<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 L000400 5
072 M000400 3
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 12
072 S000400 5
072 T000400 0
072 U000400 1
072 V000400 0
072 W000400 1
072 X000400 88
072 Y000400 55
072 Z000400 3
072AA000400 250
072BB000400 0
072CC010400 7
072CC020400 0
072DD010400 0
072DD020400 0
072EE000400 90
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.2200
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 336
074 D000400 0
074 E000400 0
074 F000400 5577
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 41
074 K000400 45
074 L000400 6
074 M000400 2
074 N000400 6007
074 O000400 146
074 P000400 4
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 44
074 S000400 0
074 T000400 5813
074 U010400 430
074 U020400 0
<PAGE> PAGE 22
074 V010400 13.52
074 V020400 0.00
074 W000400 0.0000
074 X000400 5
074 Y000400 0
075 A000400 0
075 B000400 5653
076 000400 0.00
025 A000501 NONE
025 C000501 E
025 D000501 0
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 155
028 A020500 0
028 A030500 0
028 A040500 107
028 B010500 175
028 B020500 0
028 B030500 0
028 B040500 27
028 C010500 331
028 C020500 0
028 C030500 0
028 C040500 84
028 D010500 283
028 D020500 0
028 D030500 0
028 D040500 69
028 E010500 985
028 E020500 0
028 E030500 0
028 E040500 10
028 F010500 243
028 F020500 412
028 F030500 0
028 F040500 8
028 G010500 2172
028 G020500 412
028 G030500 0
028 G040500 305
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.600
<PAGE> PAGE 23
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
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
<PAGE> PAGE 24
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 8412
071 B000500 6701
071 C000500 7458
071 D000500 90
072 A000500 6
072 B000500 5
072 C000500 80
072 D000500 0
072 E000500 0
072 F000500 23
072 G000500 0
072 H000500 0
072 I000500 8
<PAGE> PAGE 25
072 J000500 66
072 K000500 0
072 L000500 5
072 M000500 2
072 N000500 0
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 13
072 S000500 6
072 T000500 0
072 U000500 1
072 V000500 0
072 W000500 3
072 X000500 127
072 Y000500 80
072 Z000500 38
072AA000500 422
072BB000500 0
072CC010500 95
072CC020500 0
072DD010500 94
072DD020500 0
072EE000500 318
073 A010500 0.1300
073 A020500 0.0000
073 B000500 0.4600
073 C000500 0.0000
074 A000500 37
074 B000500 0
074 C000500 120
074 D000500 155
074 E000500 394
074 F000500 8218
074 G000500 0
074 H000500 0
074 I000500 589
074 J000500 170
074 K000500 49
074 L000500 42
074 M000500 48
074 N000500 9822
074 O000500 543
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 77
074 S000500 0
074 T000500 9202
<PAGE> PAGE 26
074 U010500 843
074 U020500 0
074 V010500 10.92
074 V020500 0.00
074 W000500 0.0000
074 X000500 6
074 Y000500 0
075 A000500 0
075 B000500 7903
076 000500 0.00
SIGNATURE DOUGLAS C. CONROY
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 semi-annual
report dated June 30, 1998 for the J.P. Morgan Series Trust II - Treasury Money
Market Portfolio and is qualified in its entirety by reference to such
semi-annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 1,653
<INVESTMENTS-AT-VALUE> 1,653
<RECEIVABLES> 8
<ASSETS-OTHER> 5
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,666
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15
<TOTAL-LIABILITIES> 15
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,614
<SHARES-COMMON-STOCK> 177
<SHARES-COMMON-PRIOR> 153
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (37)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,651
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 42
<OTHER-INCOME> 0
<EXPENSES-NET> 5
<NET-INVESTMENT-INCOME> 37
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 37
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 228
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5
<NUMBER-OF-SHARES-REDEEMED> 8
<SHARES-REINVESTED> 228
<NET-CHANGE-IN-ASSETS> 33
