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 June 30, 2002

                                       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)
                c/o FirstEnergy Corp.
                76 South Main Street
                Akron, OH  44308
                Telephone (800) 736-3402



           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
    -------         --------



           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 outcomes of legal proceedings.



<PAGE>


                                TABLE OF CONTENTS


                                                                           Pages

Part I.    Financial Information

           Management's Narrative Analysis of Results of Operations ......   1


           Financial Statements
             Statements of Operations and Changes in Member's Equity...      2
             Balance Sheets............................................      3
             Statements of Cash Flows..................................      4
             Notes to Financial Statements.............................     5-7
             Report of Independent Accountants.........................      8


Part II.   Other Information...........................................      9


             Signature.................................................     10




<PAGE>




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


                          JCP&L TRANSITION FUNDING LLC

                       MANAGEMENT'S NARRATIVE ANALYSIS OF
                              RESULTS OF OPERATIONS


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

           In accordance with the Electric Discount and Energy Competition Act
enacted in 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. On February
6, 2002, Jersey Central Power & Light Company (JCP&L) received a bondable
stranded costs rate order (Financing Order) from the NJBPU with authorization to
issue $320 million of transition bonds to securitize the recovery of bondable
stranded costs associated with the previously divested Oyster Creek Nuclear
Generating Facility.

           In February 2000, JCP&L Transition Funding LLC (Company), a Delaware
limited liability company, was organized for the limited purpose of purchasing
bondable transition property (BTP) and issuing transition bonds secured by the
BTP. The Company is wholly-owned by JCP&L. 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.

           BTP represents the irrevocable right of JCP&L, or its successor or
assignee, to charge, collect and receive a non-bypassable transition bond charge
(TBC) from customers. The Financing Order authorizes the TBC collections to be
sufficient to recover $320 million aggregate principal amount of transition
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 transition
bonds. In June 2002, the Company acquired BTP from JCP&L and issued $320 million
of Transition Bonds (Bonds), Series 2002-A, Class A-1 through Class A-4, with
scheduled maturities ranging from 2007 through 2017 and final maturities ranging
from 2009 through 2019.

           The Company entered into a servicing agreement with JCP&L. The
servicing agreement 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 a Trustee (The Bank of New York) on July 15, 2002.
The first quarterly payment of Bond principal, interest and related expenses is
due on March 5, 2003.

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

           The Company did not have results of operations for the three and six
month periods ended June 30, 2001, since as of that date the Company had not
issued transition bonds or purchased BTP.

Revenues

           Revenues of $2.1 million for both the three and six month periods
ended June 30, 2002 relate to TBC revenues earned during the period of June 11,
2002 through June 30, 2002, which are being collected from JCP&L customers.

Expenses

           Expenses of $1.1 million for both the three and six month periods
ended June 30, 2002 relate to amortization of BTP (which is based on TBC revenue
collections). In addition, expenses of $1.0 million for the same periods
represent accrued interest on the Bonds.

