<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 G000400 0
072 H000400 0
072 I000400 16
072 J000400 105
072 K000400 0
072 L000400 18
072 M000400 8
072 N000400 0
072 O000400 0
<PAGE> PAGE 21
072 P000400 0
072 Q000400 0
072 R000400 27
072 S000400 0
072 T000400 0
072 U000400 2
072 V000400 0
072 W000400 4
072 X000400 235
072 Y000400 130
072 Z000400 6
072AA000400 1165
072BB000400 0
072CC010400 3351
072CC020400 0
072DD010400 7
072DD020400 0
072EE000400 318
073 A010400 0.0100
073 A020400 0.0000
073 B000400 0.3500
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 1494
074 D000400 0
074 E000400 0
074 F000400 14916
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 48
074 K000400 23
074 L000400 13
074 M000400 1
074 N000400 16495
074 O000400 8
074 P000400 7
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 55
074 S000400 0
074 T000400 16425
074 U010400 982
074 U020400 0
074 V010400 16.73
074 V020400 0.00
074 W000400 0.0000
074 X000400 6
<PAGE> PAGE 22
074 Y000400 0
075 A000400 0
075 B000400 9170
076 000400 0.00
025 A000501 BANQUE NATIONALE DE PARIS
025 C000501 E
025 D000501 379
025 A000502 ING GROEP NV
025 C000502 E
025 D000502 202
025 A000503 UBS AGOEP NV
025 C000503 E
025 D000503 192
025 A000504 BANCO SANTANDER CENTRAL HISPANO
025 C000504 E
025 D000504 186
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 5333
028 A020500 0
028 A030500 0
028 A040500 6000
028 B010500 9904
028 B020500 0
028 B030500 0
028 B040500 9117
028 C010500 4521
028 C020500 0
028 C030500 0
028 C040500 3577
028 D010500 3788
028 D020500 0
028 D030500 0
028 D040500 3347
028 E010500 2237
028 E020500 0
028 E030500 0
028 E040500 1537
028 F010500 3150
028 F020500 697
028 F030500 0
028 F040500 1124
028 G010500 28933
028 G020500 697
028 G030500 0
028 G040500 24702
028 H000500 0
045 000500 Y
046 000500 N
<PAGE> PAGE 23
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
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 Y
<PAGE> PAGE 24
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 Y
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 13864
071 B000500 8436
071 C000500 12874
071 D000500 66
072 A000500 12
072 B000500 243
072 C000500 41
072 D000500 0
072 E000500 0
072 F000500 83
072 G000500 0
<PAGE> PAGE 25
072 H000500 0
072 I000500 0
072 J000500 100
072 K000500 0
072 L000500 20
072 M000500 13
072 N000500 0
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 35
072 S000500 0
072 T000500 0
072 U000500 2
072 V000500 0
072 W000500 21
072 X000500 274
072 Y000500 108
072 Z000500 118
072AA000500 1306
072BB000500 0
072CC010500 3634
072CC020500 0
072DD010500 142
072DD020500 0
072EE000500 602
073 A010500 0.1100
073 A020500 0.0000
073 B000500 0.4000
073 C000500 0.0000
074 A000500 626
074 B000500 0
074 C000500 2454
074 D000500 463
074 E000500 951
074 F000500 17719
074 G000500 0
074 H000500 0
074 I000500 0
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074 K000500 13
074 L000500 158
074 M000500 14
074 N000500 22398
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<PAGE> PAGE 26
074 S000500 0
074 T000500 22304
074 U010500 1613
074 U020500 0
074 V010500 13.83
074 V020500 0.00
074 W000500 0.0000
074 X000500 6
074 Y000500 0
075 A000500 0
075 B000500 13867
076 000500 0.00
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
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<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 31,1999 for the J.P. Morgan Bond Portfolio and is qualified in
its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 89,562
<INVESTMENTS-AT-VALUE> 88,178
<RECEIVABLES> 10,063
<ASSETS-OTHER> 15
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 98,256
<PAYABLE-FOR-SECURITIES> 31,960
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 78
<TOTAL-LIABILITIES> 32038
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<PAID-IN-CAPITAL-COMMON> 67209
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1238
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (980)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1249)
<NET-ASSETS> 66218
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<INTEREST-INCOME> 2,698
<OTHER-INCOME> 0
<EXPENSES-NET> 331
<NET-INVESTMENT-INCOME> 2,367
<REALIZED-GAINS-CURRENT> (949)
<APPREC-INCREASE-CURRENT> (1,540)
<NET-CHANGE-FROM-OPS> (122)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,376
<DISTRIBUTIONS-OF-GAINS> 138
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4114
<NUMBER-OF-SHARES-REDEEMED> 1140
<SHARES-REINVESTED> 133
<NET-CHANGE-IN-ASSETS> 33677
<ACCUMULATED-NII-PRIOR> 229
<ACCUMULATED-GAINS-PRIOR> 124
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 133
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 44,195
<PER-SHARE-NAV-BEGIN> 11.67
<PER-SHARE-NII> .40
<PER-SHARE-GAIN-APPREC> (.53)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .31
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.23
<EXPENSE-RATIO> .75
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This scedule contains summary financiald data extracted from the annual report
dated January 31, 1999 for J.P.Morgan U.S.Disciplined Equity Fund 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-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 36354
