Interim Results

FLEMING MERCANTILE INVESTMENT TRUST PLC
14 October 1999

                                                        
  Unaudited results for the six months ended 31st July,
                          1999
                            
The  Fleming Mercantile Investment Trust today  announced
its  unaudited interim results for the six  months  ended
31st July, 1999.

It  has  been a good period for the Company with the  net
asset value increasing by 29.1% to 523.5p as at the  31st
July, 1999 compared with an increase of 21.9% in the FTSE
Actuaries  All-Share  Index  (excluding  FTSE  100  Index
constituents  and  investment   trusts),  which  is   the
Company's benchmark index.  The Company thereby  produced
an outperformance of 7.2% over the benchmark index.

Dividends totalling 5.4p (net) have already been declared
by the Company (1998: 5.0p).


F.W. Easton
for and on behalf of
Fleming Investment Trust Management Limited -
Secretary
0171 638 5858


         
UNAUDITED FIGURES FOR THE HALF YEAR ENDED 31ST JULY 1999

                                                1999         1998

                                               £'000        £'000
REVENUE

Income

     Franked dividends                          16,016   10,821
     UK unfranked dividends                        163        -
     Overseas dividends                              -      114
     Overseas interest                               -       49
     Foreign income dividends                       52    1,754
     Scrip dividends                               771      599
     Deposit interest                              138    1,433
     Underwriting commissions                       34       86
                                                 _____    _____
Gross Revenue                                   17,174   14,856

Less Management fee                                896      945
     Other administrative expenses                 601      251
     Interest payable                            1,952    1,547

Return before Taxation                          13,725   12,113

Less Taxation                                    1,699    2,421
                                                 _____    _____
Return after Taxation                           12,026    9,692

Less Dividends on preference stock                   -       67
                                                 _____    _____
Return available to ordinary shareholders       12,026    9,625
                                                 =====     ====

CAPITAL

     Movements on investments                  166,948   26,364
     Less: Expenses charged to Capital           2,848    2,492
                                                ______   ______
Return before Taxation                         164,100   23,872

     Taxation                                       46      251
                                                ______   ______   
Return available to ordinary shareholders      164,146   24,123
                                               =======   ======

Dividends per ordinary share                     5.40 p   5.00 p

Revenue return per ordinary share                8.32 p   6.66 p
Capital return per ordinary share              113.78 p  16.69 p
Total return per ordinary share                122.10 p  23.35 p


At 31 July 1999

Total Net Assets for ordinary 
shareholders (£'000)                          743,720  665,399
Net Asset Value per Ordinary Share              523.5 p  460.5 p

The  above  financial  information  does  not  constitute
statutory  accounts  as defined in  Section  240  of  the
Companies  Act  1985.  Statutory accounts  for  the  year
ended  31st  January  1999 have  been  delivered  to  the
Registrar of Companies.