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NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2007 (Unaudited) 1. Organization JPMorgan Trust II (“JPM II”) (the “Trust”) was formed on November 12, 2004 as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The following are 4 separate funds of the Trust (collectively, the “Funds”) covered by this report: Class A Shares generally provide for a front-end sales charge while Class B and Class C Shares provide for a contingent deferred sales charge (“CDSC”). Class B Shares automatically convert to Class A Shares after eight years. No sales charges are assessed with respect to the Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges except that each class may bear different distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front- end sales charges have been waived, may be subject to CDSC as described in the Funds’ prospectus. 2. Significant Accounting Policies The following is a summary of significant accounting policies followed by the Trust in preparation of its financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. A. Valuation of Investments — Investments in JPMorgan Funds (the “Underlying Funds”) are valued at the current day’s closing net asset value per share. B. Transactions with Affiliates — The Funds invest in Underlying Funds advised by J.P. Morgan Investment Management, Inc., JPMorgan Investment Advisors Inc. or their affiliates pursuant to Section 12(d)(1)(G) under the 1940 Act. An affiliated issuer may be considered one which is under common control with a Fund. For the purposes of the report, the Funds assume the following to be affiliated issuers: Classes Offered Investor Balanced Fund Class A, Class B, Class C, and Select Class Investor Conservative Growth Fund Class A, Class B, Class C, and Select Class Investor Growth Fund Class A, Class B, Class C, and Select Class Investor Growth & Income Fund Class A, Class B, Class C, and Select Class Affiliate Value at June 30, 2007 Purchase Cost Sales Proceeds Realized Gain/Loss Dividend Income Shares at December 31, 2007 Value at December 31, 2007 INVESTOR BALANCED FUND JPMorgan Core Bond Fund, Select Class $164,676 $59,800 $ 6,800 $ (336) $4,482 20,735 $223,933 JPMorgan Core Plus Bond Fund, Select Class 222,454 33,500 8,300 (428) 6,069 32,451 252,469 JPMorgan Emerging Markets Debt Fund, Select Class 18,998 1,036 336 336 647 2,280 19,288 JPMorgan Government Bond Fund, Select Class 175,681 4,300 40,800 (1,369) 4,031 14,168 145,792 JPMorgan High Yield Bond Fund, Select Class 149,848 15,182 2,682 1,623 6,038 19,325 153,631 JPMorgan Intermediate Bond Fund, Select Class 95,346 1,700 69,702 (2,481) 1,509 2,784 29,150 JPMorgan International Equity Fund, Select Class 19,433 4,824 5,624 4,272 85 582 18,588 JPMorgan International Equity Index Fund, Select Class 136,354 11,579 18,679 8,053 2,841 4,387 129,035 JPMorgan Intrepid America Fund, Select Class 119,623 16,313 11,013 5,465 1,205 4,398 120,631 30 JPMORGAN INVESTOR FUNDS DECEMBER 31, 2007 JPMorgan Intrepid Growth Fund, Select Class 67,033 5,347 6,747 1,855 214 2,718 66,919 JPMorgan Intrepid Mid Cap Fund, Select Class 38,183 8,886 6,186 4,058 50 2,407 38,414 JPMorgan Intrepid Plus Fund, Select Class 18,782 1,700 — — — 1,143 19,331 JPMorgan Large Cap Growth Fund, Select Class 22,496 — 3,100 751 — 1,066 22,303 JPMorgan Large Cap Value Fund, Select Class 88,779 31,419 23,519 21,159 653 6,968 88,700 JPMorgan Market Expansion Index Fund, Select Class 76,865 19,311 14,011 10,948 238 7,080 76,389 JPMorgan Multi-Cap Market Neutral Fund, Select Class 154,353 11,500 3,100 (17) 7,618 14,426 147,288 JPMorgan Real Return Fund, Select Class 19,148 791 1,425 (78) 456 2,005 19,426 JPMorgan Short Duration Bond Fund, Select Class 41,792 35,800 900 (29) 1,251 7,286 77,742 JPMorgan U.S. Equity Fund, Select Class 126,191 21,593 22,293 16,025 649 11,684 125,953 JPMorgan U.S. Large Cap Core Plus Fund, Select Class 111,349 7,577 10,877 3,584 422 5,324 110,685 JPMorgan Ultra Short Duration Bond Fund, Select Class 22,610 500 12,900 (366) 445 1,021 9,570 Affiliate Value at June 30, 2007 Purchase Cost Sales Proceeds Realized Gain/Loss Dividend Income Shares at December 31, 2007 Value at December 31, 2007 INVESTOR CONSERVATIVE GROWTH FUND JPMorgan Core Bond Fund, Select Class $ 88,560 $25,700 $ 1,600 $ (90) $2,335 10,731 $115,900 JPMorgan Core Plus Bond Fund, Select Class 95,032 40,600 1,600 (86) 2,973 17,510 136,224 JPMorgan Emerging Markets Debt Fund, Select Class 7,586 943 143 143 269 972 8,221 JPMorgan Government Bond Fund, Select Class 76,762 28,700 1,700 (94) 2,277 10,427 107,295 JPMorgan High Yield Bond Fund, Select Class 53,341 6,580 3,880 459 2,094 6,667 53,006 JPMorgan Intermediate Bond Fund, Select Class 61,952 1,100 47,800 (1,369) 1,024 1,582 16,562 JPMorgan International Equity Index Fund, Select Class 23,781 2,854 3,054 1,412 518 800 23,528 JPMorgan Intrepid America Fund, Select Class 26,804 5,183 2,583 1,276 284 1,038 28,462 JPMorgan Intrepid Growth Fund, Select Class 17,562 2,388 1,888 485 59 749 18,428 JPMorgan Intrepid Mid Cap Fund, Select Class 15,523 4,140 2,439 1,693 21 1,016 16,210 JPMorgan Intrepid Plus Fund, Select Class 7,951 1,000 300 47 — 484 8,185 JPMorgan Large Cap Growth Fund, Select Class 121 — 136 68 — — — JPMorgan Large Cap Value Fund, Select Class 15,372 6,445 4,645 3,894 115 1,242 15,805 JPMorgan Multi-Cap Market Neutral Fund, Select Class 62,470 6,900 400 (12) 3,234 6,123 62,514 JPMorgan Real Return Fund, Select Class 7,666 401 211 (13) 189 850 8,236 JPMorgan Short Duration Bond Fund, Select Class 78,937 800 60,104 (207) 1,092 1,931 20,606 JPMorgan U.S. Equity Fund, Select Class 33,134 7,705 6,105 4,477 179 3,238 34,910 JPMorgan U.S. Large Cap Core Plus Fund, Select Class 38,870 4,234 3,634 1,340 154 1,946 40,450 JPMorgan Ultra Short Duration DECEMBER 31, 2007 JPMORGAN INVESTOR FUNDS 31 Bond Fund, Select Class 47,828 41,000 — — 1,717 9,201 86,212 INVESTOR GROWTH FUND JPMorgan Core Bond Fund, Select Class 39,391 1,200 26,400 (75) 634 1,409 15,217 JPMorgan Emerging Markets Debt Fund, Select Class 14,746 861 261 261 508 1,774 15,013 JPMorgan Government Bond Fund, Select Class — 29,800 — — 409 2,945 30,304 JPMorgan High Yield Bond Fund, Select Class 44,878 3,890 1,390 437 1,794 5,629 44,749 JPMorgan International Equity Fund, Select Class 61,652 13,940 17,041 12,972 266 1,829 58,395 JPMorgan International Equity Index Fund, Select Class 155,151 9,869 20,669 9,143 3,167 4,891 143,850 JPMorgan Intrepid America Fund, Select Class 143,425 14,008 9,808 6,045 1,420 5,183 142,167 JPMorgan Intrepid Growth Fund, Select Class 80,390 2,225 5,625 1,778 251 3,182 78,340 JPMorgan Intrepid Mid Cap Fund, Select Class 91,072 16,814 11,714 9,242 117 5,645 90,091 JPMorgan Intrepid Plus Fund, Select Class 15,280 800 — — — 896 15,157 JPMorgan Large Cap Growth Fund, Select Class 127,945 — 18,800 4,665 — 5,987 125,303 JPMorgan Large Cap Value Fund, Select Class 165,103 52,714 40,114 38,495 1,200 12,767 162,524 JPMorgan Market Expansion Index Fund, Select Class 91,911 17,822 13,222 12,466 279 8,288 89,428 JPMorgan Multi-Cap Market Neutral Fund, Select Class 122,917 11,400 7,100 (164) 5,947 11,260 114,967 JPMorgan Real Return Fund, Select Class 15,082 1,590 2,122 (99) 361 1,569 15,302 JPMorgan Small Cap Value Fund, Select Class 45,350 11,532 5,832 5,142 138 2,313 44,946 JPMorgan U.S. Equity Fund, Select Class 199,843 26,596 31,097 24,665 1,011 18,155 195,715 JPMorgan U.S. Large Cap Core Plus Fund, Select Class 76,534 2,270 6,070 2,328 284 3,580 74,425 JPMorgan Ultra Short Duration Bond Fund, Select Class 21,228 1,100 6,700 (121) 444 1,595 14,947 INVESTOR GROWTH & INCOME FUND JPMorgan Core Bond Fund, Select Class 97,470 6,300 13,000 (346) 2,208 8,704 94,000 JPMorgan Core Plus Bond Fund, Select Class 163,345 14,900 15,000 (488) 4,239 21,426 166,695 JPMorgan Emerging Markets Debt Fund, Select Class 20,172 1,564 364 364 703 2,473 20,919 JPMorgan Government Bond Fund, Select Class 90,914 1,900 64,100 (491) 1,557 3,056 31,442 JPMorgan High Yield Bond Fund, Select Class 165,114 14,803 5,603 1,581 6,562 20,722 164,742 JPMorgan Intermediate Bond Fund, Select Class 24,830 58,200 800 (26) 1,301 7,975 83,494 JPMorgan International Equity Fund, Select Class 62,841 14,520 18,020 13,594 270 1,855 59,222 JPMorgan International Equity Index Fund, Select Class 151,749 10,423 22,623 9,042 3,065 4,734 139,225 JPMorgan Intrepid America Fund, Select Class 154,261 16,318 12,818 6,719 1,519 5,543 152,054 JPMorgan Intrepid Growth Fund, Select Class 84,428 4,283 8,183 2,306 263 3,332 82,031 JPMorgan Intrepid Mid Cap Fund, Select Class 83,781 16,937 12,837 8,721 107 5,164 82,413
