<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
072 C000400 56
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072 I000400 16
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072AA000400 553
072BB000400 0
072CC010400 469
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072DD010400 0
072DD020400 0
072EE000400 0
073 A010400 0.0351
073 A020400 0.0000
073 B000400 1.9658
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 192
074 D000400 0
074 E000400 0
074 F000400 4993
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<PAGE> PAGE 22
074 Q000400 0
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074 R040400 15
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074 V010400 13.09
074 V020400 0.00
074 W000400 0.0000
074 X000400 5
074 Y000400 0
075 A000400 0
075 B000400 4825
076 000400 0.00
025 A000501 NOMURA SECURITIES CO. LTD.
025 C000501 E
025 D000501 13
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 11
028 A020500 0
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028 B010500 159
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028 B040500 255
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028 F020500 844
028 F030500 0
028 F040500 19
<PAGE> PAGE 23
028 G010500 859
028 G020500 844
028 G030500 0
028 G040500 830
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
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
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
063 A000500 0
063 B000500 0.0
<PAGE> PAGE 24
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 Y
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 N
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 Y
070 K010500 Y
070 K020500 Y
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 9689
071 B000500 9666
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<PAGE> PAGE 25
072 A000500 12
072 B000500 2
072 C000500 139
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072DD020500 0
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073 A010500 0.4118
073 A020500 0.0000
073 B000500 1.3065
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074 A000500 160
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074 C000500 52
074 D000500 32
074 E000500 273
074 F000500 6236
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<PAGE> PAGE 26
074 O000500 133
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SIGNATURE RICHARD W. INGRAM
TITLE 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 12/31/97 for the J.P. Morgan 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> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 1640
<INVESTMENTS-AT-VALUE> 1640
<RECEIVABLES> 1
<ASSETS-OTHER> 5
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 29
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1390
<SHARES-COMMON-STOCK> 153
<SHARES-COMMON-PRIOR> 137
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 227
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1617
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 321
<OTHER-INCOME> 0
<EXPENSES-NET> 31
<NET-INVESTMENT-INCOME> 296
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 296
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 69
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 235435
<NUMBER-OF-SHARES-REDEEMED> 235561
<SHARES-REINVESTED> 129
<NET-CHANGE-IN-ASSETS> 230
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 55
<AVERAGE-NET-ASSETS> 4099
<PER-SHARE-NAV-BEGIN> 10.09
<PER-SHARE-NII> .51
<PER-SHARE-GAIN-APPREC> (.04)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.56
<EXPENSE-RATIO> .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 December 31, 1997 for the J.P. Morgan Series Trust II - Bond 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> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 15557
<INVESTMENTS-AT-VALUE> 15751
<RECEIVABLES> 161
<ASSETS-OTHER> 19
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15931
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32
<TOTAL-LIABILITIES> 32
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15633
<SHARES-COMMON-STOCK> 1409
<SHARES-COMMON-PRIOR> 261
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (36)
<ACCUMULATED-NET-GAINS> 33
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 198
<NET-ASSETS> 15899
<DIVIDEND-INCOME> 12
<INTEREST-INCOME> 443
<OTHER-INCOME> 0
<EXPENSES-NET> 49
<NET-INVESTMENT-INCOME> 406
<REALIZED-GAINS-CURRENT> 89
<APPREC-INCREASE-CURRENT> 157
<NET-CHANGE-FROM-OPS> 652
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 371
<DISTRIBUTIONS-OF-GAINS> 76
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13586
<NUMBER-OF-SHARES-REDEEMED> 1244
<SHARES-REINVESTED> 571
<NET-CHANGE-IN-ASSETS> 13117
