Interim Management Statement

JPMorgan US Discovery IT PLC
24 April 2008

                   JPMorgan US Discovery Investment Trust plc
                                (the 'Company')

                          Interim Management Statement

                   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 Performance *


                       1 Month      3 Months         1 Year     3 Years      5 Years   10 Years
Share price              -6.2%        -15.8%         -23.7%       -3.9%        71.8%        -
Net asset value          -1.4%        -17.9%         -23.1%       -8.1%        43.9%        -
Benchmark                 0.4%         -9.8%         -14.4%        9.3%        57.1%        -



* Total return with net dividends (if any) reinvested

Source: JPMAM/Fundamental Data



Financial position


                                As at 31st March                     As at 23rd April
                                      2008                                 2008
Total assets                         £50.1m                               £46.6m
Share price                          640.0p                               641.5p
Net asset value                      705.3p                               714.3p
Discount                              9.3%                                 10.2%
Gearing                              104.6%                                98.8%



Share prices shown are closing bid

Net asset values are shown excluding income with debt at fair value

Source: JPMAM/Fundamental Data



Material events



At a General Meeting of the Company held on 25th February 2008 a special
resolution was passed allowing the Company to make market purchases of up to
14.99% of the Company's issued share capital.



At the Annual General meeting of the Company held today special resolutions were
passed allowing: the Company to make market purchases of up to 14.99% of the
Company's issued share capital; the disapplication of pre-emption rights on the
allotment of new ordinary shares; the reissue of ordinary shares previously held
in treasury up to approximately 10% of the Company's issued share capital; the
disapplication of pre-emption rights on the reissue of ordinary shares from
treasury; and the adoption of new Articles of Association of the Company.



Material transactions



Changes to share capital


                                                             Ordinary Shares of 25p

Shares in issue as at 1st January 2008                       8,391,480
Shares bought back and cancelled                             574,027
Shares issued - new                                          -

Shares bought back into treasury                             146,000

Shares issued - from treasury                                -
As at 31st March 2008                                        7,817,453



During the quarter, the Company made market purchases of 146,000 of its own
shares into treasury, representing 1.74% of the shares outstanding at the
beginning of the financial year, at an average discount of 9.48%. The Company
purchased a further 574,027 shares for cancellation. The Company has not issued
any shares from treasury in this financial quarter.



Portfolio



Top ten holdings as at 31st March 2008


Stock name                                  Sector                                          Weight %
Magma Design Automation                     Information Technology                            4.5
Five Star Quality Care                      Financials                                        3.1
Imax                                        Consumer Discretionary                            2.8
Cornell Companies                           Industrials                                       2.8
Gaylord Entertainment                       Consumer Discretionary                            2.8
Third Wave Technologies                     Health Care                                       2.8
Spark Networks                              Consumer Discretionary                            2.5
Forward Air                                 Industrials                                       2.2
Concur                                      Information Technology                            2.2
PDF Solutions                               Information Technology                            2.2



Sector breakdown as at 31st March 2008
                                                      Portfolio %

Information Technology                                26.5
Consumer Discretionary                                22.1
Health Care                                           15.8
Financials                                            13.7
Industrials                                           12.6
Consumer Staples                                      5.2
Energy                                                4.0
Materials                                             1.7
Telecommunication Services                            1.7
Utilities                                             0.0
Cash                                                  -3.3
Total                                                 100.0


By order of the Board

Lucy Dina, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary - Telephone [phone]

24th April 2008



Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ



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.jpmusdiscovery.co.uk


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