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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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072 R000400 13
072 S000400 1
072 T000400 0
072 U000400 1
072 V000400 0
<PAGE> PAGE 21
072 W000400 2
072 X000400 104
072 Y000400 62
072 Z000400 6
072AA000400 207
072BB000400 0
072CC010400 340
072CC020400 0
072DD010400 5
072DD020400 0
072EE000400 2
073 A010400 0.0100
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 421
074 D000400 0
074 E000400 0
074 F000400 8538
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 135
074 K000400 24
074 L000400 26
074 M000400 1
074 N000400 9145
074 O000400 108
074 P000400 4
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 48
074 S000400 0
074 T000400 8985
074 U010400 714
074 U020400 0
074 V010400 12.58
074 V020400 0.00
074 W000400 0.0000
074 X000400 5
074 Y000400 0
075 A000400 0
075 B000400 7388
076 000400 0.00
025 A000501 NONE
025 C000501 E
025 D000501 0
<PAGE> PAGE 22
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 492
028 A020500 0
028 A030500 0
028 A040500 42
028 B010500 678
028 B020500 0
028 B030500 0
028 B040500 400
028 C010500 338
028 C020500 0
028 C030500 0
028 C040500 159
028 D010500 69
028 D020500 0
028 D030500 0
028 D040500 239
028 E010500 240
028 E020500 0
028 E030500 0
028 E040500 89
028 F010500 241
028 F020500 22
028 F030500 0
028 F040500 200
028 G010500 2058
028 G020500 22
028 G030500 0
028 G040500 1129
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
<PAGE> PAGE 23
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
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
<PAGE> PAGE 24
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 12499
071 B000500 10042
071 C000500 7935
071 D000500 127
072 A000500 12
072 B000500 14
072 C000500 125
072 D000500 0
072 E000500 0
072 F000500 51
072 G000500 0
072 H000500 0
072 I000500 17
072 J000500 125
072 K000500 0
072 L000500 25
072 M000500 13
072 N000500 1
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 33
072 S000500 0
072 T000500 0
<PAGE> PAGE 25
072 U000500 2
072 V000500 0
072 W000500 9
072 X000500 276
072 Y000500 174
072 Z000500 37
072AA000500 0
072BB000500 123
072CC010500 297
072CC020500 0
072DD010500 115
072DD020500 0
072EE000500 318
073 A010500 0.1600
073 A020500 0.0000
073 B000500 0.4600
073 C000500 0.0000
074 A000500 59
074 B000500 0
074 C000500 488
074 D000500 73
074 E000500 281
074 F000500 8865
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 59
074 K000500 58
074 L000500 29
074 M000500 17
074 N000500 9929
074 O000500 62
074 P000500 5
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 74
074 S000500 0
074 T000500 9788
074 U010500 930
074 U020500 0
074 V010500 10.52
074 V020500 0.00
074 W000500 0.0000
074 X000500 6
074 Y000500 0
075 A000500 0
075 B000500 8463
076 000500 0.00
<PAGE> PAGE 26
SIGNATURE GEORGE A. RIO
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 semi-annual
report dated June 30, 1999 for the J.P. Morgan Small Company 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-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 8081
<INVESTMENTS-AT-VALUE> 8959
<RECEIVABLES> 184
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9145
<PAYABLE-FOR-SECURITIES> 108
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 52
<TOTAL-LIABILITIES> 160
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8149
<SHARES-COMMON-STOCK> 714
<SHARES-COMMON-PRIOR> 576
<ACCUMULATED-NII-CURRENT> 6
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (48)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 878
<NET-ASSETS> 8985
<DIVIDEND-INCOME> 34
<INTEREST-INCOME> 14
<OTHER-INCOME> 0
<EXPENSES-NET> 42
<NET-INVESTMENT-INCOME> 6
<REALIZED-GAINS-CURRENT> 207
<APPREC-INCREASE-CURRENT> 340
<NET-CHANGE-FROM-OPS> 553
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4
<DISTRIBUTIONS-OF-GAINS> 2
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 230
<NUMBER-OF-SHARES-REDEEMED> 92
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 2154
