<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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072 L000400 5
072 M000400 13
072 N000400 2
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 16
072 S000400 3
072 T000400 0
072 U000400 2
072 V000400 0
072 W000400 20
072 X000400 96
072 Y000400 55
072 Z000400 19
072AA000400 620
072BB000400 0
072CC010400 106
072CC020400 0
072DD010400 19
072DD020400 0
072EE000400 518
073 A010400 0.0622
073 A020400 0.0000
073 B000400 1.7339
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 183
074 D000400 0
074 E000400 0
074 F000400 4104
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 23
074 K000400 7
074 L000400 3
074 M000400 0
074 N000400 4320
074 O000400 23
074 P000400 10
074 Q000400 0
074 R010400 0
074 R020400 0
<PAGE> PAGE 22
074 R030400 0
074 R040400 420
074 S000400 0
074 T000400 3867
074 U010400 309
074 U020400 0
074 V010400 12.53
074 V020400 0.00
074 W000400 0.0000
074 X000400 2
074 Y000400 0
075 A000400 0
075 B000400 3529
076 000400 0.00
015 A000501 STATE STREET BANK AND TRUST
015 B000501 C
015 C010501 BOSTON
015 C020501 MA
015 C030501 02105
015 C040501 1715
015 E010501 X
024 000500 Y
025 A000501 DAIWA BANK
025 C000501 E
025 D000501 9
025 A000502 DELETE
025 D000502 0
025 A000503 DELETE
025 D000503 0
025 A000504 DELETE
025 D000504 0
025 A000505 DELETE
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 561
028 A020500 0
028 A030500 0
028 A040500 18
028 B010500 705
028 B020500 0
028 B030500 0
028 B040500 3
028 C010500 95
028 C020500 0
028 C030500 0
028 C040500 5
028 D010500 44
028 D020500 0
028 D030500 0
<PAGE> PAGE 23
028 D040500 6
028 E010500 7
028 E020500 0
028 E030500 0
028 E040500 3
028 F010500 7
028 F020500 0
028 F030500 0
028 F040500 3
028 G010500 1419
028 G020500 0
028 G030500 0
028 G040500 38
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.600
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
055 A000500 Y
055 B000500 N
056 000500 N
057 000500 N
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
<PAGE> PAGE 24
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 Y
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 Y
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 Y
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 N
070 O010500 Y
<PAGE> PAGE 25
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 5443
071 B000500 3618
071 C000500 5079
071 D000500 71
072 A000500 12
072 B000500 3
072 C000500 125
072 D000500 0
072 E000500 0
072 F000500 32
072 G000500 10
072 H000500 0
072 I000500 0
072 J000500 13
072 K000500 0
072 L000500 7
072 M000500 20
072 N000500 2
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 24
072 S000500 5
072 T000500 0
072 U000500 2
072 V000500 0
072 W000500 52
072 X000500 167
072 Y000500 104
072 Z000500 65
072AA000500 339
072BB000500 0
072CC010500 295
072CC020500 0
072DD010500 49
072DD020500 0
072EE000500 249
073 A010500 0.0917
073 A020500 0.0000
073 B000500 0.4672
073 C000500 0.0000
074 A000500 54
074 B000500 0
074 C000500 0
<PAGE> PAGE 26
074 D000500 16
074 E000500 205
074 F000500 6234
074 G000500 0
074 H000500 0
074 I000500 1
074 J000500 0
074 K000500 6
074 L000500 51
074 M000500 0
074 N000500 6567
074 O000500 6
074 P000500 13
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 298
074 S000500 0
074 T000500 6250
074 U010500 533
074 U020500 0
074 V010500 11.73
074 V020500 0.00
074 W000500 0.0000
074 X000500 2
074 Y000500 0
075 A000500 0
075 B000500 5214
076 000500 0.00
SIGNATURE DAVID LAFFERTY
TITLE ACCOUNTANT
[ARTICLE] 6
[SERIES]
[NUMBER] 2
[NAME] CHUBB SERIES TRUST
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 2835260
[INVESTMENTS-AT-VALUE] 2876775
[RECEIVABLES] 282064
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 5920
[TOTAL-ASSETS] 3164759
[PAYABLE-FOR-SECURITIES] 100440
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 282240
[TOTAL-LIABILITIES] 382680
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 2719590
[SHARES-COMMON-STOCK] 261269
[SHARES-COMMON-PRIOR] 129900
