<PAGE> PAGE 1
000 B000000 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 Y
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C010200 2
007 C010300 3
007 C020300 CALIFORNIA BOND FUND JPM INSTITUTIONAL SHARES
007 C030300 N
007 C010400 4
007 C020400 CALIFORNIA BOND FUND JPM PIERPONT SHARES
007 C030400 N
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 10260
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 801-999999
010 C01AA03 NY
010 C02AA03 NY
010 C03AA03 10260
011 A00AA01 FUNDS DISTRIBUTOR, INC.
011 B00AA01 8-420518
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02116
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 85-99999
012 C01AA02 NEW YORK
012 C02AA02 NY
012 C03AA02 10260
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 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
<PAGE> PAGE 3
020 C000010 0
021 000000 0
022 A000001 PAINE WEBBER, INC.
022 C000001 4250
022 D000001 1550
022 A000002 CITICORP SECURITIES
022 C000002 1450
022 D000002 2950
022 A000003 LEHMAN BROTHERS, INC.
022 C000003 2850
022 D000003 1150
022 A000004 BT SECURITIES CORP.
022 C000004 600
022 D000004 2150
022 A000005 MORGAN STANLEY
022 C000005 800
022 D000005 1800
022 A000006 GOLDMAN SACHS
022 C000006 1150
022 D000006 550
022 A000007 CITIBANK
022 C000007 1600
022 D000007 100
022 A000008 SMITH BARNEY, INC.
022 C000008 1640
022 D000008 0
022 A000009 BANKERS TRUST CO.
022 C000009 1550
022 D000009 0
022 A000010 MERRILL LYNCH PIERCE
022 C000010 1250
022 D000010 300
023 C000000 33536
023 D000000 17719
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
<PAGE> PAGE 4
026 H000000 Y
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.300
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
<PAGE> PAGE 5
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
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
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
062 A00AA00 Y
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 9.9
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 1.0
062 N00AA00 0.0
062 O00AA00 93.3
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 6.2
064 A00AA00 Y
064 B00AA00 N
066 A00AA00 N
<PAGE> PAGE 6
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 N
070 B02AA00 N
070 C01AA00 Y
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 Y
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 Y
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 N
070 L01AA00 N
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 Y
070 R02AA00 N
071 A00AA00 17209
071 B00AA00 2833
071 C00AA00 7129
071 D00AA00 40
072 A00AA00 5
072 B00AA00 167
072 C00AA00 0
072 D00AA00 0
072 E00AA00 0
072 F00AA00 10
072 G00AA00 1
<PAGE> PAGE 7
072 H00AA00 0
072 I00AA00 14
072 J00AA00 11
072 K00AA00 0
072 L00AA00 20
072 M00AA00 0
072 N00AA00 18
072 O00AA00 0
072 P00AA00 0
072 Q00AA00 0
072 R00AA00 38
072 S00AA00 0
072 T00AA00 0
072 U00AA00 3
072 V00AA00 0
072 W00AA00 3
072 X00AA00 118
072 Y00AA00 103
072 Z00AA00 152
072AA00AA00 0
072BB00AA00 57
072CC01AA00 0
072CC02AA00 74
072DD01AA00 0
072DD02AA00 0
072EE00AA00 0
073 A01AA00 0.1561
073 A02AA00 0.0111
073 B00AA00 0.0000
073 C00AA00 0.0000
074 A00AA00 19
074 B00AA00 0
074 C00AA00 1500
074 D00AA00 14234
074 E00AA00 0
074 F00AA00 0
074 G00AA00 0
074 H00AA00 0
074 I00AA00 0
074 J00AA00 0
074 K00AA00 7
074 L00AA00 386
074 M00AA00 44
074 N00AA00 16190
074 O00AA00 928
074 P00AA00 1
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 0
074 R03AA00 0
074 R04AA00 167
<PAGE> PAGE 8
074 S00AA00 0
074 T00AA00 15094
074 U01AA00 1495
074 U02AA00 30
074 V01AA00 9.90
074 V02AA00 10.04
074 W00AA00 0.0000
074 X00AA00 27
074 Y00AA00 0
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 GULF INSURANCE
080 C00AA00 25000
081 A00AA00 Y
081 B00AA00 70
082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
<PAGE> PAGE 9
086 F010000 0
086 F020000 0
028 A010300 443
028 A020300 0
028 A030300 0
028 A040300 0