<ACCUMULATED-NII-PRIOR> 4
<ACCUMULATED-GAINS-PRIOR> (252)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 22
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 104
<AVERAGE-NET-ASSETS> 7388
<PER-SHARE-NAV-BEGIN> 11.86
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0.72
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.58
<EXPENSE-RATIO> 1.15
[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 scedule contains summary financial data extracted from the semi-annual
report dated June 30, 1999 for the J.P.Morgan U.S.Disciplined Equity Fund and
is qulified in its enterity by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 31180
<INVESTMENTS-AT-VALUE> 33556
<RECEIVABLES> 12301
<ASSETS-OTHER> 12
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 45869
<PAYABLE-FOR-SECURITIES> 16186
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 64
<TOTAL-LIABILITIES> 16250
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24554
<SHARES-COMMON-STOCK> 1662
<SHARES-COMMON-PRIOR> 1169
<ACCUMULATED-NII-CURRENT> 94
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2564
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2407
<NET-ASSETS> 29619
<DIVIDEND-INCOME> 136
<INTEREST-INCOME> 59
<OTHER-INCOME> 0
<EXPENSES-NET> 101
<NET-INVESTMENT-INCOME> 94
<REALIZED-GAINS-CURRENT> 2632
<APPREC-INCREASE-CURRENT> 449
<NET-CHANGE-FROM-OPS> 3175
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 14
<DISTRIBUTIONS-OF-GAINS> 258
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 549
<NUMBER-OF-SHARES-REDEEMED> 72
<SHARES-REINVESTED> 5
<NET-CHANGE-IN-ASSETS> 9619
<ACCUMULATED-NII-PRIOR> 14
<ACCUMULATED-GAINS-PRIOR> 191
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 45
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 111
<AVERAGE-NET-ASSETS> 22729
<PER-SHARE-NAV-BEGIN> 15.84
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 2.13
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.19
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.83
<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 semi-annual report
dated June 30, 1999 for the J. P. Morgan Treasury Money Market Portfolio and is
qualified in its entirety by referance to such report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 1795
<INVESTMENTS-AT-VALUE> 1795
<RECEIVABLES> 6
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1803
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24
<TOTAL-LIABILITIES> 24
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1742
<SHARES-COMMON-STOCK> 191
<SHARES-COMMON-PRIOR> 227
<ACCUMULATED-NII-CURRENT> 37
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1779
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 43
<OTHER-INCOME> 0
<EXPENSES-NET> 6
<NET-INVESTMENT-INCOME> 37
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 37
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 12
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7
<NUMBER-OF-SHARES-REDEEMED> 44
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> (313)
<ACCUMULATED-NII-PRIOR> 12
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 32
<AVERAGE-NET-ASSETS> 1947
<PER-SHARE-NAV-BEGIN> 9.20
<PER-SHARE-NII> .17
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .06
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.31
<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, 1999 for the J.P. Morgan 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-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 48064
<INVESTMENTS-AT-VALUE> 47226
<RECEIVABLES> 1868
<ASSETS-OTHER> 27
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 49121
<PAYABLE-FOR-SECURITIES> 8879
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 110
<TOTAL-LIABILITIES> 8989
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40581
<SHARES-COMMON-STOCK> 3541
<SHARES-COMMON-PRIOR> 2789
<ACCUMULATED-NII-CURRENT> 946
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (531)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (864)
