<PAGE> PAGE 1
000 B000000 10/31/97
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 4
007 C010100 1
007 C020100 TAX AWARE US EQUITY FUND JPM PIERPONT SHARES
007 C030100 N
007 C010200 2
007 C020200 TAX AWARE DISCIPLINED EQTY FUND JPM PEIRPONT
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 8-420518
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02109
010 A00AA02 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
010 B00AA02 8-49999
010 C01AA02 NEW YORK
010 C02AA02 NY
<PAGE> PAGE 2
010 C03AA02 10036
010 A00AA03 PEIRPONT GROUP, INC.
010 C01AA03 NEW YORK
010 C02AA03 NY
010 C03AA03 10017
011 A00AA01 FUNDS DISTRIBUTOR, INC.
011 B00AA01 8-420518
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02109
012 A00AA01 STATE STREET BANK AND TRUST COMPANY
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 J.P. MORGAN SECURITIES, INC.
014 B00AA01 8-99999999
014 A00AA02 JPM SECURITIES LTD.
014 B00AA02 8-99999999
014 A00AA03 FUNDS DISTRIBUTOR, INC.
014 B00AA03 8-420518
014 A00AA04 BOSTON INSTITUTIONAL SERVICES, INC.
014 B00AA04 8-99999999
015 A00AA01 STATE STREET BANK AND 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
020 C000001 2
020 A000002 ALEX,BROWN & SONS, INC.
020 C000002 1
020 A000003 BRIDGE TRADING
020 C000003 1
020 A000004 STATE STREET BANK & TRUST CO.
020 C000004 1
020 A000005 ROBERTSON, STEPHENS & CO.
<PAGE> PAGE 3
020 C000005 1
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 8
022 A000001 NATIONSBANK CAPITAL
022 C000001 3821
022 D000001 11439
022 A000002 HSBC SECURITIES
022 C000002 10611
022 D000002 518
022 A000003 FIRST CHICAGO
022 C000003 3331
022 D000003 4113
022 A000004 INVESTMENT TECHNOLOGY GROUP
022 C000004 5318
022 D000004 85
022 A000005 STATE STREET BANK & TRUST COMPANY
022 C000005 3232
022 D000005 117
022 A000006 HOENIG & CO.
022 C000006 2769
022 D000006 395
022 A000007 INSTINET
022 C000007 3021
022 D000007 138
022 A000008 MORGAN STANLEY
022 C000008 2716
022 D000008 4
022 A000009 SALOMON BROTHERS
022 C000009 2119
022 D000009 567
022 A000010 NATIONAL FINANCIAL SERVICES
022 C000010 1650
022 D000010 0
023 C000000 60005
023 D000000 33041
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
<PAGE> PAGE 4
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
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
037 00AA00 N
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
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
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
<PAGE> PAGE 5
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 2500
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
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 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
066 A00AA00 Y
066 G00AA00 Y
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
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
<PAGE> PAGE 6
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 NATIONAL UNION
080 C00AA00 25000
081 A00AA00 Y
081 B00AA00 4
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 A010100 1936
028 A020100 0
028 A030100 0
028 A040100 319
028 B010100 1521
028 B020100 0
028 B030100 0
028 B040100 0
028 C010100 1371
028 C020100 0
028 C030100 0
028 C040100 0
028 D010100 1361
028 D020100 0
028 D030100 0
028 D040100 0
028 E010100 1235
028 E020100 0
028 E030100 0
028 E040100 0
<PAGE> PAGE 7
028 F010100 2491
028 F020100 0
028 F030100 0
028 F040100 0
028 G010100 9915
028 G020100 0
028 G030100 0
028 G040100 319
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.450
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
070 A010100 Y
070 A020100 N
070 B010100 Y
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
<PAGE> PAGE 8
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 26569
071 B000100 3717
071 C000100 15040
071 D000100 25
072 A000100 11
072 B000100 13
072 C000100 202
072 D000100 0
072 E000100 0
072 F000100 62
072 G000100 8
072 H000100 0
072 I000100 35
072 J000100 44
072 K000100 0
072 L000100 27
072 M000100 1
072 N000100 46
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 37
072 S000100 1
072 T000100 0
072 U000100 8
072 V000100 0
072 W000100 32
072 X000100 301
072 Y000100 183
072 Z000100 97
072AA000100 0
<PAGE> PAGE 9
072BB000100 81
072CC010100 2838
072CC020100 0
072DD010100 6
072DD020100 0
072EE000100 0
073 A010100 0.0100
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 25608
074 G000100 0
074 H000100 0
074 I000100 1635
074 J000100 0
074 K000100 110
074 L000100 20
074 M000100 6
074 N000100 27379
074 O000100 1570
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 160
074 S000100 0
074 T000100 25649
074 U010100 2041
074 U020100 0
074 V010100 12.57
074 V020100 0.00
074 W000100 0.0000
074 X000100 148
074 Y000100 0
075 A000100 0
075 B000100 16049
076 000100 0.00
028 A010200 422
028 A020200 0
028 A030200 0
028 A040200 0
028 B010200 640
028 B020200 0
028 B030200 0
028 B040200 0
<PAGE> PAGE 10
028 C010200 674
028 C020200 0
028 C030200 0
028 C040200 0
028 D010200 801
028 D020200 0
028 D030200 0
028 D040200 0
028 E010200 2747
028 E020200 0
028 E030200 0
028 E040200 0
028 F010200 1520
028 F020200 0
028 F030200 0
028 F040200 0
028 G010200 6804
028 G020200 0
028 G030200 0
028 G040200 0
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.350
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
