<PAGE> PAGE 1
000 B000000 10/31/99
000 C000000 1031787
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 SERIES PORTFOLIO II
001 B000000 811-8077
001 C000000 6175570700
002 A000000 60 STATE STREET SUITE 1300
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 THE GLOBAL STRATEGIC INCOME PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 THE TREASURY MONEY MARKET PORTFOLIO
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
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<PAGE> PAGE 2
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007 C017600 76
<PAGE> PAGE 3
007 C017700 77
007 C017800 78
007 C017900 79
007 C018000 80
008 A00AA01 JP MORGAN INVESTMENT MANAGEMENT INC.
008 B00AA01 A
008 C00AA01 801-999999
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10036
010 A00AA01 FUNDS DISTRIBUTOR, INC.
010 B00AA01 8-420518
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02116
010 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
010 B00AA02 8-49999
010 C01AA02 NEW YORK
010 C02AA02 NY
010 C03AA02 10036
010 A00AA03 PIERPONT GROUP, INC.
010 C01AA03 NEW YORK
010 C02AA03 NY
010 C03AA03 10017
011 A00AA01 FUNDS DISTRIBUTOR, INC.
011 B00AA01 8-420518
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02116
012 A00AA01 STATE STREET BANK AND TRUST COMPANY
012 B00AA01 85-50003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02101
013 A00AA01 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 J.P. MORGAN SECURITIES, INC.
014 B00AA01 8-99999999
014 A00AA02 J.P. MORGAN SECURITIES LTD.
014 B00AA02 8-99999999
014 A00AA03 BOSTON INSTITUTIONAL SERVICES, INC.
014 B00AA03 8-99999
014 A00AA04 FUNDS DISTRIBUTOR, INC.
014 B00AA04 8-420518
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
<PAGE> PAGE 4
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 70
019 C00AA00 J.P.MORGAN
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 WESTDEUTSCHE LANDESBANK
022 C000001 42059882
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022 A000002 CS FIRST BOSTON
022 C000002 27168314
022 D000002 72644
022 A000003 GOLDMAN SACHS
022 C000003 20820866
022 D000003 106002
022 A000004 LEHMAN BROTHERS
022 C000004 19752070
022 D000004 23785
022 A000005 CHASE MANHATTAN BANK
022 C000005 11569692
022 D000005 2561
022 A000006 GREENWICH CAPITAL CORP
022 C000006 9258445
022 D000006 33681
022 A000007 WARBURG INC.
022 C000007 9058289
022 D000007 7186
022 A000008 BEAR STEARNS & CO
022 C000008 5087671
022 D000008 26630
022 A000009 MERRILL LYNCH & CO
022 C000009 3086795
022 D000009 43571
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<PAGE> PAGE 5
026 D000000 Y
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030 B00AA00 0.00
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039 00AA00 N
040 00AA00 Y
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051 00AA00 N
052 00AA00 N
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054 C00AA00 N
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<PAGE> PAGE 6
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
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061 00AA00 0
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
070 K020100 N
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<PAGE> PAGE 10
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025 C000203 D
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025 A000204 MERRILL LYNCH
025 C000204 D
025 D000204 50000
<PAGE> PAGE 11
025 A000205 WESTDEUTSCHE LANDESBANK
025 C000205 D
025 D000205 180454
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025 D000206 0
025 A000207 GREENWICH CAPITAL
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<PAGE> PAGE 12
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<PAGE> PAGE 13
070 A020200 Y
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070 F020200 N
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070 G020200 N
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072 B000200 43380
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<PAGE> PAGE 14
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074 A000200 65001
074 B000200 854210
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<PAGE> PAGE 15
074 V020200 0.00
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076 000200 0.00
SIGNATURE GEORGE A. RIO
TITLE ASSISTANT TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL DATA EXTRACTED FROM THE ANNUAL REPORT
DATED OCTOBER 31, 1999 FOR THE GLOBAL STRATEGIC INCOME PORTFOLIO AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ANNUAL REPORT.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 220110
<INVESTMENTS-AT-VALUE> 211896
<RECEIVABLES> 5229
<ASSETS-OTHER> 513
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 217638
<PAYABLE-FOR-SECURITIES> 24753
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 195
<TOTAL-LIABILITIES> 24948
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 192690
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 17485
<OTHER-INCOME> 0
<EXPENSES-NET> 1442
<NET-INVESTMENT-INCOME> 16043
<REALIZED-GAINS-CURRENT> (5509)
<APPREC-INCREASE-CURRENT> (4818)
<NET-CHANGE-FROM-OPS> 5716
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (41464)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1073
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1457
<AVERAGE-NET-ASSETS> 238468
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0.60
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated October 31, 1999 for The Treasury Money Market Portfolio and is qualified
in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 1105350
<INVESTMENTS-AT-VALUE> 1105350
<RECEIVABLES> 4404
<ASSETS-OTHER> 65008
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1174762
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 307
<TOTAL-LIABILITIES> 307
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1174455
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 43380
<OTHER-INCOME> 0
<EXPENSES-NET> 1726
<NET-INVESTMENT-INCOME> 41654
<REALIZED-GAINS-CURRENT> (49)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 41605
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 469408
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1716
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2129
<AVERAGE-NET-ASSETS> 876823
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> .20
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
2
Report of Independent Accountants
To the Trustees and Investors of
The Global Strategic Income Portfolio
In planning and performing our audit of the financial statements of The Global
Strategic Income Portfolio (the "Portfolio") for the year ended October 31,
1999, we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Portfolio is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of their design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1999.