[ACCUMULATED-NII-CURRENT] 1024
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 19950
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 41515
[NET-ASSETS] 2782079
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 139491
[OTHER-INCOME] 0
[EXPENSES-NET] 15592
[NET-INVESTMENT-INCOME] 123899
[REALIZED-GAINS-CURRENT] 19950
[APPREC-INCREASE-CURRENT] (52031)
[NET-CHANGE-FROM-OPS] 91818
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 122875
[DISTRIBUTIONS-OF-GAINS] 2043
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 146230
[NUMBER-OF-SHARES-REDEEMED] 24337
[SHARES-REINVESTED] 9476
[NET-CHANGE-IN-ASSETS] 1365385
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 2043
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 10395
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 45250
[AVERAGE-NET-ASSETS] 2061915
[PER-SHARE-NAV-BEGIN] 10.91
[PER-SHARE-NII] .47
[PER-SHARE-GAIN-APPREC] (.25)
[PER-SHARE-DIVIDEND] .47
[PER-SHARE-DISTRIBUTIONS] .01
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.65
[EXPENSE-RATIO] .75
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[SERIES]
[NUMBER] 3
[NAME] CHUBB SERIES TRUST
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 5114125
[INVESTMENTS-AT-VALUE] 5867270
[RECEIVABLES] 24481
[ASSETS-OTHER] 10245
[OTHER-ITEMS-ASSETS] 5920
[TOTAL-ASSETS] 5907916
[PAYABLE-FOR-SECURITIES] 10900
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 557733
[TOTAL-LIABILITIES] 568633
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 4524782
[SHARES-COMMON-STOCK] 390317
[SHARES-COMMON-PRIOR] 328070
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 61356
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 753145
[NET-ASSETS] 5339283
[DIVIDEND-INCOME] 113121
[INTEREST-INCOME] 10624
[OTHER-INCOME] 0
[EXPENSES-NET] 46541
[NET-INVESTMENT-INCOME] 77204
[REALIZED-GAINS-CURRENT] 530898
[APPREC-INCREASE-CURRENT] 363239
[NET-CHANGE-FROM-OPS] 971341
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 77204
[DISTRIBUTIONS-OF-GAINS] 542542
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 119491
[NUMBER-OF-SHARES-REDEEMED] 82429
[SHARES-REINVESTED] 25185
[NET-CHANGE-IN-ASSETS] 1194825
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 73000
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 31027
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 109985
[AVERAGE-NET-ASSETS] 5129065
[PER-SHARE-NAV-BEGIN] 12.63
[PER-SHARE-NII] .20
[PER-SHARE-GAIN-APPREC] 2.44
[PER-SHARE-DIVIDEND] .20
[PER-SHARE-DISTRIBUTIONS] 1.39
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 13.68
[EXPENSE-RATIO] .90
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[SERIES]
[NUMBER] 5
[NAME] CHUBB SERIES TRUST
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 5923086
[INVESTMENTS-AT-VALUE] 6455586
[RECEIVABLES] 50985
[ASSETS-OTHER] 54172
[OTHER-ITEMS-ASSETS] 5920
[TOTAL-ASSETS] 6566663
[PAYABLE-FOR-SECURITIES] 6427
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 310310
[TOTAL-LIABILITIES] 316737
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 5603442
[SHARES-COMMON-STOCK] 532907
[SHARES-COMMON-PRIOR] 367556
[ACCUMULATED-NII-CURRENT] 32138
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 64086
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 550260
[NET-ASSETS] 6249926
[DIVIDEND-INCOME] 124584
[INTEREST-INCOME] 3432
[OTHER-INCOME] 0
[EXPENSES-NET] 63052
[NET-INVESTMENT-INCOME] 64964
[REALIZED-GAINS-CURRENT] 338690
[APPREC-INCREASE-CURRENT] 295017
[NET-CHANGE-FROM-OPS] 698671
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 48894
[DISTRIBUTIONS-OF-GAINS] 248948
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 172202
[NUMBER-OF-SHARES-REDEEMED] 19591
[SHARES-REINVESTED] 12740
[NET-CHANGE-IN-ASSETS] 2257651
[ACCUMULATED-NII-PRIOR] 17118
[ACCUMULATED-GAINS-PRIOR] 7530
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 42035
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 167179
[AVERAGE-NET-ASSETS] 5213994
