Interim Results

JP Morgan Fleming Mid Cap Inv PLC  
10 March 2004

                          STOCK EXCHANGE ANNOUNCEMENT



             JPMORGAN FLEMING MID CAP INVESTMENT TRUST PLC



         UNAUDITED FIGURES FOR THE SIX MONTHS ENDED 31ST DECEMBER 2003



The Directors of JPMorgan Fleming Mid Cap Investment Trust plc announce the
Company's unaudited results for the period ended 31st December 2003.



Performance

I am pleased to report that the six months to 31st December 2003 have proved
very positive for the Company, in terms of both return and outperformance
relative to its benchmark. The Company's net assets increased by 25.2% on a
total return basis, compared with a return from the benchmark, the FTSE 250
Index (excluding investment trusts), of 19.0% on the same basis.

The major factors giving rise to this outperformance have been the combined
beneficial impact of the Investment Managers' stock selection and the Company's
gearing. Confidence returned to the UK equity market following the conclusion of
the war in Iraq, and against this background gearing added 3.2% to performance;
indeed since the trough of March 2003, gearing has added 11.2% to performance.
Stock selection contributed 1.3% to the enhanced performance, as the Investment
Managers continued to build a portfolio concentrated on both the best of value
and best of growth companies.

While the Company's share price increased by 12.1%, from 268.0p on 30th June
2003 to 300.5p on 31st December 2003, the Company's discount to net asset value
widened from 9.7% to 17.3%.

Revenue and Dividends

Revenue after taxation for the six months to 31st December 2003 was £1,614,000
(2002: £2,148,000), with earnings per share of 4.18p (2002: 5.57p). In my last
annual statement, I indicated that the higher level of dividends being received
from stocks within the portfolio was unlikely to continue, and the reduction in
revenue in the half year under review reflects this expectation.

A maintained interim dividend of 2.75p per share (2002: 2.75p), will be paid on
5th April 2004 to shareholders on the register at the close of business on 19th
March 2004. Due reference will be made, however, to the Company's current
residual dividend policy in respect to the final dividend to be considered after
the Company's year end in June, and it is the Board's current view that this is
likely to be lower than last year.

Management and Performance Fee

As reported in my last annual statement, a revised management contract
incorporating a reduced base cost together with an appropriate performance fee,
was put in place with effect from 1st July 2003. Notwithstanding the
outperformance achieved against benchmark during the period under review, total
fees paid to the Manager were lower in percentage terms than would have occurred
under the prior arrangement.

Loan Facility

The Company's £10m loan facility with The Royal Bank of Scotland plc, which
amounts to a third of the Company's long-term borrowings, is due to mature in
July 2004. Since it is the Board's current intention to reduce the overall level
of gearing, it is unlikely that this loan will be replaced in full at maturity.

Alan Schroeder

Chairman            10th March 2004

For further information, please contact:

Richard Lewis

For and on behalf of

J.P. Morgan Fleming Asset Management (UK) Limited - Secretary

020 7742 3477





JPMorgan Fleming Mid Cap Investment Trust plc

Unaudited figures for the six months ended 31 December 2003

Statement of Total Return (Unaudited)

                        Six months to 31 December 2003  Six months to 31 December 2002      Year to 30 June 2003

                          Revenue     Capital     Total   Revenue   Capital       Total   Revenue   Capital     Total

                            £'000       £'000     £'000     £'000     £'000       £'000     £'000     £'000     £'000


Realised gains/(losses)
on investments                  -       6,907     6,907         -  (17,095)    (17,095)         -  (30,144)  (30,144)
                                
Net change in
unrealised gains/
(losses)                        -      19,813    19,813         -  (18,184)   (18,184 )         -     8,927     8,927
Other capital charges           -         (3)       (3)         -       (6)         (6)         -       (3)       (3)
UK dividends                2,190           -     2,190     2,726         -       2,726     5,534         -     5,534
Scrip dividends                18           -        18         -         -           -         -         -         -
Deposit interest               47           -        47       153         -         153       321         -       321

                          _______    ________   _______    ______   _______    ________   _______   _______   _______

Gross return/(loss)         2,255      26,717    28,972     2,879  (35,285)    (32,406)     5,855  (21,220)  (15,365)

Management fee              (116)       (270)     (386)     (178)     (414)       (592)     (333)     (777)   (1,110)

Performance Fee                 -       (329)     (329)         -         -           -         -         -         -

Other administrative
expenses                    (101)           -     (101)     (101)         -       (101)     (252)         -     (252)
                            
Interest payable            (424)       (988)   (1,412)     (421)     (983)     (1,404)     (841)   (1,962)   (2,803)

                          _______     _______   _______    ______   _______     _______   _______   _______   _______

Return/(loss) before
taxation                    1,614      25,130    26,744     2,179  (36,682)    (34,503)     4,429  (23,959)  (19,530)
                            
Taxation                        -           -         -      (31)        31           -      (63)        63         -

                           ______     _______   _______    ______   _______      ______   _______   _______   _______

Total return/(loss)
attributable to
ordinary shareholders       1,614      25,130    26,744     2,148  (36,651)    (34,503)     4,366  (23,896)  (19,530)

                            
Dividend(s) payable on
ordinary shares           (1,061)           -   (1,061)   (1,061)         -     (1,061)   (4,147)         -   (4,147)
                          
                           ______     _______   _______    ______   _______      ______   _______   _______   _______

Transfer to/(from)
reserves                      553      25,130    25,683     1,087  (36,651)    (35,564)       219  (23,896)  (23,677)
                              
Return/(loss) per
ordinary share
                            4.18p      65.15p    69.33p     5.57p  (95.01)p    (89.44)p    11.32p  (61.95)p  (50.63)p
Dividend(s) per
ordinary share
                            2.75p                 2.75p     2.75p                 2.75p    10.75p              10.75p

JP Morgan Fleming Mid Cap Investment Trust plc

Unaudited figures for the six months ended 31 December 2003


BALANCE SHEET                                                        31 December     31 December         30 June
                                                                            2003            2002            2003
                                                                           £'000           £'000           £'000

Investments at valuation                                                 172,411         126,713         142,890


Net current (liabitities)/assets                                           (950)           6,839           2,555

Creditors (amounts falling due after more than one year)                (31,259)        (30,920)        (30,926)
                                                                         _______         _______         _______
Total net assets                                                         140,202         102,632         114,519
                                                                           =====           =====           =====
Net asset value per share                                                 363.5p          266.1p          296.9p


CASH FLOW STATEMENT
                                                                     31 December     31 December         30 June
                                                                            2003            2002            2003
                                                                           £'000           £'000           £'000

Net cash inflow from operating activities                                  1,948           2,315           4,609

Net cash outflow from returns on investments and servicing
of finance                                                               (1,596)         (1,324)         (2,794)
                                                                         

Total taxation paid                                                            -            (72)               -

Net cash (outflow)/inflow from capital expenditure and
financial investment                                                     (2,965)           2,973           1,239
                                                                         

Total equity dividends paid on ordinary shares                           (3,086)         (2,700)         (3,761)


                                                                         _______          ______          ______
(Decrease)/increase in cash for the period                               (5,699)           1,192           (707)
                                                                           =====            ====            ====



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
2002. 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

10th March 2004






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