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 20
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 20
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 125
<AVERAGE-NET-ASSETS> 5820
<PER-SHARE-NAV-BEGIN> 10.65
<PER-SHARE-NII> .68
<PER-SHARE-GAIN-APPREC> .31
<PER-SHARE-DIVIDEND> .27
<PER-SHARE-DISTRIBUTIONS> .08
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.29
<EXPENSE-RATIO> .75
<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 12-31-97 for the J.P. Morgan European Equity Fund and is qualified in its
entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 4840
<RECEIVABLES> 6
<ASSETS-OTHER> 5
<OTHER-ITEMS-ASSETS> 0000
<TOTAL-ASSETS> 4851
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19
<TOTAL-LIABILITIES> 19
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5271
<SHARES-COMMON-STOCK> 362
<SHARES-COMMON-PRIOR> 178
<ACCUMULATED-NII-CURRENT> (1)
<OVERDISTRIBUTION-NII> (567)
<ACCUMULATED-NET-GAINS> 000
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 129
<NET-ASSETS> 4832
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 51
<EXPENSES-NET> 18
<NET-INVESTMENT-INCOME> 33
<REALIZED-GAINS-CURRENT> 633
<APPREC-INCREASE-CURRENT> (6)
<NET-CHANGE-FROM-OPS> 660
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 24
<DISTRIBUTIONS-OF-GAINS> 233
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 594
<NUMBER-OF-SHARES-REDEEMED> 18
<SHARES-REINVESTED> 428
<NET-CHANGE-IN-ASSETS> 2760
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 81
<AVERAGE-NET-ASSETS> 3570
<PER-SHARE-NAV-BEGIN> 11.61
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 2.45
<PER-SHARE-DIVIDEND> (0.07)
<PER-SHARE-DISTRIBUTIONS> (0.74)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.35
<EXPENSE-RATIO> 1.42
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] DEC-31-1997
[PERIOD-END] DEC-31-1997
[INVESTMENTS-AT-COST] 8149
[INVESTMENTS-AT-VALUE] 9119
[RECEIVABLES] 22
[ASSETS-OTHER] 12
[OTHER-ITEMS-ASSETS] 7
[TOTAL-ASSETS] 9160
[PAYABLE-FOR-SECURITIES] 224
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 44
[TOTAL-LIABILITIES] 268
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 7824
[SHARES-COMMON-STOCK] 620
[SHARES-COMMON-PRIOR] 390
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 97
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 971
[NET-ASSETS] 8892
[DIVIDEND-INCOME] 110
[INTEREST-INCOME] 16
[OTHER-INCOME] 0
[EXPENSES-NET] 69
[NET-INVESTMENT-INCOME] 57
[REALIZED-GAINS-CURRENT] 1503
[APPREC-INCREASE-CURRENT] 218
[NET-CHANGE-FROM-OPS] 1778
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 57
[DISTRIBUTIONS-OF-GAINS] 1467
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1348
[NUMBER-OF-SHARES-REDEEMED] 120
[SHARES-REINVESTED] 2071
[NET-CHANGE-IN-ASSETS] 3553
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 61
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 31
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 177
[AVERAGE-NET-ASSETS] 7665
[PER-SHARE-NAV-BEGIN] 13.68
[PER-SHARE-NII] 0.11
[PER-SHARE-GAIN-APPREC] 3.51
[PER-SHARE-DIVIDEND] 0.11
[PER-SHARE-DISTRIBUTIONS] 2.86
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 14.33
[EXPENSE-RATIO] 0.90
[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 December 31, 1997 for the J.P. Morgan Small Company Portfolio and is
qualifed in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 4359
<INVESTMENTS-AT-VALUE> 5185
<RECEIVABLES> 36
<ASSETS-OTHER> 3
<OTHER-ITEMS-ASSETS> 5
<TOTAL-ASSETS> 5229
<PAYABLE-FOR-SECURITIES> 1
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32
<TOTAL-LIABILITIES> 33
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4293
<SHARES-COMMON-STOCK> 397
<SHARES-COMMON-PRIOR> 309
<ACCUMULATED-NII-CURRENT> 2
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 75
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 826
<NET-ASSETS> 5196
<DIVIDEND-INCOME> 56
<INTEREST-INCOME> 13
<OTHER-INCOME> 0
<EXPENSES-NET> 56
<NET-INVESTMENT-INCOME> 13
<REALIZED-GAINS-CURRENT> 553
<APPREC-INCREASE-CURRENT> 469
<NET-CHANGE-FROM-OPS> 1035
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13
<DISTRIBUTIONS-OF-GAINS> 697
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 681
<NUMBER-OF-SHARES-REDEEMED> 806
<SHARES-REINVESTED> 1129
<NET-CHANGE-IN-ASSETS> 1329
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 219
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 29
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 184
<AVERAGE-NET-ASSETS> 4825
<PER-SHARE-NAV-BEGIN> 12.53
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 2.53
<PER-SHARE-DIVIDEND> .04
<PER-SHARE-DISTRIBUTIONS> 1.97
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.09
<EXPENSE-RATIO> 1.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated 12/31/97 for the J.P. Morgan Series Trust II- International Opportunities
