Interim Results

JPMorgan American IT PLC
01 August 2007


                          STOCK EXCHANGE ANNOUNCEMENT

                     JPMORGAN AMERICAN INVESTMENT TRUST PLC

                RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2007


Chairman's Statement


Performance

Over the half year to 30th June 2007, the Company's net asset value rose by 6.3%
in total return terms, outperforming the total return of the S&P 500 Index, in
Sterling terms, which rose by 4.2%. Performance attribution data shows that the
larger companies' portfolio outperformed by 1.6%, with the smaller companies'
portfolio, gearing and share buybacks all adding modestly to performance. This
continues to build on the longer term record of the Company and the Board looks
forward to further progress over the second half of the year.


Discount Management

The Company's discount, calculated with liabilities deducted at their fair value
and excluding current year income, remained virtually unchanged over the period
and was 6.4% as at 30th June 2007. During the six months under review, the
Company repurchased 208,500 ordinary shares (0.5% of the shares in issue) at an
average discount of 8.9%. The cost of these repurchases was £1.4m. The Board has
been encouraged that the level of buybacks remained relatively low over the
period.


Outlook

Our Managers remain optimistic that the USA will manage to navigate a course
that avoids the economy overheating, whilst also steering clear of a 'hard
landing'. Short term interest rates appear to have neared their peak and ongoing
economic growth, combined with productivity gains, has maintained earnings
growth. Concerns remains over energy prices, consumer spending and credit market
conditions, but global growth and low inflation should continue to underpin
equity markets going forward, although returns may become more volatile.

Hamish Buchan
Chairman
1st August 2007


Investment Managers' Report


Market Review

The first six months of the year were characterised by rising long-term interest
rates and energy prices, deepening problems in the housing market and
inflationary concerns. Strong balance sheets, impressive earnings growth and
increasing consolidation overcame those fears and led the market higher. The
total return of the S&P 500 Index, the Company's benchmark, was 4.2% in Sterling
terms, for the period.

The Federal Reserve kept interest rates steady at 5.25% over the first six
months as Fed officials reiterated that their primary concern continued to be
inflation. Market participants are now looking for the Fed Funds Rate to stay at
5.25% for the remainder of the year, with interest rate futures pricing the
possibility of a decrease in early 2008. Despite short term rates being on hold
for the first half of the year, longer term Treasury Securities increased in
yield as the market's view changed from one of a gradual slowing of the world
economy to one of reaccelerating growth as the demand for goods remained robust.

The price of oil rose from $61 to $71 over the period as worldwide economic
growth increased demand. The US economy continued to grow at a slightly slower
pace in the face of higher energy costs and real GDP grew modestly during the
first six months of the year. This economic growth, together with corporate cost
cutting, led to positive earnings growth, although that growth fell below 10%
after fourteen consecutive quarters in double digits.


Performance

The Company's net asset value increased by 6.3% in total return terms in the
first six months of 2007 as the US dollar declined 2.4% during the period. There
was a positive performance contribution of 1.6% from the large cap portfolio.
The key drivers of this were particularly strong stock selection in financial
services stocks such as Mastercard and a strong benefit from owning Corning
whose successful LCD display business has been the primary source of growth. The
portfolio's lack of exposure to energy companies, however, detracted from
performance, as did its exposure to producer durables.

The Company's level of the gearing remained relatively stable during the first
six months of the year. After starting the year at 104%, the gearing ratio was
reduced to 100%, and ended the period at 102%. The composition of the portfolio
changed slightly, as the investment managers reduced exposure to small cap to
concentrate on the increasingly attractive outlook for larger caps.


Market Outlook

Our optimistic market view remains intact, but is tempered in the near term by
the risks we foresee. Economic developments in the USA have largely panned out
as we expected. The excess supply in the housing market has helped subdue
inflationary pressures, whilst economic growth has slowed to below trend, but
not recessionary, levels. Thus far, the economy looks poised to navigate
successfully the fine passage between overheating and a hard landing.

Residential construction activity has declined appreciably since the early part
of last year and we continue to look for weakness in housing related employment
and consumer spending. The risk is that any mortgage market weakness may affect
the borrowing costs for all companies as risk appetites decline across the fixed
income spectrum. The portfolio's relatively defensive bias leads us to believe,
however, that the Company is well positioned to weather any market dislocation.


