<PAGE> PAGE 1
000 A000000 10/31/98
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 5
007 C010100 1
007 C010200 2
007 C010300 3
007 C020300 JP MORGAN CALIFORNIA BOND FUND INST SHARES
007 C030300 N
007 C010400 4
007 C020400 JP MORGAN CALIFORNIA BOND FUND SELECT 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 GUARANTY 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 PRICEWATERHOUSECOOPERS
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 69
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 CITICORP SECURITIES
022 C000001 24910
022 D000001 22700
022 A000002 SMITH BARNEY
022 C000002 13655
022 D000002 3935
022 A000003 MERRILL LYNCH
022 C000003 2500
022 D000003 6790
022 A000004 LEHMAN BROTHERS
022 C000004 4583
022 D000004 1850
022 A000005 BANKERSTRUST
022 C000005 3600
022 D000005 0
022 A000006 CITIBANK
022 C000006 500
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 49748
023 D000000 35275
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
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
<PAGE> PAGE 4
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
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
<PAGE> PAGE 5
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 Y
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 1.8
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 0.0
062 N00AA00 0.0
062 O00AA00 96.6
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 6.0
064 A00AA00 Y
064 B00AA00 N
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
<PAGE> PAGE 6
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 30930
071 B00AA00 15440
071 C00AA00 60381
071 D00AA00 27
072 A00AA00 6
072 B00AA00 1350
072 C00AA00 0
072 D00AA00 0
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072 G00AA00 17
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072 I00AA00 34
072 J00AA00 17
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<PAGE> PAGE 7
072 L00AA00 8
072 M00AA00 0
072 N00AA00 17
072 O00AA00 0
072 P00AA00 0
072 Q00AA00 0
072 R00AA00 0
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072 T00AA00 0
072 U00AA00 4
072 V00AA00 0
072 W00AA00 45
072 X00AA00 233
072 Y00AA00 77
072 Z00AA00 1194
072AA00AA00 224
072BB00AA00 0
072CC01AA00 1693
072CC02AA00 0
072DD01AA00 0
072DD02AA00 0
072EE00AA00 0
073 A01AA00 0.2069
073 A02AA00 0.2007
073 B00AA00 0.0000
073 C00AA00 0.0000
074 A00AA00 81
074 B00AA00 0
074 C00AA00 1250
074 D00AA00 66995
074 E00AA00 0
074 F00AA00 0
074 G00AA00 0
074 H00AA00 0
074 I00AA00 0
074 J00AA00 1029
074 K00AA00 22
074 L00AA00 1096
074 M00AA00 3
074 N00AA00 70476
074 O00AA00 1004
074 P00AA00 0
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 0
074 R03AA00 0
074 R04AA00 145
074 S00AA00 0
074 T00AA00 69327
074 U01AA00 5124
074 U02AA00 1437
<PAGE> PAGE 8
074 V01AA00 10.53
074 V02AA00 10.69
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 N
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
086 F010000 0
086 F020000 0
028 A010300 4120
028 A020300 85
<PAGE> PAGE 9
028 A030300 0
028 A040300 5044
028 B010300 502
028 B020300 76
028 B030300 0
028 B040300 826
028 C010300 6955
028 C020300 68
028 C030300 0
028 C040300 5220
028 D010300 741
028 D020300 80
028 D030300 0
028 D040300 538
028 E010300 4721
028 E020300 81
028 E030300 0
028 E040300 2062
028 F010300 2330
028 F020300 90
028 F030300 0
028 F040300 0
028 G010300 19369
028 G020300 480
028 G030300 0
028 G040300 13690
028 H000300 0
058 A000300 N
059 000300 Y
060 A000300 N
060 B000300 N
061 000300 5000000
075 A000300 0
075 B000300 48012
076 000300 0.00
028 A010400 795
028 A020400 19
028 A030400 0
028 A040400 244
028 B010400 6578
028 B020400 34
028 B030400 0
028 B040400 3
028 C010400 985
028 C020400 39
028 C030400 0
028 C040400 1006
028 D010400 1813
028 D020400 43
028 D030400 0
028 D040400 8
<PAGE> PAGE 10
028 E010400 1649
028 E020400 44
028 E030400 0
028 E040400 2139
028 F010400 538
028 F020400 45
028 F030400 0
028 F040400 21
028 G010400 12358
028 G020400 224
028 G030400 0
028 G040400 3421
028 H000400 0
058 A000400 N
059 000400 Y
060 A000400 N
060 B000400 N
061 000400 2500
075 A000400 0
075 A000400 12367
075 B000400 0.00
075 B000400 300
076 000400 0.00
076 000400 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 semi-annual
report dated October 31, 1998 for the J.P. Morgan California Bond Fund and is
qualified in its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 66042
<INVESTMENTS-AT-VALUE> 68245
<RECEIVABLES> 2125
<ASSETS-OTHER> 106
