J.P. Morgan Institutional Funds
Supplement dated August 4, 1999, to the following Statement of Additional
Information:
J.P. Morgan Institutional Tax Exempt Bond Fund, dated August 2, 1999
The following replaces the third paragraph under the heading "Expenses":
J.P. Morgan has agreed that it will reimburse all Fund expenses except
those allocated to the Fund by the Portfolio. If the Portfolio's allocation of
expenses to the Fund exceeds 0.50% of the Fund's average daily net assets, J.P.
Morgan will reimburse the Fund to the extent necessary to maintain the Fund's
total operating expenses at the annual rate of 0.50% of the Fund's average daily
net assets. This limit does not cover extraordinary expenses. This reimbursement
arrangement will continue through at least November 28, 2000.
