JP MORGAN SERIES TRUST
NSAR-B, 1999-12-30
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<PAGE>      PAGE  1
000 B000000 10/31/99
000 C000000 0001016937
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<PAGE>      PAGE  2
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<PAGE>      PAGE  3
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
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<PAGE>      PAGE  13
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<PAGE>      PAGE  14
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<PAGE>      PAGE  15
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<PAGE>      PAGE  16
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<PAGE>      PAGE  17
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<PAGE>      PAGE  18
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063 A000700   0
063 B000700  0.0
066 A000700 Y
<PAGE>      PAGE  19
066 G000700 Y
067  000700 N
068 A000700 N
068 B000700 Y
069  000700 N
070 A010700 Y
070 A020700 Y
070 B010700 Y
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 Y
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 Y
070 L010700 Y
070 L020700 Y
070 M010700 Y
070 M020700 Y
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 Y
070 R020700 N
071 A000700     71404
071 B000700     72334
071 C000700     84827
071 D000700   84
072 A000700 12
072 B000700       89
072 C000700     1476
072 D000700        0
072 E000700        0
072 F000700     1100
<PAGE>      PAGE  20
072 G000700       48
072 H000700        0
072 I000700      297
072 J000700      188
072 K000700        0
072 L000700       15
072 M000700        1
072 N000700       26
072 O000700        0
072 P000700        0
072 Q000700        0
072 R000700       49
072 S000700        0
072 T000700        0
072 U000700        4
072 V000700        0
072 W000700        6
072 X000700     1734
072 Y000700      414
072 Z000700      245
072AA000700     8175
072BB000700        0
072CC010700    17233
072CC020700        0
072DD010700        0
072DD020700        0
072EE000700        0
073 A010700   0.0000
073 A020700   0.0000
073 B000700   0.0000
073 C000700   0.0000
074 A000700       11
074 B000700     1207
074 C000700       98
074 D000700     2006
074 E000700     7735
074 F000700    87123
074 G000700        0
074 H000700        0
074 I000700        0
074 J000700     4105
074 K000700       25
074 L000700      202
074 M000700      832
074 N000700   103344
074 O000700     1399
074 P000700      144
074 Q000700        0
074 R010700        0
074 R020700        0
074 R030700        0
<PAGE>      PAGE  21
074 R040700      731
074 S000700        0
074 T000700   101070
074 U010700     5596
074 U020700        0
074 V010700    18.06
074 V020700     0.00
074 W000700   0.0000
074 X000700     1656
074 Y000700        0
075 A000700        0
075 B000700    87994
076  000700     0.00
015 A000901 STATE STREET BANK AND TRUST COMPANY
015 B000901 C
015 C010901 BOSTON
015 C020901 MA
015 C030901 02101
015 E010901 X
024  000900 N
025 D000901       0
025 D000902       0
025 D000903       0
025 D000904       0
025 D000905       0
025 D000906       0
025 D000907       0
025 D000908       0
028 A010900    101827
028 A020900       252
028 A030900         0
028 A040900      5755
028 B010900     16957
028 B020900       484
028 B030900         0
028 B040900     13731
028 C010900     98131
028 C020900       688
028 C030900         0
028 C040900      9098
028 D010900     57148
028 D020900       982
028 D030900         0
028 D040900      8033
028 E010900     19872
028 E020900      1038
028 E030900         0
028 E040900     11745
028 F010900     17092
028 F020900      1061
028 F030900         0
<PAGE>      PAGE  22
028 F040900     11856
028 G010900    311027
028 G020900      4505
028 G030900         0
028 G040900     60218
028 H000900         0
034  000900 N
035  000900      0
036 B000900      0
037  000900 N
038  000900      0
039  000900 Y
040  000900 N
045  000900 Y
046  000900 N
047  000900 Y
048  000900  0.250
048 A010900        0
048 A020900 0.000
048 B010900        0
048 B020900 0.000
048 C010900        0
048 C020900 0.000
048 D010900        0
048 D020900 0.000
048 E010900        0
048 E020900 0.000
048 F010900        0
048 F020900 0.000
048 G010900        0
048 G020900 0.000
048 H010900        0
048 H020900 0.000
048 I010900        0
048 I020900 0.000
048 J010900        0
048 J020900 0.000
048 K010900        0
048 K020900 0.000
058 A000900 N
059  000900 Y
060 A000900 Y
060 B000900 Y
061  000900  5000000
062 A000900 Y
062 B000900   0.1
062 C000900   0.0
062 D000900   0.0
062 E000900  74.5
062 F000900   0.0
062 G000900   0.0
<PAGE>      PAGE  23
062 H000900   0.0
062 I000900   0.0
062 J000900   0.0
062 K000900   0.0
062 L000900   4.8
062 M000900   0.0
062 N000900   0.0
062 O000900  15.9
062 P000900   2.3
062 Q000900   1.3
062 R000900   0.0
063 A000900   0
063 B000900  0.8
064 A000900 Y
064 B000900 N
066 A000900 N
067  000900 N
068 A000900 N
068 B000900 N
069  000900 N
070 A010900 Y
070 A020900 N
070 B010900 N
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 N
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 N
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 N
070 L010900 Y
070 L020900 N
070 M010900 Y
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 N
<PAGE>      PAGE  24
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 Y
070 R020900 N
071 A000900    490267
071 B000900    149320
071 C000900    215876
071 D000900   69
072 A000900  7
072 B000900     6295
072 C000900      119
072 D000900        0
072 E000900        0
072 F000900      379
072 G000900       78
072 H000900        0
072 I000900      165
072 J000900       61
072 K000900        0
072 L000900       19
072 M000900        0
072 N000900      114
072 O000900        0
072 P000900        0
072 Q000900        0
072 R000900       34
072 S000900        0
072 T000900        0
072 U000900        0
072 V000900        0
072 W000900       19
072 X000900      869
072 Y000900      466
072 Z000900     6011
072AA000900        0
072BB000900      447
072CC010900        0
072CC020900     1098
072DD010900     5640
072DD020900      371
072EE000900     6011
073 A010900   0.0400
073 A020900   0.0400
073 B000900   0.0000
073 C000900   0.0000
074 A000900        0
074 B000900        0
074 C000900        0
074 D000900        0
074 E000900        0
<PAGE>      PAGE  25
074 F000900        0
074 G000900        0
074 H000900        0
074 I000900   378156
074 J000900     3655
074 K000900      530
074 L000900     4616
074 M000900        1
074 N000900   386958
074 O000900     3000
074 P000900      135
074 Q000900        0
074 R010900        0
074 R020900        0
074 R030900        0
074 R040900     1277
074 S000900        0
074 T000900   382546
074 U010900   178636
074 U020900    13955
074 V010900     1.99
074 V020900     1.99
074 W000900   0.0000
074 X000900      202
074 Y000900        0
075 A000900        0
075 B000900   261254
076  000900     0.00
034  002100 N
035  002100      0
036 B002100      0
SIGNATURE   RICHARD W. INGRAM
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 annual
report dated October 31, 1999 for the JPM Tax Aware Equity Fund and is
qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000

