JP MORGAN INSTITUTIONAL FUNDS
497, 1998-08-03
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J.P. Morgan Institutional Funds
Supplement dated August 3, 1998, as applicable to the following Prospectuses:

J.P. Morgan Institutional Money Market Funds (combined), dated 2/2/98
J.P. Morgan Institutional Treasury Money Market Fund, dated 2/2/98
Supersedes and replaces Supplements dated prior to August 3, 1998

Cut-Off Time for Purchases and Redemptions:

The Treasury  Money  Market Fund has  extended  its cut-off  time for  receiving
purchase and redemption  orders to 4:30 pm. For purchase orders to be effective,
immediately  available  funds  must  be  received  by 4:30  pm.  This  new  time
supersedes  any references to cut-off times under "Timing of Orders" and "Timing
of Settlements" in the prospectuses.

     Net asset value per share (NAV) will be  calculated  every  business day at
4:30 p.m. eastern time.

Other Changes:

1.   As of August 1,  1998,  the  shareholder  servicing  fee  payable to Morgan
     increased  from  0.05% to  0.10%.  There  will be no  immediate  impact  on
     shareholders  since the expense  reimbursement  for the fund will remain in
     place as described in the prospectus.

2.   The following  supersedes and replaces "Annual Fund Operating Expenses" and
     the "Expense  Example" under  "Investor  Expenses" on page 4 (page 6 in the
     combined prospectus) and the corresponding footnote numbers 1 and 2 on page
     5 (page 7 in the combined prospectus):

         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 (page 15
         in  the  combined  prospectus).  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  subject to 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 second table under "Management
and  Administration"  on page 9 (page 15 in the combined  prospectus -- Treasury
Money Market Fund only):

         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%



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