for year ended 31st Dec 04

JPMorgan Fleming American IT PLC
9 March 2005


                          STOCK EXCHANGE ANNOUNCEMENT

                 JPMORGAN FLEMING AMERICAN INVESTMENT TRUST PLC

       UNAUDITED FINAL RESULTS FOR THE YEAR ENDED 31st DECEMBER 2004





Investment Performance



Following the improvement in the Company's fortunes in 2003, 2004 has proved to
be another positive year.  The S&P 500 Composite Index produced a total return
of 3.0% in sterling terms whilst the Company's net asset value total return rose
by 4.9%.  The return to Shareholders was a lesser 2.8%, following the widening
of the discount from 7.9% to 9.8%.  Markets were weak for much of 2004 as
investor concerns over Iraq, the economy and the outcome of the Presidential
elections clouded sentiment.  In fact, there continued to be no real momentum
until President Bush's re-election was secured in November.



Over the course of the year the Index rose by 10.5% in Dollar terms and the
Company's net asset value increased by 12.9%.  For UK, Sterling based, investors
the continued weakness of the Dollar meant that returns were reduced by 6.8%.
The Dollar began 2004 at a rate of 1.79 to the Pound and ended at 1.92.  A
currency hedge, in respect of the Company's existing £50 million debenture, has
been in place since 30 September 2000 to protect against currency fluctuations.



The Company's net asset value outperformance in total return terms was
attributable to strong returns from the smaller companies portfolio, share
buybacks and the currency hedge on the £50 million debenture.  The larger
companies portfolio lagged the Index somewhat as the investment manager
continued his policy of investing in larger, blue chip growth companies on
attractive valuations.



Gearing



The Company's gearing is managed on an active basis with the Board of Directors
setting the overall strategic policy and guidelines.  At present, there is an
upper limit of 20% of shareholders' funds and this can only be altered with
Board consent.  The £50 million debenture, together with a US$20 million
revolving credit facility, provide the potential to gear up to 18.1%.  As at the
year end, the US$20 million facility remained undrawn and the Company's net
gearing level was 13.8% of shareholders' funds, having ranged between 9% and 16%
during the year.



Revenue Account and Dividends



Earnings per share for the year, calculated on the average weekly number of
shares in issue, were 8.20p compared with 6.41p in 2003.  This substantial
increase in income is primarily due to a special dividend of $3.00 per share
paid by Microsoft during the year, equivalent to 2.78p per JPMF American share.
The Company's dividend policy has been to distribute substantially all the
available income in each year and in this instance, the Board is proposing a
dividend of 7.50p per share (2003: 6.80p), resulting in a transfer of £678,000
to revenue reserves, which produces a new balance of £11.4m, equivalent to 24.8p
per share.  The dividend will be paid on 4th May 2005 to shareholders on the
register on 8th April 2005.



Management of the Discount



The Company's shares continued to trade at a discount to net asset value during
the year, ranging between 7.5% and 14.0%. Over the course of the year the
Company repurchased 6,303,250 ordinary shares (11.8% of the shares in issue) at
an average discount of 11.3%.  The total cost of these repurchases was £33.2
million and this activity enhanced the net asset value by £4.0 million or 1.4%
in performance terms.  A resolution to renew the authority to allow the Company
to repurchase shares will be submitted to the Annual General Meeting.



The Board has continued to follow developments with regard to the introduction
and use of treasury shares.  It considers the ability to hold ordinary shares in
treasury, with a view to either subsequent re-issue or cancellation, to be
attractive.  Whilst not seeking powers from shareholders at the forthcoming
Annual General Meeting, the Company will continue to monitor market practice and
to gauge the views of shareholders and their representatives and will revert to
shareholders at an appropriate time.



Annual General Meeting



The Annual General Meeting will be held at JPMorgan Fleming's offices at 10
Aldermanbury, London, EC2V 7RF on Wednesday 27th April 2005 at 2.30 p.m.  The
investment managers will make a presentation to shareholders, reviewing the year
and commenting on the outlook for the current year.