<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          OCT-31-1999
<PERIOD-END>                               OCT-31-1999
<INVESTMENTS-AT-COST>                          132,298
<INVESTMENTS-AT-VALUE>                         161,633
<RECEIVABLES>                                    1,755
<ASSETS-OTHER>                                      20
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 163,408
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          332
<TOTAL-LIABILITIES>                                332
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       138,912
<SHARES-COMMON-STOCK>                            8,707
<SHARES-COMMON-PRIOR>                            5,065
<ACCUMULATED-NII-CURRENT>                           13
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (5,184)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        29,335
<NET-ASSETS>                                   163,076
<DIVIDEND-INCOME>                                1,645
<INTEREST-INCOME>                                  121
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   1,047
<NET-INVESTMENT-INCOME>                            719
<REALIZED-GAINS-CURRENT>                         1,300
<APPREC-INCREASE-CURRENT>                       19,368
<NET-CHANGE-FROM-OPS>                           21,387
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                          761
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          4,958
<NUMBER-OF-SHARES-REDEEMED>                      1,355
<SHARES-REINVESTED>                                 39
<NET-CHANGE-IN-ASSETS>                          86,152
<ACCUMULATED-NII-PRIOR>                             55
<ACCUMULATED-GAINS-PRIOR>                        (580)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              555
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  1,116
<AVERAGE-NET-ASSETS>                           123,311
<PER-SHARE-NAV-BEGIN>                            15.19
<PER-SHARE-NII>                                    .10
<PER-SHARE-GAIN-APPREC>                           3.55
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                          .11
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              18.73
<EXPENSE-RATIO>                                    .85
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
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 annual report
dated October 31, 1999 for the J.P. Morgan Institutional Tax Aware Equity Fund
and is qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000