Garrett Fish - Investment Manager
Tim Parton - Smaller companies portfolio
Eytan Shapiro - Smaller companies portfolio

1st August 2007


For further information, please contact:

Andrew Norman
For and on behalf of
JPMorgan Asset Management (UK) Limited - Secretary
020 7742 6000


JPMorgan American Investment Trust plc
Unaudited figures for the  six months ended 30th  June 2007
Income Statement
                             (Unaudited)                             (Unaudited)                     (Audited)
                             Six months ended 30th June       Six months ended 30th June   Year ended 31st December 2006
                             2007                                        2006
                               Revenue    Capital     Total   Revenue   Capital      Total   Revenue   Capital     Total
                                 £'000      £'000     £'000     £'000     £'000      £'000     £'000     £'000     £'000
Gains/(losses) from
investments held at fair
value through profit or loss         -     13,885    13,885         -  (13,123)   (13,123)         -     5,703     5,703
Net foreign currency gains/          -          6         6         -     1,199      1,199         -     1,431     1,431
Income from investments          3,407          -     3,407     2,613         -      2,613     6,235         -     6,235
Other interest receivable
and similar income                 395          -       395       747         -        747     1,065         -     1,065
                               _______   ________   _______    ______   _______   ________   _______   _______   _______

Gross return/(loss)              3,802     13,891    17,693     3,360  (11,924)    (8,564)     7,300     7,134    14,434

Management fee                   (184)      (739)     (923)     (161)     (645)      (806)     (366)    (1,465)  (1,831)
Other administrative
expenses                         (182)         -      (182)     (239)        -       (239)     (516)          -    (516)
                               _______   ________   _______    ______   _______   ________   _______   _______   _______

Net return/(loss) on
ordinary activities before
finance costs and taxation       3,436     13,152    16,588     2,960  (12,569)    (9,609)     6,418     5,669    12,087
Finance costs                    (347)    (1,389)   (1,736)     (352)   (1,408)    (1,760)     (713)   (2,851)   (3,564)
                               _______    _______   _______    ______   _______    _______   _______   _______   _______

Net return/(loss) on
ordinary activities before
taxation                         3,089     11,763    14,852     2,608  (13,977)   (11,369)     5,705     2,818     8,523
Taxation                         (861)        451     (410)     (383)         -      (383)     (821)         -     (821)
                               _______   ________   _______    ______   _______   ________   _______   _______   _______

Net return/(loss) on
ordinary activities after
taxation                         2,228     12,214    14,442     2,225  (13,977)   (11,752)     4,884     2,818     7,702
                                ______    _______   _______    ______   _______    _______    ______   _______    ______

Return/(loss) per share          5.15p     28.26p    33.41p     5.13p  (32.25)p   (27.12)p    11.28p     6.50p    17.78p
(note 2)


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 American Investment Trust plc
Unaudited figures for the six months ended 30th June 2007
Reconciliation of Movements in Shareholders' Funds (Unaudited)


                                           Called up                   Capital
                                               share                redemption
                                             capital        Share                 Capital    Revenue
                                                          premium      reserve    reserve    reserve      Total
                                               £'000        £'000        £'000      £'000      £'000      £'000

At 31st December 2006                         10,820       18,906        8,013    259,381     14,867    311,987
Shares bought back and cancelled                (52)            -           52    (1,434)          -    (1,434)
Capital return from ordinary activities            -            -            -     12,214          -     12,214
Revenue return from ordinary activities            -            -            -          -      2,228      2,228
Dividends appropriated in the period               -            -            -          -    (4,760)    (4,760)

 At 30th June 2007                            10,768       18,906        8,065    270,161     12,335    320,235

At 31st December 2005                         10,870       18,906        7,963    256,320     14,966    309,025
Shares bought back and cancelled                (50)            -           50    (1,295)          -    (1,295)
Capital loss from ordinary activities              -            -            -   (13,977)          -   (13,977)
Revenue return from ordinary activities            -            -            -          -      2,225      2,225
Dividends appropriated in the period               -            -            -          -    (3,462)    (3,462)

At 30th June 2006                             10,820       18,906        8,013    241,048     13,729    292,516

At 31st December 2005                         10,870       18,906        7,963    256,320     14,966    309,025
Transfer of accumulated tax relief on
expenses charged to capital
                                                   -            -            -      1,538    (1,538)          -
Shares bought back and cancelled                (50)            -           50    (1,295)          -    (1,295)
Capital return from ordinary activities            -            -            -      2,818          -      2,818
Revenue return from ordinary activities            -            -            -          -      4,884      4,884
Dividends appropriated in the year                 -            -            -          -    (3,445)    (3,445)

At 31st December 2006                         10,820       18,906        8,013    259,381     14,867    311,987



