JP MORGAN SERIES TRUST
NSAR-B, EX-99, 2000-07-26
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                        Report of Independent Accountants

To the Trustees and Shareholders of
J.P. Morgan Institutional Large Cap Growth Fund
J.P. Morgan Institutional Market Neutral Fund
J.P Morgan Institutional SmartIndex Fund


In planning and performing our audits of the financial statements of J.P. Morgan
Institutional  Large Cap Growth Fund (registered as J.P. Morgan Large Cap Growth
Fund), J.P. Morgan  Institutional Market Neutral Fund (registered as J.P. Morgan
Market Neutral Fund) and J.P Morgan Institutional SmartIndex Fund (registered as
J.P. Morgan SmartIndex)  (collectively,  the "Funds") for the year ended May 31,
2000, we considered  its internal  control,  including  control  activities  for
safeguarding  securities,  in order to determine our auditing procedures for the
purpose of  expressing  our opinions 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
May 31, 2000.



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This report is intended  solely for the  information  and use of the Trustees of
the Funds,  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.



July 14, 2000





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