<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          OCT-31-1999
<PERIOD-END>                               OCT-31-1999
<INVESTMENTS-AT-COST>                          309,587
<INVESTMENTS-AT-VALUE>                         341,828
<RECEIVABLES>                                    1,878
<ASSETS-OTHER>                                      44
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 343,750
<PAYABLE-FOR-SECURITIES>                         2,352
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          586
<TOTAL-LIABILITIES>                              2,938
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       309,325
<SHARES-COMMON-STOCK>                           18,734
<SHARES-COMMON-PRIOR>                            6,123
<ACCUMULATED-NII-CURRENT>                          147
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          (902)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        32,242
<NET-ASSETS>                                   340,812
<DIVIDEND-INCOME>                                3,071
<INTEREST-INCOME>                                  140
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   1,185
<NET-INVESTMENT-INCOME>                          2,026
<REALIZED-GAINS-CURRENT>                         5,504
<APPREC-INCREASE-CURRENT>                       23,577
<NET-CHANGE-FROM-OPS>                           31,107
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        1,952
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         13,696
<NUMBER-OF-SHARES-REDEEMED>                      1,184
<SHARES-REINVESTED>                                 99
<NET-CHANGE-IN-ASSETS>                         250,732
<ACCUMULATED-NII-PRIOR>                             73
<ACCUMULATED-GAINS-PRIOR>                        (975)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              755
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  1,393
<AVERAGE-NET-ASSETS>                           215,701
<PER-SHARE-NAV-BEGIN>                            14.71
<PER-SHARE-NII>                                    .15
<PER-SHARE-GAIN-APPREC>                           3.48
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                          .15
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              18.19
<EXPENSE-RATIO>                                    .55
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
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 Annual report
dated october 31, 1999 for the J.P. Morgan Global 50 Fund and is qualified in
its entirety by reference to such annual report
</LEGEND>
<MULTIPLIER> 1,000

<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          OCT-31-1999
<PERIOD-END>                               OCT-31-1999
<INVESTMENTS-AT-COST>                            86460
<INVESTMENTS-AT-VALUE>                           98169
<RECEIVABLES>                                     4332
<ASSETS-OTHER>                                     843
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  103344
<PAYABLE-FOR-SECURITIES>                          1399
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          875
<TOTAL-LIABILITIES>                               2274
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         86177
<SHARES-COMMON-STOCK>                             5596
<SHARES-COMMON-PRIOR>                             5726
<ACCUMULATED-NII-CURRENT>                         1614
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                           1877
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         11402
<NET-ASSETS>                                    101070
<DIVIDEND-INCOME>                                 1476
<INTEREST-INCOME>                                   89
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    1320
<NET-INVESTMENT-INCOME>                            245
<REALIZED-GAINS-CURRENT>                          8175
<APPREC-INCREASE-CURRENT>                        17232
<NET-CHANGE-FROM-OPS>                            25652
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           1839
<NUMBER-OF-SHARES-REDEEMED>                       1969
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                           24584
<ACCUMULATED-NII-PRIOR>                           1276
<ACCUMULATED-GAINS-PRIOR>                       (6208)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                             1100
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                   1734
<AVERAGE-NET-ASSETS>                             87994
<PER-SHARE-NAV-BEGIN>                            13.36
<PER-SHARE-NII>                                   0.06
<PER-SHARE-GAIN-APPREC>                           4.64
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              18.06
<EXPENSE-RATIO>                                   1.50
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0



