EFTA01511610.pdf

08 2003 I.1'.Mernin Sererille% Inc. ff 1) .WMorgan Private Bank Account Number Margin Account Portfolio ? gir 4 cl 15 FINANCIAL TRUST COMPANY, INC. August 01, 2003 - August 31, 2003 IMPORTANT INFORMATION ABOUT PRIVATE INVESTMENTS: FOOTNOTES 1 • 3 forhale Equfty HedeeFunds Efchenge Funds Red Estde and Other Memo!~ Assets I Diett onveteepudy.nrestrrents end bond erma» investments (e g rolornts in Ami ?ed patInfrshiis and inVedibet«y Cnnpanst) ete genemiPpMquel secunties Veitte, n estimat.," end de not ntrentedlcr aCCureCyOr COMple~ Vatireedo not represent Me at tua, reima er *na) bonsacfrons Or siøeunde.9 cool., be ~ant or sod or new trensectons coutt be ente(etlefe CY the &To./ terni9 m whar e. ang Dansectonscouti be koudefed as or the date cl the stateenent Drett private «My investmen..5 tre genneystu d el Cöst un.ins (hoe o an actnesecondarytrad14/ng merke( in secunfrtu wn,n)Can. drett erna eauty fnvestmmts vefued usmg nwtiet potes as ot Me ebbe Ot the An/ business ~kr Slatenient perrod Pcodød erne:beef.:y ~Mere. ere veAred att:ordne to Ine GeneeelPratnets ~eget', Vale d methOztabgy In general pooled pr nøle equ,ty tnwestrnents tre ketuedat &et °Messa *gnitent smestmenl brent ooturs wheh mendatne ~donet the mvakenfmt The uatedon mote0O0109es Penedernofo )e an etserne/d tno unclefl)fra;essets of the Iowa. o oset c a wrglen.down ampunt at a vok. at which gard ~ly linanong hes occumod eta morkel anaforien ~ve secondary merke! dovekes. of • vauo Cattgated by an ~opendaga party P.M90 tat lo the Amted pertnershw *noment. ~od 4~1ycompany sprooment other obseaMedocurnentalon fot ett, nwestrnont lor me snafs vater«. methodoboy used by the Genoral Paftnot ca Manager lot mat ~anen, Mcroan eipinseeleclams *ny rospcnstaeylo, (1)tref accayof ellormahce and h» memodologyusod Me GonetelPaitnrecr Mana9feån darwngwalualens. (2)erryardsor om:feens in comffen; ordissorenateg tno vok.obens aef (3)anyuso to wn.ch tho vak-alfons put Vaketrons arennadød eddry.bon purposos onsy and firo vitondecl sotet, your 0,, n un? Medge tunes oorevon>tokeiate no (Na uroe Asset Value-or • NAV' 1015 busnu da)" klbiwng the tast buswess day d the month For !hat r es.xn heir lund NAV: show° rtNY gen« eaybe the NAV of the mone ceceedn; Mrs stok•reeSponocl In garpa! Me NAV fs stetad net d nav tand rncentnelees The NAV a cakubled accordng lo the GendalPariners of Manens staSed rrethcdokey PS:meiet« to Me ~od perfeeesheogroonee: dretod Aabnlycomponyogertenonfct offer cpwobve da- yrne/tfatvin Ice eech ~ga lund lor the spente kalvabonmetncdologry osed by Me GenealPartners Manager lor that helge lund Unen expecoslydrselems *ny responsebtelyler MP* ticaracyof the intermeJon and the metnodolcqy used by the Ganere,Partnerar Manen vi datere vatuabons (2)anyerrors or ~osa , : m compang cr dusenvnatfry the vakratens and (3)anyuse to whiclf the yaludonsareput Velebens sopecindod kr ',tranen pureene only ond aro efonced se/e/yler your crten ose For Exch~eFunds. the pr roe (me Wel And Vafve-or 7.14V,includes Me vel/ed any nona letablesecuntes (hat afe nalve0~ vang e let wituernelhoddogy emercfrel by Me bodd of the Menner T Nel ASlel Vetoe US.D' renects the Ane Ot ~d (ned tO fins« Me non nelweitne»con!~ the non. ntekteablesemmbes end Me 4...ap COnfrects used lo (fargete the ~es! rate rdlf between the floatmg rate on the ene d laSe end the Ned tete ot Me non-nwlielebfeseasstres Th9 Fond can drew donn cm V* Me o‘ °ed< » >BY n De°s e end meneeementlees et stadvp a .n Me event Mal the drweenfbncome Atm Me un~ngsecvnbesoannOl PM' the e ~MO , Me Fund sfd~t<I 0e3 Meivevele tev felfofbn9 off Pr nek' unestments Sene Celenue 10 renn upon Mp Genera/ el!~ et ~ø« otta. ree3trnent ~Cd& for Mas rnformebon Pncos sone of wrfeh po proalod by percino sonicos or omet sources ahch no down f *VIL*, grO ~9tan:I~Li ta accuracy a as roazebe vaktes 2 Tbe roPro, Conoi Sinte tncoplon USer ~ t0911/Socumy&ntu!..ons Seco /mopsen (ISO' «Anm: we updatod mrtlity an adnyfy (capfai ca4S and ddatuffonS) tong 3 ~golv/4z gener fsayadsw subscnetens on a monthly or qufwkwlytesss Vas .n.karest,n a hedae lund cr helge lund of lunds generalya: ot the &st busmess cey egne subsoebon pefocd Due lo ~tyfon:bm resurements by ø* opoleabie lend >an ~nr may te &tytte !ei subscrebon ~unt prsd to the svbscret.on dale Peeserefer to the abeloabfe hede* lone oPerdnedo<ofrentaben lor &Meg def*a Confidential Treatment Requested by JPMorgan JPM-SDNY-00037440 Chase CONFIDENTIAL SDNY_GM_00306638 EFTA01511610