J.P. Morgan Institutional Funds Supplement dated December 2, 1999, to the
following Prospectus:
J.P. Morgan Institutional U.S. Equity Funds, dated October 1, 1999
The second paragraph under the heading "Portfolio Management" on page 4 with
respect to J.P. Morgan Institutional U.S. Equity Fund is hereby replaced with
the following:
The portfolio management team is led by Henry D. Cavanna, managing
director, who joined the team in February of 1998, and has been at J.P.
Morgan since 1971. Mr. Cavanna served as manager of U.S. equity portfolios
prior to managing the fund.
