Interim Results

JPMorgan Fleming American IT PLC
13 August 2002



                 JPMorgan Fleming American Investment Trust plc

                          Stock Exchange Announcement



13th August 2002



The Board today announce the unaudited results for the six-month period to 30th
June 2002 as follows:



JP Morgan Fleming American Investment Trust's net asset value fell by 23.3% over
the first six months of 2002, as a severe decline in the value of U.S. stocks
was accompanied by a reversal in the upward trend of the dollar. The Company's
share price fell by 31.1% as the discount widened to 7.8% at the end of the
period. The performance of the Company over this short-term period has been
disappointing in that the stated investment policies of investing in growth
stocks, both large and small, and the use of gearing have been detrimental to
performance versus the benchmark index, the S&P 500 index, which fell by 17.7%
in sterling terms.  The Company's gearing exacerbated the decline by
contributing approximately one third of the relative underperformance.



There were a few bright spots in the portfolio over the period, but most
holdings suffered a decline in value. The worst sector was telecommunications,
where Sprint PCS and AT&T caused the most damage. Other holdings to suffer
disproportionately were Tyco International, AOL Time Warner, Williams Companies
and El Paso Energy, all of which had declining asset values and too much debt.
The smaller companies portfolio was responsible for approximately one quarter of
the overall relative underperformance of the Company.



Share issues & buybacks



Prior to these recent difficult market conditions, the Company's shares were
trading at a premium to net asset value and the opportunity was taken to issue
195,945 shares at an average premium of 2.8%.  With the resulting return of the
shares to trading at a discount to net asset value the Board were also able to
repurchase and cancel 217,000 shares at an average discount of 7.4%.  Both of
these cumulative transactions enhanced the net asset value per share, albeit
only by small amounts due to the relative size of the number of shares
concerned.



Economic & Market Review



Although the official statistics pointed to a steady recovery for the U.S.
economy, there was little to cheer about in the corporate sector. On the whole
earnings growth has remained lacklustre and most executives have given up
talking about a second half recovery. Every sector of the economy is suffering
from lack of demand growth and a fiercely competitive environment, which is
depressing profit margins and returns on capital. The only exception so far has
been housing, where the stimulus of historically low interest rates is having a
positive effect. Perhaps the most troubling revelation of the past year has been
that the accounting chicanery and corporate greed at Enron was not an isolated
event. The unfolding disaster at Worldcom is even greater in terms of market
value destruction and yet another example of corporate mismanagement and
deception. While the incidence of fraud and criminal behaviour may turn out to
be limited in scope, the use of aggressive accounting and excessive stock option
grants among the major U.S. companies is more widespread.



The uncertainty among investors about which reported profits numbers to believe
was clearly a contributor to the first half market decline. The only sectors to
remain relatively unscathed were consumer staples, which acted in a truly
defensive manner and were also helped by a declining dollar, energy and
materials, both of which benefited from stable commodity prices.



The remaining major industry sectors were under pressure for a variety of
different reasons, although the build-up of debt to finance new ventures and
acquisitions was certainly a common thread. In utilities the stampede to become
traders and merchants of electricity and natural gas turned out to be a flawed
strategy. In media and telecommunications the growing appetite for wireless
phones and high speed internet access encountered indigestion sooner than
expected. Within financial services the combination of deteriorating credit
experiences and depressed capital markets was too much for most major banks to
remain unscathed. Even the pharmaceutical sector was punished by a tough
regulatory stance by the Food and Drug Administration and the onset of expiring
patent protection for major drugs. Amidst all this wreckage the beleaguered
technology stocks continued their descents, but the negative news no longer
stands out from the rest. Finally the travails at Tyco International failed to
abate, although the recent change in senior management and the underlying
strength in its business have led us to believe that the worst may be over for
this stock. All in all it was a dire first half.



Outlook



The month of July saw an acceleration of the downtrend as the focus on second
quarter profit reports gave investors little hope of an imminent recovery. The
Company's net asset value fell by a further 11.6% over the month of July, while
the share price fell 17.5% and the discount widened to 14.3%.  This compares
with a fall of 10.1% in the S&P500 benchmark index. The U.S. equity market is
now at a level last seen in 1997 and stocks look particularly attractive on a
valuation basis relative to bonds.  While it is obviously difficult to predict
the bottom of the market, however it is comforting to note that the structure of
the U.S. economy is sound and that inflation remains low. The investment
managers believe that the existing investment policy of investing in growth
stocks, both large and small, will prove to be beneficial to performance versus
the benchmark index when more normal market conditions return. The opportunity
to invest the Company's remaining liquidity is also being actively considered,
as the investment managers take advantage of the current malaise to invest in
high quality companies for the long term.



The market's reaction to the lower level of corporate profits and the various
scandals in the executive suites has been swift. The actions of the regulators,
the government and the market itself are serving to purge the system and create
a strong platform for a recovery.



The Board continues to believe that share repurchases and issues are an
important way of increasing shareholder value and also help to reduce discount
volatility.  The Board will therefore continue to use these authorities as and
when appropriate.  Since the end of the reporting period a further 270,000
shares have been purchased and cancelled at an average discount of 9.3%.



