Interim Results

JPMorgan Fleming US Disc IT PLC
16 September 2005


               JPMORGAN FLEMING US DISCOVERY INVESTMENT TRUST PLC

                         STOCK EXCHANGE ANNOUNCEMENT OF
             UNAUDITED RESULTS FOR THE SIX MONTHS TO 30TH JUNE 2005


The Board today release the unaudited interim results of the Company for the six
months to 30th June 2005:

Return on Net Assets            +5.0%
Return to Shareholders          +5.0%
Benchmark Return                +5.6%



The following are comments from the Chairman:


Performance

I am pleased to report that the Company has delivered a positive performance in
the six months to 30th June 2005. Chris Jones and his team are again to be
congratulated for the Company's consistent performance.

The Company produced a total return on net assets of +5.0% during the six
months, marginally below the return on the benchmark index of +5.6%. However,
the Company's total return is calculated after the repayment of the 11%
debenture in February 2005, which reduced the NAV total return by 2.4%, so that
without the repayment the total return would have been 1.8% higher than that of
the benchmark. Despite the negative impact on performance, your Board felt that
the decision to repay this debenture was justified given the mismatch of
currencies and liabilities and the inflexible nature of the borrowing facility.
The difference between the par value of the debenture and the true cost of
repaying it in the market place was distorting the calculation of the discount
to NAV. The Board also believed that cheaper, more flexible borrowing
arrangements could be made, allowing the investment manager greater freedom to
manage actively the gearing to enhance the return to shareholders.


Discount Management

Your Board continues to monitor closely the discount on the Company's shares and
believes that the performance of the underlying investments is insufficiently
appreciated in the market place. Reducing and stabilising the discount to the
NAV remain important objectives, in order to allow the underlying asset
performance to be fully reflected in the shareholder returns. In particular,
your Board is focusing on the volatility of the discount.

Your Board is minded to seek shareholders' authority to reissue shares from
Treasury at a discount to NAV, in addition to the current authority to buyback
shares for cancellation. We believe that this will improve two way liquidity in
the Company's shares. Any such authority would be subject to a maximum dilution
in any one year. The Board is currently seeking the views of shareholders.

At the same time, your Board also believes the excellent returns generated by
the Company have not been fully recognised by the market and it is actively
developing its marketing strategy.

In the six months to 30th June 2005, the Company repurchased a total of 50,000
shares at a discount of approximately 15.00%. The repurchase of the shares cost
approximately £329,000 and had the effect of increasing the net asset value of
the remaining shares by 0.57%. Since 30th June 2005, the Company has repurchased
an additional 30,000 shares.


Board of Directors

As detailed in the Company's last annual report, Denis Brandt retired as a
Director of the Company immediately following the Annual General Meeting in
April 2005. On behalf of the Board, I sincerely thank Denis for the valuable
contribution he made to the Company during his time as a Director.


Robin Lewis
Chairman

16th September 2005



For further information, please contact:

Lucy Sullivan
JPMorgan Asset Management (UK) Limited, 020 7742 6000
Secretary to the Company





JPMorgan Fleming US Discovery Investment Trust plc
Unaudited figures for the period ended 30th June 2005

Statement of Total Return (Unaudited)

                        Six months to 30th June 2005 Six months to 30th June 2004   Year to 31st December 2004
                                                              (restated)                    (restated)
                           Revenue  Capital    Total    Revenue  Capital    Total Revenue      Capital     Total
                             £'000    £'000    £'000      £'000    £'000    £'000      £'000     £'000     £'000

Realised (losses)/gains
on investments                   -    (716)    (716)          -      405      405          -     1,778     1,778
 Unrealised gains on
investments                      -    7,006    7,006          -    5,170    5,170          -     8,091     8,091
Currency gains/(losses)
on cash and short-term
deposits held during
the period                       -      158      158          -       18       18          -     (250)     (250)
Overseas dividends             179        -      179        168        -      168        294         -       294
Deposit interest                50        -       50          2        -        2         24         -        24
                           _______   ______   ______     ______   ______   ______    _______    ______    ______

Gross return                   229    6,448    6,677        170    5,593    5,763        318     9,619     9,937
Management fee                (41)    (372)    (413)       (45)    (401)    (446)       (86)     (776)     (862)
Other administrative
expenses                     (164)        -    (164)      (129)        -    (129)      (287)         -     (287)
Performance fee                  -     (35)     (35)          -        5        5          -     (237)     (237)
Transaction charges              -    (108)    (108)          -    (100)    (100)          -     (247)     (247)
Interest payable               (3)     (24)     (27)       (26)    (233)    (259)       (48)     (429)     (477)
Breakage cost1                   -  (1,963)  (1,963)          -        -        -          -         -         -
                           _______   ______   ______    _______   ______   ______    _______    ______    ______

Return/(loss)  before
taxation                        21    3,964    3,967       (30)    4,864    4,834      (103)     7,930     7,827
Taxation                      (25)        -     (25)       (25)        -     (25)       (43)         -      (43)
                            ______   ______   ______     ______   ______   ______    _______    ______    ______

Transfer (from)/to
reserves                       (4)    3,946    3,942       (55)    4,864    4,809      (146)     7,930     7,784
                             =====     ====     ====      =====     ====     ====      =====      ====      ====

Return per ordinary
share2                                        38.54p                       43.07p                    -    72.16p



1 Breakage cost relates to the repayment of the 11% debenture.

2 Based on average number of shares in issue during each period.





JPMorgan Fleming US Discovery Investment Trust plc
Unaudited figures for the period ended 30th June 2005

Balance Sheet
                                                                     30th June          30th June  31st December
                                                                          2005               2004           2004
                                                                                       (restated)     (restated)
                                                                         £'000              £'000          £'000

Investments at valuation                                                82,684             95,874         82,422

Net current assets/ (liabilities)                                        3,716            (6,282)          5,228

Creditors: Amounts falling due after more than one year                (1,333)            (5,957)        (6,196)
                                                                        ______            _______        _______

Total net assets                                                        85,067             83,635         81,454
                                                                         =====              =====          =====
Net asset value per ordinary share                                      834.9p             749.1p         795.5p




Cash Flow Statement
                                                                 Six months to      Six months to     Year ended
                                                                     30th June          30th June  31st December
                                                                          2005               2004           2004
                                                                         £'000              £'000          £'000

Net cash outflow from operating activities                             (1,129)            (1,433)        (1,719)

Net cash outflow from returns on investments and servicing
of finance                                                             (2,017)              (451)          (669)

Total  tax recovered                                                         1                  -              -

Net cash inflow/(outflow) from capital expenditure and
financial investment                                                     7,969            (4,086)         11,214

Net cash (outflow)/inflow from financing                               (4,334)              4,735        (5,156)
                                                                       _______             ______         ______
Increase/(decrease) in cash for the period                                 490            (1,235)          3,670
                                                                         =====               ====           ====


The results for the year ended December 2004 and for the six months ended 30th
June 2004 have been restated in accordance with International Financial
Reporting Standards 22 and 26.

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 2004 have been delivered to the Registrar of Companies.


JPMORGAN ASSET MANAGEMENT (UK) LIMITED
16th September 2005




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