Interim Results

Fleming American Inv Trust PLC
9 August 2000


      THE FLEMING AMERICAN INVESTMENT TRUST PLC
                          
      Unaudited Results for the half year ended                               
                   30th June,2000                                             
                                                                              

The  Fleming  American Investment  Trust  plc  today
announced  its unaudited results for the  half  year
ended 30th June 2000.

    Company outperforms benchmark index by 13.7%
    over 6 month period
     
    Share price increases by 15.6% over 6 month
    period

The net asset value per ordinary share increased  by
19.1%  over  the period to 989.2p as  at  30th  June
2000, compared with the S&P 500 Composite Index,  in
Sterling terms, which increased by 5.4%.

The  Company  performed particularly well  over  the
period  with the principal contribution coming  from
outperformance by both the large and  small  company
portfolios.  The agreed take-over of Robert  Fleming
Holdings Limited, the strength of the US dollar  and
the  beneficial effect of repurchasing 9.3m ordinary
shares for cancellation also added value.

Fraser Easton
for Fleming Investment Management Limited - Secretary
The Fleming  American Investment Trust Plc
020 7880 3425


      THE FLEMING AMERICAN INVESTMENT TRUST PLC
      UNAUDITED FIGURES FOR THE HALF YEAR ENDED 
                    30TH JUNE 2000

                                        2000      1999

                                       £'000     £'000
REVENUE

Income

     Franked investment income 1          320      102
     Overseas dividends                 2,164    3,289
     Overseas interest                    145      536
     Deposit interest                     309      112
                                        _____    _____
Gross Revenue                           2,938    4,039

Less Management fee                       275      266
     Other administrative expenses        133      150
     Interest payable                     182      182
                                       ______    _____
Return before Taxation                  2,348    3,441

Less Taxation                             792    1,024
                                        _____    _____
Return after Taxation                   1,556    2,417
                                        _____    _____
Less Dividends on preferred shares          -        5
                                        _____    _____
Return available to ordinary 
shareholders                             1,556   2,412
                                         ====     ====


                                        2000      1999

                                       £'000     £'000
CAPITAL

Movements on Investments               81,642   81,317
Less: Expenses charged to capital     (1,099)  (1,062)
Less: Interest charged to capital       (729)    (727)
                                        _____    _____
Return before taxation                 79,814   79,528

Taxation                                  346      537
                                        _____    _____
Return attributable to ordinary 
shareholders                            80,160  80,065
                                        =====    =====

Dividends per ordinary share              Nil      Nil

Revenue return per ordinary share      2.44 p   3.42 p
Capital return per ordinary share    125.91 p 113.42 p
Total return per ordinary share      128.35 p  116.84p


At 30 June 2000

Total Net Assets (£'000)              589,483  580,122
Net Asset Value per Ordinary Share    989.2 p  808.4 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  AMERICAN INVESTMENT TRUST PLC
      UNAUDITED FIGURES FOR THE HALF YEAR ENDED 
                   30TH JUNE 2000
                          
CASH FLOW STATEMENT
                                        2000      1999

                                       £'000     £'000


Net cash inflow from operating 
activities                             1,099     1,812

Net cash outflow from servicing of 
finance                                (912)     (908)

Total tax recovered                     528       446

Net cash inflow from capital expenditure
and financial investment               50,703    1,488

Total equity dividends paid           (1,482)  (2,042)

Net cash outflow from financing      (19,420) (10,902)
                                        _____    _____
Increase / (decrease) in cash for 
the period                             30,516  (10,106)
                                       ======  =======


With  effect  from 1st January 2000, the  management
fee  and  finance costs have been allocated  80%  to
capital  reserve - realised and 20% to  the  revenue
account,  in line with the Board's revised  expected
long  -term split of returns, in the form of capital
gains  and  income respectively, from the investment
portfolio of the Company. This represents  a  change
in  accounting policy, which was previously 100%  of
the  management fee and finance costs charged to the
revenue  account, and therefore, comparative figures
for June and December 1999 have been restated.


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 December 1999 have been delivered to  the
Registrar of Companies.

FLEMING INVESTMENT MANAGEMENT LIMITED