<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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072 C000400 66
072 D000400 0
072 E000400 0
<PAGE> PAGE 21
072 F000400 34
072 G000400 0
072 H000400 0
072 I000400 16
072 J000400 70
072 K000400 0
072 L000400 25
072 M000400 11
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 33
072 S000400 0
072 T000400 0
072 U000400 2
072 V000400 0
072 W000400 5
072 X000400 196
072 Y000400 130
072 Z000400 16
072AA000400 0
072BB000400 85
072CC010400 0
072CC020400 289
072DD010400 9
072DD020400 0
072EE000400 243
073 A010400 0.0200
073 A020400 0.0000
073 B000400 0.1500
073 C000400 0.3500
074 A000400 0
074 B000400 0
074 C000400 600
074 D000400 0
074 E000400 0
074 F000400 6362
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 17
074 K000400 50
074 L000400 6
074 M000400 3
074 N000400 7038
074 O000400 163
074 P000400 3
074 Q000400 0
074 R010400 0
074 R020400 0
<PAGE> PAGE 22
074 R030400 0
074 R040400 41
074 S000400 0
074 T000400 6831
074 U010400 576
074 U020400 0
074 V010400 11.86
074 V020400 0.00
074 W000400 0.0000
074 X000400 5
074 Y000400 0
075 A000400 0
075 B000400 5723
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 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
<PAGE> PAGE 23
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
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
<PAGE> PAGE 24
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 12499
071 B000500 10042
071 C000500 7935
071 D000500 127
072 A000500 12
072 B000500 14
072 C000500 125
<PAGE> PAGE 25
072 D000500 0
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072 F000500 51
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072 H000500 0
072 I000500 17
072 J000500 125
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072 L000500 25
072 M000500 13
072 N000500 1
072 O000500 0
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072 X000500 276
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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
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<PAGE> PAGE 26
074 R010500 0
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074 S000500 0
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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 annual report
dated December 31, 1998 for the J.P. Morgan Treasury Money Market Portfolio and
is qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 2,079
<INVESTMENTS-AT-VALUE> 2,079
<RECEIVABLES> 33
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,114
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<OTHER-ITEMS-LIABILITIES> 22
<TOTAL-LIABILITIES> 22
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,080
<SHARES-COMMON-STOCK> 227
<SHARES-COMMON-PRIOR> 153
<ACCUMULATED-NII-CURRENT> 12
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2,092
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 86
<OTHER-INCOME> 0
<EXPENSES-NET> 11
<NET-INVESTMENT-INCOME> 75
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 75
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 291
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 44
<NUMBER-OF-SHARES-REDEEMED> 2
<SHARES-REINVESTED> 32
<NET-CHANGE-IN-ASSETS> 474
<ACCUMULATED-NII-PRIOR> 228
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 74
<AVERAGE-NET-ASSETS> 1,786
<PER-SHARE-NAV-BEGIN> 10.56
<PER-SHARE-NII> 0.41
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 1.77
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.20
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated December 31,1998 for the J.P. Morgan Bond Portfolio and is qualified in
its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 35,583
<INVESTMENTS-AT-VALUE> 35,850
<RECEIVABLES> 1,108
<ASSETS-OTHER> 41
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36,999
<PAYABLE-FOR-SECURITIES> 4,400
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 58
<TOTAL-LIABILITIES> 4,458
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,897
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 229
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 124
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 291
<NET-ASSETS> 32,541
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,355
<OTHER-INCOME> 0
<EXPENSES-NET> 165
<NET-INVESTMENT-INCOME> 1,190
<REALIZED-GAINS-CURRENT> 387
<APPREC-INCREASE-CURRENT> 93
<NET-CHANGE-FROM-OPS> 1,670
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 978
<DISTRIBUTIONS-OF-GAINS> 313
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,081
<NUMBER-OF-SHARES-REDEEMED> 811
<SHARES-REINVESTED> 110
<NET-CHANGE-IN-ASSETS> 16,642
<ACCUMULATED-NII-PRIOR> 484
<ACCUMULATED-GAINS-PRIOR> 156
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 66
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 225
<AVERAGE-NET-ASSETS> 22,120
<PER-SHARE-NAV-BEGIN> 11.29
<PER-SHARE-NII> .45
<PER-SHARE-GAIN-APPREC> .45
<PER-SHARE-DIVIDEND> .39
<PER-SHARE-DISTRIBUTIONS> .13
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.67