<INVESTMENTS-AT-VALUE> 39448
<RECEIVABLES> 76
<ASSETS-OTHER> 8
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 39532
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 47
<TOTAL-LIABILITIES> 47
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35170
<SHARES-COMMON-STOCK> 2276
<SHARES-COMMON-PRIOR> 1169
<ACCUMULATED-NII-CURRENT> 108
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1076
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3130
<NET-ASSETS> 39484
<DIVIDEND-INCOME> 367
<INTEREST-INCOME> 86
<OTHER-INCOME> 0
<EXPENSES-NET> 245
<NET-INVESTMENT-INCOME> 208
<REALIZED-GAINS-CURRENT> 3553
<APPREC-INCREASE-CURRENT> 1172
<NET-CHANGE-FROM-OPS> 4933
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 114
<DISTRIBUTIONS-OF-GAINS> 2667
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1090
<NUMBER-OF-SHARES-REDEEMED> 146
<SHARES-REINVESTED> 164
<NET-CHANGE-IN-ASSETS> 20973
<ACCUMULATED-NII-PRIOR> 14
<ACCUMULATED-GAINS-PRIOR> 191
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 104
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 245
<AVERAGE-NET-ASSETS> 28142
<PER-SHARE-NAV-BEGIN> 15.84
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 2.80
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.38
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.35
<EXPENSE-RATIO> 0.87
</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, 1999, 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-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 12521
<INVESTMENTS-AT-VALUE> 16409
<RECEIVABLES> 85
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 16495
<PAYABLE-FOR-SECURITIES> 6
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 64
<TOTAL-LIABILITIES> 70
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11938
<SHARES-COMMON-STOCK> 982
<SHARES-COMMON-PRIOR> 576
<ACCUMULATED-NII-CURRENT> 1
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 597
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3889
<NET-ASSETS> 16425
<DIVIDEND-INCOME> 73
<INTEREST-INCOME> 38
<OTHER-INCOME> 0
<EXPENSES-NET> 105
<NET-INVESTMENT-INCOME> 6
<REALIZED-GAINS-CURRENT> 1165
<APPREC-INCREASE-CURRENT> 3351
<NET-CHANGE-FROM-OPS> 4522
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7
<DISTRIBUTIONS-OF-GAINS> 318
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 571
<NUMBER-OF-SHARES-REDEEMED> (186)
<SHARES-REINVESTED> 21
<NET-CHANGE-IN-ASSETS> 9594
<ACCUMULATED-NII-PRIOR> 9
<ACCUMULATED-GAINS-PRIOR> (253)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 55
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 235
<AVERAGE-NET-ASSETS> 9170
<PER-SHARE-NAV-BEGIN> 11.86
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 5.23
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> (.35)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.73
<EXPENSE-RATIO> 1.15
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains financial data extracted from the annal report dated
December 31, 1999 for the International Opportunities 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-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 17577
<INVESTMENTS-AT-VALUE> 21587
<RECEIVABLES> 171
<ASSETS-OTHER> 640
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22398
<PAYABLE-FOR-SECURITIES> 23
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 71
<TOTAL-LIABILITIES> 94
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18182
<SHARES-COMMON-STOCK> 1613
<SHARES-COMMON-PRIOR> 930
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 12
<ACCUM-APPREC-OR-DEPREC> 4134
<NET-ASSETS> 22304
<DIVIDEND-INCOME> 243
<INTEREST-INCOME> 41
<OTHER-INCOME> 0
<EXPENSES-NET> 166
<NET-INVESTMENT-INCOME> 118
<REALIZED-GAINS-CURRENT> 1306
<APPREC-INCREASE-CURRENT> 3634
<NET-CHANGE-FROM-OPS> 5058
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 142
<DISTRIBUTIONS-OF-GAINS> 602
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3059
<NUMBER-OF-SHARES-REDEEMED> 2434
<SHARES-REINVESTED> 57
<NET-CHANGE-IN-ASSETS> 12517
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 1
<OVERDIST-NET-GAINS-PRIOR> 690
<GROSS-ADVISORY-FEES> 83
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 275
<AVERAGE-NET-ASSETS> 13867
<PER-SHARE-NAV-BEGIN> 10.52
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> 3.71
<PER-SHARE-DIVIDEND> 0.11
<PER-SHARE-DISTRIBUTIONS> 0.40
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.83
<EXPENSE-RATIO> 1.2
</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
In planning and performing our audits of the financial statements of J.P. Morgan
Bond Portfolio, J.P. Morgan Disciplined Equity Portfolio, J.P. Morgan Small
Company Portfolio and J.P. Morgan International Opportunities Portfolio
(constituting J.P. Morgan Series Trust II, collectively the "Funds") for the
year ended December 31, 1999, 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 Funds 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 controls may become inadequate
because of changes in conditions or that the effectiveness of their 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, 1999.
