PROSPECTUS SUPPLEMENT DATED DECEMBER 29, 1995, TO THE JPM INSTITUTIONAL TREASURY
MONEY MARKET FUND PROSPECTUS, DATED MARCH 1, 1995
The following restates the entire discussion under the caption
"Investment Objective and Policies" on pages 4 and 5.
"The investment objective of the Fund and the Portfolio is described
below, together with the policies they employ in their efforts to achieve this
objective. Additional information about the investment policies of the Fund and
the Portfolio appears in the Statement of Additional Information under
"Investment Objectives and Policies," There can be no assurance that the
investment objective of the Fund or the Portfolio will be achieved.
The Fund's investment objective is to provide current income, maintain
a high level of liquidity and preserve capital. The Fund attempts to achieve its
investment objective by investing all of its investable assets in The Treasury
Money Market Portfolio, an open-end management investment company having the
same investment objective as the Fund.
The Portfolio seeks to achieve its investment objective by investing in
direct obligations of the U.S. Treasury and, to a lesser extent, in obligations
of the U.S. Government agencies described below. The Portfolio maintains a
dollar-weighted average portfolio maturity of not more than 90 days and invests
in the following securities which have effective maturities of not more than
thirteen months.
TREASURY SECURITIES; CERTAIN U.S. GOVERNMENT AGENCY OBLIGATIONS. The
Portfolio will invest in Treasury Bills, Notes and Bonds, all of which are
backed as to principal and interest payments by the full faith and credit of the
United States ("Treasury Securities"). Treasury Bills have initial maturities of
one year or less; Treasury Notes have initial maturities of one to ten years;
and Treasury Bonds generally have initial maturities of greater than ten years.
During ordinary market conditions at least 65% of the Portfolio's net assets
will be invested in Treasury Securities and repurchase agreements collateralized
by Treasury Securities. The balance of the Portfolio may be invested in
obligations issued by the following U.S. Government agencies where the Portfolio
must look to the issuing agency for ultimate repayment: the Federal Farm Credit
System and the Federal Home Loan Banks ("Permitted Agency Securities"). Each
such obligation must have a remaining maturity of thirteen months or less at the
time of purchase by the Portfolio.
The market value of obligations in which the Portfolio invests is not
guaranteed and may rise and fall in response to changes in interest rates.
Neither the shares of the Fund nor the interests in the Portfolio are guaranteed
or insured by the U.S. Government.
The Portfolio also may purchase Treasury Securities and Permitted Agency
Securities on a when-issued or delayed delivery basis and may engage in
repurchase and reverse repurchase agreement transactions involving such
securities. For a discussion of these transactions, see "Additional Investment
Information and Risk Factors."
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The following restates the third sentence under the caption "Additional
Investment Information and Risk Factors-Repurchase Agreements" on page 5: "The
Portfolio only enters into repurchase agreements involving Treasury Securities
and Permitted Agency Securities and under ordinary market conditions does not
expect to enter into repurchase agreements involving more than 5% of its net
assets."
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