Investment Policy

JPMorgan Fleming US Disc IT PLC
17 October 2003

                           STOCK EXCHANGE ANNOUNCEMENT



                JPMORGAN FLEMING US DISCOVERY INVESTMENT TRUST PLC



                       ANNOUNCEMENT OF INVESTMENT POLICY





Following the publication by The Financial Services Authority of the Investment
Entities (Listing Rules and Conduct of Business) Instrument 2003, the Board of
JPMorgan Fleming US Discovery Investment Trust plc (the 'Company') notes and
announces that it is the Company's policy to invest no more than 15% of its
gross assets in other listed investment companies (including listed investment
trusts).



17 October 2003





J.P. Morgan Fleming Asset Management (UK) Limited - Secretary



For further information, please contact:



Richard Lewis ...................................020 7742 3477


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