Interim Results

Fleming US Discovery Inv Trust PLC
26 July 2001


                THE FLEMING US DISCOVERY INVESTMENT TRUST PLC

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



26th July 2001


The Fleming US Discovery Investment Trust plc today announced its results for
the half-year ended 30th June 2001

Total shareholder funds as at 30th June 2001 were £91.7m (2000: £73m). The
unaudited net asset value per share as at 30th June 2001 was 778.4p.  This
compares with a figure of 685.8p as at 31st December 2000, representing an
increase of 13.5% for the six months to 30th June 2001, compared with an
increase in the Russell 2000 index, the Company's benchmark, of 12.8%.



Richard Lewis
For and on behalf of the Secretary
J.P. Morgan Fleming Asset Management (UK) Limited.............020 7742 3477


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


                                                              2001         2000
                                                             £'000        £'000

REVENUE


Income

Overseas dividends                                             190          283
Overseas interest                                                -          151
Deposit interest                                                24           32
                                                           _______      _______
Gross Revenue                                                  214          466

Less:
Management fee                                                 448          233
Other administrative expenses                                   70          115
Interest payable                                               367          251
                                                           _______      _______
Return before Taxation                                       (671)        (133)

Less:  Taxation                                                 31           42
                                                           _______      _______
Return available to ordinary                                 (702)        (175)
shareholders
                                                             =====        =====

                                                              2001         2000
                                                             £'000        £'000

CAPITAL


Movements on investments                                    11,607       14,857
Less: Performance fee payable                                    -        (316)
                                                           _______      _______
Return attributable to ordinary                             11,607       14,541
shareholders
                                                             =====        =====

Dividends per ordinary share                                  Nil         Nil
                                                                   

Revenue return per ordinary share                          (5.96)p      (1.48)p
Capital return per ordinary share                           98.53p      123.21p
Total return per ordinary share                             92.57p      121.73p
                                                             =====        =====




                  THE FLEMING US DISCOVERY INVESTMENT TRUST PLC

            UNAUDITED FIGURES FOR THE HALF YEAR ENDED 30TH JUNE 2001




                                                                  2001    2000
                                                                 £'000   £'000

BALANCE SHEET


Investments at valuation                                       100,150  77,364

Net current liabilities                                        (2,781)   (120)

Debenture stock                                                (4,008) (4,008)

Performance fee (payable after more than one year)             (1,669)   (210)
                                                               _______ _______
Total net assets                                                91,692  73,026
                                                                 =====   =====
Net asset value per ordinary share                              778.4p  619.9p


CASH FLOW STATEMENT
                                                                  2001    2000
                                                                 £'000   £'000

Net cash outflow from operating activities                       (942)   (103)

Net cash outflow from returns on servicing of finance            (368)   (472)

Total tax recovered                                                  -      44

Net cash inflow from capital expenditure and financial           1,308     864
investment


Net cash outflow from financing                                (2,749)   (587)
                                                               _______  ______
Decrease in cash for the period                                (2,751)   (254)
                                                                 =====    ====



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.




J.P. Morgan Fleming Asset Management (UK) Limited

26th July 2001