J.P. MORGAN INSTITUTIONAL FUNDS
J.P. MORGAN INSTITUTIONAL TREASURY MONEY MARKET FUND
Supplement dated June 8, 1998 to the prospectus dated February 2, 1998
(Supersedes and replaces supplement dated March 2, 1998)
The Adviser has voluntarily agreed to extend the 0.10% expense limitation from
5/31/98 until 7/31/98. Accordingly, the Prospectus identified above is being
amended:
1. The following supersedes and replaces "Annual Fund Operating Expenses" and
the "Expense Example" under "Investor Expenses" on page 4 and the
corresponding footnote numbers 1 and 2 on page 5:
Annual Fund Operating Expenses1(%)
Management fees2
(after expense reimbursement)............0.11
Marketing (12b-1) fees...................None
Other expenses2
(after expense reimbursement)............None
Total operating expenses2
(after expense reimbursement)............0.11
1The fund has a master/feeder structure as described on page 9. Due to
the fund's blended expense limitation (as described in footnote 2),
this table shows the fund's expenses and its share of master portfolio
expenses for the current fiscal year ending 10/31/98, expressed as a
percentage of the fund's average net assets after reimbursement for
ordinary expenses over 0.11%.
2The total operating expenses for the fund is a blended expense
limitation which requires various reimbursements through 10/31/98 (see
"Management and Administration") and may not necessarily represent the
actual amount incurred by a shareholder. Without reimbursement, the
advisory fee, other expenses and total operating expenses are estimated
to be 0.20%, 0.22% and 0.42%, respectively for the current fiscal year.
There is no guarantee that reimbursement will continue beyond 2/28/99.
Expense Example
The example below uses the same assumptions as other fund prospectuses:
$1,000 initial investment, 5% annual total return, expenses unchanged,
all shares sold at the end of each time period. The example is for
comparison only; the fund's actual return and expenses will be
different.
Your cost($)
1 Yr..................................$1
3 Yrs.................................$6
2. The following supersedes and replaces the third paragraph under "Management
and Administration" on page 9:
The Advisor has voluntarily agreed to reimburse the fund so that total
operating expenses will not exceed the following respective percentages
of average net assets of the fund through the periods indicated below:
12/1/97 - 7/31/98 0.10%
8/1/98 - 11/30/98 0.15%
12/1/98 - 2/28/99 0.20%
<PAGE>
J.P. MORGAN INSTITUTIONAL FUNDS
J.P. MORGAN INSTITUTIONAL MONEY MARKET FUNDS (combined)
Supplement dated June 8, 1998 to the prospectus dated February 2, 1998
(Supersedes and replaces supplement dated March 2, 1998)
The Adviser has voluntarily agreed to extend the 0.10% expense limitation from
5/31/98 until 7/31/98. Accordingly, the Prospectus identified above is being
amended:
1. The following supersedes and replaces "Annual Fund Operating Expenses" and
the "Expense Example" under "Investor Expenses" on page 6 and the corresponding
footnote numbers 1 and 2 on page 7:
Annual Fund Operating Expenses1(%)
Management fees2
(after expense reimbursement)............0.11
Marketing (12b-1) fees...................None
Other expenses2
(after expense reimbursement)............None
Total operating expenses2
(after expense reimbursement)............0.11
1The fund has a master/feeder structure as described on page 15. Due to
the fund's blended expense limitation (as described in footnote 2),
this table shows the fund's expenses and its share of master portfolio
expenses for the current fiscal year ending 10/31/98, expressed as a
percentage of the fund's average net assets after reimbursement for
ordinary expenses over 0.11%.
2The total operating expenses for the fund is a blended expense
limitation which requires various reimbursements through 10/31/98 (see
"Management and Administration") and may not necessarily represent the
actual amount incurred by a shareholder. Without reimbursement, the
advisory fee, other expenses and total operating expenses would have
been 0.20%, 0.22% and 0.42%, respectively for the current fiscal year.
There is no guarantee that reimbursement will continue beyond 2/28/99.
Expense Example
The example below uses the same assumptions as other fund prospectuses:
$1,000 initial investment, 5% annual total return, expenses unchanged,
all shares sold at the end of each time period. The example is for
comparison only; the fund's actual return and expenses will be
different.
Your cost($)
1 Yr..................................$1
3 Yrs.................................$6
2. The following supersedes and replaces the third paragraph under "Management
and Administration" on page 15:
The Advisor has voluntarily agreed to reimburse each fund so that total
operating expenses will not exceed the following respective percentages
of average net assets of the fund through the periods indicated below:
Fund Expense Cap Expiration Date
Prime Money Market 0.20% 3/31/99
Treasury Money Market 0.10% 12/1/97 - 7/31/98
0.15% 8/1/98 - 11/30/98
0.20% 12/1/98 - 2/28/99
Federal Money Market 0.20% 2/28/99
Tax Exempt Money Market 0.35% 12/31/98
<PAGE>
J.P. MORGAN INSTITUTIONAL FUNDS
J.P. MORGAN INSTITUTIONAL SERVICE TREASURY MONEY MARKET FUND
Supplement dated June 8, 1998 to the prospectus dated February 2, 1998
Supersedes and replaces supplement dated March 2, 1998)
The Adviser has voluntarily agreed to extend the 0.35% expense limitation from
5/31/98 until 7/31/98. Accordingly, the Prospectus identified above is being
amended:
1. The following supersedes and replaces "Annual Fund Operating Expenses" and
the "Expense Example" under "Investor Expenses" on page 4 and the corresponding
footnote numbers 1 and 2 on page 5:
Annual Operating Expenses1(%)
Management fees2
(after expense reimbursement.............0.11
Marketing (12b-1) fees...................None
Other expenses2
(after expense reimbursement)............None
Service fees3............................0.25
Total operating expenses2
(after expense reimbursement)............0.36
1The fund has a master/feeder structure as described on page 9. Due to
the fund's blended expense limitation (as described in footnote 2),
this table shows the fund's expenses and its share of master portfolio
expenses for the current fiscal year ending 10/31/98, expressed as a
percentage of the fund's average net assets after reimbursement for
ordinary expenses over 0.36%.