</TABLE>
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 annual report
dated October 31, 1999 for the J.P. Morgan Institutional Tax Aware Enhanced
Income Fund and is qualified in its entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000

<S>                             <C>
<PERIOD-TYPE>                   7-MOS
<FISCAL-YEAR-END>                          OCT-31-1999
<PERIOD-END>                               OCT-31-1999
<INVESTMENTS-AT-COST>                           379254
<INVESTMENTS-AT-VALUE>                          378156
<RECEIVABLES>                                     8801
<ASSETS-OTHER>                                       1
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  386958
<PAYABLE-FOR-SECURITIES>                          3000
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         1413
<TOTAL-LIABILITIES>                               4413
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        384091
<SHARES-COMMON-STOCK>                           178636
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          (447)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        (1098)
<NET-ASSETS>                                    382546
<DIVIDEND-INCOME>                                  119
<INTEREST-INCOME>                                 6295
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     403
<NET-INVESTMENT-INCOME>                           6011
<REALIZED-GAINS-CURRENT>                         (447)
<APPREC-INCREASE-CURRENT>                       (1098)
<NET-CHANGE-FROM-OPS>                             4466
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                         5640
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          59897
<NUMBER-OF-SHARES-REDEEMED>                      17265
<SHARES-REINVESTED>                               1819
<NET-CHANGE-IN-ASSETS>                          382546
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              379
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    869
<AVERAGE-NET-ASSETS>                            261254
<PER-SHARE-NAV-BEGIN>                             2.00
<PER-SHARE-NII>                                   0.04
<PER-SHARE-GAIN-APPREC>                         (0.01)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                       (0.04)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               1.99
<EXPENSE-RATIO>                                   0.25
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>
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 annual report
dated October 31, 1999 for the J.P. Morgan Select Shares and is qualified in its
entirety by reference to such annual report.
</LEGEND>
<MULTIPLIER> 1,000

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1999
<PERIOD-END>                               OCT-31-1999
<INVESTMENTS-AT-COST>                           379254
<INVESTMENTS-AT-VALUE>                          378156
<RECEIVABLES>                                     8801
<ASSETS-OTHER>                                       1
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  386958
<PAYABLE-FOR-SECURITIES>                          3000
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         1413
<TOTAL-LIABILITIES>                               4413
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        384091
<SHARES-COMMON-STOCK>                            13955
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          (447)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        (1098)
<NET-ASSETS>                                    382546
<DIVIDEND-INCOME>                                  119
<INTEREST-INCOME>                                 6295
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     403
<NET-INVESTMENT-INCOME>                           6011
<REALIZED-GAINS-CURRENT>                         (447)
<APPREC-INCREASE-CURRENT>                       (1098)
<NET-CHANGE-FROM-OPS>                             4466
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                          371
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           6302
<NUMBER-OF-SHARES-REDEEMED>                       2107
<SHARES-REINVESTED>                                127
<NET-CHANGE-IN-ASSETS>                          382546
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              379
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    869
<AVERAGE-NET-ASSETS>                            261254
<PER-SHARE-NAV-BEGIN>                             2.00
<PER-SHARE-NII>                                   0.04
<PER-SHARE-GAIN-APPREC>                         (0.01)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                       (0.04)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               1.99
<EXPENSE-RATIO>                                   0.50
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>

                  TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES

Portfolio: Tax Aware U S Equity Fund            Security Description: IPO -
                                                Common Stock - 69,000,000 Shares


Issuer: Goldman Sachs Group, Inc.                 Offering Type:  US Registered
                                                  (US Registered, Eligible Muni,
                                                Eligible Foreign, Eligible 144A)

<TABLE>

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

                                                                                                              In Compliance
                    REQUIRED INFORMATION                 ANSWER              APPLICABLE RESTRICTION              (Yes/No)

