JP MORGAN SERIES TRUST
497, 2000-07-14
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J.P. Morgan Series Trust
Supplement dated July 14, 2000, to the following Prospectus:

     J.P.  Morgan  Institutional  U.S.  Equity  Funds dated March 1, 2000,  with
respect to the J.P. Morgan Institutional Tax Aware Disciplined Equity Fund.

Effective July 31, 2000, the redemption fee of 1.00% applicable to shares of the
J.P. Morgan  Institutional Tax Aware Disciplined  Equity Fund held for less than
one year is eliminated.  Accordingly,  reference to the  redemption  fees in the
Shareholder  Transaction  Expenses table under the INVESTOR  EXPENSES section is
eliminated.

The Expense example is amended as follows:

 The example  below is intended to help you compare the cost of investing in the
fund with the cost of  investing  in other mutual  funds.  The example  assumes:
$10,000  initial  investment,  5% return each year,  net expenses for the period
3/1/00 through 2/28/01 and total operating expenses  thereafter,  and all shares
sold at the end of each time period.  The example is for  comparison  only;  the
fund's actual return and your actual costs may be higher or lower.


                           1yr             3yrs           5yrs            10yrs
Your cost ($)              56              198            352              801









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J.P. Morgan Series Trust
Supplement dated July 14, 2000, to the following Prospectus:

     J.P. Morgan U.S. Equity Funds dated March 1, 2000, with respect to the J.P.
Morgan Tax Aware U.S. Equity Fund.

Effective July 31, 2000, the redemption fee of 1.00% applicable to shares of the
J.P.  Morgan  Tax  Aware  U.S.  Equity  Fund  held  for  less  than  one year is
eliminated.  Accordingly,  reference to the redemption  fees in the  Shareholder
Transaction Expenses table under the INVESTOR EXPENSES section is eliminated.

The Expense example is amended as follows:

The example  below is intended to help you compare the cost of  investing in the
fund with the cost of  investing  in other mutual  funds.  The example  assumes:
$10,000  initial  investment,  5% return each year,  net expenses for the period
3/1/00 through 2/28/01 and total operating expenses  thereafter,  and all shares
sold at the end of each time period.  The example is for  comparison  only;  the
fund's actual return and your actual costs may be higher or lower.


                           1yr            3yrs            5yrs            10yrs
Your cost ($)              87             282             494             1,103





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