2The total operating expenses for the fund is a blended expense
limitation which requires various reimbursements through 10/31/98 (see
"Management and Administration") and may not necessarily represent the
actual amount incurred by a shareholder. Without reimbursement, the
advisory fee, other expenses and total operating expenses are estimated
to be 0.20%, 0.18% and 0.63%, respectively for the current fiscal year.
There is no guarantee that reimbursement will continue beyond 2/28/99.
Expense Example
The example below uses the same assumptions as other fund prospectuses:
$1,000 initial investment, 5% annual total return, expenses unchanged,
all shares sold at the end of each time period. The example is for
comparison only; the fund's actual return and expenses will be
different.
Your cost($)
1 Yr..................................$ 4
3 Yrs.................................$14
2. The parenthetical at the end of the third paragraph under "Management and
Administration" on page 9 is revised as follows:
(0.20% where J.P. Morgan or an affiliate acts as a service organization)
3. The following supersedes and replaces the fourth paragraph under "Management
and Administration" on page 9:
<PAGE>
The Advisor has voluntarily agreed to reimburse the fund so that total
operating expenses will not exceed the following respective percentages
of average net assets of the fund through the periods indicated below:
12/1/97 - 7/31/98 0.35%
8/1/98 - 11/30/98 0.40%
12/1/98 - 2/28/99 0.45%
<PAGE>
J.P. MORGAN INSTITUTIONAL FUNDS
J.P. MORGAN INSTITUTIONAL SERVICE MONEY MARKET FUNDS (combined)
Supplement dated June 8, 1998 to the prospectus dated February 2, 1998
(Supersedes and replaces supplement dated March 2, 1998)
The Adviser has voluntarily agreed to extend the 0.35% expense limitation from
5/31/98 until 7/31/98. Accordingly, the Prospectus identified above is being
amended:
1. The following supersedes and replaces "Annual Fund Operating Expenses" and
the "Expense Example" under "Investor Expenses" on page 6 and the corresponding
footnote numbers 1 and 2 on page 7:
Annual Operating Expenses1(%)
Management fees2
(after expense reimbursement.............0.11
Marketing (12b-1) fees...................None
Other expenses2
(after expense reimbursement)............None
Service fees3............................0.25
Total operating expenses2
(after expense reimbursement)............0.36
1The fund has a master/feeder structure as described on page 15. Due to
the fund's blended expense limitation (as described in footnote 2),
this table shows the fund's expenses and its share of master portfolio
expenses for the current fiscal year ending 10/31/98, expressed as a
percentage of the fund's average net assets after reimbursement for
ordinary expenses over 0.36%.
2The total operating expenses for the fund is a blended expense
limitation which requires various reimbursements through 10/31/98 (see
"Management and Administration") and may not necessarily represent the
actual amount incurred by a shareholder. Without reimbursement, the
advisory fee, other expenses and total operating expenses are estimated
to be 0.20%, 0.18% and 0.63%, respectively for the current fiscal year.
There is no guarantee that reimbursement will continue beyond 2/28/99.
Expense Example
The example below uses the same assumptions as other fund prospectuses:
$1,000 initial investment, 5% annual total return, expenses unchanged,
all shares sold at the end of each time period. The example is for
comparison only; the fund's actual return and expenses will be
different.
Your cost($)
1 Yr..................................$ 4
3 Yrs.................................$14
2. The following is added after the second paragraph under "Management and
Administration" on page 15:
The funds have a service plan which allows each fund to pay service
organizations up to 0.25% of the average net assets of the shares held
in the name of the service organization (0.20% where J.P. Morgan or an
affiliate acts as a service organization with respect to the Treasury
Money Market Fund).
3. The third paragraph under "Management and Administration" on page 15 is
replaced with the following:
The Advisor has voluntarily agreed to reimburse each fund so that total
operating expenses will not exceed the following respective percentages
of average net assets of the fund through the periods indicated below:
Fund Expense Cap Expiration Date
Service Prime
Money Market 0.45% 3/31/99
Service Treasury
Money Market 0.35% 12/1/97 - 7/31/98
0.40% 8/1/98 - 11/30/98
0.45% 12/1/98 - 2/28/99
Service Federal
Money Market 0.45% 2/28/99
Service Tax Exempt
Money Market 0.60% 12/31/98