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

<S>                                                        <C>
 1.      Offering Date                                 May 3, 1999    None                                         N/A
                                                       -----------                                                 ---

 2.      Trade Date                                    May 3, 1999    Must be the same as #1                       Yes
                                                       -----------                                                 ---

 3.      Unit Price of Offering                          $53.00       None                                         N/A
                                                         ------                                                    ---

 4.      Price Paid per Unit                             $53.00       Must not exceed #3                           Yes
                                                         ------                                                    ---

 5.      Years of Issuer's Operations                      130        Must be at least three years *               Yes
                                                           ---                                                     ---

 6.      Underwriting Type                                Firm        Must be firm                                 Yes

 7.      Underwriting Spread                              $2.25       Investment Adviser determination to          N/A
                                                          -----       be made                                      ---

 8.      Total Price paid by Portfolio                  $397,977      None                                         N/A
                                                        --------                                                   ---

 9.      Total Size of Offering                      $3,657,000,000   None                                         N/A
                                                     --------------                                                ---

10.      Total Price Paid by Portfolio plus Total      $9,169,583     #10 divided by #9 must not exceed            Yes
         Price Paid for same securities purchased      ----------     25% **                                       ---
         by the same investment adviser for other
         investment companies

11.      Underwriter(s) from whom the Portfolio       Goldman Sachs   Must not include Investment Adviser          Yes
         purchased (attach a prospectus or            -------------   affiliates ***                               ---
         offering circular for a list of all
         syndicate members)

12.      If the affiliate was lead or co-lead              N/A         Must be "Yes" or "N/A"                       N/A
         manager, was the instruction listed below         ---                                                      ---
         given to the broker(s) named in #11? ****

- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
</TABLE>

The Investment  Adviser has no reasonable cause to believe that the underwriting
commission,   spread  or  profit  is  NOT   reasonable   and  fair  compared  to
underwritings  of similar  securities  during a  comparable  period of time.  In
determining  which  securities  are  comparable,   the  Investment  Adviser  has
considered the factors set forth in the Portfolio's 10f-3 procedures.

*        Not applicable to munis. In the case of munis,  (i) the issue must have
         one investment grade rating or (ii) if the issuer or the revenue source
         has been in operation  for less than three  years,  the issue must have
         one of the three highest ratings. Circle (i) or (ii), whichever is met.

**       If an  eligible  Rule 144A  offering,  must not exceed 25% of the total
         amount of same  class sold to QIBs in the Rule 144A  offering  PLUS the
         amount  of the  offering  of the same  class in any  concurrent  public
         offering

***  For munis purchased from syndicate  manager,  check box to confirm that the
     purchase was not designated as a group sale. [ ]

**** No credit for the purchase  made for the  Portfolio  can be credited to the
     Investment Adviser's affiliate.




                  TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES

Portfolio: Tax Aware Disciplined Equity Fund      Security Description: IPO -
                                                  Common Stock-69,000,000 Shares


Issuer: Goldman Sachs Group, Inc.                 Offering Type:  US Registered
                                                  (US Registered, Eligible Muni,
                                                Eligible Foreign, Eligible 144A)

<TABLE>

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

                                                                                                              In Compliance
                    REQUIRED INFORMATION                 ANSWER              APPLICABLE RESTRICTION              (Yes/No)

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

<S>                                                        <C>
 1.      Offering Date                                 May 3, 1999    None                                         N/A
                                                       -----------                                                 ---

 2.      Trade Date                                    May 3, 1999    Must be the same as #1                       Yes
                                                       -----------                                                 ---

 3.      Unit Price of Offering                          $53.00       None                                         N/A
                                                         ------                                                    ---

 4.      Price Paid per Unit                             $53.00       Must not exceed #3                           Yes
                                                         ------                                                    ---

 5.      Years of Issuer's Operations                      130        Must be at least three years *               Yes
                                                           ---                                                     ---

 6.      Underwriting Type                                Firm        Must be firm                                 Yes

 7.      Underwriting Spread                              $2.25       Investment Adviser determination to          N/A
                                                          -----       be made                                      ---

