Interim Results

JPMorgan Fleming American IT PLC
11 August 2004



                        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 2004.


Performance

During the course of the first six months of 2004 the Company's net asset value
(in total return terms) rose by 4.5%, outperforming the S&P 500 Index, which
gained 2.0% over the same period. The Company's share price rose by a more
modest 0.4% in total return terms as the discount to net asset value widened
from 7.9% to 11.6% (debt at par value). The US dollar remained relatively stable
over the period, moving from 1.79 to 1.81 against sterling, reducing returns for
UK investors by 1.1%.

The market momentum built up in 2003 flowed through into the first months of
2004, although the sectors contributing to the Company's outperformance have
varied somewhat. With the shift in the interest rate outlook the Company's large
cap portfolio has started to add to performance, whilst the dramatic gains in
the small cap portfolio have begun to diminish. Positive returns have also been
generated from some of our long term holdings in private equity. In particular,
we realised a sizeable gain of £4.1m (equivalent to 8.2p per share) from the
distribution and subsequent sale of Impax Labs, which was held in the Fleming US
Discovery Fund III.

Whilst we have remained modestly underweight in the technology sector our stock
selection has been very good, with strong performances from Qualcomm and
Lexmark. Qualcomm continues to deliver remarkable growth in the US and many
parts of Asia through the proliferation of its CDMA mobile phone chipsets and
software. We continue to have a very low exposure to the semiconductor area, as
we believe valuations have been unreasonably high for the declining rates of
growth that we expect this year. Tyco and Boeing have also contributed strongly
to performance as both companies installed new management following separate
ethics scandals. Both have managed to refocus their efforts with solid sales
growth and improved earnings potential, which have produced decent share price
appreciation.

While stock and sector selection has generally been positive over the first six
months, the biggest area of weakness has been in the media sector. Our rationale
for holding large positions in this sector was the recovering and now robust
economy, the forthcoming US presidential elections and the Olympics. These
events should have been very positive for advertising driven companies, but that
strength has failed to materialise. In the never-ending quest for productivity
gains and higher returns large advertisers have started to question the actual
benefits of advertising through the traditional media of television, radio and
print. This wide scale change has had an effect on Omnicom, one of the world's
largest advertising agencies responsible for the creation and placement of
advertising, and on our holdings in Comcast, Viacom and Clear Channel. Whilst we
are disappointed in the performance of these companies in the period, we believe
that their valuations more than reflect the new environment.

Gearing

With our more muted outlook for equity markets going forward the investment
managers reduced the level of the Company's gearing during the first six months
of the year. After starting the year at 111%, the gearing ratio at the end of
June was 109%. The composition of the portfolio has not materially changed from
the end of last year, excluding the reduction of our holdings in unquoted
companies. The proceeds, for the most part, have funded the Company's share
repurchase programme.

Market Review

The US equity market rose slightly in the first six months of the year on
positive economic news and strong corporate profits growth. These were
sufficient to allay concerns about stretched equity valuations and the changing
interest rate environment. The manufacturing sector expanded more rapidly than
expected as the ISM Purchasing Manager's Index rose to a new 20-year high in
January and stayed at high levels throughout the period. The strength of foreign
currencies versus the US dollar helped the manufacturing sector and exports hit
a record level in May. Whilst the market traded in a very narrow range
throughout the first two quarters (its peak was only 8% greater than the low),
there were marked changes taking place beneath the surface. Consumer spending
remained very strong in the first half of the period until the threat of rising
interest rates and high and rising energy prices eventually put a damper on the
US consumer's enthusiasm for spending. Weaker than expected labour market growth
statistics, compared to past recovery periods, were reversed with the release of
the March non-farm employment report, which proved to be the first of three
monthly reports that showed that one of the last remaining question marks
regarding the sustainability of the economic recovery, i.e. jobs, had been
answered.

The 10-year US Treasury bond (important for the pricing of mortgages), began the
year at 4.25% and dipped to a low of 3.68% in March on the back of low
employment growth up to that point in time. By the end of the quarter the yield
had reversed to 4.58%. On the final day of the quarter the US Federal Reserve
raised the Federal funds rate by 0.25% to 1.25% (the first time it had raised
interest rates in four years), after the continued strong growth in the economy
and the reappearance of some inflationary pressures. The strong economic growth
and high oil prices led the industrial and energy sectors to the forefront
during the period.

Outlook

Rising interest rates have caused investors to adopt a more cautious approach to
the stockmarket and there has been a shift away from companies with more
volatile share prices which is starting to benefit the Company's large cap
portfolio. Though the direction of long term interest rates is tough to gauge,
short term interest rates, currently at 1.25%, are most likely to rise. Thus the
market is digesting the continued good news on economic strength, corporate
profits and now employment growth and balancing that against the risk side of
the equation of inflationary pressures, the start of the US Federal Reserve
policy tightening, the ongoing threat of terrorist outrages, higher energy
prices and the wildcard of a much closer than predicted US presidential
election. On balance, the overall outlook remains mildly positive with stock
selection, as opposed to sector selection, likely to be much more important for
the next six months than it has been for the last year and a half.

Share buybacks

The Company has continued to repurchase and cancel shares trading at a discount
to net asset value. For the six months to 30 June 2004, 2,786,047 shares were
repurchased at an average discount of 11.2%. These repurchases enhanced the net
asset value per share by 3.3p.