<NET-ASSETS> 40132
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1093
<OTHER-INCOME> 0
<EXPENSES-NET> 135
<NET-INVESTMENT-INCOME> 958
<REALIZED-GAINS-CURRENT> (518)
<APPREC-INCREASE-CURRENT> (1155)
<NET-CHANGE-FROM-OPS> (715)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 241
<DISTRIBUTIONS-OF-GAINS> 138
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 905
<NUMBER-OF-SHARES-REDEEMED> 186
<SHARES-REINVESTED> 33
<NET-CHANGE-IN-ASSETS> 7590
<ACCUMULATED-NII-PRIOR> 229
<ACCUMULATED-GAINS-PRIOR> 124
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 54
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 135
<AVERAGE-NET-ASSETS> 36429
<PER-SHARE-NAV-BEGIN> 11.67
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> (.48)
<PER-SHARE-DIVIDEND> .08
<PER-SHARE-DISTRIBUTIONS> .04
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.33
<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 financial data extracted from the semi-annual report
dated June 30, 1999 for the J.P.Morgan International Opportunities Portfolioand
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-31-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 13035
<INVESTMENTS-AT-VALUE> 14240
<RECEIVABLES> 264
<ASSETS-OTHER> 5
<OTHER-ITEMS-ASSETS> 389
<TOTAL-ASSETS> 14898
<PAYABLE-FOR-SECURITIES> 461
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 110
<TOTAL-LIABILITIES> 571
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13253
<SHARES-COMMON-STOCK> 1226
<SHARES-COMMON-PRIOR> 930
<ACCUMULATED-NII-CURRENT> 46
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (226)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1254
<NET-ASSETS> 14327
<DIVIDEND-INCOME> 150
<INTEREST-INCOME> 10
<OTHER-INCOME> 0
<EXPENSES-NET> 66
<NET-INVESTMENT-INCOME> 94
<REALIZED-GAINS-CURRENT> 464
<APPREC-INCREASE-CURRENT> 754
<NET-CHANGE-FROM-OPS> 1312
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 47
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 698
<NUMBER-OF-SHARES-REDEEMED> 407
<SHARES-REINVESTED> 4
<NET-CHANGE-IN-ASSETS> 4539
<ACCUMULATED-NII-PRIOR> (1)
<ACCUMULATED-GAINS-PRIOR> (690)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 33
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 132
<AVERAGE-NET-ASSETS> 11203
<PER-SHARE-NAV-BEGIN> 10.52
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 1.13
<PER-SHARE-DIVIDEND> 0.04
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.69
<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: Notes
Issuer: AT & T Corp. 6.0% due 3/15/09 Offering Type: US Registered
----------------------------- -------------
(US Registered, Eligible Muni,
Eligible Foreign, Eligible 144A)
<TABLE>
<CAPTION>
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
- -------- ------------------------------------------- ---------------- --------------------------------------
<S> <C> <C> <C> <C>
1. Offering Date March 23, 1999 None N/A
-------------- ---
2. Trade Date March 23, 1999 Must be the same as #1 Yes
-------------- ---
3. Unit Price of Offering 99.765% None N/A
---
4. Price Paid per Unit 99.765% Must not exceed #3 Yes
---
5. Years of Issuer's Operations 114 Must be at least three years * Yes
--- ---
6. Underwriting Type Firm Must be firm Yes
7. Underwriting Spread . 450% Investment Adviser determination to Yes
be made ---
8. Total Price paid by Portfolio $299,295 None N/A
-------- ---
9. Total Size of Offering $2,992,950,000 None N/A
-------------- ---
10. Total Price Paid by Portfolio plus Total $29,630,205 #10 divided by #9 must not exceed
Price Paid for same securities purchased ----------- 25% ** Yes
by the same investment adviser for other ---
investment companies
11. Underwriter(s) from whom the Portfolio Merrill Lynch
purchased (attach a prospectus or 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 Yes
manager, was the instruction listed below Must be "Yes" or "N/A" Yes
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.