 8.      Total Price paid by Portfolio                   $79,500      None                                         N/A
                                                         -------                                                   ---

 9.      Total Size of Offering                      $3,657,000,000   None                                         N/A
                                                     --------------                                                ---

10.      Total Price Paid by Portfolio plus Total      $9,169,583     #10 divided by #9 must not exceed            Yes
                                                       ----------                                                  ---
         Price Paid for same securities purchased                     25% **
         by the same investment adviser for other
         investment companies

11.      Underwriter(s) from whom the Portfolio       Goldman Sachs   Must not include Investment Adviser          Yes
                                                      -------------                                                ---
         purchased (attach a prospectus or                            affiliates ***
         offering circular for a list of all
         syndicate members)

12.      If the affiliate was lead or co-lead             N/A          Must be "Yes" or "N/A"                       N/A
         manager, was the instruction listed below        ---                                                       ---
         given to the broker(s) named in #11? ****

- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
</TABLE>

The Investment  Adviser has no reasonable cause to believe that the underwriting
commission,   spread  or  profit  is  NOT   reasonable   and  fair  compared  to
underwritings  of similar  securities  during a  comparable  period of time.  In
determining  which  securities  are  comparable,   the  Investment  Adviser  has
considered the factors set forth in the Portfolio's 10f-3 procedures.

*        Not applicable to munis. In the case of munis,  (i) the issue must have
         one investment grade rating or (ii) if the issuer or the revenue source
         has been in operation  for less than three  years,  the issue must have
         one of the three highest ratings. Circle (i) or (ii), whichever is met.

**       If an  eligible  Rule 144A  offering,  must not exceed 25% of the total
         amount of same  class sold to QIBs in the Rule 144A  offering  PLUS the
         amount  of the  offering  of the same  class in any  concurrent  public
         offering

***  For munis purchased from syndicate  manager,  check box to confirm that the
     purchase was not designated as a group sale. [ ]

**** No credit for the purchase  made for the  Portfolio  can be credited to the
     Investment Adviser's affiliate.




2

                        Report of Independent Accountants


To the Trustees and Shareholders of
J.P. Morgan Tax Aware U.S. Equity Fund and
J.P. Morgan Tax Aware Disciplined Equity Fund


In planning and performing our audit of the financial  statements of J.P. Morgan
Tax Aware U.S.  Equity Fund and J.P.  Morgan Tax Aware  Disciplined  Equity Fund
(the "Funds") for the year ended October 31, 1999, 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
controls.  Generally,  controls  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  controls   include  the   safeguarding  of  assets  against
unauthorized acquisition, use or disposition.

Because of inherent  limitations in internal control,  errors or fraud may occur
and not be detected.  Also,  projection of any evaluation of internal control to
future  periods  is  subject to the risk that  controls  may  become  inadequate
because of changes in conditions or that the  effectiveness  of their 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 one or more
of the internal control components does not reduce to a relatively low level the
risk  that  misstatements  caused  by error or fraud 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  and  its  operation,   including  controls  for  safeguarding
securities,  that we consider to be material  weaknesses  as defined above as of
October 31, 1999.

This  report is intended  solely for the  information  and use of the  Trustees,
management and the Securities and Exchange  Commission and is not intended to be
and should not be used by anyone other than these specified parties.



December 15, 1999




                  TRANSACTIONS SUBJECT TO RULE 10f-3 PROCEDURES

Portfolio: JPMorgan Global 50 Fund          Security Description: IPO -Common
           -----------------------                   Stock - 69,000,000 Shares
                                                     -------------------------

Issuer: Goldman Sachs Group, Inc.            Offering Type:  US Registered
                                             (US Registered, Eligible Muni,
                                             Eligible Foreign, Eligible 144A)

<TABLE>
- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------

                                                                                                              In Compliance
                    REQUIRED INFORMATION                 ANSWER              APPLICABLE RESTRICTION              (Yes/No)

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

<S>                                                        <C>        <C>                                          <C>
 1.      Offering Date                                 May 3, 1999    None                                         N/A
                                                       -----------                                                 ---

