J.P. MORGAN INSTITUTIONAL FUNDS Supplement dated May 21, 1998, as
applicable to the following Prospectuses: J.P. Morgan Institutional
International Equity Funds (combined), dated March 31, 1998 J.P. Morgan
Institutional Emerging Markets Equity Fund, dated March 31, 1998
The following supersedes and replaces the "Performance" section on pages 5 and
13, respectively in the prospectuses referenced above for J.P. Morgan
Institutional Emerging Markets Equity Fund:
Average annual total return (%) -- Shows performance over time, for periods
ended December 31, 1997
Since
1 yr. 3 yrs. Inception(2)
J.P. Morgan Institutional Emerging Markets Equity
Fund (after expenses) (7.71) (3.19) (0.80)
Emerging Markets Benchmark (3) (no expenses) (11.56) (5.62) (0.07)
Year-by-year total return (%) -- Shows changes in returns by calendar year
1994 1995 1996 1997
---- ---- ---- ----
J.P. Morgan Institutional Emerging Markets
Equity Fund (7.19) (9.68) 8.84 (7.71)
Emerging Markets Benchmark (3) (0.53) (10.40) 6.08 (11.56)
(2) The fund commenced operations on 11/15/93. Except in Financial
Highlights, returns reflect performance of the fund from 11/30/93
through 12/31/97. This data is based on historical earnings and is not
intended to indicate future performance.
(3) The Emerging Markets Benchmark is composed of the International Finance
Corporation (IFC) Global Index through December 31, 1994 , IFC
Investable Index (excluding South Africa after April 1, 1995) from
January 1, 1995 through December 31, 1995, and the MSCI Emerging
Markets Free Index thereafter. The indices are unmanaged portfolios
which measure emerging market equity performance.
