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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549

FORM 10-Q

THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN
GENERAL INSTRUCTION H(1) (a) AND (b) OF FORM 10-Q AND
IS THEREFORE FILING THIS FORM WITH THE REDUCED DISCLOSURE FORMAT


(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2003

OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission Registrant; State of Incorporation; I.R.S. Employer
File Number Address; and Telephone Number Identification No.
- ----------- ----------------------------------- ------------------

333-31250 JCP&L TRANSITION FUNDING LLC 75-2998870
(A Delaware Limited Liability Company)
103 Foulk Road, Suite 202
Wilmington, DE 19803-3742
Telephone (302) 691-6118



Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

Yes X No
------- --------

Indicate by check mark whether the registrant is an accelerated filer
(as defined in Rule 12b-2 of the Act):

Yes X No
------- --------



This Form 10-Q includes forward-looking statements based on
information currently available to management. Such statements are subject to
certain risks and uncertainties. These statements typically contain, but are not
limited to, the terms "anticipate", "potential", "expect", "believe", "estimate"
and similar words. Actual results may differ materially due to national or
regional economic conditions; changes in market demand and prices for energy;
legislative and regulatory developments; new technologies (including distributed
generation); weather variations affecting customer energy usage; the effect of
continued electric industry restructuring; operating performance of third party
suppliers; the payment patterns of customers, including the rate of
delinquencies; and the outcome of legal proceedings.





TABLE OF CONTENTS


Page

Part I. Financial Information


Item 1. Financial Statements
Statements of Operations and Changes
in Member's Equity............................ 1
Balance Sheets................................... 2
Statements of Cash Flows......................... 3
Notes to Financial Statements.................... 4-6
Report of Independent Accountants................ 7

Item 2. Management's Narrative Analysis of
Results of Operations............................ 8-9

Item 4. Controls and Procedures............................ 9



Part II. Other Information

Item 1. Legal Proceedings.................................. 10

Item 6. Exhibits and Reports on Form 8-K................... 10


Signature and Certifications................................ 11-14





PART I. FINANCIAL INFORMATION
- ------------------------------


ITEM 1. FINANCIAL STATEMENTS




JCP&L TRANSITION FUNDING LLC


STATEMENTS OF OPERATIONS AND CHANGES IN MEMBER'S EQUITY
(Unaudited)


Three Months Nine Months
Ended September 30, Ended September 30,
-------------------- --------------------
2003 2002 2003 2002
---- ---- ---- ----
(In Thousands)
REVENUES:

Transition bond charge revenues................... $11,336 $11,448 $29,738 $13,515
Interest income................................... 9 3 82 3
------- ------- ------- -------

Total Revenues................................ 11,345 11,451 29,820 13,518
------- ------- ------- -------


EXPENSES:
Amortization of bondable transition property...... 7,074 7,020 16,632 8,177
Interest expense.................................. 4,153 4,311 12,857 5,221
Administrative and general expenses............... 117 117 322 117
------- ------- ------- -------

Total Expenses................................ 11,344 11,448 29,811 13,515
------- ------- ------- -------

OPERATING INCOME....................................... 1 3 9 3
------- ------- ------- ------

Income tax expense..................................... -- 1 3 1
------- ------- ------- -------

NET INCOME............................................. $ 1 $ 2 $ 6 $ 2
======= ======= ======= =======


Member's equity, beginning of period................... $ 1,613 $ 1,601 $ 1,608 $ 1

Net Income............................................. 1 2 6 2

Capital contributed by member.......................... -- -- -- 1,600
------- ------- ------- -------

Member's equity, end of period......................... $ 1,614 $ 1,603 $ 1,614 $ 1,603
======= ======= ======= =======


The accompanying Notes to Financial Statements are an integral part of these statements.


1





JCP&L TRANSITION FUNDING LLC


BALANCE SHEETS


September 30, December 31,
2003 2002
------------- ------------
(Unaudited)
(In Thousands)
ASSETS

CURRENT ASSETS:
Cash and cash equivalents.......................... $ 1 $ 1
Restricted funds held by Trustee................... 3,937 19,750
Transition bond charge receivable from Servicer.... 53,162 23,127
-------- --------
57,100 42,878
-------- --------

OTHER ASSETS:
Bondable transition property....................... 289,498 306,130
-------- --------


$346,598 $349,008
======== ========


LIABILITIES AND MEMBER'S EQUITY

CURRENT LIABILITIES:
Currently payable long-term debt................... $ 15,268 $ 23,799
Accrued taxes...................................... 4 4
Accrued interest................................... 1,385 9,532
Payable to parent company.......................... 42,855 17,806
-------- --------
59,512 51,141
-------- --------

CAPITALIZATION:
Member's equity.................................... 1,614 1,608
Long-term debt..................................... 285,472 296,259
-------- --------
287,086 297,867
-------- --------


$346,598 $349,008
======== ========


The accompanying Notes to Financial Statements are an integral part of these
balance sheets.

