JP MORGAN INSTITUTIONAL FUNDS
497, 2000-10-26
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J.P. Morgan Institutional Funds Supplement dated October 26, 2000, to
the J.P. Morgan Institutional Bond Fund - Ultra Prospectus dated March 1, 2000

         The second paragraph under the heading "Portfolio Management" on page 1
         with respect to Institutional Bond Fund - Ultra is hereby replaced with
         the following:

     The portfolio  management team is led by Connie Plaehn,  managing director,
who has been at J.P. Morgan since 1984, Paul Zemsky,  managing director, who has
been at J.P. Morgan since 1985 and Jay Gladieux, vice president, who has been at
J.P.  Morgan  since  1997.  Mr.  Zemsky  has been on the team since 1988 and Ms.
Plaehn  has  been on the  team  since  1994.  Mr.  Gladieux  joined  the team in
September of 2000.

     J.P. Morgan  Institutional  Funds  Supplement dated October 26, 2000 to the
J.P. Morgan  Institutional  International Equity Funds Prospectus dated March 1,
2000

         The second paragraph under the heading "Portfolio Management" on page 7
         with respect to Emerging  Markets  Equity Fund is hereby  replaced with
         the following:

     The portfolio  management team is led by Peter Clark,  vice president,  who
has been at J.P. Morgan since 1968, and Satyen Mehta,  vice  president,  who has
been at J.P.  Morgan since 1984. Mr. Mehta has been on the team since the fund's
inception. Mr. Clark joined the team in 1999.

     J.P. Morgan Bond Fund - Advisor Series  Supplement  dated October 26, 2000,
to the J.P. Morgan Bond Fund - Advisor Series Prospectus dated August 1, 2000

         The second paragraph under the heading "Portfolio Management" on page 1
is hereby replaced with the following:

         The  portfolio  management  team  is led  by  Connie  Plaehn,  managing
         director, who has been at J.P. Morgan since 1984, Paul Zemsky, managing
         director, who has been at J.P. Morgan since 1985 and Jay Gladieux, vice
         president,  who has been at J.P. Morgan since 1997, Mr. Zemsky has been
         on the team since 1988 and Ms.  Plaehn has been on the team since 1994.
         Mr. Gladieux joined the team in September of 2000.



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