J.P. Morgan Institutional Funds
Supplement dated July 29, 1998, as applicable 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 International Bond Fund, March 2, 1998
J.P. Morgan Institutional Tax Exempt 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 Swaps section of the Investments table is amended as
follows:
/X/ Permitted
/_/ Permitted but not typically used
- ------------------------------------ ----------------------- ------------------
Short Term Bond
Bond
International Bond
Tax Exempt Bond
Principal Types of Risk Bond - Ultra
- ------------------------------------ ------------------------ -----------------
- ------------------------------------ ------------------------ -----------------
Swaps Contractual agreement whereby currency, interest /X/
a party credit, agrees to exchange with a rate, leverage,
periodic payments counterparty. market, political
Segregated accounts are used to
offset leverage risk.
- ------------------------------------ ------------------------ -----------------
