Interim Results

JPMorgan Fleming American IT PLC
11 August 2005



                     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 2005:

Return on Net Assets                      +6.5%

Return to Shareholders                    +3.7%

Benchmark Return                          +5.9%

Performance

The Company's net asset value increased 6.5% in total return terms in the first
six months of 2005 as US stocks continued to march modestly higher and the US
dollar strengthened against sterling. The Company slightly outperformed the S&P
500 Index in total return terms, which gained 5.9% for the period. The large cap
portion of the Company has been a slight drag to performance for the first six
months of the year while the small cap portion and gearing have modestly added
to performance. The Company's share price rose 3.7% in total return terms as the
discount widened slightly to 13.0% by the end of the period.

Share buybacks

The Company has continued to repurchase and cancel shares trading at a discount
to net asset value, although at a slower pace during the last quarter. For the
six months to 30th June 2005, 2,785,603 shares were repurchased at a average
discount of 11.0%. These repurchases enhanced the net asset value per share by
3.6p.

Accounting Standards

UK Accounting Standards have changed in anticipation of UK companies moving to
International Financial Reporting Standards. The main alteration affecting the
Company is the recognition of dividends payable only after they have been
declared. Therefore the accounts for the year to 31st December 2004 have been
restated to add back the final dividend of 7.5p per share, increasing the net
asset value at that date from 607.6p to 615.1p.

The Board

Following the retirement of Iain Saunders on 27th April 2005, the Board
undertook an extensive search for replacements, employing an external consultant
to identify suitable candidates. As a result of this exercise, several eminently
qualified candidates were shortlisted and Mrs Sarah Bates, a former Chief
Executive Officer of INVESCO'S UK Institutional Business, and Mrs Kate Bolsover,
until recently Director of Corporate Communications at Cazenove & Co. were
appointed on 1st July 2005. I am confident that both will make significant
contributions to the Board's ongoing deliberations.


Hamish Buchan
Chairman               11th August 2005



For further information please contact:


Andrew Norman, JPMorgan Asset Management (UK) Limited..............020 7742 6000


JPMorgan Fleming American Investment Trust plc
Unaudited figures for the six months ended 30 June 2005
Statement of Total Return (Unaudited)

                                                                (restated)                     (restated)
                      Six months to 30 June 2005        Six months to 30 June 2004      Year to 31 December 2004
                         Revenue    Capital     Total  Revenue    Capital      Total   Revenue    Capital     Total
                           £'000      £'000     £'000    £'000      £'000      £'000     £'000      £'000     £'000
Realised gains on
investments                    -         84        84        -      3,229      3,229         -      4,997     4,997

Unrealised gains on
investments                    -     16,199    16,199        -      5,939      5,939         -      3,064     3,064

Net currency gains/
(losses) on cash and
short term deposits
held during the
period                         -        654       654        -         65         65         -      (380)      (380)
                                                                                                   
Unrealised (losses)/
gains on outstanding
currency transaction           -    (1,819)   (1,819)        -          -          -         -          1         1

Unrealised gains on
forward foreign
currency transactions          -          -         -        -         11         11         -      2,772     2,772  
                                                            
Other capital credits          -          -         -        -          -          -         -         35        35
Overseas dividends         2,384          -     2,384    2,362          -      2,362     6,159          -     6,159
Overseas interest             57          -        57       54          -         54       107          -       107
Deposit interest             172          -       172       59          -         59       113          -
                                                                                                                113
Stock lending income          62          -        62       41          -         41       189          -       189  
                         _______    _______  ________  _______    _______   ________   _______   ________   _______     
       
Net return before          2,675     15,118    17,793    2,516      9,244     11,760     6,568     10,489    17,057
expenses and taxation

Management fee             (160)      (641)     (801)    (171)      (687)      (858)     (338)    (1,350)   (1,688)

Other administrative
expenses                   (232)          -     (232)    (227)          -      (227)     (474)          -     (474)     
         
Transaction costs              -       (90)      (90)        -      (116)      (116)         -      (196)     (196)

Interest payable           (353)    (1,411)   (1,764)    (351)    (1,400)    (1,751)     (696)    (2,786)   (3,482)
                         _______    _______   _______  _______    _______    _______   _______    _______   _______

Return before              1,930     12,976    14,906    1,767      7,041      8,808     5,060      6,157    11,217
taxation

Taxation                   (347)          -     (347)    (354)          -      (354)     (920)          -     (920)
                          ______    _______   _______   ______    _______    _______   _______    _______   _______
Total return
attributable to
ordinary shareholders      1,583     12,976    14,559    1,413      7,041      8,454     4,140      6,157    10,297
                          ______    _______   _______   ______    _______    _______   _______    _______   _______

Transfer to reserves       1,583     12,976    14,559    1,413      7,041      8,454     4,140      6,157    10,297

Return per ordinary                            32.04p                         16.20p                         20.40p
share


JPMorgan Fleming American Investment Trust plc
Unaudited figures for the six months ended 30 June 2005


                                                                                      (restated)      (restated)
BALANCE SHEET                                                            30 June         30 June     31 December
                                                                            2005            2004            2004
                                                                           £'000           £'000           £'000
Assets
Investments at valuation                                                 314,355         335,072         325,718


Net current assets                                                        20,816          20,831          13,544
                                                                         _______         _______         _______
Total assets less current liabilities                                    335,171         355,903         339,262

Creditors (amounts falling due after more than one year)                (49,622)        (49,594)        (49,608)
                                                                         _______         _______         _______
Total net assets                                                         285,549         306,309         289,654
                                                                         =======         =======         =======
Net asset value per ordinary share                                        644.5p          605.2p          615.1p

CASH FLOW STATEMENT                                                                   (restated)      (restated)
                                                                         30 June         30 June     31 December
                                                                            2005            2004            2004
                                                                           £'000           £'000           £'000

Net cash inflow from operating activities                                  1,326           1,310           3,710

Net cash outflow from servicing of finance                               (1,742)         (1,745)         (3,461)

Capital expenditure and financial investments:
Purchases of investments                                                (31,618)        (48,912)        (85,395)
Sales of investments                                                                                   
                                                                          59,275          68,616         114,234


Transaction costs                                                           (86)           (113)           (196)
Other capital items                                                            -               -              36
                                                                         _______         _______          ______
Net cash inflow from capital expenditure and financial                    27,571          19,591          28,679
investments

Total equity dividends paid                                              (3,400)         (3,561)         (3,561)

Net cash outflow from financing                                         (15,810)        (15,777)        (33,910)
                                                                         _______         _______          ______
Increase/(decrease)  in cash for the period                                7,945           (182)         (8,543)
                                                                         =======         =======         =======

As a consequence of the introduction of FRS 25, dividends on equity shares are
no longer presented on the Statement of Total Return. In respect of the year
ended 31st December 2004, the company paid a final dividend of 7.50p per share
totalling £3,532,000. There were no interim dividends paid or declared in
respect of the six months ended 30th June 2004 or 2005.

The results for the year ended 31st December 2004 and the six months ended 30th
June 2004 have been restated under FRS21, 25 and 26. the main effect of this is
the non-accrual of the final dividend for the year ended 31st December 2004.

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
2004. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.


JPMORGAN ASSET MANAGEMENT (UK) LIMITED
11th August 2005


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