JPMorgan Private Bank FINANCIAL TRUST COMPANY INC ACCT. Q30171005 For the Period 10/1/08 to 10/31/08 The a/organ Funds or The JPelorpon Institutional Funds or The A ~can Century Funds Shares cl Ilse funds one not bank deposits and we not guaranteedby any bank goiteenrrenl they or Me FDIC Return and shore pone me ants* and ratempban vote rmy be note re loss than cetanalcost Web the money market/ends seek to mania'', a stet* net easel velvet,/ */ CO per shore there is no assarBoar that they suS Costs's* to 00 so The estimeKKI annual nacos and dthdend yea:Irv/as Ict mutual funds repre$enIthe funds' most omen' income dhodendennuated The distribulat of the JPMorgan Funds a JPMo'gan Distributor, Services. Inc. Meth is en eff tele a/ JPAINden Chase Bonk NA !Pittston Chase Bank NA and as &Weft re the compensation tom !Pat -pen Funds kr proveltne seems Amass° Century InniebnentSavaes. Inc a the OtStobt4Or of It. AmencianCennay Funds Anwan Canary Inr•Strnent Mentgernont Inc saws es wheaMent &MSC.' lo as nepetbathend larehteret tonetesccmpeasetton then het( fund temoh, to peeping etwestmen1 advesoryead hew scams Inpnlant Info patron latardeNAucbon Rate Seaways (ARS) ARS we debt a prat nodsecurest mat an interest cr dreamt rate reset poredcaten an section Alressugn Owe may be daily weeklyand monthly resets there is no gunnteethet Mere wer be today If Mere wend enough bds at an tette" to redeem the securities enettebletcv sate the rata may tea failedWaal Ina haled Sidon These a no assigns that a seteoderrsket w4 desstpor Mat the 'essay waY bade at per or anyother pea 'elected on ableneras Accordney. nyeaors should na rely on prang nbmeson appoa nom then&aPirent9 with respect to ARS JPIASI at the custodian dMedcpiOne and most mute; funds vtbekno that Pear mai funds Punnetitdetroben /MASI You must acuities, stherse!PUSI of trafenalchansess m sow armament catchesa fonencei stetson unless sou intern !NISI otherwise. !PM& ha wader Me warm:Mon currentlyin 42 tikes to be