Interim Results

JPMorgan Fleming US Disc IT PLC
12 August 2002


               JPMORGAN FLEMING US DISCOVERY INVESTMENT TRUST PLC


                          STOCK EXCHANGE ANNOUNCEMENT



           Unaudited Results for the six months ended 30th June 2002



12th August 2002

Chairman's Review

Performance and Market Review

The Company underperformed the Russell 2000 in the first half of the year with
its NAV declining -15.4% and the Russell declining 9.1%. Early in the year
investors focused on a genuine, albeit slow, economic recovery. Corporate
scandals, growing disappointment over the profits recovery, and increased global
unrest quickly overshadowed generally positive economic news. With negative
revelations from WorldCom, Xerox, and even Wal-Mart, accounting and financial
improprieties are no longer viewed as isolated incidents, and investors are
understandably wary of investing in corporate America. The first half of 2002
was marked by significant volatility, reflected in the Russell 2000 increasing
6.2% in the first quarter and decreasing 14.4% in the second quarter, for an
overall decline of 9.1%.

The portfolio was primarily hurt by the performance of the healthcare and
technology sectors, which represent just under 35% of our portfolio. The
technology sector declined 32% through six months while healthcare declined 23%.
Our stock selection in those sectors - which represent only 24% of the Russell
2000 - helped to lessen the blow, but our significant over-weighting,
particularly in healthcare, hurt our performance. Conversely, our
under-weighting in financial services also hurt performance, as that sector
advanced for the six months. Overall, our stock selection helped performance,
and we would remind shareholders that our investment strategy involves finding
the highest quality companies irrespective of sector.



Portfolio Highlights

Significant positive contributors in the first six months of 2002 were in the
top performing sectors. J&J Snack Foods, the manufacturer and marketer of ICEE,
Superpretzel, and other snack foods, advanced 89%. We believe the company had
been significantly undervalued, and as a snack food manufacturer, the stock
benefited as investors sought out more stable business models. Hilb, Rogal &
Hamilton, a property and casualty insurance broker, buoyed by a hardening
insurance market, increased 63%. J. Jill, a speciality catalog retailer of
women's apparel, advanced 76% as the company continued successfully to roll out
retail stores.

Our most disappointing returns were from technology and healthcare stocks
Pemstar, Seachange and Intermune, with the stocks dropping 83%, 74% and 57%,
respectively. Shares of Pemstar, a contract manufacturer, have been under
pressure as its communications end market stalled. Seachange, a provider of
video-on-demand systems for cable operators, also suffered as a result of end
market issues, as investors have grown concerned over certain cable operators'
capital spending abilities. Intermune, a developer of products to treat
pulmonary and infectious diseases and cancer, continued its retreat from its
December high, as investors have grown increasingly averse to the risks inherent
in biotech companies.



Market Outlook

Earlier in the year we envisaged an economic recovery later in 2002, but our
market outlook was cautious, as valuations still appeared high given the
prospective weakness in corporate earnings. The outlook for corporate earnings
at mid year remains at best mixed, with the early year strength in consumer
cyclicals beginning to falter and with little evidence of improvement elsewhere.
Until there is some concrete and broad-based recovery in discretionary corporate
spending, the market is likely to continue its downward and volatile trend.

For our micro cap portfolio, our outlook is less negative. Valuations are
reasonable and, in some cases, compelling, while the fundamentals are largely in
good shape. More generally, weak markets have historically been a good
environment for both accumulating new positions, which often take weeks or
longer to accomplish, and for adding to existing positions.


Richard Lewis
For Secretary
J.P. Morgan Fleming Asset Management (UK) Ltd.................... 020 7742 3477



JPMorgan Fleming US Discovery Investment Trust plc
Unaudited figures for the six months ended 30th 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         -   (3,128)   (3,128)         -     2,180     2,180         -               1,861
on investments                                                                                1,861

Net change in                   -  (10,994)  (10,994)         -     9,659     9,659         -    10,533  10,533
unrealised appreciation
on investments

Currency gains/(losses)         -        20        20         -      (98)      (98)         -     (169)     (169)
on cash and short term
deposits

Realised loss on loan           -         -         -         -      (98)      (98)         -      (87)      (87)

Other capital items             -       100       100         -     (105)     (105)         -      (80)      (80)

Overseas dividends            345         -       345       190         -       190       292         -       292

Deposit interest               16         -        16        24         -        24        42         -        42

                          _______   _______    ______    ______   _______   _______   _______   _______   _______

Gross return                  361  (14,002)  (13,641)       214    11,538    11,752       334    12,058  12,392

Management fee              (483)         -     (483)     (448)         -     (448)     (900)         -     (900)

Other administrative        (100)         -     (100)      (70)         -      (70)     (183)         -     (183)
expenses

Performance fee                 -       584       584         -        69        69         -   (1,027)   (1,027)

Interest payable            (228)         -     (228)     (367)         -     (367)     (616)         -     (616)

                          _______   _______    ______   _______   _______   _______   _______   _______   _______

Return before taxation      (450)  (13,418)  (13,868)     (671)    11,607    10,936   (1,365)    11,031     9,666

Taxation                     (50)         -      (50)      (31)         -      (31)      (50)         -      (50)

                           ______   _______    ______    ______   _______   _______   _______   _______   _______

Return attributable to
ordinary shareholders       (500)  (13,418)  (13,918)     (702)    11,607    10,905   (1,415)    11,031     9,616
                            =====     =====     =====     =====     =====     =====     =====     =====     =====

Return per ordinary       (4.25)p (113.92)p (118.17)p   (5.96)p    98.53p    92.57p  (12.01)p    93.64p    81.63p
share




JPMorgan Fleming US Discovery Investment Trust plc

Unaudited figures for the six months ended 30th June 2002


Balance Sheet                                                        30th June          30th June 31st December
                                                                          2002               2001           2001
                                                                         £'000              £'000          £'000

Investments at valuation                                                83,348            100,150         94,200


Net current (liabilities) / assets                                       (637)            (2,781)          3,669


Creditors: Amounts falling due after more than one year                (6,226)            (5,677)        (7,466)

                                                                        ______            _______        _______

Total net assets                                                        76,485             91,692         90,403
                                                                         =====              =====          =====
Net asset value per ordinary share                                      649.3p             778.4p         767.5p



Cash Flow Statement
                                                                 Six months to      Six months to     Year ended
                                                                     30th June          30th June 31st December
                                                                          2002               2001           2001
                                                                         £'000              £'000          £'000

Net cash outflow from operating activities                             (1,271)              (942)        (1,478)

Net cash outflow from returns on investments and servicing                 (8)              (368)          (721)
of finance

Total tax paid                                                            (70)                  -           (44)

Net cash (outflow)/inflow from capital expenditure and                 (2,994)              1,308          7,213
financial investment

Net cash outflow from financing                                              -            (2,749)        (3,200)
                                                                       _______             ______         ______
(Decrease) / increase in cash for the period                           (4,343)            (2,751)          1,770
                                                                         =====               ====           ====



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 31 December 2001 have been delivered to the Registrar of Companies.


J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED

12 August 2002


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