028 B010300 298
028 B020300 1
028 B030300 0
028 B040300 0
028 C010300 532
028 C020300 1
028 C030300 0
028 C040300 0
028 D010300 100
028 D020300 2
028 D030300 0
028 D040300 35
028 E010300 162
028 E020300 2
028 E030300 0
028 E040300 10
028 F010300 0
028 F020300 0
028 F030300 0
028 F040300 0
028 G010300 1535
028 G020300 4
028 G030300 0
028 G040300 45
028 H000300 0
058 A000300 N
059 000300 Y
060 A000300 N
060 B000300 N
061 000300 5000000
075 A000300 0
075 B000300 9737
076 000300 0.00
028 A010400 0
028 A020400 0
028 A030400 0
028 A040400 0
028 B010400 0
028 B020400 0
028 B030400 0
028 B040400 0
028 C010400 0
028 C020400 0
028 C030400 0
028 C040400 0
<PAGE> PAGE 10
028 D010400 0
028 D020400 0
028 D030400 0
028 D040400 0
028 E010400 30
028 E020400 0
028 E030400 0
028 E040400 0
028 F010400 0
028 F020400 0
028 F030400 0
028 F040400 0
028 G010400 30
028 G020400 0
028 G030400 0
028 G040400 0
028 H000400 0
058 A000400 N
059 000400 Y
060 A000400 N
060 B000400 N
061 000400 100000
075 A000400 0
075 A000400 300
075 B000400 0.00
075 B000400 300
076 000400 0.00
076 000400 0.00
SIGNATURE RICHARD W. INGRAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the annual report
dated April 30, 1997 for the California Bond Fund and is qualified in its
entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C> <C>
<PERIOD-TYPE> 5-MOS 1-MO
<FISCAL-YEAR-END> APR-30-1997 APR-30-1997
<PERIOD-END> APR-30-1997 APR-30-1997
<INVESTMENTS-AT-COST> 15,808 15,808
<INVESTMENTS-AT-VALUE> 15,734 15,734
<RECEIVABLES> 393 393
<ASSETS-OTHER> 63 63
<OTHER-ITEMS-ASSETS> 0 0
<TOTAL-ASSETS> 16,190 16,190
<PAYABLE-FOR-SECURITIES> 928 928
<SENIOR-LONG-TERM-DEBT> 0 0
<OTHER-ITEMS-LIABILITIES> 168 168
<TOTAL-LIABILITIES> 1,096 1,096
<SENIOR-EQUITY> 0 0
<PAID-IN-CAPITAL-COMMON> 15,226 15,266
<SHARES-COMMON-STOCK> 1,495 30
<SHARES-COMMON-PRIOR> 0 0
<ACCUMULATED-NII-CURRENT> 0 0
<OVERDISTRIBUTION-NII> 0 0
<ACCUMULATED-NET-GAINS> (57) (57)
<OVERDISTRIBUTION-GAINS> 0 0
<ACCUM-APPREC-OR-DEPREC> (74) (74)
<NET-ASSETS> 14,793 302
<DIVIDEND-INCOME> 0 0
<INTEREST-INCOME> 167 167
<OTHER-INCOME> 0 0
<EXPENSES-NET> 15 15
<NET-INVESTMENT-INCOME> 152 152
<REALIZED-GAINS-CURRENT> (57) (57)
<APPREC-INCREASE-CURRENT> (74) (74)
<NET-CHANGE-FROM-OPS> 20 20
<EQUALIZATION> 0 0
<DISTRIBUTIONS-OF-INCOME> 151 151
<DISTRIBUTIONS-OF-GAINS> 0 0
<DISTRIBUTIONS-OTHER> 0 0
<NUMBER-OF-SHARES-SOLD> 1,532 30
<NUMBER-OF-SHARES-REDEEMED> 45 0
<SHARES-REINVESTED> 5 0
<NET-CHANGE-IN-ASSETS> 15,069 15,069
<ACCUMULATED-NII-PRIOR> 0 0
<ACCUMULATED-GAINS-PRIOR> 0 0
<OVERDISTRIB-NII-PRIOR> 0 0
<OVERDIST-NET-GAINS-PRIOR> 0 0
<GROSS-ADVISORY-FEES> 10 10
<INTEREST-EXPENSE> 0 0
<GROSS-EXPENSE> 118 118
<AVERAGE-NET-ASSETS> 9,737 300
<PER-SHARE-NAV-BEGIN> 10 10
<PER-SHARE-NII> 0.156 0.011
<PER-SHARE-GAIN-APPREC> (0.10) 0.04
<PER-SHARE-DIVIDEND> 0.156 0.011
<PER-SHARE-DISTRIBUTIONS> 0 0
<RETURNS-OF-CAPITAL> 0 0
<PER-SHARE-NAV-END> 9.90 10.04
<EXPENSE-RATIO> 0.45 0.62
<AVG-DEBT-OUTSTANDING> 0 0
<AVG-DEBT-PER-SHARE> 0 0
</TABLE>
1177 Avenue of the Americas Telephone 212 596 7000
New York, NY 10036 Facsimile 212 596 8910
PRICE WATERHOUSE LLP [logo]
June 5, 1997
To the Trustees of
California Bond Fund
In planning and performing our audit of the financial statements of California
Bond Fund (the "Fund") for the period December 23, 1996 (commencement of
operations) to April 30, 1997, we considered its internal control structure,
including procedures for safeguarding securities, in order to determine our
auditing procedures for the purposes of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, and not to provide
assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are appropriately
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities 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 the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
April 30, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ Price Waterhouse LLP
PRICE WATERHOUSE LLP
