The JPM Pierpont International Opportunities Fund
Supplement dated 11/4/97 to the Prospectus dated 8/4/97:
The following replaces "ANNUAL OPERATING EXPENSES" and the corresponding
footnote on page 1 of the prospectus:
ANNUAL OPERATING EXPENSES(2)
Advisory Fees 0.60%
Rule 12b-1 Fees None
Other Expenses (after expense reimbursement) 0.60%
Total Operating Expenses (after expense reimbursement) 1.20%
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(2) These expenses are expressed as a percentage of average net assets for the
Fund after expense reimbursement for the period indicated in Financial
Highlights below. Morgan has agreed to limit Total Operating Expenses to
1.20% of average net assets through March 31, 1998. See Management of the
Fund and Portfolio--Expenses. Without such reimbursement, Other Expenses and
Total Operating Expenses for the period indicated in Financial Highlights
below would have been 1.03% and 1.63%, respectively, on an annualized basis.