Outlook



Looking ahead to the coming year, the Board believe that the US economy should
continue to expand in 2005 albeit at a slower pace than seen in the last few
quarters. The Federal Reserve appears willing to keep inflation at low levels
which should give confidence to the market. Companies are continuing to focus on
maintaining and growing profit margins and with costs remaining under control
this should set the tone for profit growth and thereby translate into rising
equity share prices. In the larger company part of the portfolio the economic
background should favour financially sound companies which the investment
manager believes will produce the best returns.





Hamish Buchan
Chairman
9th March 2005





J.P. Morgan Fleming Asset Management (UK) Limited - Secretary
For further information please contact:
Andrew Norman.....................020 7742 6000






JPMorgan Fleming American  Investment Trust plc
Unaudited figures for the year ended 31 December 2004


Statement of Total Return (Unaudited)


                                                     Year ended 31 December 2004       Year ended 31 December 2003
                                                    Revenue     Capital      Total   Revenue     Capital       Total
                                                      £'000       £'000      £'000     £'000       £'000       £'000


Realised gains on investments                             -       4,897      4,897         -      16,050      16,050
Unrealised gains on investments                           -       2,423      2,423         -      28,038      28,038
Net currency losses on cash and short-term                                                
deposits held during the year                             -        (380)      (380)        -       (2,326)     (2,326)
Realised gain on US dollar loan                           -           -          -         -         606         606
Unrealised gains on outstanding currency                  -           1          1         -           1           1
transactions
Unrealised gains in forward foreign currency
transactions                                              -       2,772      2,772         -       7,314       7,314

Other capital credits                                     -          31         31         -           1           1
Income from investments                               6,266           -      6,266     6,002           -       6,002
Other income                                            302           -        302       166           -         166
                                                    _______    ________    _______   _______    ________     _______

Gross return                                          6,568       9,744     16,312     6,168      49,684      55,852
Management fee                                        (338)     (1,350)    (1,688)     (356)     (1,428)     (1,784)
Other administrative expenses                         (474)           -      (474)     (448)           -       (448)
Interest payable                                      (696)     (2,786)    (3,482)     (859)     (3,436)     (4,295)

                                                    _______     _______    _______   _______     _______     _______

Return before taxation                                5,060       5,608     10,668     4,505      44,820      49,325
Taxation                                              (920)           -      (920)     (876)           -       (876)
                                                    _______     _______    _______   _______     _______     _______

Total return attributable to ordinary
shareholders                                          4,140       5,608      9,748     3,629      44,820      48,449

Dividends on ordinary shares                        (3,462)           -    (3,462)   (3,560)           -     (3,560)
                                                     ______     _______    _______    ______     _______     _______

Transfer to reserves                                    678       5,608      6,286        69      44,820      44,889
                                                      =====       =====      =====     =====       =====       =====

Return per ordinary share                             8.20p      11.11p     19.31p     6.41p      79.13p      85.54p
Dividend per ordinary share                           7.50p                            6.80p






JPMorgan Fleming American Investment Trust plc
Unaudited figures for the year ended 31 December 2004


BALANCE SHEET                                                                 31 December      31 December
                                                                                     2004             2003
                                                                                    £'000            £'000

Investments at valuation                                                          325,718          347,027


Net current assets                                                                 10,012           15,629

Creditors: Amounts falling due after more than one year                          (49,608)         (49,579)

                                                                                  _______          _______
Total net assets                                                                  286,122          313,077
                                                                                    =====            =====
Net asset value per ordinary share                                                 607.6p           586.3p



CASH FLOW STATEMENT
                                                                                     2004             2003
                                                                                    £'000            £'000

Net cash inflow from operating activities                                           3,710            3,135

Net cash outflow from returns on investments and servicing of
finance                                                                           (3,461)          (4,257)

Net cash inflow from capital expenditure and financial investment                  28,679           59,083

Total equity dividends paid on ordinary shares                                    (3,561)          (2,749)

Net cash outflow from financing                                                  (33,910)         (49,931)
                                                                                  _______          _______
(Decrease)/increase in cash for the period                                        (8,543)            5,281
                                                                                    =====             ====









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
2003. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies. The auditors have reported
under Section 235 on the accounts for 31 December 2003 and 31 December 2004. The
preliminary announcement is prepared on the same basis as the previous year's
annual accounts




J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED


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