JPM SERIES TRUST
NSAR-A, 1997-06-26
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<PAGE>      PAGE  1
000 A000000 04/30/97
000 C000000 1016937
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 JPM SERIES TRUST
001 B000000 811-07795
001 C000000 6175570700
002 A000000 60 STATE STREET SUITE 1300
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
007 C010100  1
007 C020100 TAX AWARE U.S. EQUITY FUND JPM PIERPONT SHARS
007 C030100 N
007 C010200  2
007 C020200 TAX AWARE DISCIPLINED EQTY FUND JPM PIERPONT
007 C030200 N
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
008 B00AA01 A
008 C00AA01 801-999999
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10036
010 A00AA01 FUNDS DISTRIBUTOR, INC.
010 B00AA01 84-20518
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02109
010 A00AA02 PIERPONT GROUP,INC.
010 C01AA02 NY
010 C02AA02 NY
010 C03AA02 10017
<PAGE>      PAGE  2
010 A00AA03 MORGAN GUARAMTY TRUST COMPANY OF NEW YORK
010 B00AA03 8-49999
010 C01AA03 NY
010 C02AA03 NY
010 C03AA03 10036
011 A00AA01 FUNDS DISTRIBUTOR, INC.
011 B00AA01 8-420518
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02109
012 A00AA01 STATE STREET BANK & TRUST CO.
012 B00AA01 85-50003
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02101
012 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
012 B00AA02 85-9999999
012 C01AA02 NEW YORK
012 C02AA02 NY
012 C03AA02 10036
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 FUNDS DISTRIBUTOR, INC.
