Asset Analysis as at 31/12/04

JPMorgan Fleming US Disc IT PLC
14 January 2005



                       ASSET ANALYSIS AS AT 31st December 2004



JPMORGAN FLEMING US DISCOVERY INVESTMENT TRUST plc

                                                          % funds as at 31/12/04

UK                                                                             0
S&P 500                                                                        0
Other US equities                                                             93
Other equities                                                                 0
US bonds                                                                       0
CFI                                                                            7
                                                                             100



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