The around-mean-field LSDA+U correlated band theory is applied to investigate the electronic and magnetic structure of fcc-Pu-Am alloys. Despite a lattice expansion caused by the Am atoms, neither a tendency to 5f localization nor the formation of local magnetic moments on Pu atoms in Pu-Am alloys is found. The 5f manifolds in the alloys are calculated, being very similar to a simple weighted superposition of elemental Pu and Am 5f states.