Portfolio and is qualified in it's entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 6,477
<INVESTMENTS-AT-VALUE> 6,606
<RECEIVABLES> 110
<ASSETS-OTHER> 256
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,972
<PAYABLE-FOR-SECURITIES> 133
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 59
<TOTAL-LIABILITIES> 192
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,749
<SHARES-COMMON-STOCK> 640
<SHARES-COMMON-PRIOR> 533
<ACCUMULATED-NII-CURRENT> 13
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 185
<ACCUM-APPREC-OR-DEPREC> 203
<NET-ASSETS> 6,780
<DIVIDEND-INCOME> 139
<INTEREST-INCOME> 2
<OTHER-INCOME> 0
<EXPENSES-NET> 81
<NET-INVESTMENT-INCOME> 60
<REALIZED-GAINS-CURRENT> 628
<APPREC-INCREASE-CURRENT> (347)
<NET-CHANGE-FROM-OPS> 341
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 230
<DISTRIBUTIONS-OF-GAINS> 728
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1080
<NUMBER-OF-SHARES-REDEEMED> 1189
<SHARES-REINVESTED> 1256
<NET-CHANGE-IN-ASSETS> 530
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 96
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 41
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 288
<AVERAGE-NET-ASSETS> 6785
<PER-SHARE-NAV-BEGIN> 11.73
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> .44
<PER-SHARE-DIVIDEND> .41
<PER-SHARE-DISTRIBUTIONS> 1.31
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.60
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
TRANSACTIONS SUBJECT TO RULE 10f - 3 PROCEDURES
Fund: JPM Small Company Portfolio Security: Peapod Inc
Common Stock
Issuer: Peapod Inc
REQUIRED INFORMATION APPLICABLE RESTRICTION
1 . Offering Date 6/10/97 None
2. Total Size of Offering 64,000,000 None
3. Unit Price of Offering 16.00 None
4. Underwriting Spread 1.12 Morgan Guaranty
determination
must be made
5. Years of Issuer's Operations 8 Must be at least
three*
6. Underwriting Spread firm Must be firm
7. Trade Date 6/10/97 No later than 1 day
after #1
8. Portfolio Assets on Trade
Date 4,920,757 None
9. Price Paid per Unit 16.00 Must not exceed #3
($16.00 )
10. Total Price Paid by Portfolio 64,000 Must not exceed #8x3%
($147,623 )
11. Total Price Paid by Portfolio If less than $500,000,
plus Total Price Paid for must not exceed #2 x
same securities by associated 640,000 10% ( N/A), otherwise
must not exceed #2x4%
(2,560,000)
12. List of Underwriters from whom Must not include Morgan
Portfolio purchased Smith Barney, Guaranty or affiliates**
Inc.
Morgan Guaranty has determined that the underwriting commission, spread or
profit is reasonable and fair compared to underwritings of similar
securities during a comparable period of time. In determining which
securities are comparable, Morgan Guaranty has considered the factors set
forth in the Fund's 10f-3 procedures.
James Otness
Portfolio Manager
* 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.
** For munis purchased from syndicate manager, check box to confirm
that the purchase was not designated as a group sale.
TRANSACTIONS SUBJECT TO RULE 10f - 3 PROCEDURES
Fund: JPM Small Co Security:
Equity Office Properties Trust
Common Stock
Issuer: Equity Office Properties Trust
REQUIRED INFORMATION APPLICABLE RESTRICTION
1. Offering Date 7/7/97 None
2. Total Size of Offering 525,000,000 None
3. Unit Price of Offering 21.00 None
4. Underwriting Spread 1.365 Morgan Guaranty determination
must be made
5. Years of Issuer's Operations 11 Must be at least three*
6. Underwriting firm Must be firm
7. Trade Date 7/7/97 No later than 1 day after #1
8. Portfolio Assets on
Trade Date 4,981,009 None
9. Price Paid per Unit 21.00 Must not exceed #3 ($21.00)
10.Total Price Paid by Portfolio 46,200 Must not exceed #8x3%
($149,430.27)
11.Total Price Paid by Portfolio
plus Total Price Paid for same
securities by associated Funds 3,765.300 If less than $500,000, must
not exceed #2 x 10% ( N/A),
otherwise must not exceed
#2 x 4% ( 21,000,000)
12.List of Underwriters from whom Must not include Morgan
Portfolio purchased Merrill Lynch Guaranty or affiliates **
Morgan Guaranty has determined that the underwriting commission, spread or
profit is reasonable and fair compared to underwritings of similar
securities during a comparable period of time. In determining which
securities are comparable, Morgan Guaranty has considered the factors set
forth in the Fund's 10f-3 procedures.
James B. Otness
Portfolio Manager
* Not applicable to munis. In the case of munis, (i) the issue
must have one investment grade rating or (ii) if the issuer or
the revenue source has been in operation for less than three
years, the issue must have one of the three highest ratings.
