Final Results - Year Ended 31 December 1999

Fleming American Inv Trust PLC
18 February 2000


            THE FLEMING AMERICAN INVESTMENT TRUST PLC

    Unaudited Results for the year ended 31st December, 1999
                          
                          
The  Fleming  American Investment Trust plc today
announced  its unaudited results for the year ended
31st December, 1999.

The fully diluted net asset value per ordinary share
increased by 20.0%  over  the  period  to 830.6p as
at  31st  December  1999, compared  with  the S&P
500 Composite Index, in  Sterling  terms, which
increased by 23.4%.

The  Directors propose that a dividend of 2.3 pence
per share  be paid  on 4th May 2000 to holders on
the register at the close  of business  on  7th
April 2000 subject to approval by  shareholders at
the  Annual  General Meeting.  (Ex-dividend  date
3rd  April 2000).

Fraser Easton
For the Secretary

The Fleming  American Investment Trust Plc
0171 880 3425



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


                               1999     1998
                                    
                              £'000    £'000

REVENUE

Income

Franked dividends            354          382
Overseas dividends         5,616        6,381
Overseas interest          1,017        1,551
Scrip dividends              -             59
Deposit interest             278          576
                             ___        _____
Gross Revenue              7,265        8,949

Less Management fee        2,650        2,295
Other administrative
expenses                     596          299
Interest payable           1,775        1,781
                          ______        _____
Return before taxation     2,244        4,574

Less Taxation                596        1,422
                           _____        _____
Return after taxation      1,648        3,152

Less Dividends on
preference shares              5           32
                           _____        _____
Total return available to
ordinary shareholders      1,643        3,120
                            ====         ====

Dividend per ordinary share 2.30p        2.90p



                              1999          1998

                             £'000         £'000

CAPITAL


Movements on investments     94,561        62,265
Performance fee adjustment       -            671
                              ______       ______ 
Return attributable to 
ordinary shareholders        94,561        62,936
                                        
                             =======       =======
                                        
Revenue return per
ordinary share                2.34p         4.46p
Capital return per
ordinary share               134.4         89.88p
Total return per
ordinary share               136.78p       94.34p
                                          

At 31 December 1999

Net Asset Value per
Ordinary Share (undiluted )    830.6p    724.6p 
Net Asset Value per Ordinary
Share (diluted )               830.6p    692.0p



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

                               £'000      £'000

Net cash inflow from operating
activities                     3,159      4,136

Net cash outflow from returns
on investments and
servicing of finance          (1,780)    (1,813)

Total tax recovered/(paid)       447       (383)

Net cash inflow/(outflow)
from capital expenditure
and financial investment       30,513   (8,189)
Total equity dividends paid
on ordinary shares             (2,037)  (1,865)

Net cash (outflow)/inflow
from financing                (32,603)   5,986
                                ____     _____
Increase/(decrease) in cash
for the year                    2,301   (2,128)
                                =====     ====



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