JP MORGAN INSTITUTIONAL FUNDS
497, 1998-07-22
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J.P. Morgan Institutional Funds
J.P. Morgan Institutional European Equity Fund
J.P. Morgan Institutional Japan Equity Fund
Supplement dated July 22, 1998 to the Statement of Additional  Information dated
March 31, 1998


Effective  immediately the J.P. Morgan  Institutional  Japan Equity Fund will no
longer accept new purchase orders.




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