Transaction in Own Shares

JPMorgan Fleming American IT PLC
11 December 2003



                          STOCK EXCHANGE ANNOUNCEMENT

                 JPMORGAN FLEMING AMERICAN INVESTMENT TRUST PLC

                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION



JPMorgan Fleming American Investment Trust plc announces that on Wednesday 10th
December 2003 in the market it purchased for cancellation the following:


100,000 ordinary shares at 518.1353p per share representing a total of 0.19% of
the ordinary shares in issue;


The number of shares repurchased under the current authority now totals
3,303,836.


The remaining shares in issue, following the above repurchases, is 53,776,302.


11th December 2003

For further information, please contact:



Hilary Lowe
For and on behalf of
J.P. Morgan Fleming Asset Management (UK) Limited - Secretary
020 7742 3274


Tod Davis
Cazenove & Co - Stockbrokers to the Company
020 7155 8121





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