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Fleming Overseas Inv (JMO)

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Thursday 02 March, 2000

Fleming Overseas Inv

Interim Results - 6 Months to 31 December 1999

Fleming Overseas Inv Trust PLC
2 March 2000

                               
            HALF YEARLY RESULTS TO 31 DECEMBER 1999


The  Company  today announced its results for the  six  months
ended 31 December 1999.

Performance

During  the  period  under review, the net asset  value  total
return  of  the ordinary shares was 18.4%, after  taking  into
account  a  performance fee equivalent to 1%  of  closing  net
asset  value.  The  Company's benchmark, the FT/S&P  Actuaries
World  (ex UK) Index in sterling terms provided a total return
of 12.9% over the same period.

Revenue

In  line with the Company's current dividend policy no interim
dividend has been declared.


For further information, please contact:

Linda Field
The Fleming Overseas Investment Trust plc   0171 638 5858
Fleming Investment Trust Management Limited


           THE FLEMING OVERSEAS INVESTMENT TRUST PLC
  UNAUDITED FIGURES FOR THE HALF YEAR ENDED 31 DECEMBER 1999

                                    Half yearHalf year Full year
                                  31 December31 December 30 June
                                         1999     1998      1999

                                        £'000    £'000     £'000

REVENUE

Income

     Franked dividends                    390      501       734
     Unfranked dividends                3,059    3,834     8,773
     Interest from investments            599    1,592     2,769
     Scrip dividends                        -        -        38
     Deposit interest                     319      999     1,765
     Underwriting commission               34       31        65
                                        _____    _____    ______
Gross Revenue                           4,401    6,957    14,144

Less Management fee                     1,551    1,431     3,024
     Other administrative expenses        608      178       436
     Interest payable                   3,232    3,262     6,444
                                       ______    _____     _____
Return before Taxation                  (990)    2,086     4,240

Less Taxation                             578      689     1,454
                                        _____    _____     _____
Return after taxation                 (1,568)    1,397     2,786
Less Dividends on preference shares         -       13        13
                                        _____    _____     _____
                                      (1,568)    1,384     2,773
                                         ====     ====      ====

                                    Half yearHalf year Full year
                                  31 December31 December 30 June
                                         1999     1998      1999

                                        £'000    £'000     £'000
CAPITAL

     Movements on investments         121,299   22,472   115,444
     Less: Performance fee charged 
     to Capital                         6,800        -         -
                                       ______   ______   _______
Return attributable to ordinary 
shareholders                          114,499   22,472   115,414
                                        =====    =====     =====

Dividends per ordinary share              nil      nil     2.45p


Revenue return per ordinary share     (1.4) p    1.0 p      2.1p
Capital return per ordinary share     102.5 p   16.9 p     88.7p
Total return per ordinary share       101.1 p   17.9 p     90.8p


At 31 December 1999

Total Net Assets (£'000)              738,731  646,876   645,371
Net Asset Value per Ordinary Share    676.4 p  487.0 p    571.4p




           THE FLEMING OVERSEAS INVESTMENT TRUST PLC
  UNAUDITED FIGURES FOR THE HALF YEAR ENDED 31 DECEMBER 1999
                               
                               
CASH FLOW STATEMENT
                                    Half yearHalf year Full year
                                  31 December31 December 30 June
                                         1999     1998      1999

                                        £'000    £'000     £'000


Net cash inflow from operating activities1,525   4,282     8,419

Net cash outflow from returns on 
investments and
     servicing of finance              (3,211)  (3,255)   (6,408)

Total tax recovered                     1,691    1,113       580

Net cash (outflow)/inflow from capital 
expenditure
     and financial investment         (8,770)   21,076   107,975

Total equity dividends paid           (2,777)  (3,985)   (3,985)

Net cash outflow from financing      (19,634)    (735)  (93,741)
                                        _____    _____   _______
(Decrease)/increase in cash in the
period                                (31,176)  18,496    12,840
                                         ====    ====     =====


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 30 June 1999 have  been
delivered to the Registrar of Companies.

FLEMING INVESTMENT TRUST MANAGEMENT LIMITED