This report is intended solely for the information and use of the Trustees,
management and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified parties.
PricewaterhouseCoopers LLP
February 16, 2000
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: JPM Small Company Portfolio Security Description: Common Stock
---------------------------- - 8,150,000 Shares
------------------
Issuer: Finisar 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 Nov. 11, 1999 None N/A
------------- ---
2. Trade Date Nov. 11, 1999 Must be the same as #1 YES
-------------- ---
3. Unit Price of Offering $19.00 None N/A
------ ---
4. Price Paid per Share $19.00 Must not exceed #3 YES
------ ---
5. Years of Issuer's Operations 12 Must be at least three years * YES
-- ---
6. Underwriting Type Firm Must be firm YES
7. Underwriting Spread $1.33 Investment Adviser determination to YES
----- be made ---
8. Total Price paid by Portfolio $9,500 None N/A
------ ---
9. Total Size of Offering $154,850,000 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 $609,425 ---
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.
TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES
Portfolio: JPM Small Company Portfolio Security Description: Common Stock
----------------------------- - 5,000,000 Shares, Inc.
------------------------
Issuer: Foundry Networks
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>
1. Offering Date Sept. 27, 1999 None N/A
-------------- ---
2. Trade Date Sept. 27, 1999 Must be the same as #1 YES
--------------- ---
3. Unit Price of Offering $25.00 None N/A
------ ---
4. Price Paid per Share $25.00 Must not exceed #3 YES
------ ---
5. Years of Issuer's Operations 3 Must be at least three years * YES
- ---
6. Underwriting Type Firm Must be firm YES
7. Underwriting Spread $1.75 Investment Adviser determination to YES
----- be made ---
8. Total Price paid by Portfolio $7,500 None N/A
------ ---
9. Total Size of Offering $125,000,000 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 $615,000 ---
investment companies --------
11. Underwriter(s) from whom the Portfolio Deutsche
purchased (attach a prospectus or Morgan Grenfell 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 Small Company Security Description: Common Stock
Issuer: Inter Trust Technologies Corp. - 6,500,000 Shares
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>
1. Offering Date Oct. 26, 1999 None N/A
------------- ---
2. Trade Date Oct. 26, 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 5 Must be at least three years * YES
- ---
6. Underwriting Type Firm Must be firm YES
7. Underwriting Spread $1.26 Investment Adviser determination to YES
----- be made ---
8. Total Price paid by Portfolio $19,800 None N/A
------- ---
9. Total Size of Offering $117,000,000 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 $1,368,000
investment companies ----------
11. Underwriter(s) from whom the Portfolio First Boston
purchased (attach a prospectus or Corp. 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
manager, was the instruction listed below N/A 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 U. S. Small Company Portfolio Security
---------------------------------------------- Description:
Common Stock - 30,000,000 Shares
--------------------------------
Issuer: American National Can Group, 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>
1. Offering Date July 28, 1999 None N/A
------------- ---
2. Trade Date July 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 11 Must be at least three years * YES
-- ---
6. Underwriting Type Firm Must be firm YES
7. Underwriting Spread $0.85 Investment Adviser determination to YES
----- be made ---
8. Total Price paid by Portfolio $34,400 None N/A
------- ---
9. Total Size of Offering $510,000,000 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 $2,956,300 ---
investment companies ----------
11. Underwriter(s) from whom the Portfolio First Boston
purchased (attach a prospectus or Corp. 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.