070 A010200 Y
070 A020200 N
070 B010200 Y
070 B020200 N
<PAGE> PAGE 11
070 C010200 N
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 Y
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 13442
071 B000200 2179
071 C000200 5738
071 D000200 38
072 A000200 9
072 B000200 7
072 C000200 75
072 D000200 0
072 E000200 0
072 F000200 16
072 G000200 3
072 H000200 0
072 I000200 12
072 J000200 46
072 K000200 0
072 L000200 27
072 M000200 1
072 N000200 44
072 O000200 0
<PAGE> PAGE 12
072 P000200 0
072 Q000200 0
072 R000200 36
072 S000200 1
072 T000200 0
072 U000200 7
072 V000200 0
072 W000200 24
072 X000200 217
072 Y000200 191
072 Z000200 56
072AA000200 0
072BB000200 20
072CC010200 855
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 209
074 D000200 0
074 E000200 0
074 F000200 12097
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 398
074 K000200 54
074 L000200 12
074 M000200 0
074 N000200 12770
074 O000200 594
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 150
074 S000200 0
074 T000200 12026
074 U010200 995
074 U020200 0
074 V010200 12.08
074 V020200 0.00
074 W000200 0.0000
074 X000200 94
<PAGE> PAGE 13
074 Y000200 0
075 A000200 0
075 B000200 6289
076 000200 0.00
SIGNATURE RICHARD W.INGRAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains financial data extracted from the annual report dated
10/31/97 for JPM Series Trust and is qualified in its
entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 24405
<INVESTMENTS-AT-VALUE> 27243
<RECEIVABLES> 110
<ASSETS-OTHER> 26
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27379
<PAYABLE-FOR-SECURITIES> 1570
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 160
<TOTAL-LIABILITIES> 1730
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22801
<SHARES-COMMON-STOCK> 2041
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 91
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (81)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2838
<NET-ASSETS> 25649
<DIVIDEND-INCOME> 202
<INTEREST-INCOME> 13
<OTHER-INCOME> 0
<EXPENSES-NET> 118
<NET-INVESTMENT-INCOME> 97
<REALIZED-GAINS-CURRENT> (81)
<APPREC-INCREASE-CURRENT> 2838
<NET-CHANGE-FROM-OPS> 2854
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2066
<NUMBER-OF-SHARES-REDEEMED> 28
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 25624
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 62
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 301
<AVERAGE-NET-ASSETS> 16049
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> 2.52
<PER-SHARE-DIVIDEND> .01
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.57
<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 annual report
dated 10/31/97 for the JPM Series Trust and is qualified in its entirety by
reference to such annual report.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 11451
<INVESTMENTS-AT-VALUE> 12306
<RECEIVABLES> 452
<ASSETS-OTHER> 12
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12770
<PAYABLE-FOR-SECURITIES> 594
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 150
<TOTAL-LIABILITIES> 744
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11135
<SHARES-COMMON-STOCK> 995
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 56
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (20)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 855
<NET-ASSETS> 12026
<DIVIDEND-INCOME> 75
<INTEREST-INCOME> 7
<OTHER-INCOME> 0
<EXPENSES-NET> 26
<NET-INVESTMENT-INCOME> 56
<REALIZED-GAINS-CURRENT> (20)
<APPREC-INCREASE-CURRENT> 855
<NET-CHANGE-FROM-OPS> 891
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 995
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 11976
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 217
<AVERAGE-NET-ASSETS> 6289
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> 2.02
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.08
<EXPENSE-RATIO> .55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
1177 AVENUE OF THE AMERICAS TELEPHONE 212 596 7000
NEW YORK, NY 10036 FACSIMILE 212 596 8910
PRICE WATERHOUSE LLP [LOGO]
December 16, 1997
To the Shareholders and Trustees of
Tax Aware U.S. Equity Fund and
Tax Aware Disciplined Equity Fund
In planning and performing our audits of the financial statements of Tax Aware
U.S. Equity Fund for the period December 18, 1996 (commencement of operations)
to October 31, 1997, and Tax Aware Disciplined Equity Fund (the "Funds") for the
period January 30, 1997 (commencement of operations) to October 31, 1997, we
considered their internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
control activities. Generally, control activities that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control 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 internal control would not necessarily disclose all matters
in internal control 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 any
specific internal control components 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 internal control,
including control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of October 31, 1997.
This report is intended solely for the information and use of management and the
Trustees of the Funds and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
Price Waterhouse LLP
