J.P. Morgan Funds
J.P. Morgan Tax Exempt Bond Fund
Supplement dated July 27, 1998 to the Statement of Additional Information dated
March 2, 1998
Effective August 1, 1998, the second paragraph under "Shareholder Servicing" is
replaced with the following:
Under the Shareholder Servicing Agreement, the Fund has agreed to pay Morgan for
these services a fee at an annual rate of 0.25% (expressed as a percentage of
the average daily net asset value of Fund shares owned by or for shareholders
for whom Morgan is acting as shareholder servicing agent). Morgan acts as
shareholder servicing agent for all shareholders.