<PAGE>
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: JPM Series Trust II - Bond Portfolio Security
------------------------------------ Description: Notes
------
Issuer: Household Finance Corp. 5.875% 2/1/09 Offering
-------------------------------------- Type: US Registered
-------------
(US Registered, Eligible
Muni, Eligible Foreign,
Eligible 144A)
<TABLE>
<CAPTION>
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
- -------- ------------------------------------------- ---------------- --------------------------------------
<S> <C> <C> <C> <C>
1. Offering Date Jan. 29, 1999 None N/A
------------- ---
2. Trade Date Jan. 29, 1999 Must be the same as #1 Yes
------------- ---
3. Unit Price of Offering 99.435% None N/A
---
4. Price Paid per Unit 99.435% Must not exceed #3 Yes
---
5. Years of Issuer's Operations 121 Must be at least three years * Yes
--- ---
6. Underwriting Type Firm Must be firm Yes
7. Underwriting Spread .450% Investment Adviser determination to Yes
---
be made
8. Total Price paid by Portfolio $218,757 None N/A
-------- ---
9. Total Size of Offering $1,292,655,000 None N/A
-------------- ---
10. Total Price Paid by Portfolio plus Total #10 divided by #9 must not exceed
Price Paid for same securities purchased 25% ** Yes
by the same investment adviser for other $13,622,595 ---
investment companies -----------
11. Underwriter(s) from whom the Portfolio Salomon Bros Must not include Investment Adviser
purchased (attach a prospectus or affiliates ***
offering circular for a list of all 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"
given to the broker(s) named in #11? **** Yes
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
</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 Sr. Tr. 11 Small Company Portfolio Security Description:
-------------------------------------- Common Stock - 3,500,000
Shares
------------------------
Issuer: 24/7 Media,Inc. Offering Type: U.S. Registered
(US Registered, Eligible Muni,
Eligible Foreign, Eligible 144A)
<TABLE>
<CAPTION>
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
- -------- ------------------------------------------- ---------------- --------------------------------------
<S> <C> <C> <C> <C>
1. Offering Date April 27,1999 None N/A
2. Trade Date April 27,1999 Must be the same as #1 YES
------------- ---
3. Unit Price of Offering $46.00 None N/A
------ ---
4. Price Paid per Share $46.00 Must not exceed #3 YES
------ ---
5. Years of Issuer's Operations 5 Must be at least three years * YES
- ---
6. Underwriting Type Firm Must be firm YES
7. Underwriting Spread $2.53 Investment Adviser determination to YES
----- be made ---
8. Total Price paid by Portfolio $13,800 None N/A
------- ---
9. Total Size of Offering $161,000,000 None N/A
------------ ---
10. Total Price Paid by Portfolio plus Total #10 divided by #9 must not exceed
Price Paid for same securities purchased 25% ** YES
by the same investment adviser for other $1,223,600 ---
investment companies ----------
11. Underwriter(s) from whom the Portfolio Merrill Lynch
purchased (attach a prospectus or 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.
<PAGE>
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: JPM Sr. Tr Small Company Portfolio Security Description: Common
Stock - 4,000,000 Shares
-------------------------
Issuer: CapRock Communications Corp. Offering Type: U.S. Registered
---------------
(US Registered, Eligible Muni,
Eligible Foreign, Eligible 144A)
<TABLE>
<CAPTION>
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
- -------- ------------------------------------------- ---------------- --------------------------------------
<S> <C> <C> <C> <C>
1. Offering Date May 6, 1999 None N/A
----------- ---
2. Trade Date May 6, 1999 Must be the same as #1 YES
----------- ---
3. Unit Price of Offering $22.00 None N/A
------ ---
4. Price Paid per Share $22.00 Must not exceed #3 YES
------ ---
5. Years of Issuer's Operations 4 Must be at least three years * YES
- ---
6. Underwriting Type Firm Must be firm YES
7. Underwriting Spread $1.32 Investment Adviser determination to YES
----- be made ---
8. Total Price paid by Portfolio $22,000 None N/A
------- ---
9. Total Size of Offering $88,000,000 None N/A
----------- ---
10. Total Price Paid by Portfolio plus Total #10 divided by #9 must not exceed
Price Paid for same securities purchased 25% ** YES
by the same investment adviser for other $2,930,400 ---
investment companies ----------
11. Underwriter(s) from whom the Portfolio Merrill Lynch
purchased (attach a prospectus or 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.
