EFTA01508710.pdf

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number: Q 30171-00-5 November 01, 2007 - November 30, 2007 Sher ehadersd cedatnJP/SI Fonds seal& oecf a 'edema:sanke equal to 2% at,* proceeds d the, eichavea tedeernshates a such funds wehe 60 days a purchase subject to eaten excepaore as la th in the prospectus a the appacobkFuni Fleoseconsue )ca JPMorgan representatyrect a lest armsJR. , Funds the impose tirtemoticProes JPIAS, ,se marble a Me Secustes Investor Flatschon Corporation (SIFC) a nonce-profs osembersep corpoosboo fended ay brceee-deagees et:catered vote the SeCuutiNanc)EschangeCosoneseas Sawde3 and O13h heel la a aalcmee at JF'44.5: are a Steeled by SIPC up to $.500 000 per customer which nriales up to $100000 of potochon fa cash SiPC does not protect crisoW losses from nuclustons r the ycAte of the socartes Assets bee m custody by JPMorgan Chase Bank. NA phe12..eralens not select to S/PC You rra.,, ocean Warne:on *boy/ &PC. encludins the SIFC &ashore. on the, websee at "Wwte spa tag' a by Conteeling Term at (202)371-8300 JP Masan Secubtesln< . !Paterson Chase Bank N A a thee snores RI* Worsen Comoenesl may aowdeoannatrabee <us:cobs, sates 6316N-on a shwehadasavre.s So JPMorgan Fumes American Century Funds. a funds estsCAshed. sponsaect elvned a managed by tryd panes end the Ma gen Compaoes may be coomesalecl b such servo., Explanation ob./NCI Ratings: JPMorgan uses the fcAlehmg roue system Overweight: Orel the neat in to twelvemonths we expect thu stock wit outperform the average total return of the stocks in ;he ensysts (a the analysts teom's)ccberose unreels* Neutral: Cvel the nrvt 1. to Mahe m70013 at aspect tMJ stock wagpeens m Me well the average total return a the stocks at the ansYsta(a thaanely9r3 leam'S)COvenige anti se Underweight: Ova the neat so to tweAre months we expect Ma stock will under -peearo the average lotaltetwn of the stacks m the awe', Ps (a me analyst's teemS)coonge urbane Independent Research Ratings: !PUS!aces not anis/sea ottstelvonidepl the lndaponotentReSaatenFboodereSeaChandke raten)S an Elms use a yannya reaps twins as wan as differentia:Yip systems to 603000 that 10C0frvnencleilmS al& uses a besstne'rannss syskm as described same P3Ps tray use a cldftventratops system such as es an 'easolute-ratasas system and use such terms as 'uy -. Toff or %ell' Syncebetstbeend %bsokee'rebrou systems we fundamentedyilfecalt sou shooW read caleugy. tne (Sentra of sec Bugs used "I the JPVS1 and IRPresearch that o nctded n the re3earChotielf Fa fir.5 season and dime the fen. , 01 contains fire base as me revs, as nvil as complete oh.' on concerning the eneW9r3 WWI& )W should Feed one ay the tetatchand not mkr its contents from the ramp acne JPMorgan Ababa Bans u me marketen; nano la the pinata tanking bosons conducted by J P Morgan Criss, S Co Inmost, es subsdAres nab:Inds enCtid,ng JPMorgan Chase Bank NA.JP Masan Trust Company. NA and !PIA:igen Securities Inc Page 13 of 16 Confidential Treatment Requested by JPMorgan JPM-SDNY-00034049 Chase CONFIDENTIAL SDNY_GM_00303247 EFTA01508710