2




JCP&L TRANSITION FUNDING LLC


STATEMENTS OF CASH FLOWS
(Unaudited)



Three Months Nine Months
Ended September 30, Ended September 30,
2003 2002 2003 2002
---- ---- ---- ----
(In Thousands)
Cash Flows from Operating Activities:

Net income.............................................. $ 1 $ 2 $ 6 $ 2
Adjustments to reconcile net income to net cash
from operating activities-
Amortization of bondable transition property..... 7,074 7,020 16,632 8,177
Restricted funds held by Trustee................. 1,523 (8,023) 15,813 (9,623)
Transition bond charge receivable from Servicer . (11,363) (3,472) (30,035) (5,555)
Accounts payable to parent company............... 7,112 -- 25,049 --
Accrued interest................................. (1) 4,311 (8,147) 5,221
Other............................................ -- 162 (58) 178
------- ------- -------- ---------
Net cash provided from (used for) operating activities.. 4,346 -- 19,260 (1,600)
------- ------- -------- ---------

Cash Flows from Financing Activities:
New Financing-
Proceeds from issuance of transition bonds......... -- -- -- 318,106
Capital contributed by member...................... -- -- -- 1,600
Redemptions and Repayments-
Long-term debt repayments......................... (4,346) -- (19,260) --
------- ------- -------- ---------

Net cash provided from (used for) financing activities.. (4,346) -- (19,260) 319,706
------- ------- -------- ---------

Cash Flows from Investing Activities:
Purchase of bondable transition property............. -- -- -- (318,106)
------- ------- -------- ---------

Net cash used for investing activities.................. -- -- -- (318,106)
------- ------- -------- ---------

Net change in cash and cash equivalents................. -- -- -- --
Cash and cash equivalents at beginning of period........ 1 1 1 1
------- ------- -------- ---------
Cash and cash equivalents at end of period.............. $ 1 $ 1 $ 1 $ 1
======= ======= ========= =========

Supplemental Cash Flows Information:
Cash Paid During the Period from Restricted Funds
Held by Trustee-
Interest........................................... $ 4,153 $ -- $ 21,005 $ --
======= ======= ========= =========


The accompanying Notes to Financial Statements are an integral part of these statements.


3





JCP&L TRANSITION FUNDING LLC

NOTES TO FINANCIAL STATEMENTS
(Unaudited)


1 - NATURE OF OPERATIONS

JCP&L Transition Funding LLC, a Delaware limited liability company
(Company), was formed on February 24, 2000. The Company is a wholly owned
subsidiary of Jersey Central Power & Light Company (JCP&L). JCP&L is a wholly
owned electric utility operating subsidiary of FirstEnergy Corp.

On February 6, 2002, JCP&L received a bondable stranded costs rate
order (Financing Order) from the New Jersey Board of Public Utilities (NJBPU)
authorizing the issuance of $320 million of transition bonds to securitize the
recovery of bondable stranded costs associated with the previously divested
Oyster Creek Nuclear Generating Station. The Financing Order was issued in
accordance with the Electric Discount and Energy Competition Act enacted by the
State of New Jersey in February 1999.

On June 11, 2002, the Company issued $320 million of Series 2002-A
Transition Bonds (Bonds), in four classes, to securitize the recovery of
bondable stranded costs associated with the previously divested Oyster Creek
Nuclear Generating Station. See Note 3 for additional information.

The Company was organized for the sole purpose of purchasing and
owning bondable transition property (BTP), issuing transition bonds to fund the
purchase of BTP, pledging its interest in BTP and other collateral to The Bank
of New York as trustee for the Bonds (Trustee) under an indenture between the
Company and the Trustee Indenture) to collateralize the Bonds, and performing
activities that are necessary, suitable or convenient to accomplish these
purposes. BTP represents the irrevocable right to charge, collect and receive,
and be paid from collections of, a non-bypassable transition bond charge (TBC)
from JCP&L's electric customers pursuant to the Financing Order. The Financing
Order authorizes the TBC collections to be sufficient to recover the $320
million aggregate principal amount of the Bonds, plus an amount sufficient to
provide for any credit enhancement, to fund any reserves and to pay interest
(including financing costs), redemption premiums, if any, servicing fees and
other expenses relating to the Bonds.

