Interim Management Statement

JPMorgan American IT PLC
28 April 2008


                     JPMorgan American Investment Trust plc

                    Interim Management Statement (unaudited)

                   For the three months ended 31st March 2008


This interim management statement relates to the quarter from 1st January 2008
to 31st March 2008 and contains information that covers that period, unless
otherwise stated.

Financial performance - Cumulative Total Return *

                         1 month        3 months          1 Year      3 Years      5 Years      10 Years
Share price                       -2.7%             -9.3%       -7.0%        16.0%        43.7%         7.7%
Net asset value                   -1.4%            -10.9%       -5.8%        12.8%        43.2%         7.1%
Benchmark                         -0.4%             -9.4%       -6.6%        11.5%        33.5%        15.1%


* total return with net dividends reinvested

Source: JPMAM/Fundamental Data


Financial position

                            As at 25th April 2008      As at 31st March 2008          As at 31st December 2007
Total assets                       £349.7m                            £331.8m                     £371.2m
Share price                         632.0p                          602.5p                         665.5p
Net asset value                     702.2p                          660.3p                         752.4p
Discount                               9.9%                             8.8%                          8.4%
Gearing                             106.1%                           103.3%                          97.1%


Share prices shown are closing bid
Net asset values are shown with debt at fair value
Source: JPMAM/Fundamental Data

Material events

There were no material events to report for the three months ended 31st March
2008.


Material transactions

Changes to share capital:

                                                             Ordinary Shares of 25p

Shares in issue as at 1st January 2008                       42,725,949
Shares bought back and cancelled                             -
Shares issued - new                                          -
As at 31st March 2008                                        42,725,949


The Company has not repurchased or issued any shares in the three months ended
31st March 2008.

Portfolio

Top ten holdings as at 31st March 2008

Stock name                       Sector                                 Weight %
Exxon Mobil                      Energy                                 5.2
McDonalds                        Consumer Discretionary                 3.4
IBM                              Information Technology                 2.5
Lockheed Martin                  Industrials                            2.4
MasterCard                       Information Technology                 2.4
Microsoft                        Information Technology                 2.3
Philip Morris International      Consumer Staples                       2.2
Hewlett Packard                  Information Technology                 2.0
Corning                          Information Technology                 1.9
Oracle                           Information Technology                 1.8
                                                                       26.1


Sector analysis as at 31st March 2008

Sector                              31st March                    31st December 
                                    2008 %                        2008 %
Information Technology                    18.8                             16.6
Financials                                14.9                             13.3
Health Care                               13.3                             14.8
Energy                                    10.3                             10.0
Consumer Discretionary                     9.5                              9.1
Industrials                                9.1                              8.0
Consumer Staples                           8.4                              8.1
Telecommunication Services                 3.6                              3.6
Utilities                                  2.2                              2.2
Materials                                  0.3                              0.2
Cash                                       9.6                             14.1
Total                                    100.0                            100.0



Asset analysis as at 31st March 2008


                                                31st March
                                                2008 %
Large companies                                       83.3
Small companies                                        6.6
Unquoted investments                                   0.5
Net current assets                                     9.6
Total                                                100.0


By order of the Board
Andrew Norman, for and on behalf of
JPMorgan Asset Management (UK) Limited, Secretary


28th April 2008

Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ
Telephone: [phone]

This interim management statement has been prepared solely to provide
information to meet the requirements of the UK Listing Authority's Disclosure
and Transparency Rules.

Please note that up to date information on the Company, including daily NAV and
share prices, factsheets and portfolio information can be found at
www.jpmamerican.co.uk


                      This information is provided by RNS
            The company news service from the London Stock Exchange