J.P. Morgan Institutional Funds
Supplement dated October 13, 1998 to the following Statements of Additional
Information:
J.P. Morgan Institutional Global Strategic Income Fund, dated March 2, 1998
J.P. Morgan Institutional Fixed Income Funds (Combined), dated March 13, 1998
The following replaces the sixth paragraph under the heading "Quality and
Diversification Requirements" entitled "The Global Strategic Income Fund":
The Global Strategic Income Fund. The higher total return sought by the
Global Strategic Income Fund is generally obtainable from high yield high risk
securities in the lower rating categories of the established rating services.
These securities are rated below Baa by Moody's or below BBB by Standard &
Poor's. At least 40% of assets must be invested in securities that, at the time
of purchase, are rated investment-grade (BBB/Baa or better). The fund's emerging
market component (no more than 25% of fund assets) has no minimum credit quality
rating standard and therefore may invest without limit in securities that are in
the lowest rating categories. The balance of assets must be invested in
securities rated B or higher. Lower rated securities are generally referred to
as junk bonds. See the Appendix attached to this Statement of Additional
Information for a description of the characteristics of the various ratings
categories. The credit ratings of Moody's and Standard & Poor's (the "Rating
Agencies"), such as those ratings described in this Statement of Additional
Information, may not be changed by the Rating Agencies in a timely fashion to
reflect subsequent economic events. The credit ratings of securities do not
evaluate market risk. The Global Strategic Income Fund may also invest in
unrated securities which, in the opinion of the Advisor, offer comparable yields
and risks to the rated securities in which the Fund may invest.
