THE JPM INSTITUTIONAL FUNDS SUPPLEMENT DATED JULY 19, 1996 TO THE FOLLOWING
PROSPECTUSES AND THE STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 1996:
THE JPM INSTITUTIONAL FUNDS, DATED 3/1/96 (AS SUPPLEMENTED 7/1/96)
THE JPM INSTITUTIONAL TREASURY MONEY MARKET FUND, DATED 3/1/96
THE JPM INSTITUTIONAL MONEY MARKET FUND, DATED 3/1/96
THE JPM INSTITUTIONAL TAX EXEMPT MONEY MARKET FUND, DATED 12/29/95
THE JPM INSTITUTIONAL SHORT TERM BOND FUND, DATED 3/1/96 (AS SUPPLEMENTED
7/1/96)
THE JPM INSTITUTIONAL BOND FUND, DATED 3/1/96
THE JPM INSTITUTIONAL TAX EXEMPT BOND FUND, DATED 12/29/95 (AS SUPPLEMENTED
3/1/96)
THE JPM INSTITUTIONAL NEW YORK TOTAL RETURN BOND FUND, DATED 6/21/95 (AS
SUPPLEMENTED 12/29/95 AND 3/1/96)
THE JPM INSTITUTIONAL INTERNATIONAL BOND FUND, DATED 12/29/95 (AS SUPPLEMENTED
3/1/96)
THE JPM INSTITUTIONAL DIVERSIFIED FUND, DATED 10/1/95 (AS SUPPLEMENTED
12/29/95 AND 3/1/96)
THE JPM INSTITUTIONAL SELECTED U.S. EQUITY FUND, DATED 10/1/95 (AS SUPPLEMENTED
12/29/95 AND 3/1/96)
THE JPM INSTITUTIONAL U.S. SMALL COMPANY FUND, DATED 10/1/95 (AS SUPPLEMENTED
12/29/95 AND 3/1/96)
THE JPM INSTITUTIONAL INTERNATIONAL EQUITY FUND, DATED 3/1/96
THE JPM INSTITUTIONAL EMERGING MARKETS EQUITY FUND, DATED 3/1/96
THE JPM INSTITUTIONAL EUROPEAN EQUITY FUND, DATED 12/29/95 (AS SUPPLEMENTED
3/1/96)
THE JPM INSTITUTIONAL JAPAN EQUITY FUND, DATED 12/29/95 (AS SUPPLEMENTED
5/1/96)
THE JPM INSTITUTIONAL ASIA GROWTH FUND, DATED 12/29/95 (AS SUPPLEMENTED 5/1/96)
The following changes are effective August 1, 1996. The Funds' address will be
60 State Street, Boston, Massachusetts 02109. Administrative functions currently
provided to the Funds by Signature Broker-Dealer Services, Inc. will be provided
by Funds Distributor, Inc. ("FDI") or Morgan Guaranty Trust Company of New York
("Morgan"), and FDI will become the distributor of the Funds and exclusive
placement agent for the Funds' corresponding Portfolios. FDI, a registered
broker-dealer, is a wholly owned indirect subsidiary of Boston Institutional
Group, Inc. In addition, certain accounting services provided by Morgan are
being provided by State Street Bank and Trust Company.
Each Fund will continue to invest all its assets in its corresponding Portfolio
and will operate in a master-feeder structure.
These changes include an increase in fees payable to Morgan that is offset by a
decrease in other fees with the result that there is no adverse impact on the
expenses of any Fund.