This report is intended solely for the information and use of the Trustees,
management and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified parties.
December 17, 1999
2
Report of Independent Accountants
To the Trustees and Investors of
The Treasury Money Market Portfolio
In planning and performing our audit of the financial statements of The Treasury
Money Market Portfolio (the "Portfolio") for the year ended October 31, 1999, we
considered its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Portfolio is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of their design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1999.
This report is intended solely for the information and use of the Trustees,
management and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified parties.
December 17, 1999
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: Global Strategic Income Portfolio - Special Situations
Security Description: Senior Secured Notes Sr A
Issuer: Lyondell Chemical Company 9.625% due 5/1/07
---------------------------------------------
Offering Type: Eligible 144A
-------------
(US Registered, Eligible Muni,
Eligible Foreign, Eligible 144A)
<TABLE>
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
- -------- ------------------------------------------- ---------------- --------------------------------------
<S> <C> <C> <C>
1. Offering Date May 11, 1998 None N/A
------------ ---
2. Trade Date May 11, 1998 Must be the same as #1 Yes
------------ ---
3. Unit Price of Offering 100.00% None N/A
---
4. Price Paid per Unit 100.00% Must not exceed #3 Yes
---
5. Years of Issuer's Operations 25 Must be at least three years * Yes
-- ---
6. Underwriting Type Firm Must be firm Yes
7. Underwriting Spread % Investment Adviser determination to Yes
be made
8. Total Price paid by Portfolio $1,500,000 None N/A
---------- ---
9. Total Size of Offering $2,400,000,000 None N/A
-------------- ---
10. Total Price Paid by Portfolio plus Total #10 divided by #9 must not exceed
Price Paid for same securities purchased $1,500,000 25% ** Yes
---------- ---
by the same investment adviser for other
investment companies
11. Underwriter(s) from whom the Portfolio DLJ ( Fixed
purchased (attach a prospectus or Income) Must not include Investment Adviser
offering circular for a list of all affiliates *** Yes
syndicate members)
12. If the affiliate was lead or co-lead N/A
manager, was the instruction listed below Must be "Yes" or "N/A" N/A
given to the broker(s) named in #11? ****
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
</TABLE>
The Investment Adviser has no reasonable cause to believe that the underwriting
commission, spread or profit is NOT reasonable and fair compared to
underwritings of similar securities during a comparable period of time. In
determining which securities are comparable, the Investment Adviser has
considered the factors set forth in the Portfolio's 10f-3 procedures.
* Not applicable to munis. In the case of munis, (i) the issue must have
one investment grade rating or (ii) if the issuer or the revenue source
has been in operation for less than three years, the issue must have
one of the three highest ratings. Circle (i) or (ii), whichever is met.
** If an eligible Rule 144A offering, must not exceed 25% of the total
amount of same class sold to QIBs in the Rule 144A offering PLUS the
amount of the offering of the same class in any concurrent public
offering
*** For munis purchased from syndicate manager, check box to confirm that the
purchase was not designated as a group sale. [ ]
**** No credit for the purchase made for the Portfolio can be credited to the
Investment Adviser's affiliate.
