THE JPM PIERPONT FUNDS
JPM SERIES TRUST
Supplement dated July 30, 1997, as applicable to the following Prospectuses:
The JPM Pierpont Funds dated 2/28/97, as supplemented 7/29/97
The JPM Pierpont Money Market Fund dated 2/28/97, as supplemented 7/29/97
The JPM Pierpont Federal Money Market Fund dated 2/28/97, as supplemented
7/29/97
The JPM Pierpont Tax Exempt Money Market Fund dated 12/27/96, as supplemented
7/29/97
The JPM Pierpont Short Term Bond Fund dated 2/28/97, as supplemented 7/29/97
The JPM Pierpont Bond Fund dated 2/28/97, as supplemented 7/29/97
The JPM Pierpont Tax Exempt Bond Fund dated 12/27/96, as supplemented 7/29/97
The JPM Pierpont New York Total Return Bond Fund dated 7/14/97
The JPM Pierpont Diversified Fund dated 9/27/96, as supplemented 7/29/97
The JPM Pierpont Equity Fund dated 9/27/96, as supplemented 7/29/97
The JPM Pierpont Capital Appreciation Fund dated 9/27/96, as supplemented
7/29/97
The JPM Pierpont International Equity Fund dated 2/28/97, as supplemented
7/29/97
The JPM Pierpont Emerging Markets Equity Fund dated 2/28/97, as supplemented
7/29/97
The JPM Pierpont European Equity Fund dated 4/30/97
The JPM Pierpont Japan Equity Fund dated 4/30/97
The JPM Pierpont Asia Growth Fund dated 4/30/97
The JPM Pierpont International Opportunities Fund dated 12/27/96
The JPM Pierpont Emerging Markets Debt Fund dated 3/6/97
The JPM Pierpont U.S. Small Company Opportunities Fund dated 5/27/97
JPM Pierpont Shares: California Bond Fund dated 6/25/97
JPM Pierpont Shares: Tax Aware U.S. Equity Fund dated 6/25/97
JPM Pierpont Shares: Tax Aware Disciplined Equity Fund dated 6/25/97
Effective July 31, 1997, the required minimum initial investment in each Fund is
$2,500. The minimum subsequent investment is $500.
Please refer to "Purchase of Shares" for more information.
minimum-977
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[Not a part of the Prospectus]
[Logo]
July 30, 1997
[Logo] Dear JPM Pierpont Investor:
On the reverse side, you will find a prospectus supplement that
explains some important information about the JPM Pierpont Funds: the
initial and subsequent investment amounts have been reduced. We're
writing to let you know that these changes should provide additional
flexibility for your investment program and enable you and other
shareholders to take full advantage of the range of JPM Pierpont Funds.
Please keep this supplement with your prospectus and call your Morgan
representative or J.P. Morgan Funds Services toll-free at
1-800-521-5411 if you have any questions. We will be happy to help you.
Sincerely,
/s/Ramon de Oliveira /s/Keith M. Schappert
Ramon de Oliveira Keith M. Schappert
Chairman President
Asset Management Services Asset Management Services
J.P. Morgan & Co. Incorporated J.P. Morgan & Co. Incorporated
Shares of The JPM Pierpont Funds and JPM Series Trust are distributed
by Funds Distributor, Inc., 60 State Street, Boston, Massachusetts
02109.