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (228)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 25
<AVERAGE-NET-ASSETS> 1,633
<PER-SHARE-NAV-BEGIN> 10.56
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.48
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.30
<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 semi-annual
report dated June 30, 1998 for the J.P. Morgan Series Trust II - Bond Portfolio
and is qualified in its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 19,754
<INVESTMENTS-AT-VALUE> 19,927
<RECEIVABLES> 426
<ASSETS-OTHER> 69
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,422
<PAYABLE-FOR-SECURITIES> 763
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43
<TOTAL-LIABILITIES> 806
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,765
<SHARES-COMMON-STOCK> 1,680
<SHARES-COMMON-PRIOR> 1,409
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (484)
<ACCUMULATED-NET-GAINS> 156
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 211
<NET-ASSETS> 19,616
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 548
<OTHER-INCOME> 0
<EXPENSES-NET> 64
<NET-INVESTMENT-INCOME> 484
<REALIZED-GAINS-CURRENT> 156
<APPREC-INCREASE-CURRENT> 13
<NET-CHANGE-FROM-OPS> 653
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 36
<DISTRIBUTIONS-OF-GAINS> 33
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,464
<NUMBER-OF-SHARES-REDEEMED> 5,400
<SHARES-REINVESTED> 68
<NET-CHANGE-IN-ASSETS> 3,716
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 33
<OVERDISTRIB-NII-PRIOR> (36)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 26
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 79
<AVERAGE-NET-ASSETS> 17,189
<PER-SHARE-NAV-BEGIN> 11.29
<PER-SHARE-NII> .28
<PER-SHARE-GAIN-APPREC> .15
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .04
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.68
<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 from the semi-annual report dated
June 30, 1998, for the J.P. Morgan Series Trust II - Equity Portfolio, and is qualified in its entirety
by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 12015
<INVESTMENTS-AT-VALUE> 13259
<RECEIVABLES> 228
<ASSETS-OTHER> 5
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13492
<PAYABLE-FOR-SECURITIES> 445
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 58
<TOTAL-LIABILITIES> 503
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10658
<SHARES-COMMON-STOCK> 799
<SHARES-COMMON-PRIOR> 620
<ACCUMULATED-NII-CURRENT> 33
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1054
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1244
<NET-ASSETS> 12989
<DIVIDEND-INCOME> 68
<INTEREST-INCOME> 12
<OTHER-INCOME> 0
<EXPENSES-NET> 47
<NET-INVESTMENT-INCOME> 33
<REALIZED-GAINS-CURRENT> 1066
<APPREC-INCREASE-CURRENT> 274
<NET-CHANGE-FROM-OPS> 1373
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 109
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 189
<NUMBER-OF-SHARES-REDEEMED> 17
<SHARES-REINVESTED> 7
<NET-CHANGE-IN-ASSETS> 4097
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 97
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 81
<AVERAGE-NET-ASSETS> 10505
<PER-SHARE-NAV-BEGIN> 14.33
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 2.07
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.17
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.27
<EXPENSE-RATIO> .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 semi-annual
report dated June 30, 1998 for the J.P. Morgan Series Trust II - J.P. Morgan
Small Company Portfolio and is qualified in its entirety by reference to such
semi-annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 5080
<INVESTMENTS-AT-VALUE> 5913
<RECEIVABLES> 85
<ASSETS-OTHER> 9
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6007
<PAYABLE-FOR-SECURITIES> 146
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 48
<TOTAL-LIABILITIES> 194
