J.P. MORGAN INSTITUTIONAL FUNDS Supplement dated May 21, 1998, as
applicable to the following prospectuses: J.P. Morgan Institutional Service Tax
Exempt Money Market Fund, dated February 2, 1998 J.P. Morgan Institutional
Service Money Market Funds (combined), dated February 2, 1998
With respect to the J.P. Morgan Institutional Service Tax Exempt Money Market
Fund, the following supersedes and replaces "Annual Fund Operating Expenses",
footnote number 1 and footnote number 2 on pages 4 and 5 and pages 10 and 11,
respectively in the prospectuses referenced above:
Annual Fund Operating Expenses1(%)
Management fees (actual). . . . . . . . . . . . .0.16
Marketing (12b-1) fees. . . . . . . . . . . . . . .None
Other expenses2
(after waiver and reimbursement) . . . . . . .0.19
Service fees3 . . . . . . . . . . . . . . . . . . . . . . .0.25
Total operating expenses2
(after expense reimbursement) . . . . . . . . .0.60
1 The fund has a master/feeder structure as described on page 9 (page 15 in the
combined prospectus). This table shows the fund's estimated expenses and its
share of estimated master portfolio expenses for the current fiscal year,
expressed as a percentage of the fund's average net assets after reimbursement
for ordinary expenses over 0.60%.
2Without such waiver and reimbursement, other expenses and total operating
expenses would have been 299.11% and 299.52%, respectively. There is no
guarantee that this arrangement will continue beyond 12/31/98.