For and on behalf of
JPMorgan Fleming American Investment Trust plc


Fraser Easton
Authorised Signatory
J.P. Morgan Fleming Asset Management (UK) Limited - Secretary


JP Morgan Fleming American Investment Trust plc
Unaudited figures for the six months ended 30 June 2002
Statement of Total Return (Unaudited)


                      Six months to 30th June 2002      Six months to 30th June 2001   Year to 31st December 2001
                         Revenue    Capital      Total  Revenue    Capital      Total  Revenue    Capital     Total
                           £'000      £'000      £'000    £'000      £'000      £'000    £'000      £'000     £'000


Realised (losses)/
gains on investments           -    (1,812)    (1,812)        -        182        182        -   (13,119)  (13,119)
Net change in
unrealised
appreciation                   -  (109,343)  (109,343)        -      2,113      2,113        -   (36,112)  (36,112)
Net currency (losses)
/gains on cash and
short term deposits
Held during the
period                         -    (1,687)    (1,687)        -      2,223      2,223        -        938       938
                                   
Net change in
unrealised gains/
(losses) on dollar
loan                           -      1,242      1,242        -    (1,664)    (1,664)        -      (707)     (707)
Net change in
unrealised gains/
(losses) on forward
foreign currency
transactions                   -        140        140        -    (4,392)    (4,392)        -    (1,631)   (1,631)
                               
Other capital charges          -          -          -    -              -          -        -        (7)       (7)
Overseas dividends         2,926          -      2,926    2,565          -      2,565    5,412          -     5,412
Overseas interest             16          -         16      221          -        221      427          -       427
Deposit interest             330          -        330    1,006          -      1,006    1,376          -     1,376
                         _______   ________    _______   ______    _______   ________  _______    _______   _______

Gross return               3,272  (111,460)  (108,188)    3,792    (1,538)      2,254    7,215   (50,638)  (43,423)

Management fee             (256)    (1,025)    (1,281)    (288)    (1,149)    (1,437)    (549)    (2,192)   (2,741)

Other administrative
expenses                   (283)          -      (283)    (167)          -      (167)    (408)          -     (408)
Interest payable           (408)    (1,629)    (2,037)    (533)    (2,135)    (2,668)  (1,072)    (4,289)   (5,361)
                         _______    _______    _______   ______    _______    _______  _______    _______   _______

Return before              2,325  (114,114)  (111,789)    2,804    (4,822)    (2,018)    5,186   (57,119)  (51,933)
taxation
Taxation                 (1,211)        796      (415)  (1,066)        667      (399)  (1,987)      1,141     (846)
                          ______    _______    _______   ______    _______     ______  _______    _______   _______

Total return               1,114  (113,318)  (112,204)    1,738    (4,155)    (2,417)    3,199   (55,978)  (52,779)
attributable to
ordinary shareholders
Dividends on ordinary       (10)          -       (10)        -          -          -  (3,171)          -   (3,171)
shares
                          _______    _______   ______    _______    _______  _______    _______   _______   _______
Transfer to reserves       1,104  (113,318)  (112,214)    1,738    (4,155)    (2,417)       28   (55,978)  (55,950)

Return per ordinary        1.82p  (185.63)p  (183.81)p    2.89p    (6.92)p    (4.03)p    5.30p   (92.80)p  (87.50)p
share

Dividend per ordinary        Nil                            Nil                          5.20p
share



JPMorgan Fleming American Investment Trust plc
Unaudited figures for the six months ended 30th June 2002


BALANCE SHEET                                                        30 June        30 June    31 December
                                                                        2002           2001           2001
                                                                       £'000          £'000          £'000

Investments at valuation                                             425,584        588,890        528,132

Net current (liabilities)/assets                                     (6,806)         15,101         28,652
                                                                     _______        _______        _______
Total assets less current liabilities                                418,778        603,991        556,784

Creditors (amounts falling due after more than one                  (50,896)       (77,920)       (77,006)
year)
                                                                     _______        _______        _______
Total net assets                                                     367,882        526,071        479,778
                                                                       =====          =====          =====
Net asset value per ordinary share                                    603.6p         875.9p         786.9p


CASH FLOW STATEMENT
                                                                30 June 2002   30 June 2001    31 December
                                                                                                      2001
                                                                       £'000          £'000          £'000

Net cash inflow from operating activities                              1,430          1,718          3,098

Net cash outflow from servicing of finance                           (2,394)        (2,676)        (4,975)

Total tax recovered                                                        -            149            178

Net cash outflow from capital expenditure and financial
investment                                                           (8,779)       (19,618)       (10,289)

Total equity dividends paid                                          (3,181)        (3,423)        (3,423)

Net cash inflow from financing                                           318             14          7,254
                                                                     _______         ______         ______
Decrease in cash for the period                                     (12,606)       (23,836)        (8,157)
                                                                       =====           ====           ====



J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
12 August 2002




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