Net Asset Values

Since the end of June 2004, industry practice has been to release to the market
two daily net asset value calculations, the second with debt at fair value.
Shareholders will have noticed that this has had a small negative impact of
approximately 1% on the Company's net asset value compared to when debt is at
par value.

Management Contract

The Board is keen to ensure the highest standards of corporate governance and
best industry practice and, to this end, has reached agreement with the Manager,
JPMorgan Fleming, that the period of notice in the Company's management
agreement be reduced from twelve to six months.



Hamish Buchan
Chairman 11th August 2004



J.P. Morgan Fleming Asset Management (UK) Limited - Secretary
11th August 2004



For further information please contact:


Jonathan Latter, 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 2004
Statement of Total Return (Unaudited)

                           Six months to 30 June 2004     Six months to 30 June 2003(1)    Year to 31 December 2003

                          Revenue     Capital     Total   Revenue   Capital       Total  Revenue     Capital     Total
                            £'000       £'000     £'000     £'000     £'000       £'000    £'000       £'000     £'000


Realised gains on               -       3,173     3,173         -     2,888       2,888        -      16,050    16,050
investments
Net unrealised gains on         -       5,333     5,333         -    23,738      23,738        -      28,038    28,038
investments
Net currency gains/
(losses) on cash and
short term deposits
held during the period          -          65        65         -       771         771        -     (2,326)   (2,326)

                                                                        
Unrealised gain on
outstanding currency
transaction                     -           -         -         -         -           -        -           1         1
Realised gains on US
dollar loan                     -           -         -         -       606         606        -         606       606
                                                      
Net change in
unrealised gains on
forward foreign
currency transactions            -         11        11         -     1,682       1,682        -       7,314     7,314
                                                              
Other capital
items                           -         (3)       (3)         -         -           -        -           1         1
Overseas dividends          2,362           -     2,362     2,748         -       2,748    5,914           -     5,914
Overseas interest              54           -        54        76         -          76       88           -        88
Deposit interest               59           -        59        56         -          56      115           -       115 
Stock lending income           41           -        41         2         -           2       51           -        51
                          _______    ________   _______   _______   _______    ________  _______     _______   _______
Gross return                2,516       8,579    11,095     2,882    29,685      32,567    6,168      49,684    55,852
Management fee              (171)       (687)     (858)     (177)     (708)       (885)    (356)     (1,428)   (1,784)
Other administrative
expenses                    (227)           -     (227)     (211)         -       (211)    (448)           -     (448)

Interest payable            (351)     (1,400)   (1,751)     (509)   (2,035)     (2,544)    (859)     (3,436)   (4,295)
                          _______     _______   _______   _______   _______     _______  _______     _______   _______

Return before taxation      1,767       6,492     8,259     1,985    26,942      28,927    4,505      44,820    49,325
Taxation                    (354)           -     (354)     (400)         -       (400)    (876)           -     (876)

                           ______     _______   _______    ______   _______      ______  _______     _______   _______
Total return
attributable to
ordinary shareholders       1,413       6,492     7,905     1,585    26,942      28,527    3,629      44,820    48,449

Dividend on ordinary        70(2)           -        70     73(2)         -          73  (3,560)           -   (3,560)
shares
                          _______     _______   _______   _______   _______     _______   ______     _______   _______
Transfer to reserves        1,483       6,492     7,975     1,658    26,942      28,600       69      44,820    44,889


Return per ordinary         2.71p      12.44p    15.15p     2.75p    46.71p      49.46p    6.41p      79.13p    85.54p
share

Dividend per ordinary         Nil                             Nil                          6.80p
share




JPMorgan Fleming American Investment Trust plc
Unaudited figures for the six months ended 30 June 2004


BALANCE SHEET                                                            30 June         30 June     31 December
                                                                            2004            2003            2003
                                                                           £'000           £'000           £'000
Assets
Investments at valuation                                                 335,072         356,411         347,027


Net current assets                                                        20,831           6,669          15,629
                                                                         _______         _______         _______
Total assets less current liabilities                                    355,903         363,080         362,656

Creditors (amounts falling due after more than one year)                (49,594)        (49,565)        (49,579)
                                                                         _______         _______         _______
Total net assets                                                         306,309         313,515         313,077
                                                                           =====           =====           =====
Net asset value per ordinary share                                        605.2p          553.2p          586.3p

CASH FLOW STATEMENT
                                                                         30 June         30 June      31 December
                                                                            2004            2003             2003
                                                                           £'000           £'000            £'000

Net cash inflow from operating activities                                  1,310           1,401           3,135

Net cash outflow from servicing of finance                               (1,745)         (1,718)         (4,257)

Capital expenditure and financial investments:
Purchases of investments                                                (48,969)        (35,862)        (66,357)
Sales of investments                                                      68,561          67,907         125,436





Other capital charges                                                        (1)               -               4
                                                                         _______         _______          ______
Net cash inflow from capital expenditure and financial                    19,591          32,045          59,083
investments

Total equity dividends paid                                              (3,561)         (2,757)         (2,749)

Net cash outflow from financing                                         (15,777)        (34,274)        (49,931)
                                                                         _______         _______          ______
(Decrease)/increase in cash for the period                                 (182)         (5,303)           5,281
                                                                           =====            ====            ====

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 31 December 2003 have been delivered to the Registrar of Companies.







J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
11th August 2004

--------------------------


(1) Tax relief to capital has been restated.


(2) 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.





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