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 70476
<PAYABLE-FOR-SECURITIES> 1004
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 145
<TOTAL-LIABILITIES> 1149
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 66852
<SHARES-COMMON-STOCK> 1437
<SHARES-COMMON-PRIOR> 561
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 271
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2204
<NET-ASSETS> 69327
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1350
<OTHER-INCOME> 0
<EXPENSES-NET> 156
<NET-INVESTMENT-INCOME> 1194
<REALIZED-GAINS-CURRENT> 224
<APPREC-INCREASE-CURRENT> 1693
<NET-CHANGE-FROM-OPS> 3111
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1194
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3045
<NUMBER-OF-SHARES-REDEEMED> 1650
<SHARES-REINVESTED> 67
<NET-CHANGE-IN-ASSETS> 17236
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 47
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 91
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 233
<AVERAGE-NET-ASSETS> 12367
<PER-SHARE-NAV-BEGIN> 10.35
<PER-SHARE-NII> .20
<PER-SHARE-GAIN-APPREC> .34
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .20
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.69
<EXPENSE-RATIO> .65
<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 October 31, 1998 for the J.P. Morgan California Bond Fund and is
qualified in its entirety by reference to such semi-annual report.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 66042
<INVESTMENTS-AT-VALUE> 68245
<RECEIVABLES> 2125
<ASSETS-OTHER> 106
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 70476
<PAYABLE-FOR-SECURITIES> 1004
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 145
<TOTAL-LIABILITIES> 1149
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 66852
<SHARES-COMMON-STOCK> 1437
<SHARES-COMMON-PRIOR> 561
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 271
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2204
<NET-ASSETS> 69327
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1350
<OTHER-INCOME> 0
<EXPENSES-NET> 156
<NET-INVESTMENT-INCOME> 1194
<REALIZED-GAINS-CURRENT> 224
<APPREC-INCREASE-CURRENT> 1693
<NET-CHANGE-FROM-OPS> 3111
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1194
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3045
<NUMBER-OF-SHARES-REDEEMED> 1650
<SHARES-REINVESTED> 67
<NET-CHANGE-IN-ASSETS> 17236
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 47
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 91
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 233
<AVERAGE-NET-ASSETS> 48012
<PER-SHARE-NAV-BEGIN> 10.20
<PER-SHARE-NII> .21
<PER-SHARE-GAIN-APPREC> .33
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .21
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.53
<EXPENSE-RATIO> .48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
J.P. Morgan California Bond Fund- Institutional Shares
Supplemental Proxy Information
A Joint Special Meeting of Shareholders of the J.P. Morgan Family of Funds was
held on August 20, 1998. Each of the applicable funds voted in favor of adopting
the following proposals, therefore, the results are aggregated for the Trust
unless otherwise specified. The meeting was held for the following purposes:
1. To elect a slate of five Trustees to hold office for a term of unlimited
duration subject to the current retirement age of 70.
2a. To approve the amendment of the Fund's investment restriction relating to
diversification of assets.
2b. To approve the amendment of the Fund's investment restriction relating to
concentration of assets in a particular industry.
2c. To approve the amendment of the Fund's investment restriction relating
to the issuance of senior securities.
2d. To standardize the borrowing ability of the Fund to the extent permitted
by applicable law.
2e. To approve the amendment of the Fund's investment restriction relating to
underwriting.
2f. To approve the amendment of the Fund's investment restriction relating to
investment in real estate.
2g. To approve the amendment of the Fund's investment restriction relating
to commodities.
2h. To approve the amendment of the Fund's investment restriction relating to
lending.
2i. To approve the reclassification of the Fund's other fundamental
restrictions as nonfundamental.
3. To approve the reclassification of the Fund's investment objective from
fundamental to nonfundamental. 4. To approve a new investment advisory
agreement of the Fund.