                                        1

<PAGE>


<TABLE>
<CAPTION>



                          JCP&L TRANSITION FUNDING LLC


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


                                                                   Three Months Ended               Six Months Ended
                                                                       June 30,                         June 30,
                                                                  --------------------            -------------------
                                                                   2002          2001              2002         2001
                                                                  ------        ------            ------       ------
                                                                                    (In thousands)
<S>                                                               <C>           <C>               <C>          <C>
REVENUES:                                                                  |                               |
   Transition bond charge revenues........................        $2,067   |    $   --            $2,067   |   $   --
   Interest income........................................            --   |        --                --   |       --
                                                                  ------   |    ------            ------   |   ------
                                                                           |                               |
     Total Revenues.......................................         2,067   |        --             2,067   |       --
                                                                  ------   |    ------            ------   |   ------
                                                                           |                               |
EXPENSES:                                                                  |                               |
   Amortization of bondable transition property...........         1,157   |        --             1,157   |       --
   Interest expense.......................................           910   |        --               910   |       --
   Administrative and general expenses....................            --   |        --                --   |       --
                                                                  ------   |    ------            ------   |   ------
                                                                           |                               |
     Total Expenses.......................................         2,067   |        --             2,067   |       --
                                                                  ------   |    ------            ------   |   ------
                                                                           |                               |
OPERATING INCOME..........................................            --   |        --                --   |       --
                                                                  ------   |    ------            ------   |   ------
                                                                           |                               |
Income tax expense........................................            --   |        --                --   |       --
                                                                  ------   |    ------            ------   |   ------
                                                                           |                               |
NET INCOME................................................        $   --   |    $   --            $   --   |   $   --
                                                                  ======   |    ======            ======   |   ======
                                                                           |                               |
Member's equity, beginning of period......................        $    1   |    $    1            $    1   |   $    1
                                                                           |                               |
Capital contributed by member.............................         1,600   |        --             1,600   |       --
                                                                  ------   |    ------            ------   |   ------
                                                                           |                               |
Member's equity, end of period............................        $1,601   |    $    1            $1,601   |   $    1
                                                                  ======   |    ======            ======   |   ======


<FN>



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


</FN>
</TABLE>


                                                        2
<PAGE>

<TABLE>
<CAPTION>

                             JCP&L TRANSITION FUNDING LLC


                                   BALANCE SHEETS



                                                              (Unaudited)
                                                               June 30,       December 31,
                                                                 2002            2001
                                                              -----------     ------------
                                                                     (In thousands)

                           ASSETS
                           ------
<S>                                                            <C>              <C>
CURRENT ASSETS:
   Cash and cash equivalents..............................     $      1         $    1
   Restricted funds.......................................        1,600             --
   Transition bond charge receivable from Servicer........        2,083             --
                                                               --------         ------
                                                                  3,684              1
                                                               --------         ------

OTHER ASSETS:
   Bondable transition property...........................      318,842             --
   Deferred financing costs...............................           --          1,581
                                                               --------         ------
                                                                318,842          1,581
                                                               --------         ------

                                                               $322,526         $1,582
                                                               ========         ======


             LIABILITIES AND MEMBER'S EQUITY
             -------------------------------

CAPITALIZATION:
   Member's equity........................................        1,601         $    1
   Long-term debt.........................................      304,989             --
                                                               --------         ------
                                                                306,590              1
                                                               --------         ------

CURRENT LIABILITIES:
   Currently payable long-term debt.......................       15,026             --
   Interest accrued.......................................          910             --
   Payable to JCP&L.......................................           --          1,581
                                                               --------         ------
                                                                 15,936          1,581
                                                               --------         ------
                                                               $322,526         $1,582
                                                               ========         ======
<FN>


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

</FN>
</TABLE>


                                          3



<PAGE>

<TABLE>
<CAPTION>

                                                    JCP&L TRANSITION FUNDING LLC


                                                      STATEMENTS OF CASH FLOWS
                                                             (Unaudited)


                                                                  Three Months Ended            Six Months Ended
                                                                       June 30,                     June 30,
                                                               ----------------------         ---------------------
                                                                 2002          2001             2002          2001
                                                               --------      --------         --------       ------
                                                                                    (In thousands)
<S>                                                            <C>            <C>             <C>            <C>
Cash Flows from Operating Activities:                                     |                              |
Net income................................................     $     --   |   $  --           $     --   |   $   --
   Adjustments to reconcile net income to net cash                        |                              |
     from operating activities-                                           |                              |
       Amortization of bondable transition property ......        1,157   |      --              1,157   |       --
       Transition bond charge receivable from Servicer ...       (2,083)  |      --             (2,083)  |       --
       Accrued interest...................................          910   |      --                910   |       --
       Other..............................................           16   |      --                 16   |       --
                                                               --------   |   -----           --------   |   ------
                                                                          |                              |
Net cash from operating activities........................           --   |      --                 --   |       --
                                                               --------   |   -----           --------   |   ------
                                                                          |                              |
Cash Flows from Financing Activities:                                     |                              |
   New Financing-                                                         |                              |
       Proceeds from issuance of transition bonds.........      318,106   |      --            318,106   |       --
       Capital contributed by member......................        1,600   |      --              1,600   |       --
                                                                          |                              |
Net cash provided from financing activities...............      319,706   |      --            319,706   |       --
                                                               --------   |   -----           --------   |   ------
                                                                          |                              |
Cash Flows from Investing Activities:                                     |                              |
   Deposit to restricted funds............................        1,600   |      --              1,600   |       --
   Purchase of bondable transition property...............      318,106   |      --            318,106   |       --
                                                               --------   |   -----           --------   |   ------
                                                                          |                              |
Net cash used for investing activities....................      319,706   |      --            319,706   |       --
                                                               --------   |   -----           --------   |   ------
                                                                          |                              |
Net increase 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
                                                               ========   |   =====           ========   |   ======