The Company's organizational documents require it to operate in a
manner so that it should not be consolidated in the bankruptcy estate of JCP&L
in the event JCP&L becomes subject to a bankruptcy proceeding. Both JCP&L and
the Company have treated the transfer of BTP to the Company as a sale under
applicable law, and the Bonds are being treated as debt obligations of the
Company. For financial reporting, federal income tax and State of New Jersey
income and corporate business tax purposes, the transfer of BTP to the Company
is being treated as a financing arrangement and not as a sale. Under applicable
law, the Bonds are recourse only to the Company and are not secured by the
assets of JCP&L.

2 - FINANCIAL STATEMENTS

The accompanying interim financial statements as of September 30, 2003
and for the three months and nine months ended September 30, 2003 and 2002 are
unaudited, but include all adjustments that the Company considers necessary for
a fair presentation of its financial statements. The December 31, 2002 balance
sheet data were derived from audited financial statements but do not include all
disclosures required by accounting principles generally accepted in the United
States. Certain information in these unaudited footnote disclosures, normally
included in financial statements prepared in accordance with accounting
principles generally accepted in the United States, has been condensed or
omitted in this Form 10-Q pursuant to the rules and regulations of the
Securities and Exchange Commission. These unaudited financial statements and
notes should be read in conjunction with the audited financial statements and
notes of the Company included in its Annual Report on Form 10-K for the year
ended December 31, 2002. Certain prior year amounts have been reclassified to
conform with the current year presentation.

The Company's independent accountants have performed a review of, and
issued a report on, these interim financial statements in accordance with
standards established by the American Institute of Certified Public Accountants.
Pursuant to Rule 436(c) under the Securities Act of 1933, their report of that
review should not be considered a report within the meaning of Section 7 and 11
of that Act, and the independent accountant's liability under Section 11 does
not extend to them.

4




Estimates

The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities, and disclosure of contingent assets and liabilities at the date of
the financial statements, and revenues and expenses during the reporting period.
Actual results could differ from those estimates.

3 - BONDS

In June 2002, the Company issued $320 million of Bonds, consisting of
four classes. The Company used the net proceeds from the sale of the Bonds to
fund the purchase of BTP from JCP&L. The Bonds are collateralized on a pro-rata
basis by the BTP and the equity and assets of the Company.

Scheduled maturity and interest rates for the Bonds as of September
30, 2003 are as follows:

Expected Final Legal Final
Class Interest Rate Principal Amount Payment Date Maturity Date
- ----- ------------- ---------------- ---------------- -----------------
(In Thousands)
A-1..... 4.19% $ 91,111 December 5, 2007 December 5, 2009
A-2..... 5.39% 52,297 September 5, 2010 September 5, 2012
A-3..... 5.81% 77,075 December 5, 2013 December 5, 2015
A-4..... 6.16% 99,517 June 5, 2017 June 5, 2019
--------
320,000
Principal payments to date:
-- Class A-1 bonds (19,398)
Current maturities:
-- Class A-1 bonds (15,268)
Refundable bond collateral 138
--------
Long-term debt $285,472
========

The expected final payment date for each class of the Bonds is the
date on which there is expected to be no further outstanding principal balance
for that class, based upon an expected amortization schedule for that class. The
Company has made certain assumptions in establishing these amortization
schedules, including, among other things, that all TBC collections are received
in accordance with JCP&L's forecasts. There can be no assurance that the
principal balance of any class of the Bonds will be reduced at the rates
indicated in these amortization schedules. The legal final maturity date for
each class of the Bonds is the date on which the Company is required to pay any
outstanding principal balance for that class. The Bonds will not be in default
if principal is not paid in accordance with the expected amortization schedules;
however, a default will occur if the entire outstanding balance of any class is
not paid on or before the final maturity date of that class.

