Interim Results

Fleming US Discovery Inv Trust PLC
25 July 2000


                              
Unaudited Results for the half-year ended 30th June, 2000
                        

The Fleming  US  Discovery  Investment  Trust  plc  today
announced   its results for the half-year ended   30th  June
2000.

Total shareholder funds as at 30th June, 2000   were  £73m
(1999:  £64.4m). The unaudited net asset  value  per   share
as   at  30th June 2000 was 619.9p.   This compares  with  a
figure  of 497.3p as at 31st December 1999, representing  an
increase  of 24.7% for the  six months  to 30th  June  2000,
compared  with an increase in  the Russell 2000  index,  the
Company's benchmark, of 9.0%.


Heather Williams
For and on behalf of the Secretary
Fleming Investment Management Limited    020 7638 5858




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


                                        2000      1999

                                       £'000     £'000

REVENUE

Income

     Franked investment income 1            -       10
     Overseas dividends                   283       67
     Overseas interest                    151       33
     Deposit interest                      32       50
                                        _____    _____
Gross Revenue                             466      160

Less Management fee                       233      199
     Other administrative expenses        115       68
     Interest payable                     251      232
                                       ______    _____
Return before Taxation                  (133)    (339)

Less Taxation                              42       11
                                        _____    _____
Return available to                      (175)   (350)
ordinary shareholders                    ====     ====




                                        2000       1999

                                       £'000      £'000

CAPITAL

Movements on Investments               14,857     12,546
Less: Performance fee payable           (316)        -
                                       _____      _____
Return attributable to                 14,541     12,546
ordinary shareholders                  =====      =====

Dividends per ordinary share             Nil       Nil

Revenue return per ordinary share      (1.48) p (2.80) p
Capital return per ordinary share      123.21 p 100.00 p


Total return per ordinary share        121.73 p   97.20p


At 30 June 2000

Total Net Assets (£'000)               73,026   64,447
Net Asset Value per Ordinary Share    619.9 p  531.5 p




1  1999 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. To date,  no


UK dividend income has been received in 2000.


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


CASH FLOW STATEMENT
                                        2000      1999
                                       £'000     £'000
Net cash outflow from

operating activities                    (103)     (194)

Net cash outflow from

servicing of finance                    (472)     (232)

Total tax recovered                        44        4

Net cash inflow /(outflow) from
capital expenditure and
financial investment                      864   (3,538)


Net cash outflow from financing         (587)  (1,777)
                                        _____    _____
Decrease in cash for the period         (254)  (5,737)
                                        =====   =====


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