Interim Results

JPMorgan Fleming US Disc IT PLC
16 September 2003



               JPMORGAN FLEMING US DISCOVERY INVESTMENT TRUST PLC



                         STOCK EXCHANGE ANNOUNCEMENT OF
                        UNAUDITED RESULTS FOR THE PERIOD
                               TO 30th JUNE 2003

The Board today release the unaudited interim results of the Company for the
period to 30th June 2003.



The following are comments from the Chairman:



Chairman's Interim Statement



Performance and Market Review



The Company outperformed the Russell 2000 index in the first half of the year
with an increase in NAV of 17.7% against a rise in the Russell of 14.8%.



The anticipation and reality of war in Iraq and continued fears of a double dip
recession caused a decline in the Russell 2000 in the first quarter. In the
second quarter, the war ended, first-quarter earnings were better than expected,
taxes were cut for stock owners, and interest rates dropped driving the Russell
2000 up over 18%. Driven in part by money flowing back into stock mutual funds
for the first time in 18 months, the second quarter was the best since the first
quarter of 1991 when the U.S. came out of the last recession. Small stocks
outperformed large stocks, and for the six months the Russell 2000 increased
14.8%, while the S&P 500 increased 8.8%.



The largest contributor to the outperformance of the portfolio came from our
holdings in the healthcare sector, an advance of 41%. This outperformance came
from a combination of stock selection and our significant overweighting in that
sector.



Conversely, both our under-weighting and stock selection in financial services
hurt performance. We continue to have difficulty in finding high quality
financial service companies that fit our market capitalisation restrictions.



Portfolio Highlights



All but two of the portfolio's ten largest equity investments were positive
contributors to performance and three were among our top five performers for the
period. Drug developer Impax Laboratories was the largest contributor, advancing
almost 200%, as the company's prospects to market its generic anti-depressant
drug Wellbutrin brightened. After extending its contract with its largest
customer, disease management leader American Healthways more than doubled.
Concerns regarding that contract had driven the stock down late last year.
Proassurance, a leading medical malpractice insurance underwriter, increased 29%
as insurance pricing increased throughout the year.



Our two worst performers, technology companies Daisytek and Intercept, declined
93% and 59% respectively, and were sold. Of our ten largest equity investments,
the insurance broker, Hilb Rogal & Hamilton, fared the worst declining 16% as a
result of lower-than-expected fourth quarter growth.



Share Buybacks



Over the reporting period, the Directors took the opportunity to repurchase and
cancel 615,000 ordinary shares representing 5.2% of the issued share capital at
an average discount of 22.9%. These repurchases cost approximately £2.5m and had
the effect of increasing the net asset value of the remaining shares by
approximately 1.1%.



Outlook



For over a year we have been awaiting a solid broad-based recovery in
discretionary corporate spending. Our reading of the market's recent recovery is
that investors are looking to an upturn in commercial activity.  We have seen
evidence of improvement in corporate spending and historical spending patterns
indicate that this should continue. If corporate spending does continue to
increase, we believe that there is ample scope for the stocks in the portfolio
to appreciate.




Jeremy Leigh Pemberton
Chairman            16th September 2003



Please note that the above statements may differ from the final version to be
published in the interim accounts.



For further information, please contact:



Richard Lewis

J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 3477
Secretary to the Company


JPMorgan Fleming US Discovery Investment Trust plc
Unaudited figures for the six months ended 30th June 2003


Statement of Total Return (Unaudited)


                        Six months to 30th June 2003  Six months to 30th June 2002   Year to 31st December 2002
                          Revenue   Capital     Total   Revenue   Capital     Total Revenue     Capital     Total
                            £'000     £'000     £'000     £'000     £'000     £'000     £'000     £'000     £'000


Realised losses on              -   (1,875)   (1,875)         -   (3,128)   (3,128)         -   (5,751)   (5,751)
investments                                                                                   
Net change in                   -    12,142    12,142         -  (10,994)  (10,994)         -  (23,922)  (23,922)
unrealised appreciation
on investments
Currency (losses)/gains         -      (63)      (63)         -        20        20         -     (123)     (123)
on cash and short term
deposits
Other capital items             -      (26)      (26)         -       100       100         -        94        94
Overseas dividends            112         -       112       345         -       345       228         -       228
Deposit interest               17         -        17        16         -        16        42         -        42

                          _______   _______    ______    ______   _______   _______   _______   _______   _______

Gross return/(loss)           129    10,178    10,307       361  (14,002)  (13,641)       270  (29,702) (29,432)
Management fee               (34)     (306)     (340)     (483)         -     (483)     (846)         -     (846)
Other administrative        (120)         -     (120)     (100)         -     (100)     (224)         -     (224)
expenses
Performance fee                 -     (189)     (189)         -       584       584         -       461       461
Interest payable             (22)     (198)     (220)     (228)         -     (228)     (450)         -     (450)

                          _______   _______    ______   _______   _______   _______   _______   _______   _______

(Loss)/return before         (47)     9,485     9,438     (450)  (13,418)  (13,868)   (1,250)  (29,241)  (30,491)
taxation
Taxation                     (15)         -      (15)      (50)         -      (50)      (33)         -      (33)

                           ______   _______    ______    ______   _______   _______   _______   _______   _______

(Loss)/return
attributable to
ordinary shareholders        (62)     9,485     9,423     (500)  (13,418)  (13,918)   (1,283)  (29,241)  (30,524)

                            =====     =====     =====     =====     =====     =====     =====     =====     =====

(Loss)/return per
ordinary share             (0.54)p    82.40p    81.86p   (4.25)p (113.92)p (118.17)p  (10.89)p (248.25)p (259.14)p





JPMorgan Fleming US Discovery Investment Trust plc
Unaudited figures for the six months ended 30th June 2003


Balance Sheet

                                                                     30th June          30th June 31st December
                                                                          2003               2002           2002
                                                                         £'000              £'000          £'000

Investments at valuation                                                70,480             83,348         63,501

Net current assets/(liabilities)                                         3,170              (637)          3,029

Creditors: Amounts falling due after more than one year                (6,840)            (6,226)        (6,651)
                                                                        ______            _______        _______

Total net assets                                                        66,810             76,485         59,879
                                                                         =====              =====          =====
Net asset value per ordinary share                                      598.4p             649.3p         508.3p





Cash Flow Statement
                                                                 Six months to      Six months to     Year ended
                                                                     30th June          30th June 31 st December
                                                                          2003               2002           2002
                                                                         £'000              £'000          £'000

Net cash outflow from operating activities                               (825)            (1,271)        (1,603)

Net cash outflow from returns on investments and servicing                   -                (8)          (422)
of finance

Total tax paid                                                            (28)               (70)           (73)

Net cash inflow/(outflow) from capital expenditure and                   3,354            (2,994)          1,231
financial investment

Net cash outflow from financing                                        (2,493)                  -              -
                                                                       _______             ______         ______
Increase/(decrease) in cash for the period                                   8            (4,343)          (867)
                                                                         =====               ====           ====




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 2002 have been delivered to the Registrar of Companies.





J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
16th September 2003






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