5. To amend the Declaration of Trust to provide dollar-based voting rights.
6.To ratify the selection of independent accountants, PricewaterhouseCoopers
LLP.
The results of the proxy solicitation on the above matters were as follows:
<TABLE>
<CAPTION>
Directors/Matter Votes for Votes against Abstentions
<S> <C> <C> <C>
1. Frederick S. Addy 2,592,561,591 8,840,251 --
William G. Burns 2,592,561,591 8,840,251 --
Arthur C. Eschenlauer 2,592,561,591 8,840,251 --
Matthew Healey 2,592,561,591 8,840,251 --
Michael P. Mallardi 2,592,561,591 8,840,251 --
1. Amending of Investment Restrictions:
a. Relating to diversification of assets 31,371,584 0 0
b. Relating to concentration of assets 31,371,584 0 0
c. Relating to issuance of senior securities 31,371,584 0 0
d. Relating to borrowing 31,371,584 0 0
e. Relating to underwriting 31,371,584 0 0
f. Relating to investment in real estate 31,371,584 0 0
g. Relating to commodities 31,371,584 0 0
h. Relating to lending 31,371,584 0 0
i. Reclassification of other restrictions as nonfundamental 31,371,584 0 0
3. Reclassification of investment objectives - - -
4. Investment advisory agreement 31,371,584 0 0
5. Independent accountants, PricewaterhouseCoopers LLP 2,402,592,025 19,567,729 179,242,087
</TABLE>
J.P. Morgan California Bond Fund- Select Shares
Supplemental Proxy Information
A Joint Special Meeting of Shareholders of the J.P. Morgan Family of Funds was
held on August 20, 1998. Each of the applicable funds voted in favor of adopting
the following proposals, therefore, the results are aggregated for the Trust
unless otherwise specified. The meeting was held for the following purposes:
1. To elect a slate of five Trustees to hold office for a term of unlimited
duration subject to the current retirement age of 70.
2a. To approve the amendment of the Fund's investment restriction relating to
diversification of assets.
2b. To approve the amendment of the Fund's investment restriction relating to
concentration of assets in a particular industry.
2c. To approve the amendment of the Fund's investment restriction relating
to the issuance of senior securities.
2d. To standardize the borrowing ability of the Fund to the extent permitted by
applicable law.
2e. To approve the amendment of the Fund's investment restriction relating to
underwriting.
2f. To approve the amendment of the Fund's investment restriction relating to
investment in real estate.
2g. To approve the amendment of the Fund's investment restriction relating
to commodities.
2h. To approve the amendment of the Fund's investment restriction relating to
lending.
2i. To approve the reclassification of the Fund's other fundamental
restrictions as nonfundamental.
3. To approve the
reclassification of the Fund's investment objective from fundamental to
nonfundamental.
4. To approve a new investment advisory agreement of the Fund.
5. To amend the Declaration of Trust to provide dollar-based voting rights.
6. To ratify the selection of independent accountants, PricewaterhouseCoopers
LLP.
The results of the proxy solicitation on the above matters were as follows:
<TABLE>
<CAPTION>
Directors/Matter Votes for Votes against Abstentions
<S> <C> <C> <C>
1. Frederick S. Addy 2,692,335,831 18,884,648 --
William G. Burns 2,692,395,937 18,824,542 --
Arthur C. Eschenlauer 2,691,798,900 19,421,489 --
Matthew Healey 2,692,393,425 18,827,054 --
Michael P. Mallardi 2,992,488,290 18,732,189 --
2. Amending of Investment Restrictions:
a. Relating to diversification of assets 2,858,998 0 0
b. Relating to concentration of assets 2,858,998 0 0
c. Relating to issuance of senior securities 2,858,998 0 0
d. Relating to borrowing 2,858,998 0 0
e. Relating to underwriting 2,858,998 0 0
f. Relating to investment in real estate 2,858,998 0 0
g. Relating to commodities 2,858,998 0 0
h. Relating to lending 2,858,998 0 0
i. Reclassification of other restrictions as nonfundamental 2,858,998 0 0
3. Reclassification of investment objectives - - -
4. Investment advisory agreement 2,858,998 0 0
5. Independent accountants, PricewaterhouseCoopers LLP 2,682,031,391 4,303,418 24,885,671
</TABLE>
