NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2007 (Unaudited)
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 a