Issue of Debt

Fleming American Inv Trust PLC
10 May 2000


        THE FLEMING AMERICAN INVESTMENT TRUST PLC
       Issue of £50,000,000 Secured Bonds due 2018

The  Fleming American Investment Trust PLC announces  the
issue of £50,000,000 Secured Bonds due 2018.

The  Board  believes that current conditions  in  the  UK
fixed  interest market offer the Company the  opportunity
to  raise  long-term fixed-rate borrowings at  attractive
rates.   The proceeds will principally be used to  invest
in   new  equities,  in  accordance  with  the  Company's
investment objectives.

The bonds will be secured by a first floating charge over
the  whole of the Company's assets, which will rank  pari
passu  with a first floating charge to be granted at  the
same  time  by  the  Company  for  its  existing  banking
facilities.

The sole Lead-Manager of the issue is Cazenove & Co.
The  Bonds  will be issued at a price and  coupon  to  be
determined  later  today, such that the gross  redemption
yield on the bonds at the issue price will be a margin of
2.00%  over  that  of the 8% 2015 reference  gilt  at  or
before  3.00  p.m.  today.  A second  announcement  later
today will state the issue price, interest rate and yield
on the bonds, but no other details.

The  bonds will pay interest on 8th June and 8th December
each  year.   The closing date of the issue will  be  8th
June  2000 and it is expected that official dealings will
commence  on  the London Stock Exchange at 8.00  a.m.  on
that  date.  The bonds will be available in bearer  form,
with a registered option.

For further information, please contact:

Fleming Investment Trust Management Limited Fraser Easton
020 7880 3425

Cazenove & Co.               Duncan Hunter020 7588 2828

Stabilisation notice:  In connection with  the  issue  of
the  Bonds,  Cazenove  &  Co. may  over-allot  or  effect
transactions which stabilise or maintain the market price
of  the  Bonds  at  a  level which  might  not  otherwise
prevail.   Such   stabilising,  if  commenced,   may   be
discontinued at any time.