Director Shareholding

JPMorgan Fleming American IT PLC
02 April 2004

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS


1)  Name of company

JPMORGAN FLEMING AMERICAN INVESTMENT TRUST PLC

2)  Name of director

MR I O S SAUNDERS

3)  Please state whether notification indicates that it is in respect of
    holding of the shareholder named in 2 above or in respect of a
non-beneficial interest or in the case of an individual holder if it is a
holding of that person's spouse or children under the age of 18 or in respect of
a non-beneficial interest

SPOUSE OF 2) ABOVE

4)  Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them (if notified)

MRS R A SAUNDERS

5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)

N/A

6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary

PURCHASE OF ORDINARY SHARES FOR ISA INVESTMENT

7)  Number of shares/amount of
    stock acquired

3123 SHARES

8)  Percentage of issued class

0.006%

9)  Number of shares/amount
    of stock disposed

N/A

10) Percentage of issued class

N/A

11) Class of security

ORDINARY SHARES OF 25p

12) Price per share

2.23p

13) Date of transaction

31st March 2004

14) Date company informed


1st April 2004

15) Total holding following this notification

7,720 SHARES

16) Total percentage holding of issued class following this notification

0.015%



If a director has been granted options by the company please complete the
following boxes:

17) Date of grant

N/A

18) Period during which or date on which exercisable

N/A

19) Total amount paid (if any) for grant of the option

N/A

20) Description of shares or debentures involved: class, number

N/A

21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise

N/A

22) Total number of shares or debentures over which options held
    following this notification

N/A

23) Any additional information

N/A



24) Name of contact and telephone number for queries

 JENNIFER PALMER 020 7742 3458

25) Name and signature of authorised company official responsible for
    making this notification



HILARY LOWE 020 7742 3274



    Date of Notification...2nd APRIL 2004......................




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