<FN>



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

</FN>
</TABLE>

                                                        4




<PAGE>




                          JCP&L TRANSITION FUNDING LLC

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)


1 -  NATURE OF OPERATIONS

           JCP&L Transition Funding LLC was established by JCP&L and certain of
its direct and indirect subsidiaries under the laws of the State of Delaware on
February 24, 2000, pursuant to a limited liability company agreement with JCP&L
Transition, Inc., an indirect subsidiary of JCP&L, as sole member of the
Company. JCP&L Transition, Inc. transferred its interest in the Company to JCP&L
effective February 19, 2002. JCP&L is a wholly owned electric utility operating
subsidiary of FirstEnergy Corp. JCP&L was formerly a wholly owned subsidiary of
GPU, Inc., which merged with FirstEnergy Corp. on November 7, 2001. Accordingly,
the post-merger and pre-merger period financial results presented in this report
are separated by a heavy black line.

           The Company was organized for the sole purpose of purchasing and
owning BTP, issuing transition bonds to fund purchasing BTP, pledging its
interest in BTP and other collateral to the Trustee under an indenture between
the Company and the Trustee (Indenture) to collateralize the transition bonds,
and performing activities that are necessary, suitable or convenient to
accomplish these purposes. BTP represents the irrevocable right of JCP&L, or its
successor or assignee, to charge, collect and receive a non-bypassable TBC from
customers pursuant to the Financing Order, which was issued on February 6, 2002
by the NJBPU in accordance with the Electric Discount and Energy Competition Act
enacted in New Jersey in February 1999. The Financing Order authorizes the TBC
collections to be sufficient to recover $320 million aggregate principal amount
of transition 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 transition bonds.

           The Company issued $320 million of Bonds in four different classes on
June 11, 2002. See Note 3 for additional information.

           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 corporation 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 -  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

           Certain information in 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 SEC.

           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.

Revenues

           Substantially all of the Company's revenues are derived from the TBC
authorized pursuant to the Financing Order, which is being collected from
JCP&L's customers. The Company accrues unbilled TBC revenues for electric
service provided by JCP&L through the end of the accounting period. In addition,
the Company records investment income on amounts on deposit with the Trustee;
however, only those earnings on the capital subaccount are recorded in income,
as earnings on the other subaccounts must be returned to JCP&L's customers
pursuant to the Financing Order. The Company also earns interest on temporary
cash investments.


                                        5


<PAGE>


Cash and Cash Equivalents

           All temporary cash investments purchased with an initial maturity of
three months or less are reported as cash equivalents on the Balance Sheet at
cost, which approximates their fair market value. Cash and cash equivalents do
not include restricted funds deposited with the Trustee.

Restricted Funds

           Amounts on deposit with the Trustee are classified as restricted
funds on the Balance Sheet. See Note 3 for additional information.

Amortization of Bondable Transition Property

           The BTP was recorded at the acquired cost and is being amortized over
the life of the Bonds, based on TBC revenue collections, interest accruals and
other fees. The BTP is solely the property of the Company.

Financing Costs

           Prior to issuance of the Bonds, certain costs associated with the
issuance were paid by JCP&L and included as deferred financing costs on the
Company's Balance Sheet. Upon issuance of the Bonds, the Company reimbursed
JCP&L for these costs, and the costs are now being amortized as part of the BTP.

