Pricludid up So 3100.000 of protodlon Awash &PC does not protect ogees, losses Awn MCuatons n the vetoed the women Assets hole in custody by JP1fagen Chase Bank N A One lienklens not subpoct to SIPC You moyceseen mkt mobonebout SIPC. sreNdeng IneSIPCBcchuns on thew webSet at Nyww sae *go , by conlocfmg them W(

dr JPMorgan 0 Private Bank FINANCIAL. TRUST COMPANY INC Aecoutu Number November 01, 2006 • November 30, 2006 Asset Account Portfolio IPNIorgan Chase Bank N A 345 Park Avenue. New York. NY 1W 54-1002 Table of Contents Page Portfolio Summary 4 Cash and Mori Term 5 NIACIN> 7 Equity Research Lions

orrnehonobcv/ &PC. mcludro the SIFC &ashore. on they webs* at %flyer' spa ag' a by Conteeling Tern at (202)371-8300 JP lea pan Securdeslnc !Pal:roan Chase Bank N A a they affibates(the 'Morgan Comoeneslmayaowdeeann.strebe sus:cobs, sees cAsetubcn a sherehadasay.cos So JPMorgan Funds. Amacan Century Funds. a fu

You froti,•, Mao ntorrneton *bad &PC. encludino the &PC &oceae on they webs* at ewe spa cap' a by contecling Meer, et JP Wigan &cur.:es/ix JP?Aoroan Chase Bank N A a thee affitetes(the Woven Comseneslmm. aowdeeannestrebee cus.totol sets chshbuton a sherehadaserv.ce.s to JPMagen Funds. Amacan Century Funds. a f

esent The funds' most recentmcomedudend annualized The distributer of la JPMorgan Funds a aoldagan 0gt,boton Sconcesinc which is an effete°, !Allow° Chase Bank N A JPMorgan Chase Sank NA and es alfilelos receive compensation from JPIAcvqen Funds kr pave"; sauces American Certify irreennerg Serra.. Inc is the