Asset Analysis as at 31/12/04

JPMorgan Fleming American IT PLC
14 January 2005


                       ASSET ANALYSIS AS AT 31st December 2004



JPMORGAN FLEMING AMERICAN INVESTMENT TRUST plc

                                                          % funds as at 31/12/04

UK                                                                             0
S&P 500                                                                       82
Other US equities                                                             15
Other equities                                                                 0
US bonds/fixed interest                                                        0
Cash/ cash equivalents                                                         3
                                                                             100



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