J.P. Morgan Institutional Funds
Supplement dated August 4, 1999, to the following Statement of Additional
Information:
J.P. Morgan Institutional New York 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 the Fund to the extent
necessary to maintain the Fund's total operating expenses (which include
expenses of the Fund and the Portfolio) 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.