 2.      Trade Date                                    May 3, 1999    Must be the same as #1                       Yes
                                                       -----------                                                 ---

 3.      Unit Price of Offering                          $53.00       None                                         N/A
                                                         ------                                                    ---

 4.      Price Paid per Unit                             $53.00       Must not exceed #3                           Yes
                                                         ------                                                    ---

 5.      Years of Issuer's Operations                      130        Must be at least three years *               Yes
                                                           ---                                                     ---

 6.      Underwriting Type                                Firm        Must be firm                                 Yes

 7.      Underwriting Spread                              $2.25       Investment Adviser determination to          N/A
                                                          -----       be made                                      ---

 8.      Total Price paid by Portfolio                  $296,800      None                                         N/A
                                                        --------                                                   ---

 9.      Total Size of Offering                      $3,657,000,000   None                                         N/A
                                                     --------------                                                ---

10.      Total Price Paid by Portfolio plus Total      $9,169,583     #10 divided by #9 must not exceed            Yes
         Price Paid for same securities purchased      ----------      25% **                                      ---
         by the same investment adviser for other
         investment companies

11.      Underwriter(s) from whom the Portfolio      Goldman Sachs    Must not include Investment Adviser          Yes
         purchased (attach a prospectus or              Int'l         affiliates ***                               ---
         offering circular for a list of all            -----
         syndicate members)

12.      If the affiliate was lead or co-lead            N/A           Must be "Yes" or "N/A"                       N/A
         manager, was the instruction listed below                                                                  ---
         given to the broker(s) named in #11? ****

- -------- ------------------------------------------- ---------------- -------------------------------------- -----------------
</TABLE>

The Investment  Adviser has no reasonable cause to believe that the underwriting
commission,   spread  or  profit  is  NOT   reasonable   and  fair  compared  to
underwritings  of similar  securities  during a  comparable  period of time.  In
determining  which  securities  are  comparable,   the  Investment  Adviser  has
considered the factors set forth in the Portfolio's 10f-3 procedures.

*        Not applicable to munis. In the case of munis,  (i) the issue must have
         one investment grade rating or (ii) if the issuer or the revenue source
         has been in operation  for less than three  years,  the issue must have
         one of the three highest ratings. Circle (i) or (ii), whichever is met.

**       If an  eligible  Rule 144A  offering,  must not exceed 25% of the total
         amount of same  class sold to QIBs in the Rule 144A  offering  PLUS the
         amount  of the  offering  of the same  class in any  concurrent  public
         offering

***  For munis purchased from syndicate  manager,  check box to confirm that the
     purchase was not designated as a group sale. [ ]

**** No credit for the purchase  made for the  Portfolio  can be credited to the
     Investment Adviser's affiliate.




2

                        Report of Independent Accountants



To the Trustees and Shareholders of
J.P. Morgan Global 50 Fund and
J.P. Morgan Tax Aware Enhanced Income Fund


In planning and performing our audit of the financial  statements of J.P. Global
50 Fund for the year ended October 31, 1999 and J.P.  Morgan Tax Aware  Enhanced
Income Fund (the  "Funds") for the period ended  October 31, 1999, 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
controls.  Generally,  controls  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  controls   include  the   safeguarding  of  assets  against
unauthorized acquisition, use or disposition.

Because of inherent  limitations in internal control,  errors or fraud may occur
and not be detected.  Also,  projection of any evaluation of internal control to
future  periods  is  subject to the risk that  controls  may  become  inadequate
because of changes in conditions or that the  effectiveness  of their 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 one or more
of the internal control components does not reduce to a relatively low level the
risk  that  misstatements  caused  by error or fraud 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  and  its  operation,   including  controls  for  safeguarding
securities,  that we consider to be material  weaknesses  as defined above as of
October 31, 1999.

This  report is intended  solely for the  information  and use of the  Trustees,
management and the Securities and Exchange  Commission and is not intended to be
and should not be used by anyone other than these specified parties.



December 17, 1999




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