealth of experience
from a career in banking which culminated in 2004 as an Executive Director of
HBOS plc, Bank of Scotland and Halifax plc, where his principal role was
Chairman and Chief Executive of Group Treasury. Following Gordon's appointment,
and in line with his previously expressed desire to stand down from the Board,
Andrew Gifford formally resigned on 8th February 2005. The Board would like to
thank Andrew for his contribution and support during his ten years as a
Director.

Finally, I have decided to retire after the Company's Board Meeting scheduled
for 14th April 2005. Andrew Barker has accepted the Board's proposal to succeed
me as Chairman, a position for which he is ideally qualified. It is pleasing to
be able to report improved results at this time and I take the opportunity to
thank my colleagues for their unstinting support over recent years.



Alan Schroeder
Chairman        17th March 2005



For further information, please contact:

Andrew Norman
J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 6000
Secretary to the Company



JPMorgan Fleming Mid Cap Investment Trust plc
Unaudited figures for the six months ended 31 December 2004
Statement of Total Return (Unaudited)


                        Six months to 31 December 2004  Six months to 31 December 2003      Year to 30 June 2004

                          Revenue     Capital     Total   Revenue   Capital       Total   Revenue   Capital     Total
                            £'000       £'000     £'000     £'000     £'000       £'000     £'000     £'000     £'000
Realised (losses)/gains
on investments                  -        (18)      (18)         -     6,907       6,907         -    16,471    16,471
Unrealised gains on
investments                     -      18,136    18,136         -    19,813      19,813         -    22,798    22,798
Other capital charges           -         (2)       (2)         -       (3)         (3)         -       (5)       (5)
UK dividends                2,653           -     2,653     2,190         -       2,190     4,406         -     4,406
Scrip dividends               109           -       109        18         -          18       169         -       169
Deposit interest               71           -        71        47         -          47       104         -       104
Underwriting commission         -           -         -         -         -           -        24         -        24
                          _______    ________   _______    ______   _______    ________   _______   _______   _______

Gross return                2,833      18,116    20,949     2,255    26,717      28,972     4,703    39,264    43,967
Management fee              (123)       (287)     (410)     (116)     (270)       (386)     (243)     (569)     (812)
Performance Fee                 -           -         -         -     (329)       (329)         -         -         -
Other administrative
expenses                    (157)           -     (157)     (101)         -       (101)     (253)         -     (253)
Interest payable            (354)       (826)   (1,180)     (424)     (988)     (1,412)     (843)   (1,967)   (2,810)

                          _______     _______   _______    ______   _______     _______   _______   _______   _______

Return before taxation      2,199      17,003    19,202     1,614    25,130      26,744     3,364    36,728    40,092

Taxation                        -           -         -         -         -           -         -         -         -

                           ______     _______   _______    ______   _______      ______   _______   _______   _______

Total return
attributable to
ordinary shareholders       2,199      17,003    19,202     1,614    25,130      26,744     3,364    36,728    40,092

Dividend(s) payable on
ordinary shares             (959)           -     (959)   (1,061)         -     (1,061)   (3,761)         -   (3,761)
                           ______     _______   _______    ______   _______      ______   _______   _______   _______

Transfer to/(from)
reserves                    1,240      17,003    18,243       553    25,130      25,683     (397)    36,728    36,331

Return per ordinary
share                       5.95p      45.98p    51.93p     4.18p    65.15p      69.33p     8.72p    95.21p   103.93p

Dividend(s) per
ordinary share              3.00p                 3.00p     2.75p                 2.75p     9.75p               9.75p


JPMorgan Fleming Mid Cap Investment Trust plc
Unaudited figures for the six months ended 31 December 2004


BALANCE SHEET                                                        31 December     31 December         30 June
                                                                            2004            2003            2004
                                                                           £'000           £'000           £'000

Investments at valuation                                                 181,483         172,411         176,656


Net current assets/(liabitities)                                           3,931           (950)         (4,871)

Creditors (amounts falling due after more than one year)                (23,439)        (31,259)        (20,935)
                                                                         _______         _______         _______
Total net assets                                                         161,975         140,202         150,850
                                                                           =====           =====           =====
Net asset value per share                                                 446.6p          363.5p          391.1p

CASH FLOW STATEMENT
                                                                     31 December     31 December         30 June
                                                                            2004            2003            2004
                                                                           £'000           £'000           £'000

Net cash inflow from operating activities                                  2,145           1,948           3,540

Net cash outflow from returns on investments and servicing
of finance                                                               (1,187)         (1,596)         (3,096)

Net cash inflow/(outflow) from capital expenditure and
financial investment                                                      13,908         (2,965)           4,981

Total equity dividends paid on ordinary shares                           (2,572)         (3,086)         (4,147)

 Net cash outflow from financing                                        (14,618)               -               -
                                                                         _______          ______          ______
(Decrease)/increase in cash for the period                               (2,324)         (5,699)           1,278
                                                                           =====            ====            ====




The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the period ended 30 June
2004. The 2002 accounts, upon which the auditors issued an unqualified opinion
and did not contain a statement under either section 237(2) or section 237 (3)
of the Companies Act 1985, have been delivered to the Registrar of Companies.







J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
17th March 2005






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