Interim Results

Fleming American Inv Trust PLC
9 August 2001



                  THE FLEMING AMERICAN INVESTMENT TRUST PLC

                         STOCK EXCHANGE ANNOUNCEMENT

          Unaudited Results for the half year ended 30th June, 2001



9th August 2001


The Fleming American Investment Trust plc today announced its unaudited
results for the half year ended 30th June 2001.


*      Company outperforms benchmark index over 6 month period

*      Share price increases by 0.8% over 6 month period

The net asset value per ordinary share decreased by 0.5% over the period to
875.9p as at 30th June 2001, compared with the S&P 500 Composite Index, in
Sterling terms, which fell by 1.5%.



The share price recorded a 0.8% increase as the 0.4% discount at the end of
December moved to a 0.8% premium as at the period end.



Fraser Easton
for JP Morgan Fleming Asset Management (UK) Limited - Secretary...020 7742 6000



                   THE FLEMING AMERICAN INVESTMENT TRUST PLC
          UNAUDITED FIGURES FOR THE HALF YEAR ENDED 30TH June 2001

                                                               2001        2000
                                                              £'000       £'000

REVENUE

Income

Franked investment income                                         -         320
Overseas dividends                                            2,565       2,164
Overseas interest                                               221         145
Deposit interest                                              1,006         309
                                                            _______     _______
Gross Revenue                                                 3,792       2,938

Less:
Management fee                                                  288         275
Other administrative expenses                                   167         133
Interest payable                                                533         182
                                                            _______     _______
Return before Taxation                                        2,804       2,348

Less:  Taxation                                               1,066         792
                                                            _______     _______
Return available to ordinary shareholders                     1,738       1,556
                                                              =====       =====

                                                               2001        2000
                                                              £'000       £'000

CAPITAL


Movements on investments                                    (1,538)      81,642
Less: Expenses charged to capital                           (1,149)     (1,099)
Less: Interest charged to capital                           (2,135)       (729)
                                                              _____       _____
Return before Taxation                                      (4,822)      79,814

Taxation                                                        667         346
                                                            _______     _______
Return attributable to ordinary shareholders                (4,155)      80,160
                                                              =====       =====
Dividends per ordinary share                                   Nil          Nil

Revenue return per ordinary share                             2.89p       2.44p
Capital return per ordinary share                           (6.92)p     125.91p
Total return per ordinary share                             (4.03)p     128.35p
                                                              =====       =====


                    THE FLEMING AMERICAN INVESTMENT TRUST PLC
            UNAUDITED FIGURES FOR THE HALF YEAR ENDED 30TH JUNE 2001


                                                                  2001     2000
                                                                 £'000    £'000

BALANCE SHEET

Investments at valuation                                       588,890  629,350

Net current Assets                                              15,101   36,133

Creditors: amounts falling due after more than one year        (77,920) (75,900)


Deferred taxation                                                    -    (100)
                                                               _______  _______
Total net assets                                               526,071  589,483
                                                                 =====    =====
Net asset value per ordinary share                              875.9p   989.2p


CASH FLOW STATEMENT
                                                                  2001     2000
                                                                 £'000    £'000

Net cash inflow from operating activities                        1,718    1,099
                                                                        

Net cash outflow from returns on servicing of finance          (2,676)    (912)

Total tax recovered                                                149      528

Net cash (outflow)/inflow from capital expenditure and         (19,618)  50,703
financial investment

Total equity dividends paid                                    (3,423)  (1,482)

Net cash inflow/(outflow) from financing                            14 (19,420)
                                                               _______   ______
(Decrease)/increase in cash for the period                     (23,836) 30,516
                                                                 =====     ====


The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985.  Statutory accounts for the
period ended 31st December 2000 have been delivered to the Registrar of
Companies.


JP Morgan Fleming Asset Management -

9th August 2001