<PAGE>
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: JPM Sr. Tr. Small Company Portfolio Security Description:
Common Stock - 4,500,000
Shares
--------------------------
Issuer: Comps.Com,Inc. Offering Type: U.S. Registered
---------------
(US Registered, Eligible Muni,
Eligible Foreign, Eligible 144A)
<TABLE>
<CAPTION>
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
- -------- ------------------------------------------- ---------------- --------------------------------------
<S> <C> <C> <C> <C>
1. Offering Date May 5, 1999 None N/A
----------- ---
2. Trade Date May 5, 1999 Must be the same as #1 YES
- ----------- ---
3. Unit Price of Offering $15.00 None N/A
------ ---
4. Price Paid per Share $15.00 Must not exceed #3 YES
------ ---
5. Years of Issuer's Operations 17 Must be at least three years * YES
-- ---
6. Underwriting Type Firm Must be firm YES
7. Underwriting Spread $1.05 Investment Adviser determination to YES
----- be made ---
8. Total Price paid by Portfolio $1,500 None N/A
------ ---
9. Total Size of Offering $67,500,000 None N/A
----------- ---
10. Total Price Paid by Portfolio plus Total #10 divided by #9 must not exceed
Price Paid for same securities purchased 25% ** YES
by the same investment adviser for other $246,000 ---
investment companies --------
11. Underwriter(s) from whom the Portfolio Volpe Brown
purchased (attach a prospectus or Whelan & Co 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.
<PAGE>
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: JPM Series Trust II - Small Company Portfolio
---------------------------------------------
Security Description: Common Stock -
7,000,000 Shares
----------------
Issuer: American Axle & Mfg. Hldgs.,Inc. Offering Type: U.S. Registered
---------------
(US Registered, Eligible Muni,
Eligible Foreign, Eligible 144A)
<TABLE>
<CAPTION>
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
- -------- ------------------------------------------- ---------------- --------------------------------------
<S> <C> <C> <C> <C>
1. Offering Date Jan. 28,1999 None N/A
2. Trade Date Jan. 28,1999 Must be the same as #1 YES
------------ ---
3. Unit Price of Offering $17.00 None N/A
------ ---
4. Price Paid per Share $17.00 Must not exceed #3 YES
------ ---
5. Years of Issuer's Operations 75 Must be at least three years * YES
-- ---
6. Underwriting Type Firm Must be firm YES
7. Underwriting Spread $1.19 Investment Adviser determination to YES
----- be made ---
8. Total Price paid by Portfolio $11,900 None N/A
------- ---
9. Total Size of Offering $119,000,000 None N/A
------------ ---
10. Total Price Paid by Portfolio plus Total #10 divided by #9 must not exceed
Price Paid for same securities purchased 25% ** YES
by the same investment adviser for other $1,237,600 ---
investment companies ----------
11. Underwriter(s) from whom the Portfolio Merrill Lynch
purchased (attach a prospectus or 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" YES
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.
<PAGE>
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: JPM Sr. Tr. Small Company Portfolio Security Description: Class A
- Common Stock - 25,000,000
Shares
--------------------------
Issuer: barnesandnoble.com inc.