JPMorgan American Investment Trust plc
Unaudited figures for the six months ended 30th June 2007

                                                              (Unaudited)        (Unaudited)              (Audited)
                                                           30th June 2007     30th June 2006     31st December 2006
                                                                    £'000              £'000                  £'000
Fixed assets
Investments at fair value through profit or loss                  346,268            300,965                347,979

Current assets
Derivative instrument (note 3)                                     12,417             11,670                 12,174
Debtors                                                             3,503              2,132                    610
Cash at bank and in hand                                           10,701             30,910                  1,347

BALANCE SHEET                                                      26,621             44,712                 14,131

Creditors : amounts falling due within one year                   (2,973)            (3,510)                  (457)
Net current assets                                                 23,648             41,202                 13,674

Total assets less current liabilities                             369,916            342,167                361,653

Creditors : amounts falling due after more than one              (49,681)           (49,651)               (49,666)
year
Total net assets                                                  320,235            292,516                311,987

Capital and reserves
Called up share capital                                            10,768             10,820                 10,820
Share premium                                                      18,906             18,906                 18,906
Capital redemption reserve                                          8,065              8,013                  8,013
Capital reserve                                                   270,161            241,048                259,381
Revenue reserve                                                    12,335             13,729                 14,867

Shareholders' funds                                               320,235            292,516                311,987

Net asset value per share  (note 4)                                743.5p             675.9p                 720.9p


                                                              (Unaudited)        (Unaudited)              (Audited)
CASH FLOW STATEMENT                                      Six months ended   Six months ended             Year ended
Unaudited figures for the six months ended 30th June       30th June 2007     30th June 2006     31st December 2006
2007                                                                £'000              £'000                  £'000

Net cash inflow from operating activities                           2,826              2,009                  4,074
Net cash outflow from returns on investments and
servicing of finance                                              (1,723)            (1,741)                (3,533)
Net cash inflow/(outflow) from capital expenditure and
financial investment                                               14,222             23,683                (5,896)
Dividends paid                                                    (4,760)            (3,462)                (3,445)
Net cash outflow from financing                                     (974)            (1,295)                (1,295)

Increase/(decrease) in cash for the period                          9,591             19,194               (10,095)



Notes to the Accounts


1. Accounting policies

The accounts have been prepared in accordance with United Kingdom Generally
Accepted Accounting Practice ('UK GAAP') and with the Statement of Recommended
Practice 'Financial Statements of Investment Trust Companies' dated 31st
December 2005.

All of the Company's operations are of a continuing nature.

The accounting policies applied to these interim accounts are consistent with
those applied in the accounts for the year ended 31st December 2006.


2. Return / (loss) per share
                                                       (Unaudited)          (Unaudited)             (Audited)
                                                  Six months ended     Six months ended            Year ended
                                                    30th June 2007       30th June 2006    31st December 2006
                                                             £'000                £'000                 £'000
Return / (loss) per share is based on the
following:
Revenue return                                               2,228                2,225                 4,884
Capital return / (loss)                                     12,214             (13,977)                 2,818
                                                           _______               ______                ______
Total return / (loss)                                       14,442             (11,752)                 7,702
                                                            ======               ======                 =====
Weighted average number of shares in issue              43,224,757           43,333,295            43,306,372

Revenue return per share                                     5.15p                5.13p                11.28p

Capital return / (loss) per share                           28.26p             (32.25)p                 6.50p
                                                           _______               ______                ______
Total return / (loss) per share                             33.41p             (27.12)p                17.78p
                                                            ======               ======                 =====




3. Derivative instrument

The Company has hedged its £50m debenture liability by purchasing Sterling
against the US Dollar, out to 5th October 2011.  The counterparty for this
transaction is The Royal Bank of Scotland.



4. Net asset value per share

Net asset value per share is based on the net assets attributable to the
ordinary shareholders of £320,235,000 (30th June 2006: £292,516,000 and 31st
December 2006: £311,987,000) and on the 43,070,949 (30th June 2006: 43,279,449
and 31st December 2006: 43,279,449) shares in issue at the period end.



5. 2006 Accounts

The figures and financial information for the year ended 31st December 2006 are
extracted from the latest published accounts of the Company and do not
constitute statutory accounts for that year. Those accounts have been delivered
to the Registrar of Companies and included the report of the auditors which was
unqualified and did not contain a statement under either section 237(2) or 237
(3) of the Companies act 1985.



JPMORGAN ASSET MANAGEMENT (UK) LIMITED








                      This information is provided by RNS
            The company news service from the London Stock Exchange