Circle (i) or (ii) , whichever is met.
** For munis purchased from syndicate manager, check box to confirm that
the purchase was not designated as a group sale.
List of Underwriters or Dealer from whom Portfolio purchased:
Merrill Lynch
TRANSACTIONS SUBJECT TO RULE 10f - 3 PROCEDURES
Fund: JPM Small Co Security: Eagle Geophysical, Inc
Common Stock
Issuer: Eagle Geophysical, Inc
REQUIRED INFORMATION APPLICABLE RESTRICTION
1.Offering Date 8/5/97 None
2.Total Size of Offering 99,960,000 None
3.Unit Price of Offering 17.00 None
4.Underwriting Spread 1.19 Morgan Guaranty determination
must be made
5.Years of Issuer's Operations 4 Must be at least three*
6.Underwriting firm Must be firm
7.Trade Date 8/5/97 No later than 1 day after #1
8.Portfolio Assets on
Trade Date 5,082,557 None
9.Price Paid per Unit 17.00 Must not exceed #3 ($ $17.00 )
10.Total Price Paid by
Portfolio 5,100 Must not exceed #8 x 3% ($152,476.71)
11.Total Price Paid by
Portfolio plus Total Price If less than $500,000, must not
Paid for same securities exceed #2 x 10% (N/A), otherwise
by associated Funds 540,600 must not exceed #2 x 4% ( $3,998,400)
12.List of Underwriters from
whom Portfolio purchased Prudential Must not include Morgan
Guaranty or affiliates **
Securities, Inc.
Morgan Guaranty has no reason to beleive that the underwriting commission,
spread or profit is not reasonable or fair compared to underwritings of
similar securities during a comparable period of time. In determining
which securities are comparable, Morgan Guaranty has considered the
factors set forth in the Fund's 10f-3 procedures.
Barry Mullen
Compliance Officer
* 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.
** For munis purchased from syndicate manager, check box to confirm that
the purchase was not designated as a group sale.
List of Underwriters or Dealer from whom Portfolio purchased:
Prudential Sec's.
Simmons & Co.
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: 5580 JPM International Equity Fund Security Description:
Common Stock
Issuer: ISPAT International
In Compliance
REQUIRED INFORMATION APPLICABLE RESTRICTION (Yes/No)
1. Offering Date Aug 7, 1997 None N/A
2. Trade Date Aug 7, 1997 Must be the same as #1 Yes
3. Unit Price of Offering $27 None N/A
4. Price Paid per Unit $ 27 Must not exceed #3 Yes
5. Years of Issuer's Operations 8 Must be at least three years * Yes
6. Underwriting Type Firm Must be firm Yes
7. Underwriting Spread $1.215 Investment Adviser determination to
be made Yes
8. Total Price paid by
Portfolio $2,457 None N/A
9. Total Size of
Offering 675,000,000 None N/A
10. Total Price Paid If less than $500,000, must not
by Portfolio plus exceed #8 x 10%(N/A), otherwise
Total Price Paid for must not exceed #8x4%($27,000,000) Yes
same securities purchased
by the same investment
adviser for other investment
companies $851,796
11. Underwriters from whom
Portfolio purchased
(attach a list of all Credit Suisse Yes
syndicate members) First Boston Must not include Investment Adviser
affiliates *** Yes
12. If the affiliate was
lead or co-lead
manager, confirm the
instruction given N/A Must be "Yes" or "N/A"
below ****
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.
Barry J. Mullen
Compliance Officer
* 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.
*** 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.
1177 AVENUE OF THE AMERICAS TELEPHONE 212 596 7000
NEW YORK, NY 10036 FACSIMILE 212 596 8910
PRICE WATERHOUSE LLP [LOGO]
REPORT OF INDEPENDENT ACCOUNTANTS
February 12, 1998
To the Shareholders and Trustees of
J.P. Morgan Series Trust II (constituting J.P. Morgan Treasury Money Market
Portfolio, J.P. Morgan Bond Portfolio, J.P. Morgan Equity Portfolio,
J.P. Morgan Small Company Portfolio and J.P. Morgan International Opportunities
Portfolio)
In planning and performing our audit of the financial statements of J.P. Morgan
Series Trust II (the "Fund") for the year ended December 31, 1997, 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 Fund 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
control activities. Generally, control activities 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 control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control 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 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 any
specific internal control components 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 internal control,
including control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of December 31, 1997.
This report is intended solely for the information and use of management and the
Trustees of the Fund and the Securities and Exchange Commission.
/s/ PRICE WATERHOUSE LLP
PRICE WATERHOUSE LLP