The source for repayment of the Bonds is the TBC authorized pursuant
to the Financing Order, which is being collected from JCP&L customers by JCP&L,
as Servicer under a servicing agreement (Servicing Agreement) with the Company
which requires JCP&L, as Servicer, to manage and administer the BTP of the
Company and collect the TBC on behalf of the Company. JCP&L deposits TBC
collections daily into a collection account maintained by the Trustee. In
accordance with the Indenture, the Trustee allocates amounts in the collection
account to general, reserve, overcollateralization and capital subaccounts. The
general subaccount is used to make principal and interest payments on the Bonds
and to pay expenses, fees and charges as specified in the Indenture. The reserve
subaccount is maintained for the purpose of retaining any excess amount of TBC
collections and investment earnings not released to the Company. The
overcollateralization subaccount is held by the Trustee as a credit enhancement
to fund payments in the event of a collection shortfall, and the funding level
of the overcollateralization subaccount is 0.5% of the initial principal balance
of the Bonds, funded ratably over the life of the Bonds. If amounts available in
the general, reserve or overcollateralization subaccounts are not sufficient on
any payment date to make scheduled payments specified in the Indenture, the
Trustee will draw on amounts in the capital subaccount. Upon issuance of the
Bonds, an amount equal to 0.5% of the initial principal balance of the Bonds was
deposited into the capital subaccount. Any amounts collateralizing the Bonds
that remain upon repayment of all the Bonds will be refunded to JCP&L's
customers.

As of September 30, 2003, the following balances were reflected in the
subaccounts maintained by the Trustee:

Balance
Subaccount (In Thousands)
---------- --------------
General.................... $ 423
Reserve.................... 1,600
Overcollateralization...... 133
Capital.................... 1,781
------
Total.................... $3,937
======

5




4 - SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS

Under the Servicing Agreement between JCP&L and the Company, JCP&L, as
Servicer, manages and administers the BTP of the Company and collects the TBC on
behalf of the Company. The Company is required to pay an annual servicing fee to
JCP&L equal to 0.125% of the initial principal balance of the Bonds outstanding,
or $400,000, of which the Company accrued $300,000 during the nine-month period
ended September 30, 2003. This servicing fee is being recovered by the Company
through the TBC. The Company has also entered into an administration agreement
with FirstEnergy Service Company, an affiliated company, pursuant to which
FirstEnergy Service Company provides administrative services to the Company.
During the nine-month period ended September 30, 2003, no expenses for
administrative services were paid or accrued by the Company.

6




REPORT OF INDEPENDENT ACCOUNTANTS




To the Member of
JCP&L Transition Funding LLC:

We have reviewed the accompanying balance sheet of JCP&L Transition Funding LLC
as of September 30, 2003, and the related statements of operations and changes
in member's equity and of cash flows for each of the three-month and nine-month
periods ended September 30, 2003 and 2002. These interim financial statements
are the responsibility of the Company's management.

We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial
information consists principally of applying analytical procedures and making
inquiries of persons responsible for financial and accounting matters. It is
substantially less in scope than an audit conducted in accordance with generally
accepted auditing standards, the objective of which is the expression of an
opinion regarding the financial statements taken as a whole. Accordingly, we do
not express such an opinion.

Based on our review, we are not aware of any material modifications that should
be made to the accompanying interim financial statements for them to be in
conformity with accounting principles generally accepted in the United States of
America.

We previously audited in accordance with auditing standards generally accepted
in the United States of America, the balance sheet as of December 31, 2002, and
the related statements of operations and changes in member's equity and of cash
flows for the year then ended (not presented herein), and in our report dated
February 28, 2003 we expressed an unqualified opinion on those financial
statements. In our opinion, the information set forth in the accompanying
balance sheet information as of December 31, 2002, is fairly stated in all
material respects in relation to the balance sheet from which it has been
derived.




PricewaterhouseCoopers LLP
Cleveland, Ohio
November 13, 2003

7



JCP&L TRANSITION FUNDING LLC

ITEM 2. MANAGEMENT'S NARRATIVE ANALYSIS OF
RESULTS OF OPERATIONS


Background
- ----------

In accordance with the Electric Discount and Energy Competition Act
enacted by the State of New Jersey in February 1999, the New Jersey Board of
Public Utilities (NJBPU) is authorized to issue "bondable stranded cost rate
orders," approving, among other things, the issuance of transition bonds to
recover bondable stranded costs and related expenses of an electric public
utility.

In February 2000, JCP&L Transition Funding LLC (Company), a Delaware
limited liability company and wholly owned subsidiary of Jersey Central Power &
Light Company (JCP&L), was organized for the sole purpose of purchasing and
owning bondable transition property (BTP) and issuing transition bonds secured
by the BTP. BTP represents the irrevocable right to charge, collect and receive,
and be paid from collections of, a non-bypassable transition bond charge (TBC)
from JCP&L's electric customers pursuant to a bondable stranded costs rate
order. The Company's organizational documents require it to operate in a manner
so that it should not be consolidated in the bankruptcy estate of JCP&L in the
event JCP&L becomes subject to a bankruptcy proceeding.