[PER-SHARE-NAV-BEGIN] 10.86
[PER-SHARE-NII] .20
[PER-SHARE-GAIN-APPREC] 1.23
[PER-SHARE-DIVIDEND] .09
[PER-SHARE-DISTRIBUTIONS] .47
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.73
[EXPENSE-RATIO] 1.20
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[SERIES]
[NUMBER] 1
[NAME] CHUBB SERIES TRUST
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 1462090
[INVESTMENTS-AT-VALUE] 1462307
[RECEIVABLES] 0
[ASSETS-OTHER] 1449
[OTHER-ITEMS-ASSETS] 5920
[TOTAL-ASSETS] 1469676
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 83158
[TOTAL-LIABILITIES] 83158
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 1386299
[SHARES-COMMON-STOCK] 137375
[SHARES-COMMON-PRIOR] 126500
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 2
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 217
[NET-ASSETS] 1386518
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 68554
[OTHER-INCOME] 0
[EXPENSES-NET] 7968
[NET-INVESTMENT-INCOME] 60586
[REALIZED-GAINS-CURRENT] 70
[APPREC-INCREASE-CURRENT] (422)
[NET-CHANGE-FROM-OPS] 60234
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 60586
[DISTRIBUTIONS-OF-GAINS] 68
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 130402
[NUMBER-OF-SHARES-REDEEMED] 125133
[SHARES-REINVESTED] 5606
[NET-CHANGE-IN-ASSETS] 113586
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 5312
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 26880
[AVERAGE-NET-ASSETS] 1317096
[PER-SHARE-NAV-BEGIN] 10.06
[PER-SHARE-NII] .44
[PER-SHARE-GAIN-APPREC] .03
[PER-SHARE-DIVIDEND] .44
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.09
[EXPENSE-RATIO] .60
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[SERIES]
[NUMBER] 4
[NAME] CHUBB SERIES TRUST
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] DEC-31-1996
[INVESTMENTS-AT-COST] 3928684
[INVESTMENTS-AT-VALUE] 4286215
[RECEIVABLES] 28310
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 5920
[TOTAL-ASSETS] 4320445
[PAYABLE-FOR-SECURITIES] 23055
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 430388
[TOTAL-LIABILITIES] 453443
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 3289067
[SHARES-COMMON-STOCK] 308651
[SHARES-COMMON-PRIOR] 214324
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 220404
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 357531
[NET-ASSETS] 3867002
[DIVIDEND-INCOME] 50295
[INTEREST-INCOME] 9828
[OTHER-INCOME] 0
[EXPENSES-NET] 40914
[NET-INVESTMENT-INCOME] 19209
[REALIZED-GAINS-CURRENT] 619860
[APPREC-INCREASE-CURRENT] 105584
[NET-CHANGE-FROM-OPS] 744653
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 19209
[DISTRIBUTIONS-OF-GAINS] 518489
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 143575
[NUMBER-OF-SHARES-REDEEMED] 85441
[SHARES-REINVESTED] 36193
[NET-CHANGE-IN-ASSETS] 1330744
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 119033
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 28462
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 95856
[AVERAGE-NET-ASSETS] 3528690
[PER-SHARE-NAV-BEGIN] 11.83
[PER-SHARE-NII] .06
[PER-SHARE-GAIN-APPREC] 2.43
[PER-SHARE-DIVIDEND] .06
[PER-SHARE-DISTRIBUTIONS] 1.73
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.53
[EXPENSE-RATIO] 1.15
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
Board of Directors
JPM Series Trust II
In planning and performing our audit of the financial statements of the
JPM Series Trust II (the Trust , comprising, respectively, the JPM
Treasury Money Market Portfolio, JPM Bond Portfolio, JPM Equity
Portfolio, JPM Small Company Portfolio and JPM International Equity
Portfolio) for the year ended December 31, 1996, we considered its
internal control structure, including procedures 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 the internal
control structure. Effective January 1, 1997, the Trust s name was
changed from Chubb Series Trust to JPM Series Trust II and the
investment portfolios within the Trust were renamed from the Resolute
Portfolios to the JPM Portfolios .
