Interim Results

JPMorgan Fleming US Disc IT PLC
18 August 2004


JPMORGAN FLEMING US DISCOVERY INVESTMENT TRUST PLC


                         STOCK EXCHANGE ANNOUNCEMENT OF
                        UNAUDITED RESULTS FOR THE PERIOD
                              TO 30th JUNE 2004



The Board today release the unaudited interim results of the Company for the
period to 30th June 2004.


The following are comments from the Chairman:


Market Review

The equity markets gained during the first half of 2004 on positive economic
news and strong corporate profit growth, despite concerns about stretched equity
valuations and higher interest rates. The second quarter proved to be a struggle
for the market, with the indices posting modest gains as investors started to
brace themselves for the impact of record oil prices and higher interest rates
on the economic recovery. Large caps outperformed small caps for the first time
in five quarters during the second quarter. However, small caps remain ahead for
the year-to-date. The S&P 500 Index and the Russell 2000 index returned 3.4% and
5.3% respectively.



Investment Performance

The portfolio gained 6.1% during the first six months of 2004, whereas the
Russell 2000 index rose by 5.3%. The portfolio benefited from good stock
selection in the Healthcare and Auto and Transportation sectors, which represent
25% and 5% of the portfolio, respectively. The Technology sector was the largest
detractor from performance, with our modest overweight position and stock
selection equally contributing to the underperformance.



Portfolio Highlights

The top three contributors to performance were American Dental Partners, Impax
Laboratories, and NuCo2. American Dental Partners, a dental practice management
software provider, was the best performer after its first quarter results
exceeded market expectations. Shares of Impax Laboratories continued to gain as
investors remain optimistic about the company's competitive position in the
generic drugs industry. Finally, on the heels of a strong 2003, shares of NuCo2
continued to appreciate as the company executes its refocused business plan.

The top three detractors from performance were PDF Solutions, Verisity and TTM
Technologies. After a strong 2003, PDF Solutions, Verisity and TTM Technologies
declined in the first six months of 2004 as the sentiment in the technology
sector turned sharply negative in the second quarter.  Investor concerns have
focused on slowing demand growth in important end markets (handsets, PCs),
manufacturing capacity growth in 2005, and the building of inventory levels
throughout the supply chain. While we agree with most investors that we are
facing a slower growth environment for certain end markets, we still believe
that large consumers of technology, such as the corporate market, are poised to
increase their IT spending.



Market Outlook

We are again at a transition point in terms of growth momentum and the inflation
rate. Whereas for much of the second quarter, markets were transfixed on the
risk of much higher US inflation rates and a tough stance by the Fed, by the end
of June the focus had shifted to the risk of a significant softening in growth.
Recent evidence suggests that the pace of economic expansion is beginning to
slow. We do not, however, think that this is cause for major concern. While
investor focus is likely to move from inflation and higher interest rates to the
outlook for growth and profits, we believe that overall economic and profit
growth are likely to remain solid.



Share Repurchase Facility

Since the end of the reporting period, the Directors took the opportunity to
repurchase and cancel 825,000 ordinary shares, representing 7.4% of the issued
share capital at a discount of approximately 19%. The repurchase of these shares
cost nearly  £4.6m and had the effect of increasing the net asset value of the
remaining shares by 1.4%.



Board of Directors

As detailed in the Company's last annual report, Jeremy Leigh Pemberton retired
as Chairman and as a Director of the Company immediately following the Annual
General Meeting in May 2004. On behalf of the Board, I should like to thank
Jeremy for his invaluable contribution to the Company's success.

In accordance with its succession plans, the Board is in the process of
recruiting two additional members. Announcements regarding the appointments will
be made in due course.



Robin Lewis
Chairman, 18th August 2004





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 period ended 30th June 2004


Statement of Total Return


                          Six months to 30th June 2004  Six months to 30th June 2003   Year to 31st December 2003
                          Revenue   Capital     Total   Revenue   Capital     Total   Revenue   Capital     Total
                            £'000     £'000     £'000     £'000     £'000     £'000     £'000     £'000     £'000

Realised gains/(losses)
on investments                  -       354       354         -   (1,875)   (1,875)         -     5,425     5,425
                                
Net unrealised gains on
investments                     -     5,093     5,093         -    12,142    12,142         -    18,397    18,397
                               
Currency gains/(losses)
on cash and short term
deposits held during
the period                      -        18        18         -      (63)      (63)         -     (178)     (178)

Other capital items             -        28        28         -      (26)      (26)         -       (5)       (5)
Overseas dividends            168         -       168       112         -       112       226         -       226
Deposit interest                2         -         2        17         -        17        24         -        24
                          _______   _______    ______    ______   _______   _______   _______   _______   _______

Gross return                  170     5,493     5,663       129    10,178    10,307       250    23,639    23,889

Management fee               (45)     (401)     (446)      (34)     (306)     (340)      (74)     (667)     (741)

Other administrative
expenses                    (129)         -     (129)     (120)         -     (120)     (253)         -     (253)
                           
Performance fee                 -         5         5         -     (189)     (189)         -     (934)     (934)

Interest payable             (26)     (233)     (259)      (22)     (198)     (220)      (49)     (444)     (493)
                          _______   _______    ______   _______   _______   _______   _______   _______   _______

(Loss)/return before
taxation                     (30)     4,864     4,834      (47)     9,485     9,438     (126)    21,594    21,468
                             
Taxation                     (25)         -      (25)      (15)         -      (15)      (25)         -      (25)
                           ______   _______    ______    ______   _______   _______   _______   _______   _______

Transfer (from)/to
reserves                     (55)     4,864     4,809      (62)     9,485     9,423     (151)    21,594    21,443
                           ======   =======    ======    ======   =======   =======   =======   =======   =======


(Loss)/return per share 1 (0.49)p    43.56p    43.07p   (0.54)p    82.40p    81.86p   (1.33)p   190.41p   189.08p
  

1Based on average number of shares in issue during each period.



JPMorgan Fleming US Discovery Investment Trust plc
Unaudited figures for the period ended 30th June 2004

Balance Sheet

                                                                     30th June          30th June  31st December
                                                                          2004               2003           2003
                                                                         £'000              £'000          £'000

Investments at valuation                                                95,874             70,480         85,401


Net current (liabilities)/assets                                       (6,282)              3,170            156


Creditors: Amounts falling due after more than one year  1             (5,957)            (6,840)        (6,731)

                                                                        ______            _______        _______

Total net assets                                                        83,635             66,810         78,826
                                                                        ======            =======        =======
Net asset value per share  1                                            749.1p             598.4p         706.0p


1With debt at par value.




Cash Flow Statement
                                                                 Six months to      Six months to     Year ended
                                                                     30th June          30th June 31 st December
                                                                          2004               2003           2003
                                                                         £'000              £'000          £'000

Net cash outflow from operating activities                             (1,433)              (825)        (1,151)

Net cash outflow from returns on investments and servicing
of finance                                                               (451)                  -          (301)
                                                                         

Total tax (paid)/recovered                                                   -               (28)              7

Net cash (outflow)/inflow from capital expenditure and
financial investment                                                   (4,086)              3,354          1,957
                                                                       

Net cash inflow/(outflow) from financing                                 4,735            (2,493)        (2,496)
                                                                       _______             ______         ______
(Decrease)/increase in cash for the period                             (1,235)                  8        (1,984)
                                                                       =======             ======         ======



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 2003 have been delivered to the Registrar of Companies.




J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
18th August 2004



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