J.P. Morgan Global 50 Fund
Supplement dated October 14, 1998 to the Prospectus dated June 17, 1998
The following items supplement the prospectus for the J.P. Morgan Global 50
Fund:
1. The Year 2000 Initiative
Fund operations and shareholders could be adversely affected if the computer
systems used by J.P. Morgan, the fund's other service providers and other
entities with computer systems linked to the fund do not properly process and
calculate January 1, 2000 and after date-related information. J.P. Morgan is
working to avoid these problems and to obtain assurances from other service
providers that they are taking similar steps. However, it is not certain that
these actions will be sufficient to prevent these date-related problems from
adversely impacting fund operations and shareholders. In addition, to the extent
that operations of issuers of securities held by the fund are impaired by
date-related problems or prices of securities decline as a result of real or
perceived date-related problems of issuers held by the fund or generally, the
net asset value of the fund will decline.
2. The Euro
Effective January 1, 1999 the euro, a single multinational currency,will replace
the national currencies of certain countries in the Economic Monetary Union
(EMU).
J.P. Morgan has identified the following potential risks to the fund, after the
conversion: The risk that the valuation of assets is not properly converted from
the national currency to euro; currency risk resulting from increased volatility
in exchange rates between EMU countries and non-participating countries; the
inability of any of the fund, it's service providers and the issuers of the
fund's portfolio securities to make information technology updates timely; and
the potential unenforceability of contracts. There have been recent laws and
regulations designed to ensure the continuity of contracts, however there is a
risk that the valuation of contracts will be negatively impacted after the
conversion. J.P. Morgan is working to avoid these problems and to obtain
assurances from other service providers that they are taking similar steps.
However, it is not certain that these actions will be sufficient to prevent
problems associated with the conversion from adversely impacting fund operations
and shareholders.