Offering Type: U.S. Registered
---------------
(US Registered, Eligible Muni,
Eligible Foreign, Eligible 144A)
<TABLE>
<CAPTION>
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
- -------- ------------------------------------------- ---------------- --------------------------------------
<S> <C> <C> <C> <C>
1. Offering Date May 25, 1999 None N/A
------------ ---
2. Trade Date May 25, 1999 Must be the same as #1 YES
- ------------ ---
3. Unit Price of Offering $18.00 None N/A
------ ---
4. Price Paid per Share $18.00 Must not exceed #3 YES
------ ---
5. Years of Issuer's Operations 13 Must be at least three years * YES
-- ---
6. Underwriting Type Firm Must be firm YES
7. Underwriting Spread $1.08 Investment Adviser determination to YES
----- be made ---
8. Total Price paid by Portfolio $9,000 None N/A
------ ---
9. Total Size of Offering $450,000,000 None N/A
------------ ---
10. Total Price Paid by Portfolio plus Total #10 divided by #9 must not exceed
Price Paid for same securities purchased 25% ** YES
by the same investment adviser for other $1,193,400 ---
investment companies ----------
11. Underwriter(s) from whom the Portfolio Goldman
purchased (attach a prospectus or Sachs 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.
<PAGE>
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: JPM Sr. Tr. Small Company Portfolio Security
Description: Common Stock -
16,000,000 Shares
-----------------
Issuer: DLJdirect Inc.
Offering Type: U.S. Registered
(US Registered, Eligible Muni,
Eligible Foreign, Eligible 144A)
<TABLE>
<CAPTION>
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
- -------- ------------------------------------------- ---------------- --------------------------------------
<S> <C> <C> <C> <C>
1. Offering Date May 25, 1999 None N/A
------------ ---
2. Trade Date May 25, 1999 Must be the same as #1 YES
------------- ---
3. Unit Price of Offering $20.00 None N/A
------ ---
4. Price Paid per Share $20.00 Must not exceed #3 YES
------ ---
5. Years of Issuer's Operations 10 Must be at least three years * YES
-- ---
6. Underwriting Type Firm Must be firm YES
7. Underwriting Spread $1.35 Investment Adviser determination to YES
----- be made ---
8. Total Price paid by Portfolio $4,000 None N/A
------ ---
9. Total Size of Offering $320,000,000 None N/A
------------ ---
10. Total Price Paid by Portfolio plus Total #10 divided by #9 must not exceed
Price Paid for same securities purchased 25% ** YES
by the same investment adviser for other $393,000 ---
investment companies --------
11. Underwriter(s) from whom the Portfolio Donaldson
purchased (attach a prospectus or Lufkin & Must not include Investment Adviser
offering circular for a list of all Jenrette 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.
<PAGE>
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: JPM Series Trust II
-Small Company Portfolio Security Description: Common Stock -
16,200,000 Shares
-----------------
Issuer: Keebler Foods Company Offering Type: U.S. Registered
---------------
(US Registered, Eligible Muni,
Eligible Foreign, Eligible 144A)
<TABLE>
<CAPTION>
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
- -------- ------------------------------------------- ---------------- --------------------------------------
<S> <C> <C> <C> <C>
1. Offering Date Jan. 20,1999 None N/A
2. Trade Date Jan. 20,1999 Must be the same as #1 YES
------------ ---
3. Unit Price of Offering $33.4375 None N/A
-------- ---
4. Price Paid per Share $33.4375 Must not exceed #3 YES
-------- ---
5. Years of Issuer's Operations 146 Must be at least three years * YES
--- ---
6. Underwriting Type Firm Must be firm YES
7. Underwriting Spread $1.00 Investment Adviser determination to YES
----- be made ---
8. Total Price paid by Portfolio $53,500 None N/A
------- ---
9. Total Size of Offering $541,687,500 None N/A
------------ ---
10. Total Price Paid by Portfolio plus Total #10 divided by #9 must not exceed
Price Paid for same securities purchased 25% ** YES
by the same investment adviser for other $5,687,719 ---
investment companies ----------
11. Underwriter(s) from whom the Portfolio Lehman Bros.
purchased (attach a prospectus or First Boston Must not include Investment Adviser
offering circular for a list of all Corp. 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" YES
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.
