JP MORGAN SERIES TRUST
497, 1999-01-28
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J.P. Morgan Funds
J.P. Morgan Institutional Funds
J.P. Morgan Series Trust

Supplement  dated  January 28, 1999 to the  following  Statements  of Additional
Information dated November 2, 1998:

J.P. Morgan and J.P. Morgan Institutional Bond Fund
J.P. Morgan and J.P. Morgan Institutional Short Term Bond Fund
J.P. Morgan and J.P. Morgan Institutional Global Strategic Income Fund
J.P. Morgan and J.P. Morgan Institutional New York Tax Exempt Bond Fund
J.P. Morgan and J.P. Morgan Institutional Tax Exempt Bond Fund
J.P. Morgan Institutional Bond Fund - Ultra
J.P. Morgan Emerging Markets Debt Fund
J.P. Morgan California Bond Fund


         At the time the Fund invests in any commercial  paper, bank obligation,
repurchase agreement, or any other money market instruments, the investment must
have  received  a short term  rating of  investment  grade or better  (currently
Prime-3  or better by  Moody's  or A-3 or better by  Standard  & Poor's)  or the
investment  must  have  been  issued by an issuer  that  received  a short  term
investment  grade rating or better with respect to a class of investments or any
investment  within that class that is  comparable  in priority and security with
the  investment  being  purchased by the Fund.  If no such ratings  exists,  the
investment must be of comparable  investment  quality in the Advisor's  opinion,
but will not be eligible  for purchase if the issuer or its parent has long term
outstanding debt rated below BBB.



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