Interim Results

Fleming Mercantile Inv Trust PLC
14 September 2000


                            
       THE FLEMING MERCANTILE INVESTMENT TRUST PLC
                            
          Unaudited results for the six months
                  ended 31st July, 2000
                            

The  Fleming Mercantile Investment Trust today  announced
its  unaudited interim results for the six  months  ended
31st July, 2000.

It  has  been a good period for the Company with the  net
asset value increasing by 11.8% to 759.8p as at the  31st
July, 2000 compared with an increase of 9.5% 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 2.3% over the benchmark index.

Over  the period the Company repurchased and cancelled  a
total  of  6,097,122 shares at a cost of £35.5m with  the
resulting  effect of increasing the Company's  net  asset
value by approximately £9.1m or 6.7 pence per share.

The  Directors declare a second interim dividend of 3.00p
(net)  per share (1999:2.70p) to be paid on 1st  November
2000 to ordinary shareholders on the register as at close
of  business on 29th September 2000.  (XD 25th  September
2000).   This  when  added to the first interim  dividend
means  that  total  dividends of  6.0p  (net)  have  been
declared by the Company (1999: 5.4p).



F.W. Easton
for and on behalf of
Chase Fleming Asset Management (UK) Limited - Secretary
020 7880 3425



      THE FLEMING  MERCANTILE INVESTMENT TRUST PLC
UNAUDITED FIGURES FOR THE HALF YEAR ENDED  31ST JULY 2000

                                       2000       1999

                                       £'000     £'000
REVENUE

Income

     Franked investment income 1       15,537   14,368
     UK unfranked investment income        89      163
     Scrip dividends                      701      771
     Foreign income dividends               -       52
     Underwriting commissions              33       34
     Deposit interest                   1,508      138
                                        _____    _____
Gross Revenue                          17,868   15,526

Less Management fee                     1,428      896
     Other administrative expenses        356      601
     Interest payable                   2,974    1,952
                                       ______    _____
Return before Taxation                 13,110   12,077

Less Taxation                             235       51
                                        _____    _____

Return available to ordinary shareholders

                                       12,875   12,026
                                         ====     ====


                                        2000      1999

                                       £'000     £'000
CAPITAL

Movements on Investments              102,421  166,948
Less: Expenses charged to capital       1,428      896
Less: Interest charged to capital       2,974    1,952
                                        _____    _____
Return before taxation                 98,019  164,100

Taxation                                  235       46
                                        _____    _____
Return attributable to ordinary shareholders

                                       98,254  164,146
                                       ======  =======

Dividends per ordinary share            6.00p    5.40p

Revenue return per ordinary share      9.32 p   8.32 p
Capital return per ordinary share     71.14 p 113.78 p
Total return per ordinary share       80.46 p  122.10p


At 31 July 2000

Total Net Assets (£'000)            1,032,021  743,720
Net Asset Value per Ordinary Share    759.8 p  523.5 p



1  Franked  dividends are accounted for net  of  any  tax
credits.  UK dividend income has been restated to  comply
with  Financial Reporting Standard 16 (FRS16). This is  a
change  in accounting policy which has replaced Statement
of  Standard Accounting Practice 8 (SSAP8). Under  SSAP8,
dividends  were recognised inclusive of attributable  tax
credits  which also formed part of the tax  charge.  This
has  no  effect  on  Return after Taxation  or  on  Total
Shareholders' Funds.



      THE FLEMING  MERCANTILE INVESTMENT TRUST PLC
UNAUDITED FIGURES FOR THE HALF YEAR ENDED 31ST JULY 2000
                            
                            
CASH FLOW STATEMENT
                                       2000       1999

                                       £'000     £'000


Net cash inflow from operating
activities                             11,369   10,015

Net cash outflow from servicing of
finance                               (3,744)  (3,582)

Total tax recovered                        34       11

Net cash inflow /(outflow) from 
capital expenditure
and financial investment              136,795 (46,182)

Total equity dividends paid           (9,653) (12,568)

Net cash inflow from financing         12,366   34,859
                                        _____    _____
Increase / (decrease) in cash for 
the period
                                      147,167 (17,447)
                                      =======  =======


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  2000 have  been  delivered  to  the
Registrar of Companies.


CHASE FLEMING  ASSET MANAGEMENT (UK) LIMITED

5th September 2000