Final Results

Fleming US Discovery Inv Trust PLC
25 February 2000


             THE FLEMING US DISCOVERY INVESTMENT TRUST PLC
                                   
                      STOCK EXCHANGE ANNOUNCEMENT
                                   
        Unaudited Results for the year ended 31st December 1999


The  Fleming  US  Discovery Investment Trust plc today  announced  its
results for the year ended 31st December, 1999.

Commenting on the results, the Chairman, Mr Jeremy Leigh Pemberton
said :

1999 saw a better year for the US stockmarket and also for the
performance of your Company's assets, with net asset value increasing
15.7 per cent in sterling terms. However, relative to our benchmark,
the Russell 2000 index, the year turned out to be somewhat less
strong, despite the very good progress that we reported in our interim
report. This was primarily due to the phenomenal performance of
technology stocks during the fourth quarter of the year in particular.
The majority of technology stocks with real competitive advantage are
too large for inclusion in our chosen universe.  However, many are
represented in our benchmark which includes companies of such size.
It was also a year in which the performance of the index was in
general dominated by the larger capitalised companies in the universe.

Nevertheless, we are encouraged by the first real evidence of a change
in leadership in the stockmarket and are optimistic that this will
bode well for your portfolio for the future.'


Heather Williams
For the Secretary

The Fleming US Discovery Investment Trust Plc
25th February 2000



             THE FLEMING US DISCOVERY INVESTMENT TRUST PLC
       UNAUDITED FIGURES FOR THE  YEAR ENDED 31ST DECEMBER 1999

                                       1999       1998

                                       £'000     £'000
REVENUE

Income

     Franked dividends                     16      316
     Overseas dividends                   143      173
     Overseas interest                    210        -
     Foreign income dividends               -       49
     Scrip dividends                        -       11
     Deposit interest                      81      222
     Underwriting commission                -        1
                                        _____    _____
Gross Revenue                             450      772

Less Management fee                       450      495
     Other administrative expenses        176      168
     Interest payable                     466      450
                                       ______    _____
Return before taxation                  (642)    (341)

Less Taxation                             30       87
                                        _____    _____
Total return available to ordinary
   shareholders                          (672)   (428)
                                         ====     ====



                                       1999       1998

                                       £'000     £'000
CAPITAL
                                       ______   ______
Return attributable to ordinary
  shareholders                          8,505   (6,528)
                                        =====    =====

Revenue return per ordinary share    (5.45) p (3.40) p
Capital return per ordinary share     69.02 p(51.94) p
Total return per ordinary share       63.57 p(55.34) p


At 31 December 1999

Net Asset Value per Ordinary Share     497.3p   429.8p




             THE FLEMING US DISCOVERY INVESTMENT TRUST PLC
        UNAUDITED FIGURES FOR THE YEAR ENDED 31ST DECEMBER 1999
                                   
                                   
CASH FLOW STATEMENT
                                       1999        1998

                                       £'000      £'000


Net cash (outflow)/inflow from operating
 activities                             (443)       149

Net cash outflow from returns on 
 investments and servicing of finance   (245)      (450)

Total tax (paid)/recovered               (30)       116

Net cash (outflow)/inflow from capital
  expenditure and financial investment(4,043)     4,822

Total equity dividends paid on ordinary 
   shares                                  -       (126)

Net cash outflow from financing       (2,159)       (83)
                                        _____     _____
(Decrease) /increase in cash for the
 year                                 (6,920)     4,428
                                         ====      ====



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  year
ended  31st  December 1998. These accounts, upon  which  the  auditors
issued an unqualified opinion, have been delivered to the Registrar of
Companies.

FLEMING INVESTMENT TRUST MANAGEMENT LIMITED