Interim Results - 6 Months to 31 October 1999

Monks Investment Trust PLC
1 December 1999


The Monks Investment Trust PLC

Results for the six months to 31 October 1999


The Monks Investment Trust PLC (Monks), with total assets of GBP843 million,
invests internationally in order to achieve capital growth.  An ISA and Share
Plan are available.

Monks is managed by Baillie Gifford & Co., the leading Edinburgh based fund
management group with over GBP19 billion funds under management and advice.

Salient points

* NAV up 1.2% to 1,020.6p, compared with a rise of 2.5% in the FT/S&P
Actuaries World Index (sterling adjusted).

* Interim dividend maintained at 3.5p.  The Board 
anticipates that it will maintain the final dividend at last year's level of
6.2p.

* Over 2 million shares bought back at an average
discount of over 15% and a cost of some GBP18 million.  The Board remains
committed to buying in shares to enhance the NAV for shareholders.

* Major supporters of the AITC's its' campaign.  Monks
has contributed to its' and is increasing its marketing to derive maximum
spin-off advantage.  Increased enquiries have already been noted.

* Board appointment.  Douglas McDougall has accepted the Board's invitation to
become a Director.  He is Chairman of IMRO, former Chairman of the AITC and
IFMA and former Senior Partner of Baillie Gifford.

* Asset allocation shifted towards Far East.  The Company has made net sales
of GBP40 million in the UK and invested GBP51 million in Japan and GBP17
million in other Far Eastern markets.  Outstanding stock selection in Japan
made an important contribution to the Company's overall performance.



For further information please contact:

Gill Meekison, Director
Baillie Gifford & Co                              0131 222 4000

Mike Lord, Director
Broadgate Marketing                               0171 726 6111

Baillie Gifford & Co. is regulated by IMRO.




Monks Interim Report

Over the six months to 31 October, net asset value per share rose by 1.2%,
from 1,008.9p to 1,020.6p, which compares with
a rise of 2.5% in the FT/S&P Actuaries World Index.   This
rise in the index owes everything to the 31.2% increase in the Tokyo market,
as the indices in both the UK and the Asia Pacific region fell, while those in
the United States and Europe were only marginally up, by 0.2% and 0.7%
respectively (all figures adjusted to sterling where appropriate).

This has been a period of steadily improving economic confidence.  Growth has
continued at a rapid rate in the United States, the UK has recovered quickly
from a flat spell last winter, and Europe has confounded the pessimists who
feared its recovery might falter.  In the Far East there are signs that Japan
may at last be embarking on a sustainable upswing at the same time as the
smaller countries are getting back onto a rapid growth path much more quickly
than had been expected.  In response, central banks, with the notable
exception of the Bank of Japan, have tightened monetary policy and bond yields
in Europe and America (though conspicuously not in the UK) have risen, which
is the main reason for the lack of progress of most markets.

We remain cautious about stockmarkets, and the portfolio therefore continues
to be historically light in equities, though some GBP32m of the fixed interest
holdings have been sold, partly to finance share buy-backs (see below).   The
principal changes in policy have been to reduce investment in the UK and
increase exposure in the Far East, a process which has been aided by excellent
stock selection in the Japanese market, as well as by that market's good
relative performance.  We have made net sales of GBP40m in the UK, while
investing GBP51m in Japan and GBP17m in Asia Pacific.

Earnings per share fell by just under a third, to 4.33p compared with 6.43p in
the corresponding period of last year, the main factors being a large
reduction in deposit income, higher management and promotional expenses, and
higher interest expense as the effect of the debenture issue made in May 1998
made itself felt.   The interim dividend is maintained at 3.50p and it is
likely that the Board will recommend no change in the final dividend.

As stated in the Annual Report, our reason for obtaining authority to buy in
the Company's shares was to enhance net asset value for continuing
shareholders.  It is therefore encouraging to report that during the half year
we have bought in just over 2 million shares (2.7% of the outstanding share
capital) at an average discount of over 15%.  We have authority to buy back a
further 8,836,040 shares, which we intend to use if circumstances allow us to
buy in at a suitable discount.

Our trade association, the AITC, is undertaking a major marketing campaign to
draw attention to the attractions of investment trusts.  Monks is a
contributor to this campaign, and our own marketing activity is being stepped
up to derive maximum benefits from the generic its' campaign.