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4740
<SHARES-COMMON-STOCK> 430
<SHARES-COMMON-PRIOR> 397
<ACCUMULATED-NII-CURRENT> 6
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 235
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 833
<NET-ASSETS> 5813
<DIVIDEND-INCOME> 29
<INTEREST-INCOME> 6
<OTHER-INCOME> 0
<EXPENSES-NET> 33
<NET-INVESTMENT-INCOME> 3
<REALIZED-GAINS-CURRENT> 250
<APPREC-INCREASE-CURRENT> 7
<NET-CHANGE-FROM-OPS> 261
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 90
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 87
<NUMBER-OF-SHARES-REDEEMED> 60
<SHARES-REINVESTED> 6
<NET-CHANGE-IN-ASSETS> 617
<ACCUMULATED-NII-PRIOR> 2
<ACCUMULATED-GAINS-PRIOR> 75
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 88
<AVERAGE-NET-ASSETS> 5653
<PER-SHARE-NAV-BEGIN> 13.09
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> .64
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .22
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.52
<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 semi-annual
report dated June 30, 1998 for the J.P. Morgan Series Trust II - JP Morgan
International Oppotunities Portfolio and in its entirety by reference to such
semi-annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 8616
<INVESTMENTS-AT-VALUE> 8887
<RECEIVABLES> 261
<ASSETS-OTHER> 674
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9822
<PAYABLE-FOR-SECURITIES> 543
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 77
<TOTAL-LIABILITIES> 620
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9029
<SHARES-COMMON-STOCK> 843
<SHARES-COMMON-PRIOR> 640
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (43)
<ACCUMULATED-NET-GAINS> (82)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 298
<NET-ASSETS> 9202
<DIVIDEND-INCOME> 80
<INTEREST-INCOME> 5
<OTHER-INCOME> 0
<EXPENSES-NET> 47
<NET-INVESTMENT-INCOME> 38
<REALIZED-GAINS-CURRENT> 422
<APPREC-INCREASE-CURRENT> 95
<NET-CHANGE-FROM-OPS> 555
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 51
<DISTRIBUTIONS-OF-GAINS> 318
<DISTRIBUTIONS-OTHER> 43
<NUMBER-OF-SHARES-SOLD> 193
<NUMBER-OF-SHARES-REDEEMED> 27
<SHARES-REINVESTED> 37
<NET-CHANGE-IN-ASSETS> 2422
<ACCUMULATED-NII-PRIOR> 13
<ACCUMULATED-GAINS-PRIOR> (186)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 23
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 127
<AVERAGE-NET-ASSETS> 7903
<PER-SHARE-NAV-BEGIN> 10.60
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> .85
<PER-SHARE-DIVIDEND> .13
<PER-SHARE-DISTRIBUTIONS> .46
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.92
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: JPM Bond Portfolio Security Description: Senior Notes
Issuer: Tenet Healthcare Corp. 7.625% 6/1/08 Offering Type: Eligible 144A
-------------------------------------- -------------
(US Registered, Eligible Muni, Eligible Foreign, Eligible 144A)
<TABLE>
<CAPTION>
- ---- ------------------------------------------ ---------------- -------------------------------------- -----------------
<S> <C> <C> <C> <C>
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- ---- ------------------------------------------ ---------------- -------------------------------------- -----------------
- ---- ------------------------------------------ ---------------- --------------------------------------
1. Offering Date May 8, 1998 None N/A
----------- ---
2. Trade Date May 8, 1998 Must be the same as #1 Yes
----------- ---
3. Unit Price of Offering 99.962% None N/A
---
4. Price Paid per Unit 99.962% Must not exceed #3 Yes
---
5. Years of Issuer's Operations 29 Must be at least three years * Yes
-- ---
Underwriting Type Firm Must be firm Yes
6.
Underwriting Spread 1.374% Investment Adviser determination to Yes
---
7. be made
Total Price paid by Portfolio $39,984.50 None N/A
---------- ---
8.
Total Size of Offering $350,000,000 None N/A
------------ ---
9.
