J.P. Morgan Funds
J.P. Morgan Institutional Funds
J.P. Morgan Series Trust
Supplement dated July 1, 1998 to the following Prospectuses:
(Supersedes and replaces supplement dated June 1, 1998)
J.P. Morgan, J.P. Morgan Institutional and J.P. Morgan Institutional
Service Prime Money Market Funds, each dated February 2, 1998
J.P. Morgan, J.P. Morgan Institutional and J.P. Morgan Institutional
Service Tax Exempt Money Market Funds, each dated February 2, 1998
J.P. Morgan, J.P. Morgan Institutional and J.P. Morgan Institutional
Service Federal Money Market Funds, each dated February 2, 1998
J.P. Morgan Institutional and J.P. Morgan Institutional Service Treasury
Money Market Funds, each dated February 2, 1998
J.P. Morgan, J.P. Morgan Institutional and J.P. Morgan Institutional
Service Money Market Funds, each dated February 2, 1998
J.P. Morgan and J.P. Morgan Institutional Short Term Bond Funds, each dated
March 2, 1998
J.P. Morgan and J.P. Morgan Institutional Bond Funds, each dated March 2, 1998
J.P. Morgan and J.P. Morgan Institutional Tax Exempt Bond Funds, each dated
March 2, 1998
J.P. Morgan and J.P. Morgan Institutional New York Total Return Bond Funds, each
dated March 2, 1998
J.P. Morgan Emerging Markets Debt Fund, dated March 2, 1998
J.P. Morgan and J.P. Morgan Institutional Global Strategic Income Funds, each
dated March 2, 1998
J.P. Morgan Institutional International Bond Fund, dated March 2, 1998
J.P. Morgan Institutional Bond Fund - Ultra, dated March 2, 1998
J.P. Morgan and J.P. Morgan Institutional Fixed Income Funds, each dated March
13, 1998
J.P. Morgan and J.P. Morgan Institutional U.S. Equity Funds, each dated January
2, 1998
J.P. Morgan and J.P. Morgan Institutional U.S. Small Company Funds, each dated
January 2, 1998
J.P. Morgan U.S. Small Company Opportunities Fund, dated January 2, 1998
J.P. Morgan and J.P. Morgan Institutional Disciplined Equity Funds, each dated
January 2, 1998
J.P. Morgan Tax Aware U.S. Equity Fund, dated January 2, 1998
J.P. Morgan Institutional Tax Aware Disciplined Equity Fund, dated January 2,
1998
J.P. Morgan and J.P. Morgan Institutional U.S. Equity Funds, each dated January
8, 1998
J.P. Morgan and J.P. Morgan Institutional Diversified Funds, each dated January
2, 1998
J.P. Morgan and J.P. Morgan Institutional International Equity Funds, each dated
March 31, 1998
J.P. Morgan and J.P. Morgan Institutional International Opportunities Funds,
each dated March 31, 1998
J.P. Morgan and J.P. Morgan Institutional Emerging Markets Equity Funds, each
dated March 31, 1998
J.P. Morgan and J.P. Morgan Institutional European Equity Funds, each dated
March 31, 1998
J.P. Morgan and J.P. Morgan Institutional Japan Equity Funds, each dated March
31, 1998
J.P. Morgan and J.P. Morgan Institutional International Equity Funds, each dated
March 31, 1998
J.P. Morgan and J.P. Morgan Institutional California Bond Funds, each dated
March 2, 1998
A proxy statement was mailed to shareholders of record of the above funds as of
April 13, 1998, requesting approval of several proposals. The proposals include
the revision, and in some cases, elimination, of the funds' investment
restrictions, including adoption of standardized investment restrictions for
each of the funds; reclassification of investment objectives as
nonfundamental-i.e., changeable by a vote of Trustees without a shareholder
vote-for all funds whose investment objectives are currently fundamental (each
fund except J.P. Morgan and J.P. Morgan Institutional Disciplined Equity, J.P.
Morgan and J.P. Morgan Institutional International Opportunities, J.P. Morgan
and J.P. Morgan Institutional Global Strategic Income, J.P. Morgan Emerging
Markets Debt, J.P. Morgan U.S. Small Company Opportunities, J.P. Morgan Tax
Aware U.S. Equity, J.P. Morgan Institutional Tax Aware Disciplined Equity, J.P.
Morgan and J.P. Morgan Institutional California Bond and J.P. Morgan
Institutional and J.P. Morgan Institutional Service Treasury Money Market
Funds); approval of new investment advisory agreements for all funds with J.P.
Morgan Investment Management Inc., which are identical in all material respects
to the current contracts with Morgan Guaranty Trust Company of New York; the
amendment of the Declarations of Trust of J.P. Morgan and J.P. Morgan
Institutional Funds to provide dollar-based voting rights for shareholders;
election of Trustees and ratification of the selection of independent
accountants.
In addition to the proposal that the Short Term Bond and New York Total Return
Bond Funds' investment objectives be reclassified from fundamental to
nonfundamental, it is being proposed that each such Funds' investment objective
be changed as described below:
Fund Name Current Investment Objective Proposed Investment
Objective
Short Term Bond Fund To provide a high total To provide a high
return while attempting to total return, consistent
limit the likelihood of with low volatility of
negative quarterly returns principal
New York Total Return To provide a high after tax To provide a high level
Bond Fund total return for New York of income exempt from
residents, consistent with Federal, New York State
moderate risk of capital and local income taxes
consistent with moderate
risk of principal
In addition, if this proposal is adopted, New York Total Return Bond Fund will
change its name to New York Tax Exempt Bond Fund.
If these proposals are approved, each fund's prospectus and statement of
additional information will be revised after the meeting to reflect the
implementation of the changes.
For further information regarding these proposals and how they will affect each
fund, or to request a copy of the proxy statement, please call 800-521-5411.
