Prospectus Supplement dated April 17, 1998, to the following Prospectuses:
J.P. Morgan Institutional U.S. Equity Fund, dated January 2, 1998
J.P. Morgan Institutional U.S. Small Company Fund, dated January 2, 1998
J.P. Morgan Institutional Emerging Markets Equity Fund, dated March 31, 1998
J.P. Morgan Institutional Japan Equity Fund, dated March 31, 1998
J.P. Morgan Institutional International Bond Fund, dated March 2, 1998
J.P. Morgan Institutional U.S. Equity Funds, dated January 8, 1998
J.P. Morgan Institutional U.S. Fixed Income Funds, dated March 13, 1998
J.P. Morgan Institutional International Equity Funds, dated March 31, 1998
Introduction. J.P. Morgan J.P. Morgan Institutional U.S. Equity Fund, J.P.
Morgan Institutional U.S. Small Company Fund, J.P. Morgan Institutional Emerging
Markets Equity Fund, J.P. Morgan Institutional Japan Equity Fund and J.P. Morgan
Institutional International Bond Fund invest in The U.S. Equity Portfolio, The
U.S. Small Company Portfolio, The Emerging Markets Equity Portfolio, The Japan
Equity Portfolio and The Non-U.S. Fixed Income Portfolio, respectively, along
with other investors, including, prior to January 1998, non U.S. funds managed
by Morgan. These non U.S. funds reorganized by transferring their assets to
other non-U.S. funds managed by Morgan in January 1998.
Portfolio Redemptions . The U.S. Equity Portfolio, The U.S. Small Company
Portfolio, The Emerging Markets Equity Portfolio, The Japan Equity Portfolio and
The Non-U.S. Fixed Income Portfolio each received a substantial redemption
request from its non-U.S. feeder fund in connection with the reorganization.
These redemptions did not reduce the net assets of the funds, but they reduced
the size of the portfolios by approximately the following amounts: U.S. Equity,
$132.7; U.S. Small Company, $436.2 million; Emerging Markets Equity, $381.8
million; Japan Equity, $167.6 million; and Non-U.S. Fixed Income, $217.9
million. After redemptions, each portfolios' assets were approximately as
follows: U.S. Equity, $745.1; U.S. Small Company, $645.8 million; Emerging
Markets Equity, $268.2 million; Japan Equity, $2.8 million; and Non-U.S. Fixed
Income, $7.0 million. Morgan continues to manage each fund in accordance with
its prospectus.