<PAGE>
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: JPM Sr.Tr. Small Company Portfolio Security Description:
Common Stock - 3,000,000 Shares
Issuer: Media Metrix, Inc. -------------------------------
Offering Type: U.S. Registered
----------------
(US Registered, Eligible Muni,
Eligible Foreign, Eligible 144A)
<TABLE>
<CAPTION>
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
- -------- ------------------------------------------- ---------------- --------------------------------------
<S> <C> <C> <C> <C>
1. Offering Date May 7, 1999 None N/A
----------- ---
2. Trade Date May 7, 1999 Must be the same as #1 YES
- ----------- ---
3. Unit Price of Offering $17.00 None N/A
------ ---
4. Price Paid per Share $17.00 Must not exceed #3 YES
------ ---
5. Years of Issuer's Operations 4 Must be at least three years * YES
- ---
6. Underwriting Type Firm Must be firm YES
7. Underwriting Spread $1.19 Investment Adviser determination to YES
----- be made ---
8. Total Price paid by Portfolio $1,700 None N/A
------ ---
9. Total Size of Offering $51,000,000 None N/A
----------- ---
10. Total Price Paid by Portfolio plus Total #10 divided by #9 must not exceed
Price Paid for same securities purchased 25% ** YES
by the same investment adviser for other $111,775 ---
investment companies --------
11. Underwriter(s) from whom the Portfolio Donaldson
purchased (attach a prospectus or Lufkin & Must not include Investment Adviser
offering circular for a list of all Jenrette 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.
<PAGE>
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: JPM Series Trust II Security Description: Common Stock
- Small Company - 5,587,000 Shares
-------------------- -------------------
Issuer: Mettler - Toledo International,Inc. Offering Type: Secondary
---------------------------------- - U.S. Registered
----------------
(US Registered, Eligible Muni,
Eligible Foreign, Eligible 144A)
<TABLE>
<CAPTION>
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
- -------- ------------------------------------------- ---------------- --------------------------------------
<S> <C> <C> <C> <C>
1. Offering Date Jan. 28,1999 None N/A
2. Trade Date Jan. 28,1999 Must be the same as #1 YES
------------ ---
3. Unit Price of Offering $26.375 None N/A
------- ---
4. Price Paid per Share $26.375 Must not exceed #3 YES
------- ---
5. Years of Issuer's Operations 54 Must be at least three years * YES
-- ---
6. Underwriting Type Firm Must be firm YES
7. Underwriting Spread $1.25 Investment Adviser determination to YES
----- be made ---
8. Total Price paid by Portfolio $18,463 None N/A
------- ---
9. Total Size of Offering $147,357,125 None N/A
------------ ---
10. Total Price Paid by Portfolio plus Total #10 divided by #9 must not exceed
Price Paid for same securities purchased 25% ** YES
by the same investment adviser for other $2,110,000 ---
investment companies ----------
11. Underwriter(s) from whom the Portfolio Merrill Lynch
purchased (attach a prospectus or 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" YES
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.
<PAGE>
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: JPM Small Company Portfolio Security Description: Class A
--------------------------- Common Stock - 4,200,000 Shares
-------------------------------
Issuer: i Turf Inc.
Offering Type: U.S. Registered
----------------
(US Registered, Eligible Muni,
Eligible Foreign, Eligible 144A)
<TABLE>
<CAPTION>
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
- -------- ------------------------------------------- ---------------- --------------------------------------
<S> <C> <C> <C> <C>
1. Offering Date April 9, 1999 None N/A
------------- ---
2. Trade Date April 9, 1999 Must be the same as #1 YES
-------------- ---
3. Unit Price of Offering $22.00 None N/A
------ ---
4. Price Paid per Share $22.00 Must not exceed #3 YES
------ ---
5. Years of Issuer's Operations 4 Must be at least three years * YES
- ---
6. Underwriting Type Firm Must be firm YES
7. Underwriting Spread $1.54 Investment Adviser determination to YES
----- be made ---
8. Total Price paid by Portfolio $4,400 None N/A
------ ---
9. Total Size of Offering $92,400,000 None N/A
----------- ---
10. Total Price Paid by Portfolio plus Total #10 divided by #9 must not exceed
Price Paid for same securities purchased 25% ** YES
by the same investment adviser for other $635,800 ---
investment companies --------
11. Underwriter(s) from whom the Portfolio BT Alex Brown
purchased (attach a prospectus or 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.
