Interim Results

JPMorgan US Discovery IT PLC
13 September 2006



                       LONDON STOCK EXCHANGE ANNOUNCEMENT

                   JPMORGAN US DISCOVERY INVESTMENT TRUST PLC

       UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2006



The following are comments from the Chairman:



Performance



Over the six months to 30th June 2006, the net asset value and share price of
the Company were affected by a challenging investment environment.



For the first time since changing the Company's mandate, market performance in
the first half of 2006 was driven by larger rather than smaller stocks. The
Company, which focuses on selecting stocks from the micro cap universe, was
particularly affected, with micro cap stocks further underperforming small cap
ones by around 2%. This, combined with some short-term stock specific changes,
made for a difficult period.



The Board encourages Chris Jones, the Investment Manager, and his team to look
for long-term investments in growth companies that have a distinct competitive
advantage, rather than being benchmark driven. Therefore, short term periods of
underperformance, as experienced this year, are not unexpected: over the
longer-term they have been more than offset by strong periods of outperformance.
The total return on net assets was -2.5%, while the Company's benchmark index,
the Russell 2000 Index (in sterling terms) containing small as well as micro cap
stocks, rose by 0.3%. The Company's share price also fell by 2.5% over the
period.



Discount Management



Over the six months to 30th June 2006, the discount to net asset value of the
Company's shares, as with those of most investment trusts, was relatively stable
averaging 10.5%.  This improvement reflects not only the more positive attitude
of the market to the investment trust sector as a whole, but also the increased
marketing and sales activity I mentioned in my annual statement. The Board will
continue to monitor the discount closely, in particular focusing on its
volatility. Although no shares were repurchased from the market in the six
months to 30th June 2006, at the Annual General Meeting in April 2006 the
Directors obtained shareholders' authority to repurchase up to 14.99% of the
Company's shares for cancellation for a further period, as they believe it is
important to have this facility readily available.



The Board will continue to follow developments with regard to the introduction
and use of treasury shares.



Gearing



As reported in my annual statement, the Manager now uses a single borrowing
facility of US$35m actively to manage gearing to enhance returns to
shareholders. The Company had drawn down approximately US$14.4m as at the date
of this report. Gearing has hurt performance at a time when the market has been
down, but the Board believes that its use will enhance returns in the long term.





Change of Name



Following shareholder approval at the Annual General Meeting held on 27th April
2006, the Company changed its name from JPMorgan Fleming US Discovery Investment
Trust plc to JPMorgan US Discovery Investment Trust plc.


Robin Lewis
Chairman                    13th September 2006



For further information please contact:

Lucy Sullivan
JPMorgan Asset Management (UK) Limited
Telephone [phone]



JPMorgan US Discovery Investment Trust plc
Unaudited figures for the six months ended 30th June 2006



Income Statement


                                   (Unaudited)                       (Unaudited)                     (Audited)
                           Six months ended 30th June         Six months ended 30th June   Year ended 31st December 2005
                                      2006                          2005

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

       (Losses)/gains from
       investments held at
       fair value through
       profit or loss          -     (2,016)    (2,016)         -     6,340     6,340          -    18,730    18,730
                              
       Income from
       investments           149          -        149        179         -       179        307         -       307
       Other interest
       receivable
       and similar             
       income                  5          -          5         50         -        50         78         -        78
                         _______     ______     ______     ______    ______    ______    _______    ______    ______
                                                                                                             
       Gross return/(loss)   154     (2,016)    (1,862)       229     6,340     6,569        385    18,730    19,115

       Management fee        (51)      (463)      (514)       (41)     (372)     (413)       (89)     (800)     (889)

       Performance fee
       written back /
       (payable)               -        390        390          -       (35)      (35)         -      (661)     (661)

       Other administrative
       expenses             (155)         -       (155)      (164)        -      (164)      (336)        -      (336)
                         _______     ______     ______     ______    ______    ______    _______    ______    ______

       Net (loss)/return on
       ordinary activities
       before finance costs
       and taxation          (52)    (2,089)    (2,141)        24     5,933     5,957        (40)   17,269    17,229
       Interest payable      (22)      (195)      (217)        (3)      (24)      (27)       (15)     (140)     (155)
       Breakage cost           -          -          -          -    (1,963)   (1,963)         -    (1,899)   (1,899)
                         _______     ______     ______     ______    ______    ______    _______    ______    ______