By order of the Board
Baillie Gifford & Co. 30 November 1999



The following is an interim statement for the six months
ended 31 October 1999 which has been neither reviewed nor
audited by the auditors.  This statement is being printed
and will be sent to all shareholders on 13 December 1999.
Copies will be available for inspection at the Registered
Office of the Company or may be obtained on request from the
Managers and Secretaries after that date.



THE MONKS INVESTMENT TRUST PLC
STATEMENT OF TOTAL RETURN
(unaudited and incorporating the revenue account*)

_____________________________________________________________

                   for the six months ended 31 October 1999

                         Revenue        Capital        Total
                         £'000          £'000          £'000
_____________________________________________________________

Realised gains on
investments               -              35,056       35,056
Unrealised losses on
investments               -             (30,011)     (30,011)
Currency gains/(losses)   -                 129          129

Income (note 1)           9,676               -        9,676
Investment management
fee                      (1,886)              -       (1,886)
Other administrative
expenses                   (438)              -         (438)



Net return before
finance costs and
taxation                  7,352           5,174       12,526
Finance costs of
borrowings               (3,491)              -       (3,491)

Return on ordinary
activities before
taxation                  3,861           5,174        9,035
Tax on ordinary
activities                 (589)              -         (589)

Return on ordinary
activities after taxation 3,272           5,174        8,446
Dividends in respect of
equity shares            (2,553)              -       (2,553)

Transfer to/
(from)reserves              719           5,174        5,893

Return per ordinary
share(note 2)              4.33p           6.84p       11.17p

Dividend per ordinary
share(note 3)              3.50p




THE MONKS INVESTMENT TRUST PLC
STATEMENT OF TOTAL RETURN
(unaudited and incorporating the revenue account*)

____________________________________________________________

                     for the six months ended 31 October 1998

                         Revenue        Capital        Total
                         £'000          £'000          £'000
____________________________________________________________


Realised gains on
investments                   -          32,038       32,038
Unrealised losses on
investments                   -         (72,054)     (72,054)
Currency gains/(losses)       -             885          855

Income (note 1)              11,573           -       11,573
Investment management
fee                          (1,702)          -       (1,702)
Other administrative
expenses                       (216)          -         (216)


Net return before finance
costs and taxation            9,655      (39,131)     (29,476)
Finance costs of borrowings  (3,346)           -       (3,346)


Return on ordinary
activities before taxation    6,309      (39,131)     (32,822)
Tax on ordinary activities   (1,322)           -       (1,322)


Return on ordinary
activities after taxation     4,987      (39,131)     (34,144)
Dividends in respect of
equity shares                (2,716)           -       (2,716)


Transfer to/
(from) reserves               2,271      (39,131)      (36,860)


Return per ordinary share
(note 2)                       6.43p     (50.43p)     (44.00p)


Dividend per ordinary share
(note 3)                       3.50p




THE MONKS INVESTMENT TRUST PLC
STATEMENT OF TOTAL RETURN
(unaudited and incorporating the revenue account*)

____________________________________________________________

                         for the year ended 30 April 1999

                         Revenue        Capital        Total
                         £'000          £'000          £'000
____________________________________________________________

Realised gains on
investments                  -           74,261        74,261
Unrealised losses on
investments                  -          (12,536)      (12,536)
Currency gains/(losses)      -          ( 1,898)       (1,898)


Income (note 1)             23,211            -        23,211
Investment management
fee                         (3,524)           -        (3,524)
Other administrative
expenses                      (476)           -          (476)




Net return before finance
costs and taxation          19,211       59,827        79,038
Finance costs of borrowings (6,837)           -        (6,837)



Return on ordinary
activities before taxation  12,374       59,827        72,201
Tax on ordinary activities  (2,236)           -        (2,236)



Return on ordinary
activities after taxation   10,138       59,827        69,965
Dividends in respect of
equity shares               (7,480)           -        (7,480)



Transfer to/(from)
reserves                     2,658       59,827        62,485



Return per ordinary share
(note 2)                      13.07p     77.16p         90.23p


Dividend per ordinary share
(note 3)                       9.70p


*The revenue column of this statement is the profit and loss
account of the Company.

All revenue and capital items in the above statement
derive from continuing operations.





