Interim Results

JPMorgan Fleming American IT PLC
28 August 2003





                       LONDON STOCK EXCHANGE ANNOUNCMENT



                 JPMORGAN FLEMING AMERICAN INVESTMENT TRUST PLC



                  PRELIMINARY ANNOUNCEMENT OF INTERIM RESULTS



The Directors of JPMorgan Fleming American Investment Trust plc announce the
Company's results for the six months ended 30th June 2003.



This is my first report to shareholders and I, Hamish Buchan, would like to
state how delighted I am to be the Chairman of the Company. I would, however,
like to express my sincere thanks to the previous Chairman, Nicholas Cosh, for
his expertise and the contribution he gave to the Company during his time on the
Board. I am also pleased to inform you that two new Directors, James Fox and
James Williams, have joined the Board with effect from 22nd July 2003. Both have
extensive experience in the fund management industry. James Fox previously held
the position of Managing Director for Deutsche Asset Management's Investment
Trust business. He is currently a Director of Deutsche Latin America Co. Trust
plc.  James Williams was formerly a Director of Baring Asset Management. I am
sure that both will prove to be valuable additions to the Board of the Company.

Performance

The net asset value increased 11.1% in total return terms in the first six
months of 2003 as US stocks continued to recover. The Company's share price rose
9.1% in total return terms as the discount widened slightly to 9.3% by the end
of the period. The Company outperformed the S&P 500 Composite Index, which rose
8.8% in sterling total return terms over the period.

The past few months have proved a refreshing tonic, with the markets rebounding
strongly from early March lows and the Company outperforming its benchmark
index.  The Company's performance relative to the index was mainly attributable
to its small cap growth exposure and gearing, the two factors that had hindered
performance in 2002. In addition, good stock selection in the Company's consumer
staples, financial and capital goods names enhanced the portfolio's return. In
particular, Citigroup was the portfolio's largest positive contributor. The
company posted strong first-quarter earnings, beating consensus Wall Street
expectations. Additionally, shares of Pfizer, the world's largest drug maker,
gained after the company reported an increase in first-quarter profits.

Despite the Company's relative outperformance, there were pockets of
disappointment in the portfolio. In particular, the portfolio's large cap
holdings did not keep pace with our benchmark index which was driven by higher
volatility, lower quality stocks. There were also a few specific 'disappointers'
in the portfolio, most notably HCA and Freddie Mac. HCA, a large operator of
hospitals, declined after reporting lowered first quarter 2003 earnings per
share. Earnings restatements, management resignations and the subsequent
political machinations combined to push Freddie Mac, the government-sponsored
mortgage company, down for the period.

As discussed in the 2002 annual report, the investment managers had access to
two gearing facilities; a £50m debenture and a US$40m fixed loan. The fixed loan
was due in June, and was repaid. The effect of this repayment is a reduction in
the Company's potential gearing to 116%. The actual gearing ratio at the end of
June was 114%. Additionally, the portfolio was rebalanced slightly, reducing the
small cap growth and micro cap exposures in accordance with our new asset
allocation discipline that is based on relative valuation against large cap
stocks.

Market Review

Seldom are the US equity markets so driven by one factor as they were in the
first six months of 2003. From start to finish, news regarding the conflict with
Iraq seemed to be the primary factor behind the equity market's movements, as
anxiety associated with both the prelude to and launch of the second Gulf War
made the US equity market unsettled and volatile. This volatility was
highlighted by a one week rally at the outset of hostilities that turned out to
be the largest one week rally in over 20 years. Despite that rally, however, the
general trend for equities during the first two and a half months of the year
was down, as uncertainty regarding the outcome of the Iraq situation tempered
investor sentiment.

However, as the war with Iraq came to a resolution US equity markets experienced
an impressive post-war rally. In addition, by April there were plenty of
positives for investors to focus on including a drop in interest rates, solid
first-quarter earnings reports, increased money supply from the Federal Reserve
to fight deflation, continued weakening of the dollar and Congressional approval
of tax cuts for stock owners. The 2003 tax package, which was passed in May, is
expected to release more than $200 billion back into the economy and reduce the
double taxation of dividends. The preceding factors led analysts to place high
hopes on corporate earnings growth for the second half of 2003, providing
investors with justification to bid up stock prices.

Outlook

Although the past six months have been volatile at times, they have provided a
welcome respite from a three-year period of disappointing returns. With the move
up in stock prices, bargains are generally less abundant and US equities appear
fairly valued given the current level of interest rates and economic forecasts.
We now find ourselves proceeding with caution as a number of factors are causing
us concern. In particular, the more economically sensitive and highly leveraged
stocks have performed best so far in 2003, but they now appear to carry
significant risk if the economy fails to rebound as strongly as expected.
Additionally, corporate earnings and forecasts must catch up with investor
expectations in order to sustain the rally.

Reflecting these concerns, the portfolio is positioned with a particular eye to
quality and valuation at this time. This translates into a mix of inexpensive
cyclicals, reasonably priced high quality growth stocks, and traditional value
plays. Despite the market's climb we can still find attractive, high quality
companies in which to invest. The prices of Pfizer, Wyeth, Johnson & Johnson,
PepsiCo, Qualcomm and Microsoft reflect myopic concerns rather than the high
returns and durable business models that we see. We are also finding traditional
value stocks: companies in lower growth industries that possess strong balance
sheets and generate excess cash flow. With interest rates and dividend tax rates
low these companies are poised to attract more investor attention as they raise
their dividends paid to shareholders. Holdings in this area include Altria
Group, Mattel and Automatic Data Processing. Lastly, the small cap growth
portfolio is most geared to the recovering economy and stock market, and
supplement the portfolio's exposure to higher growth sectors, most notably
technology and biotechnology.

