Transaction in Own Shares

JPMorgan Fleming US Disc IT PLC
26 May 2005





                          STOCK EXCHANGE ANNOUNCEMENT


               JPMORGAN FLEMING US DISCOVERY INVESTMENT TRUST PLC


                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION



JPMorgan Fleming US Discovery Investment Trust plc announces that on Wednesday
25th May 2005 in the market it purchased for cancellation 50,000 ordinary shares
at 653p per share representing a total of 0.49% of the ordinary shares in issue.



The current repurchase authority for 1,534,898 shares was approved by
shareholders on 28th April 2005.  To date 50,000 shares have been repurchased
under this authority.



The remaining shares in issue following this repurchase is 10,189,480.







26th May 2005





For further information, please contact:



Richard Lewis

For and on behalf of

JPMorgan Asset Management (UK) Limited

020 7742 3477



Christopher Lunn

UBS - Stockbrokers to the Company

020 7568  4848






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