THE MONKS INVESTMENT TRUST PLC

SUMMARISED BALANCE SHEET
at 31 October 1999
(unaudited)


                              31 October 1999          30 April 1999
                                  £'000                    £'000

NET ASSETS
Fixed asset investments         817,986                  813,640
Net liquid assets                25,404                   41,650


Total assets
(before deduction of
debentures)                     843,390                 855,290
Debentures                      (79,239)                (79,223)
                                764,151                 776,067



CAPITAL AND RESERVES
Called-up share capital          18,699                  19,210
Capital reserves                726,384                 738,508
Revenue reserve                  19,068                  18,349

EQUITY SHAREHOLDERS' FUNDS      764,151                 776,067


NET ASSET VALUE
PER ORDINARY SHARE              1,020.6p                1,008.9p
(after deducting prior charges at par)


Ordinary shares in issue
(note 4)                     74,797,000              76,842,000




THE MONKS INVESTMENT TRUST PLC

TWENTY LARGEST EQUITY HOLDINGS
at 31 October 1999


Name                   Business             Market         % of
                                             value         total
                                             £'000         assets


NTT Mobile            Mobile
Communications        telecommunications    28,712         3.4
            
Vodafone Airtouch     Mobile
                      telecommunications    26,885         3.2

BP Amoco              International oil     26,218         3.1

Baillie Gifford       Pacific Basin open    24,651         2.9
Pacific Fund          -ended company

Lloyds TSB            Retail banking and
                      insurance             24,218         2.9

Baillie Gifford       Small company open- 
British Smaller       ended investment      21,724         2.6
Companies Fund

Glaxo Wellcome        Pharmaceuticals       16,164         1.9

National Westminster  Banking               15,801         1.9
Bank

British Telecom       Telecommunications    14,699         1.7

Mannesmann            Mobile
                      telecommunications
                      and engineering       11,999         1.4

Billiton              Mining                10,520         1.2

CGU                   Insurance             10,195         1.2

Baillie Gifford       Small company open-
American Smaller      ended investment       9,392          1.1
Companies Fund        company
   
Hanson                Building Materials     9,063          1.1

HSBC Holdings         Banking                8,994          1.1

*Nokia                Mobile
                      telecommunications     8,824          1.0

Shell Transport       International oil      8,747          1.0
and Trading                                  
   
CRH                   Building Materials     7,358          0.9

Takefuji              Consumer Finance       7,332          0.9

Alliance & Leicester  Retail Banking         7,104          0.8

                                             298,600       35.3


* Primary listing outwith the UK




DISTRIBUTION OF ASSETS
At 31 October 1999



                              31 October 1999     30 April 1999
                              %                   %

Equities: United Kingdom      36.4                43.1
          Continental Europe  15.4                15.6
          North America        9.1                 8.0
          Latin America        0.5                 0.7
          Japan               14.4                 4.4
          Asia Pacific         5.6                 3.5
Total Equities                81.4                75.3

United Kingdom Bond            1.2                 1.2
German bond                    0.8                 4.6
US Treasury bonds             13.6                14.0
Net liquid assets              3.0                 4.9

Total assets
(before deduction of
debentures)                  100.0               100.0




THE MONKS INVESTMENT TRUST PLC

NOTES


                  31 October 1999         31 October 1998      30 April 1999
                     £'000                   £'000                £'000

1.   Income
     Income from
     investments
     and interest
     receivable      9,676                  11,565               23,153
     Other income      Nil                       8                   58


2.   Return per
     ordinary share
     Revenue return  3,272                   4,987               10,138
     Capital return  5,174                 (39,131)              59,827


     Return per ordinary share is based on the above totals
     of revenue and capital and on 75,642,681
     (31 October 1998 - 77,592,000; 30 April 1999 -
     77,540,630) ordinary shares, being the weighted average
     number of ordinary shares in issue during the period.


3.   The interim dividend will be paid on 1 February 2000 to
     all shareholders on the register at the close of
     business on 14 January 2000.


4.   At the EGM in January 1999 authority was granted to the
     Company to buy back 11,631,040 ordinary shares (equivalent
     to 14.99% of its issued share capital at that date).  In the
     period under review a total of 2,045,00 ordinary shares were
     bought back at a total cost of £17,809,000.  At 31 October
     1999 the Company had authority to buy back a further
     8,836,040 ordinary shares.


5.   The financial information for the year ended 30 April
     1999 has been extracted from the full accounts which have
     been filed with the Registrar of Companies and which contain
     an unqualified Auditors' Report.


6,   The accounting policies applied in calculating the
     interim figures are consistent with those used in the
     Annual Financial Statements.  The Interim Report was
     approved by the Board on 30 November 1999.