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: JPM Series Trust 11 - Equity Portfolio Security Description: IPO
---------------------------- --------- (Common Stock -
100,000,000 Shares)
-------------------
Issuer: Delphi Automotive Systems Corp.
Offering Type: US Registered
-------------
(US Registered, Eligible Muni,
Eligible Foreign, Eligible 144A)
<TABLE>
<CAPTION>
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
- -------- ------------------------------------------- ---------------- --------------------------------------
<S> <C> <C> <C> <C>
1. Offering Date Feb. 4, 1999 None N/A
------------ ---
2. Trade Date Feb. 4, 1999 Must be the same as #1 Y
------------ -
3. Unit Price of Offering $17.00 None N/A
------ ---
4. Price Paid per Share $17.00 Must not exceed #3 Y
------ -
5. Years of Issuer's Operations 7 Must be at least three years * Y
- -
6. Underwriting Type Firm Must be firm Y
7. Underwriting Spread $.7888 Investment Adviser determination to N/A
------ be made ---
8. Total Price paid by Portfolio $61,200 None N/A
------- ---
9. Total Size of Offering $1,700,000,000 None N/A
-------------- ---
10. Total Price Paid by Portfolio plus Total $9,739,307 #10 divided by #9 must not exceed N/A
Price Paid for same securities purchased ---------- 25% ** ---
by the same investment adviser for other
investment companies
11. Underwriter(s) from whom the Portfolio Morgan Must not include Investment Adviser Y
purchased (attach a prospectus or Stanley affiliates *** -
offering circular for a list of all
syndicate members)
12. If the affiliate was lead or co-lead N/A Must be "Yes" or "N/A" N/A
manager, was the instruction listed 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.
<PAGE>
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: JPM Series Tr 11 Equity Portfolio Security Description: (Common
--------------------------------- Stock - 25,000,000 Shares)
--------------------------
Issuer: Level 3 Communications, Inc. Offering Type: US Registered
------------------------------ -------------
(US Registered, Eligible Muni,
Eligible Foreign, Eligible 144A)
<TABLE>
<CAPTION>
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
In Compliance
REQUIRED INFORMATION ANSWER APPLICABLE RESTRICTION (Yes/No)
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
- -------- ------------------------------------------- ---------------- --------------------------------------
<S> <C> <C> <C> <C>
1. Offering Date March 4, 1999 None N/A
------------- ---
2. Trade Date March 4, 1999 Must be the same as #1 Y
------------- -
3. Unit Price of Offering $54.00 None N/A
------ ---
4. Price Paid per Share $54.00 Must not exceed #3 Y
------ -
5. Years of Issuer's Operations 5 Must be at least three years * Y
- -
6. Underwriting Type Firm Must be firm Y
7. Underwriting Spread $1.89 Investment Adviser determination to N/A
----- be made ---
8. Total Price paid by Portfolio $102,600 None N/A
-------- ---
9. Total Size of Offering $1,350,000,000 None N/A
-------------- ---
10. Total Price Paid by Portfolio plus Total $22,053,600 #10 divided by #9 must not exceed N/A
Price Paid for same securities purchased ----------- 25% ** ---
by the same investment adviser for other
investment companies
11. Underwriter(s) from whom the Portfolio Salomon / Must not include Investment Adviser Y
purchased (attach a prospectus or ---------- affiliates *** -
offering circular for a list of all Smith Barney
syndicate members) ------------
12. If the affiliate was lead or co-lead Must be "Yes" or "N/A" N/A
manager, was the instruction listed below 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.
