The phrase "am possessed of" is a formal way of saying "I have." It is often used in legal or official documents to describe ownership or possession of something. Synonyms for "am possessed of" include "hold," "own," "possess," "retain," and "have in one's possession." Depending on the context, other synonyms such as "control," "grip," or "dominate" may also be applicable. It is important to choose the correct synonym based on the intended meaning and level of formality in the given context. Using synonyms can add variety and gravitas to one's writing without altering the intended message.