The management of JPM Series Trust II is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies
and procedures. Two of the objectives of an internal control structure are
to provide management with reasonable, but not absolute, assurance that
assets are safeguarded against loss from unauthorized use or disposition
and that transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of financial
statements in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements
does not reduce to a relatively low level the risk that errors or
irregularities 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 the internal control
structure, including procedures for safeguarding securities, that we
consider to be material weaknesses as defined above at December 31,
1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
ERNST &
YOUNG LLP
February 14, 1997
THE CHUBB SERIES TRUST
A special meeting of shareholders of each Portfolio of The Chubb
Series Trust (the Trust ) was held at the office of Chubb Life
Insurance Company of America, One Granite Place, Concord, New
Hampshire, on Thursday, December 12, 1996 at 10 am with the
following purpose:
1) Approval of a new Investment Advisory Agreement between the
Trust and J.P. Morgan Investment Management, Inc., an affiliate of
Morgan Guaranty Trust Company of New York, the Trust s current
sub-investment adviser.
Accordingly, the Trust s Board approved a new Investment Advisory
Agreement between the Trust and Morgan. Chubb Investment
Advisory resigned as the Trust s investment manager, transfer and
dividend disbursing agent.
The Trust entered into an Administrative Services Agreement with
Morgan Guaranty. Funds Distributor, Inc., ( FDI ), will serve as the
Trust s distributor and co-adminstrator. State Street Bank and Trust
Company will serve as custodian and transfer and disbursing agent for
The Trust.
The Trust changed its name to JPM Series Trust II and the Portfolio s
names to:
JPM Treasury Money Market Portfolio
JPM Bond Portfolio
JPM Equity Portfolio
JPM Small Company Portfolio
JPM International Equity Portfolio
VOTE FOR: 1,626,375.480
VOTE AGAINST: 0.000
2) The election of three new Trustees:
John R. Rettberg
Retired; Consultant, Northrop Grumman Corporation since
January 1995
John F. Ruffle
Retired; Consultant, J. P. Morgan since June 1993
Kenneth Whipple, Jr.
Executive Vice President, Ford Motor Company, President,
Ford Financial Services Group, and Director, Ford Motor Credit
Company since 1988.
CURRENT TRUSTEES:
Harry H. Bird, MD
Charles E. Clough
Peggy A. Stock
Charles F. Leahy
VOTE FOR: 1,626,375.480
VOTE AGAINST: 0.000
3) Ratified and approved the election of Price Waterhouse LLP
as independent auditors of the Trust for the Trust s fiscal year
ending December 31, 1997.
VOTE FOR: 1,626,375.480
VOTE AGAINST: 0.000
February 27, 1997
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Ladies and Gentlemen:
We have read Exhibit 77.K of Form N-SAR, dated February 27, 1997, of
the JPM Series Trust II (the Trust , comprising, respectively, the JPM
Treasury Money Market Portfolio, JPM Bond Portfolio, JPM Equity
Portfolio, JPM Small Company Portfolio and JPM International Equity
Portfolio) and are in agreement with the statements contained therein.
Effective January 1, 1997, the Trust s name was changed from the Chubb
Series Trust to the JPM Series Trust II and the investment portfolios within
the Trust were renamed from the Resolute Portfolios to the JPM
Portfolios . We have no basis to agree or disagree with other statements
of the registrant contained therein.
ERNST & YOUNG LLP
N-SAR 12/31/96 - CHUBB SERIES TRUST
EXHIBIT 77.K.
Changes in Registrant s Certifying Accountants
Regulation S-K Item 304(a)
At a shareholders meeting held on December 12, 1996, the shareholders
of JPM Series Trust II (formerly Chubb Series Trust) approved the
engagement of Price Waterhouse, LLP as its independent auditors for the
fiscal year ending December 31, 1997 to replace the firm of Ernst &
Young LLP, who were dismissed as auditors of JPM Series Trust II
effective December 31, 1996.
The reports of Ernst & Young LLP on the JPM Series Trust II financial
statements for the past two fiscal years did not contain an adverse
opinion or a disclaimer of opinion and were not qualified or modified as
to uncertainty, audit scope, or accounting principles.
In connection with the audits of the JPM Series Trust II financial
statements for each of the two fiscal years ended December 31, 1996 and
1995, and in the subsequent interim period, there were no disagreements
with Ernst & Young LLP on any matters of accounting principles or
practices, financial statement disclosure, or auditing scope and
procedures which, if not resolved to the satisfaction of Ernst & Young
LLP would have caused Ernst & Young LLP to make reference to the
matter in their report.
JPM Series Trust II has requested Ernst & Young LLP to furnish it a
letter addressed to the Commission stating whether it agrees with the
above statements. A copy of that letter dated February 27, 1997 is filed
as Exhibit 1 to this Form N-SAR.
