JP MORGAN SERIES TRUST
497, 2000-05-15
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J.P. Morgan Institutional Funds
J.P. Morgan Series Trust
Supplement dated May 12, 2000, to the following Prospectus:

J.P. Morgan Institution Fixed Income Funds, dated March 1, 2000


The second  paragraph  under the heading  "Portfolio  Management" on page 7 with
respect to Tax Exempt Bond Fund is hereby replaced with the following:

The portfolio management team is led by Robert W. Meiselas, vice president,  who
joined the team in June of 1997 and has been at J.P. Morgan since 1987, Benjamin
Thompson,  vice  president,  who joined the team in June of 1999,  and  Kingsley
Wood, Jr., vice president, who has been on the team since January 2000. Prior to
joining J.P. Morgan, Mr. Thompson was a senior fixed income portfolio manager at
Goldman  Sachs and Mr.  Wood was a senior  fixed  income  portfolio  manager  at
Mercantile Bank & Trust.  Prior to joining Mercantile in July 1998, Mr. Wood was
an institutional tax-exempt trader at ABN-AMRO and Kemper Securities.


The second  paragraph  under the heading  "Portfolio  Management" on page 9 with
respect to New York Tax Exempt Bond Fund is hereby replaced with the following:

The portfolio management team is led by Robert W. Meiselas, vice president,  who
joined the team in June of 1997 and has been at J.P. Morgan since 1987, Benjamin
Thompson,  vice  president,  who joined the team in June of 1999,  and  Kingsley
Wood, Jr., vice president, who has been on the team since January 2000. Prior to
joining J.P. Morgan, Mr. Thompson was a senior fixed income portfolio manager at
Goldman  Sachs and Mr.  Wood was a senior  fixed  income  portfolio  manager  at
Mercantile Bank & Trust.  Prior to joining Mercantile in July 1998, Mr. Wood was
an institutional tax-exempt trader at ABN-AMRO and Kemper Securities.


     The second  paragraph under the heading  "Portfolio  Management" on page 11
with respect to California Bond Fund is hereby replaced with the following:

The portfolio management team is led by Robert W. Meiselas, vice president,  who
joined the team in June of 1997 and has been at J.P. Morgan since 1987, Benjamin
Thompson,  vice  president,  who joined the team in June of 1999,  and  Kingsley
Wood, Jr., vice president, who has been on the team since January 2000. Prior to
joining J.P. Morgan, Mr. Thompson was a senior fixed income portfolio manager at
Goldman  Sachs and Mr.  Wood was a senior  fixed  income  portfolio  manager  at
Mercantile Bank & Trust.  Prior to joining Mercantile in July 1998, Mr. Wood was
an institutional tax-exempt trader at ABN-AMRO and Kemper Securities.


(continued)

Effective May 22, 2000,  the address of the  Shareholder  Servicing  Agent shown
under the heading "Your Investment" is changed. The new address is:

                            Morgan Christiana Center
                       J.P. Morgan Funds Services - 2/OPS3
                           500 Stanton Christiana Road
                                Newark, DE 19713
                                 1-800-766-7722






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