J.P. Morgan Funds
J.P. Morgan Institutional Funds
J.P. Morgan Series Trust
Supplement dated September 2, 1998 to the following Prospectuses:
(Supersedes and replaces supplement dated July 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 August 3, 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
August 3, 1998
A proxy statement was mailed to shareholders of record of the above funds as of
April 13, 1998, requesting approval of several proposals. As of August 20, 1998,
shareholders of each Fund have approved (except as noted below) all of the
proposals which included 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;
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. J.P. Morgan Institutional Service Federal Money Market, J.P. Morgan
Institutional Service Prime Money Market, J.P. Morgan Institutional Service Tax
Exempt Money Market and J.P. Morgan Institutional Treasury Money Market Funds
did not attain a quorum and therefore cannot implement the standardized
investment restrictions and reclassification of investment objectives.
In addition to the approval of the proposal which reclassified Short Term Bond
and New York Total Return Bond Funds' investment objectives from fundamental to
nonfundamental, shareholders have approved that each such Funds' investment
objective be changed as described below:
Fund Name Current Investment Objective New Investment Objective
Short Term Bond To provide a high total return To provide a high total
Fund while attempting to limit the return, consistent with
likelihood of negative quarterly low volatility of
returns principal
New York Total To provide a high after tax total To provide a high level
Return Bond Fund return for New York residents, of income exepmt from
consistent with moderate risk of Federal, New York State
capital and local income taxes
consistent with moderate
risk of principal
Also, the proposal to change the name of New York Total Return Bond Fund to New
York Tax Exempt Bond Fund has been approved.
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.
