THE JPM PIERPONT FUNDS
THE JPM PIERPONT GLOBAL STRATEGIC INCOME FUND
Supplement dated April 17, 1997 to Prospectus dated February 28, 1997
The Fund accrues dividends daily and distributes income dividends monthly. The
following changes to the Prospectus implement this dividend policy.
PURCHASE PRICE AND SETTLEMENT
The following replaces the last sentence under the caption Method of Purchase:
If the Fund or its agent receives a purchase order after 4:00 P.M. New York
time, the purchase is effective and is made at the net asset value determined on
the next business day. The settlement date is generally the business day after
the purchase is effective. The purchaser will begin to receive the daily
dividends on the settlement date. See Dividends and Distributions.
REDEMPTION OF SHARES
The following replaces the last sentence of the second paragraph under the
caption Method of Redemption:
Proceeds of an effective redemption are deposited on the settlement date in
immediately available funds to the shareholder's account at Morgan or at his
Eligible Institution or, in the case of certain Morgan customers, are mailed by
check or wire transferred in accordance with the customer's instructions. The
redeemer will continue to receive dividends on these shares through the day
before the settlement date. The settlement date is generally the next business
day after a redemption is effective and, subject to "Further Redemption
Information," in any event is within seven days. See Dividends and
Distributions.
DIVIDENDS AND DISTRIBUTIONS
The following replaces the first two sentences of the above section:
The Fund intends to distribute substantially all of its net investment income.
The net investment income of the Fund is declared as a dividend daily
immediately prior to the determination of the net asset value of the Fund on
that day and paid monthly. If an investor's shares are redeemed during a month,
accrued but unpaid dividends are paid with the redemption proceeds. The net
investment income for the Fund for dividend purposes consists of its pro rata
share of the net income of the Portfolio less the Fund's expenses. Expenses of
the Fund and the Portfolio, including the fees payable to Morgan, are accrued
daily. Shares will accrue dividends as long as they are issued and outstanding.
Shares are issued and outstanding as of the settlement date of a purchase order
through the day before the settlement date of a redemption order.
Substantially all the realized net capital gains, if any, of the Fund are
declared and paid on an annual basis, except that an additional capital gains
distribution may be made in a given year to the extent necessary to avoid the
imposition of federal excise tax on the Fund.