014 B00AA01 8-420518
014 A00AA02 JP MORGAN SECURITIES, INC.
014 B00AA02 8-99999
014 A00AA03 JP MORGAN SECURITIES LTD.
014 B00AA03 8-99999
014 A00AA04 BOSTON INSTITUTIONAL SERVICES, INC.
014 B00AA04 8-99999
015 A00AA01 STATE STREET BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   70
019 C00AA00 JPM/PIERPO
020 A000001 INVESTMENT TECHNOLOGY GROUP, INC
020 C000001      1
020 A000002 STATE STREET BANK AND TRUST CO
020 C000002      1
020 C000003      0
020 C000004      0
020 C000005      0
020 C000006      0
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<PAGE>      PAGE  3
020 C000008      0
020 C000009      0
020 C000010      0
021  000000        2
022 A000001 NATIONSBANK
022 C000001      3933
022 D000001      9880
022 A000002 HSBC SECURITIES, INC
022 C000002      6450
022 D000002       894
022 A000003 FIRST CHICAGO
022 C000003      3291
022 D000003      2385
022 A000004 INVESTMENT TECHNOLOGY GROUP, INC
022 C000004      4574
022 D000004         0
022 A000005 STATE STREET BANK & TRUST CO.
022 C000005      3575
022 D000005         0
022 A000006 MORGAN STANLEY AND CO. INC.
022 C000006      2639
022 D000006         0
022 A000007 HOENIG & CO.
022 C000007      2111
022 D000007       271
022 A000008 NATIONAL FINANCIAL SERVICES CORP.
022 C000008      1650
022 D000008       369
022 A000009 SALOMON BROTHERS INC.
022 C000009      1074
022 D000009       430
022 A000010 BRIDGE TRADING
022 C000010      1187
022 D000010       107
023 C000000      50000
023 D000000      50000
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026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
<PAGE>      PAGE  4
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 Y
029  00AA00 N
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030 C00AA00  0.00
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043  00AA00      0
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052  00AA00 N
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054 A00AA00 Y
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
063 A00AA00   0
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<PAGE>      PAGE  5
066 A00AA00 Y
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070 B01AA00 Y
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070 E01AA00 N
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 N
070 G01AA00 Y
070 G02AA00 N
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 N
070 L01AA00 Y
070 L02AA00 N
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070 N01AA00 Y
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070 Q02AA00 N
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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055 A000100 N
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056  000100 Y
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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028 A010200         0
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045  000200 Y
046  000200 N
047  000200 Y
048  000200  0.350
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<PAGE>      PAGE  10
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048 I010200        0
048 I020200 0.000
048 J010200        0
048 J020200 0.000
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048 K020200 0.000
055 A000200 N
055 B000200 N
056  000200 Y
057  000200 N
058 A000200 N
059  000200 Y
060 A000200 Y
060 B000200 Y
061  000200   100000
062 A000200 N
062 B000200   0.0
062 C000200   0.0
062 D000200   0.0
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062 F000200   0.0
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062 K000200   0.0
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062 M000200   0.0
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062 O000200   0.0
062 P000200   0.0
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071 C000200      2761
<PAGE>      PAGE  11
071 D000200   12
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073 A010200   0.0000
073 A020200   0.0000
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<PAGE>      PAGE  12
074 N000200     4543
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074 R040200       35
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074 U010200      434
074 U020200        0
074 V010200    10.25
074 V020200     0.00
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074 X000200       25
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075 A000200     3510
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076  000200     0.00
SIGNATURE   RICHARD W. INGRAM                            
TITLE       TREASURER           
 


<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the semi-annual
report dated April 30, 1997 for Tax Aware U.S. Equity Fund and is qualified
in its entirety by reference to such report.
</LEGEND>
<CIK> 0001016937
<NAME> JPM SERIES TRUST
<SERIES>
   <NUMBER> 1
   <NAME> TAX AWARE U.S. EQUITY FUND JPM PIERPONT SHARES
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   4-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-START>                             DEC-18-1997
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                            13162
<INVESTMENTS-AT-VALUE>                           13793
<RECEIVABLES>                                       30
<ASSETS-OTHER>                                      44
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                   13867
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
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<TOTAL-LIABILITIES>                                104
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         13205
<SHARES-COMMON-STOCK>                             1264
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                           23
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                            (96)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                           631
<NET-ASSETS>                                     13763
<DIVIDEND-INCOME>                                   53
<INTEREST-INCOME>                                    7
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                      31
<NET-INVESTMENT-INCOME>                             29
<REALIZED-GAINS-CURRENT>                           (96)
<APPREC-INCREASE-CURRENT>                          631
<NET-CHANGE-FROM-OPS>                              564
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            6
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           1263
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  1
<NET-CHANGE-IN-ASSETS>                           13738
<ACCUMULATED-NII-PRIOR>                              0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    111
<AVERAGE-NET-ASSETS>                             10040
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                    .03
<PER-SHARE-GAIN-APPREC>                            .87
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.89
<EXPENSE-RATIO>                                    .85
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the semi-annual
report dated April 30, 1997 for Tax Aware Disciplined Equity Fund and is
qualified in its entirety by reference to such report.
</LEGEND>
<CIK> 0001016937
<NAME> JPM SERIES TRUST
<SERIES>
   <NUMBER> 2
   <NAME> TAX AWARE DISCIPLINED EQUITY FUND JPM PIERPONT SHARES
<MULTIPLIER> 1000
       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-START>                             JAN-30-1997
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                             4360
<INVESTMENTS-AT-VALUE>                            4472
<RECEIVABLES>                                       26
<ASSETS-OTHER>                                      45
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                    4543
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                                 93
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                          4331
<SHARES-COMMON-STOCK>                              434
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                           13
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                             (7)
<OVERDISTRIBUTION-GAINS>                             0
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<NET-ASSETS>                                      4450
<DIVIDEND-INCOME>                                   15
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<OTHER-INCOME>                                       0
<EXPENSES-NET>                                       5
<NET-INVESTMENT-INCOME>                             13
<REALIZED-GAINS-CURRENT>                            (6)
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<NET-CHANGE-FROM-OPS>                              119
<EQUALIZATION>                                       0
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<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            434
<NUMBER-OF-SHARES-REDEEMED>                          0
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<GROSS-ADVISORY-FEES>                                3
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                     70
<AVERAGE-NET-ASSETS>                              3510
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                    .03
<PER-SHARE-GAIN-APPREC>                            .22
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.25
<EXPENSE-RATIO>                                    .55
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>


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