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JPM SERIES TRUST TAX AWARE EQUITY FUND: JPM PIERPONT SHARES Supplement dated May 5, 1997 to Prospectus dated November 18, 1996 and Statement of Additional Information dated November 18, 1996 (as amended February 10, 1997) Effective May 12, 1997, the name of the Tax Aware Equity Fund is changed to "Tax Aware U.S. Equity Fund." The investment objective, policies and restrictions of the Fund remain unchanged.
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