Income Taxes

           The Company is a single member limited liability company which is
treated as a disregarded entity for federal and state income tax purposes.
Accordingly, the Company's results will be included in the taxable income of
JCP&L. However, the provision or liability for income taxes related to interest
income on the capital subaccount and temporary cash investments will be included
in the Company's financial statements.


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 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 at June 30, 2002
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
     Payable to JCP&L              15
     Current Maturities       (15,026)
                             --------
     Long-Term Debt          $304,989
                             ========

           The expected final payment date for each class of 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 Bonds will be reduced at the rates indicated
in these amortization schedules. The legal final maturity date for each class of
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. Daily, JCP&L deposits TBC collections into a collection account
maintained by the Trustee. In accordance with the Indenture, the Trustee
allocates amounts in the collection account to general, series, reserve,
overcollateralization and capital subaccounts. The general subaccount is used to
make principal and interest payments on the Bonds (through series subaccounts)
and to pay expenses,

                                       6

<PAGE>


fees and charges as specified in the Indenture.  The Trustee is required to make
the first  payment  on the Bonds on March 5, 2003.  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  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, series, 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 Bonds will be
returned to JCP&L upon payment of the Bonds.

     JCP&L began  remitting TBC  collections to the Trustee on July 15, 2002. At
June  30,  2002,  the  following  balances  were  reflected  in the  subaccounts
maintained by the Trustee:
                                                            Balance
                            Subaccount                   (In Thousands)
                            ----------                   -------------
                         General...................         $   --
                         Series....................             --
                         Reserve...................             --
                         Overcollateralization.....             --
                         Capital...................          1,600
                                                           -------
                             Total.................         $1,600
                                                            ======


4 -  SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS

           Under the servicing agreement between JCP&L and the Company, JCP&L,
as Servicer, is required to manage and administer the BTP of the Company and to
collect the TBC on behalf of the Company. The Company will pay an annual
servicing fee to JCP&L equal to 0.125% of the initial principal balance of Bonds
outstanding, or $400,000. This servicing fee will be recovered by the Company
through the TBC. The Company has also entered into an administration agreement
with GPU Service, Inc., an affiliated company, pursuant to which GPU Service,
Inc. is providing administrative services to the Company.



                                        7

<PAGE>




                        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
(a Delaware limited liability company and wholly owned subsidiary of Jersey
Central Power & Light Company) as of June 30, 2002, and the related statements
of operations and changes in member's equity and of cash flows for each of the
three-month and six-month periods ended June 30, 2002. These 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 to financial
data 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, 2001, and
the related statements of changes in member's equity and of cash flows for the
year then ended (not presented herein), and in our report dated April 25, 2002
we expressed an unqualified opinion on those financial statements. In our
opinion, the information set forth in the accompanying balance sheet as of June
30, 2002, is fairly stated in all material respects in relation to the balance
sheet from which it has been derived.







PricewaterhouseCoopers LLP
Cleveland, Ohio
August 12, 2002


                                        8

<PAGE>


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


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

           None.

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

           (a)  Exhibits

           Exhibit
           Number
           ------

             99.1 Certification from chief executive officer

             99.2 Certification from chief financial officer


           (b)  Reports on Form 8-K

                   JCP&L Transition Funding LLC filed three reports on Form 8-K
                   since December 31, 2001. A report dated April 18, 2002
                   reported a change in the registrant's certifying accountant,
                   which was amended on May 9, 2002; a report dated May 29, 2002
                   disclosed the use of a structural and collateral term sheet
                   for a proposed $320 million offering of transition bonds; and
                   a report dated June 13, 2002 announced the sale of the
                   transition bonds and disclosed related material agreements.



                                        9

<PAGE>








                                    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.



August 13, 2002










                                         /s/  Harvey L. Wagner
                                     ----------------------------------
                                              Harvey L. Wagner
                                        Vice President, Controller
                                       and Chief Accounting Officer




                                        10

<PAGE>