J.P. Morgan Institutional Funds
Supplement dated September 2, 1998 to the following Prospectuses:
J.P. Morgan Institutional Short Term Bond Fund, dated March 2, 1998
J.P. Morgan Institutional Bond Fund, dated March 2, 1998
J.P. Morgan Institutional Bond Fund - Ultra, dated March 2, 1998
J.P. Morgan Institutional Fixed Income Funds, dated March 13, 1998
Effective immediately, the Investments table is amended as follows:
* Permitted
0 Permitted but not typically used
-- Not permitted
<TABLE>
<CAPTION>
- --------------------------------------------------- ------------------------------------------ -----------------------
<S> <C> <C>
Short Term Bond
Bond
Principal Types of Risk Bond Fund - Ultra
- --------------------------------------------------- ------------------------------------------ -----------------------
- --------------------------------------------------- ------------------------------------------ -----------------------
Mortgages (directly held) Domestic debt credit, extension, interest rate, *
instrument which gives the lender a lien on market, natural event, prepayment,
property as security for the loan repayment. valuation
- --------------------------------------------------- ------------------------------------------ -----------------------
</TABLE>