       Net (loss)/return  
       on ordinary 
       activities
       before taxation       (74)    (2,284)    (2,358)        21     3,946     3,967        (55)   15,230    15,175
       Taxation              (22)         -        (22)       (25)        -       (25)       (44)        -       (44)
                         _______     ______     ______     ______    ______    ______    _______    ______    ______

       Net (loss)/return 
       on ordinary 
       activities
       after taxation        (96)    (2,284)    (2,380)        (4)    3,946     3,942        (99)   15,230    15,131
                         =======     ======     ======     ======    ======    ======    =======    ======    ======

      (Loss)/return per    (0.94)p   (22.48)p   (23.42)p    (0.04)p   38.58p    38.54p    (0.97)p   149.38p  148.41p
       share

All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period.

The total column of this statement is the profit and loss account of the Company
and the revenue and capital columns represent supplementary information. The
total column represents all the information that is required to be disclosed in
a 'Statement of Total Recognised Gains and Losses'(STRGL).For this reason a
STRGL has not been presented.


JPMorgan US Discovery Investment Trust plc
Unaudited figures for the six months ended 30th June 2006

Reconciliation of Movements in Shareholders' Funds (unaudited)


                                  
                                  Called up                       Capital
                              share capital        Capital     redemption      Revenue
                                                   reserve        reserve      reserve         Total
                                      £'000          £'000          £'000        £'000         £'000                    
At 31st December 2004                 2,560         82,764            582       (4,452)       81,454
Shares bought back and
cancelled                              (20)          (557)             20             -        (557)
                                       
Total return/(loss) on
ordinary activities                       -         15,230              -          (99)       15,131
                                          
                                    _______       ________        _______       _______     ________
At 31st December 2005                 2,540         97,437            602       (4,551)       96,028
Total loss on ordinary
activities                                -        (2,284)              -          (96)      (2,380)
                                          
                                    _______       ________        _______      ________     ________
At 30th June 2006                     2,540         95,153            602       (4,647)       93,648




JPMorgan US Discovery Investment Trust plc
Unaudited figures for the six months ended 30th June 2006

Balance Sheet                                                       (Unaudited)        (Unaudited)      (Audited)
                                                                     30th June          30th June  31st December
                                                                          2006               2005           2005
                                                                         £'000              £'000          £'000
Fixed assets
Investments at fair value through profit or loss                       106,553             82,684        100,628

Net current (liabilities)/assets                                      (12,314)              3,716        (2,794)
                                                                        ______            _______        _______

Total assets less current liabilities                                   94,239             86,400         97,834

Provisions for liabilities and charges                                   (591)            (1,333)        (1,806)
                                                                        ______            _______        _______

Total net assets                                                        93,648             85,067         96,028
                                                                         =====              =====          =====
Capital and reserves

Called up share capital                                                  2,540              2,547          2,540
Capital reserve                                                         95,153             86,381         97,437
Capital redemption reserve                                                 602                595            602
Revenue reserve                                                        (4,647)            (4,456)        (4,551)
                                                                        ______            _______        _______
Equity shareholders' funds                                              93,648             85,067         96,028
                                                                         =====              =====          =====

Net asset value per share                                               921.8p             834.9p         945.2p



JPMorgan US Discovery Investment Trust plc
Unaudited figures for the six months ended 30th June 2006

Cash Flow Statement
                                                                   (Unaudited)        (Unaudited)      (Audited)
                                                              Six months ended   Six months ended     Year ended
                                                                     30th June          30th June  31st December
                                                                          2006               2005           2005
                                                                         £'000              £'000          £'000

Net cash outflow from operating activities                             (1,738)            (1,129)        (1,653)

Net cash outflow from returns on investments and servicing
of finance                                                               (229)            (2,017)        (2,039)
                                                                         
Total  tax recovered/(paid)                                                  -                  1           (28)

Net cash (outflow)/inflow from capital expenditure and
financial investment                                                   (8,909)              7,969          1,707

Net cash inflow/(outflow) from financing                                10,430            (4,334)        (2,794)
                                                                       _______             ______         ______
(Decrease)/increase in cash for the period                               (446)                490        (4,807)
                                                                         =====               ====           ====


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 31st December 2005 have been delivered to the Registrar of Companies.


JPMORGAN ASSET MANAGEMENT (UK) LIMITED
13th September 2006




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