<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 December 31, 1998, for the J.P Morgan Equity 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-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 16627
<INVESTMENTS-AT-VALUE> 18521
<RECEIVABLES> 72
<ASSETS-OTHER> 9
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18602
<PAYABLE-FOR-SECURITIES> 41
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 50
<TOTAL-LIABILITIES> 91
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16348
<SHARES-COMMON-STOCK> 1169
<SHARES-COMMON-PRIOR> 620
<ACCUMULATED-NII-CURRENT> 14
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 191
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1958
<NET-ASSETS> 18511
<DIVIDEND-INCOME> 184
<INTEREST-INCOME> 33
<OTHER-INCOME> 0
<EXPENSES-NET> 114
<NET-INVESTMENT-INCOME> 103
<REALIZED-GAINS-CURRENT> 1738
<APPREC-INCREASE-CURRENT> 987
<NET-CHANGE-FROM-OPS> 2828
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 89
<DISTRIBUTIONS-OF-GAINS> 1646
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 532
<NUMBER-OF-SHARES-REDEEMED> 98
<SHARES-REINVESTED> 114
<NET-CHANGE-IN-ASSETS> 9619
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 97
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 51
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 187
<AVERAGE-NET-ASSETS> 12676
<PER-SHARE-NAV-BEGIN> 14.33
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 3.15
<PER-SHARE-DIVIDEND> 0.09
<PER-SHARE-DISTRIBUTIONS> 1.65
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.84
<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 annual report
dated December 31, 1998 for the J.P. Morgan Small Company Portfolio and is
qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 6424
<INVESTMENTS-AT-VALUE> 6962
<RECEIVABLES> 73
<ASSETS-OTHER> 3
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7038
<PAYABLE-FOR-SECURITIES> 163
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44
<TOTAL-LIABILITIES> 207
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6542
<SHARES-COMMON-STOCK> 576
<SHARES-COMMON-PRIOR> 397
<ACCUMULATED-NII-CURRENT> 4
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (252)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 537
<NET-ASSETS> 6831
<DIVIDEND-INCOME> 66
<INTEREST-INCOME> 16
<OTHER-INCOME> 0
<EXPENSES-NET> 66
<NET-INVESTMENT-INCOME> 16
<REALIZED-GAINS-CURRENT> (85)
<APPREC-INCREASE-CURRENT> (289)
<NET-CHANGE-FROM-OPS> (358)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9
<DISTRIBUTIONS-OF-GAINS> 75
<DISTRIBUTIONS-OTHER> 168
<NUMBER-OF-SHARES-SOLD> 266
<NUMBER-OF-SHARES-REDEEMED> 108
<SHARES-REINVESTED> 21
<NET-CHANGE-IN-ASSETS> 1635
<ACCUMULATED-NII-PRIOR> 2
<ACCUMULATED-GAINS-PRIOR> 75
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 34
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 196
<AVERAGE-NET-ASSETS> 5723
<PER-SHARE-NAV-BEGIN> 13.09
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> (0.74)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.52
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.86
<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 December 31, 1998 for the J.P. Morgan Series Trust II - J.P. Morgan
International Opportunities Portfolio and in its entirety by reference to such
annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 9212
<INVESTMENTS-AT-VALUE> 9707
<RECEIVABLES> 146
<ASSETS-OTHER> 76
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9929
<PAYABLE-FOR-SECURITIES> 62
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 80
<TOTAL-LIABILITIES> 142
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9979
<SHARES-COMMON-STOCK> 930
<SHARES-COMMON-PRIOR> 640
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (690)
<ACCUM-APPREC-OR-DEPREC> 500
<NET-ASSETS> 9788
<DIVIDEND-INCOME> 125
<INTEREST-INCOME> 14
<OTHER-INCOME> 0
<EXPENSES-NET> 102
<NET-INVESTMENT-INCOME> 37
<REALIZED-GAINS-CURRENT> (123)
<APPREC-INCREASE-CURRENT> 297
<NET-CHANGE-FROM-OPS> 211
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 115
<DISTRIBUTIONS-OF-GAINS> 318
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 394
<NUMBER-OF-SHARES-REDEEMED> 142
<SHARES-REINVESTED> 39
<NET-CHANGE-IN-ASSETS> 3008
<ACCUMULATED-NII-PRIOR> 13
<ACCUMULATED-GAINS-PRIOR> (186)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 51
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 276
<AVERAGE-NET-ASSETS> 8463
<PER-SHARE-NAV-BEGIN> 10.60
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> .40
<PER-SHARE-DIVIDEND> .16
<PER-SHARE-DISTRIBUTIONS> .46
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.52
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
To the Shareholders and Trustees of
J.P. Morgan Series Trust II
Report of Independent Accountants
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, 1998, 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
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that 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 one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1998.
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/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
February 18, 1999
