J.P. Morgan Institutional Funds
Supplement dated August 3, 1998, as applicable to the following Prospectuses:
J.P. Morgan Institutional Service Money Market Funds (combined), dated 2/2/98
J.P. Morgan Institutional Service Treasury Money Market Fund, dated 2/2/98
Supersedes and replaces Supplements dated prior to August 3, 1998
Cut-Off Time for Purchases and Redemptions:
The Service Treasury Money Market Fund has extended its cut-off time for
receiving purchase and redemption orders to 4:30 pm. For purchase orders to be
effective, immediately available funds must be received by 4:30 pm. This new
time supersedes any references to cut-off times under "Timing of Orders" and
"Timing of Settlements" in the prospectuses.
Net asset value per share (NAV) will be calculated every business day at
4:30 p.m. eastern time.
Other Changes:
1. The following supersedes and replaces "Annual Fund Operating Expenses" and
the "Expense Example" under "Investor Expenses" on page 4 (page 6 in the
combined prospectus) and the corresponding footnote numbers 1 and 2 on page
5 (page 7 in the combined prospectus):
Annual Fund Operating Expenses1(%)
Management fees2
(after expense reimbursement)..............0.11
Marketing (12b-1) fees.....................None
Other expenses2
(after expense reimbursement)..............None
Service fees3..............................0.25
Total operating expenses2
(after expense reimbursement)..............0.36
1The fund has a master/feeder structure as described on page 9 (page 15
in the combined prospectus). Due to the fund's blended expense
limitation (as described in footnote 2), this table shows the fund's
expenses and its share of master portfolio expenses for the current
fiscal year ending 10/31/98, expressed as a percentage of the fund's
average net assets after reimbursement for ordinary expenses over
0.36%.
2The total operating expenses for the fund is subject to a blended
expense limitation which requires various reimbursements through
10/31/98 (see "Management and Administration") and may not necessarily
represent the actual amount incurred by a shareholder. Without
reimbursement, the advisory fee, other expenses and total operating
expenses are estimated to be 0.20%, 0.18% and 0.63%, respectively for
the current fiscal year. There is no guarantee that reimbursement will
continue beyond 2/28/99.
Expense Example
The example below uses the same assumptions as other fund prospectuses:
$1,000 initial investment, 5% annual total return, expenses unchanged,
all shares sold at the end of each time period. The example is for
comparison only; the fund's actual return and expenses will be
different.
Your cost($)
1 Yr..................................$4
3 Yrs.................................$14
2. The parenthetical at the end of the third paragraph under "Management
and Administration" on page 9 in the standalone prospectus is revised as
follows:
(0.20% where J.P. Morgan or an affiliate acts as a service organization)
3. The following is added after the second paragraph under "Management and
Administration" on page 15 in the combined prospectus:
The funds have a service plan which allows each fund to pay service
organizations up to 0.25% of the average net assets of the shares held
in the name of the service organization (0.20% where J.P. Morgan or an
affiliate acts as a service organization with respect to the Treasury
Money Market Fund).
4. The following supersedes and replaces the second table under "Management
and Administration" on page 9 (page 15 in the combined prospectus - Service
Treasury Money Market Fund only):
The Advisor has voluntarily agreed to reimburse the fund so that total
operating expenses will not exceed the following respective percentages
of average net assets of the fund through the periods indicated below:
12/1/97 - 7/31/98 0.35%
8/1/98 - 11/30/98 0.40%
12/1/98 - 2/28/99 0.45%