On February 6, 2002, JCP&L received a bondable stranded costs rate
order (Financing Order) from the NJBPU authorizing the issuance of $320 million
of transition bonds to securitize the recovery of bondable stranded costs
associated with the previously divested Oyster Creek Nuclear Generating Station.

Issuance of Transition Bonds
- ---------------------------

In June 2002, the Company acquired BTP from JCP&L and issued $320
million of Series 2002-A Transition Bonds (Bonds), Class A-1 through Class A-4,
with scheduled maturities ranging from 2007 through 2017, and final maturities
ranging from 2009 through 2019. The Financing Order authorizes the TBC
collections to be sufficient to recover the $320 million aggregate principal
amount of the Bonds, plus an amount sufficient to provide for any credit
enhancement, to fund any reserves and to pay interest (including financing
costs), redemption premiums, if any, servicing fees and other expenses relating
to the Bonds.

The Company has no paid employees, and has entered into a servicing
agreement with JCP&L (Servicing Agreement) which requires JCP&L, as Servicer, to
manage and administer the BTP of the Company and to collect the TBC on behalf of
the Company. JCP&L began remitting TBC collections to The Bank of New York, as
trustee for the Bonds (Trustee), on July 15, 2002.

Results of Operations
- ---------------------

The Company did not have results of operations for the five-month
period ended May 31, 2002.

Revenues

The Company did not earn revenues prior to purchasing BTP and issuing
the Bonds on June 11, 2002. Revenues increased to $29.8 million for the
nine-month period ended September 30, 2003, compared to $13.5 million for the
same period in 2002, which relate to TBC revenues recognized during the period
collected from JCP&L customers.

Expenses

Amortization expense increased to $16.6 million for the nine-month
period ended September 30, 2003, compared to $8.2 million for the same period in
2002, which relate to amortization of BTP (which is based on TBC revenue
collections). In addition, interest expense increased to $12.9 million for the
period in 2003 compared to $5.2 million in 2002, which represent accrued
interest on the Bonds.

8




Liquidity
- ---------

Substantially all of the Company's revenues are derived from the TBC,
the collection of which was authorized by the NJBPU in the Financing Order, and
which is currently being collected from JCP&L customers. The Company has risk
exposure related to consumption forecasting by JCP&L and unanticipated
delinquencies or write-offs of JCP&L customer receivables, all of which could
result in insufficient TBC collections and thus insufficient funds available to
make scheduled payments on the Bonds and provide other credit support. A
potential shortfall or excess of TBC collections could occur because the TBC
rate assessed to JCP&L's customers is based on estimates of electricity
consumption, customer delinquencies and write-offs. The NJBPU is required to
make annual adjustments to the TBC upon petition by JCP&L, in its capacity as
Servicer on behalf of the Company, to provide sufficient revenues to make
scheduled payments on the Bonds and provide other credit support. The Servicing
Agreement requires that JCP&L make those petitions.


ITEM 4. CONTROLS AND PROCEDURES

(a) Evaluation of Disclosure Controls and Procedures

The Company's chief executive officer and chief financial officer have
reviewed and evaluated the Company's disclosure controls and procedures, as
defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e), as
of the end of the date covered by this report. Based on that evaluation those
officers have concluded that the Company's disclosure controls and procedures
are effective and were designed to bring to their attention material information
relating to the Company by others within the Company and/or the Company's
parent, JCP&L.

(b) Changes in Internal Controls

During the quarter ended September 30, 2003, there were no changes in
the registrants' internal control over financial reporting that have materially
affected, or are reasonably likely to materially affect, the registrants'
internal control over financial reporting.

9




PART II. OTHER INFORMATION
- ----------------------------


Item 1. Legal Proceedings
-----------------

None.

Item 6. Exhibits and Reports on Form 8-K
--------------------------------

(a) Exhibits

Exhibit
Number
-------

31.1 Certification of chief executive officer, pursuant to
Rule 13a-14(a)/15d-14(a).

31.2 Certification of chief financial officer, pursuant to
Rule 13a-14(a)/15d-14(a).

32.1 Certification of chief executive officer and chief
financial officer, pursuant to 18 U.S.C.ss.1350.

(b) Reports on Form 8-K

No reports on Form 8-K were filed since December 31, 2002.

10





SIGNATURE



Pursuant to the requirements of the Securities Exchange Act of 1934,
JCP&L Transition Funding LLC has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.



November 14, 2003


Harvey L. Wagner
-----------------------------
Vice President and Controller
(Principal Accounting Officer)

11