Share Buybacks

The Company has continued to repurchase and cancel shares trading at a discount
to net asset value. For the six months to 30th June 2003, 2,074,825 shares were
repurchased at an average discount of 9.5%. These repurchases enhanced net asset
value per share by approximately 0.3%.





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

28th August 2003



For further information please contact:



Hilary Lowe, J.P. Morgan Fleming Asset Management (UK) Limited.....020 7742 6000








JPMorgan Fleming American Investment Trust plc

Unaudited figures for the six months ended 30 June 2003

Statement of Total Return (Unaudited)

                        Six months to 30 June 2003        Six months to 30 June 2002       Year to 31 December 2002
                          Revenue     Capital     Total   Revenue   Capital       Total  Revenue     Capital     Total
                            £'000       £'000     £'000     £'000     £'000       £'000    £'000       £'000     £'000

Realised gains/(losses)         -       2,888     2,888         -   (1,812)     (1,812)        -    (24,716)  (24,716)
on investments
Net change in                   -      23,738    23,738         - (109,343)   (109,343)        -   (145,146) (145,146)
unrealised appreciation
Net currency gains/             -         771       771         -   (1,687)     (1,687)        -     (2,382)   (2,382)
(losses) on cash and
short term deposits

held during the period
Net change in                   -         606       606         -     1,242       1,242        -       2,638     2,638
unrealised gains on
dollar loan
Net change in                   -       1,682     1,682         -       140         140        -         292       292
unrealised gains on
forward foreign
currency transactions
Other capital charges           -           -         -         -         -           -        -         (4)       (4)
Overseas dividends          2,748           -     2,748     2,926         -       2,926    5,880           -     5,880
Overseas interest              76           -        76        16         -          16      162           -       162
Deposit interest               56           -        56       330         -         330      439           -       439
Stock lending income            2           -         2         -         -           -        -           -         -

                          _______     _______  ________ _________ _________     _______  _______    ________   _______

Gross return/(loss)         2,882      29,685    32,567     3,272 (111,460)   (108,188)    6,481   (169,318) (162,837)

Management fee              (177)       (708)     (885)     (256)   (1,025)     (1,281)    (449)     (1,795)   (2,244)

Other administrative        (211)           -     (211)     (283)         -       (283)    (448)           -     (448)
expenses

Interest payable            (509)     (2,035)   (2,544)     (408)   (1,629)     (2,037)  (1,040)     (4,159)   (5,199)

                          _______     _______   _______    ______   _______     _______  _______     _______   _______

Return/(loss) before        1,985     26,942)    28,927     2,325 (114,114)   (111,789)    4,544   (175,272) (170,728)
taxation

Taxation                    (996)         596     (400)   (1,211)       796       (415)  (1,672)         834     (838)

                           ______     _______   _______    ______   _______      ______  _______     _______   _______

Total return/(loss)           989      27,538    28,527     1,114 (113,318)   (112,204)    2,872   (174,438) (171,566)
attributable to
ordinary shareholders

Dividend on ordinary          731           -        73     (10)2         -        (10)  (2,830)           -   (2,830)
shares
                          _______     _______   _______    ______   _______     _______   ______     _______   _______
Transfer to/(from)          1,062      27,538    28,600     1,104 (113,318)   (112,214)       42   (174,438) (174,396)
reserves

Return/(loss) per           1.71p      47.75p    49.46p     1.82p (185.63)p   (183.81)p    4.75p   (288.29)p (283.54)p
ordinary share

Dividend per ordinary         Nil                             Nil                          4.80p
share




1  Due to the repurchase of shares after the year end, the actual dividend paid
was less than that accrued in the annual report and accounts.



2  Due to the issue of shares after the year end, the actual dividend paid was
greater than that accrued in the annual report and accounts.






JPMorgan Fleming American Investment Trust plc

Unaudited figures for the six months ended 30 June 2003


BALANCE SHEET                                                            30 June         30 June     31 December
                                                                            2003            2002            2002
                                                                           £'000           £'000           £'000
Assets
Investments at valuation                                                 356,411         425,584         363,620


Net current assets/(liabilities)                                           6,669         (6,806)        (18,976)
                                                                         _______         _______         _______
Total assets less current liabilities                                    363,080         418,778         344,644

Creditors (amounts falling due after more than one year)                (49,565)        (50,896)        (49,551)
                                                                         _______         _______         _______
Total net assets                                                         313,515         367,882         295,093
                                                                           =====           =====           =====
Net asset value per ordinary share                                        553.2p          603.6p          502.3p



CASH FLOW STATEMENT
                                                                    30 June 2003    30 June 2002     31 December
                                                                                                            2002
                                                                           £'000           £'000           £'000

Net cash inflow from operating activities                                  1,401           1,430           3,113

Net cash outflow from servicing of finance                               (1,718)         (2,394)         (5,523)

Capital expenditure and financial investments:
Purchases of investments                                                (35,862)        (41,616)        (80,229)
Sales of investments                                                      67,907          32,837          76,326
Other capital charges                                                          -               -             (4)
                                                                         _______          ______          ______
Net cash inflow/(outflow) from capital expenditure and                    32,045         (8,779)         (3,907)
financial investments

Total equity dividends paid                                              (2,757)         (3,181)         (3,181)

Net cash (outflow)/inflow from financing                                (34,274)             318        (10,289)
                                                                         _______          ______          ______
Decrease in cash for the period                                          (5,303)        (12,606)        (19,787)
                                                                           =====            ====            ====





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

28 August 2003






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