Total Price Paid by Portfolio plus Total #10 divided by #9 must not exceed
10. Price Paid for same securities purchased 25% ** Yes
---
by the same investment adviser for other $2,099,202
investment companies
Underwriter(s) from whom the Portfolio
11. purchased (attach a prospectus or DLJ ( Fixed Must not include Investment Adviser
offering circular for a list of all Income) affiliates *** Yes
------- ---
syndicate members)
Yes
12. If the affiliate was lead or co-lead
manager, was the instruction listed Must be "Yes" or "N/A" Yes
below 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.
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: JPM Bond Portfolio Security Description: Notes
Issuer: U S West Capital Funding 6.25% 7/15/05 Offering Type: U S Registered
--------------------------------------- --------------
(US Registered, Eligible Muni, Eligible Foreign, Eligible 144A)
<TABLE>
<CAPTION>
- ---- ------------------------------------------ ---------------- -------------------------------------- -----------------
<S> <C> <C> <C> <C>
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- ---- ------------------------------------------ ---------------- -------------------------------------- -----------------
- ---- ------------------------------------------ ---------------- --------------------------------------
1. Offering Date June 24, 1998 None N/A
------------- ---
2. Trade Date June 24, 1998 Must be the same as #1 Yes
------------- ---
3. Unit Price of Offering 99.743% None N/A
---
4. Price Paid per Unit 99.743% Must not exceed #3 Yes
---
5. Years of Issuer's Operations 12 Must be at least three years * Yes
-- ---
Underwriting Type Firm Must be firm Yes
6.
Underwriting Spread .625% Investment Adviser determination to Yes
---
7. be made
Total Price paid by Portfolio $174,550 None N/A
-------- ---
8.
Total Size of Offering $500,000,000 None N/A
------------ ---
9.
Total Price Paid by Portfolio plus Total #10 divided by #9 must not exceed
10. Price Paid for same securities purchased 25% ** Yes
---
by the same investment adviser for other $11,295,895
investment companies
Underwriter(s) from whom the Portfolio
11. purchased (attach a prospectus or Merrill Lynch Must not include Investment Adviser
offering circular for a list of all affiliates *** Yes
---
syndicate members) Yes
---
12. If the affiliate was lead or co-lead
manager, was the instruction listed Must be "Yes" or "N/A" Yes
below 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.
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: JP Morgan Small Company Portfolio
---------------------------------
Security Description: Initial Public Offering - Common Stock
-------------------------
Issuer: Heller Financial Offering Type: U.S. Registered
(US Registered, Eligible Muni, Eligible Foreign, Eligible 144A)
<TABLE>
<CAPTION>
- ---- ------------------------------------------ ---------------- -------------------------------------- -----------------
<S> <C> <C> <C> <C>
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- ---- ------------------------------------------ ---------------- -------------------------------------- -----------------
- ---- ------------------------------------------ ---------------- --------------------------------------
1. Offering Date April 30, 1998 None N/A
-------------- ---
2. Trade Date April 30, 1998 Must be the same as #1 Yes
-------------- ---
3. Unit Price of Offering $27.00 None N/A
------ ---
4. Price Paid per Unit $27.00 Must not exceed #3 Yes
------ ---
5. Years of Issuer's Operations 79 Must be at least three years * Yes
-- ---
Underwriting Type Firm Must be firm Yes
6.
Underwriting Spread $1.35 Investment Adviser determination to Yes
----- ---
7. be made
Total Price paid by Portfolio $43,200 None N/A
------- ---
8.
Total Size of Offering $904,500,000 None N/A
------------ ---
9.
Total Price Paid by Portfolio plus Total #10 divided by #9 must not exceed
10. Price Paid for same securities purchased 25% ** Yes
---
by the same investment adviser for other $5,400,000
investment companies
Underwriter(s) from whom the Portfolio
11. purchased (attach a prospectus or Goldman Sach & Must not include Investment Adviser
--
offering circular for a list of all Co affiliates *** Yes
-- ---
syndicate members)
12. If the affiliate was lead or co-lead Yes
manager, was the instruction listed Must be "Yes" or "N/A" Yes
below 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.
