J.P. Morgan Funds
Supplement dated September 21, 1998, as applicable to the following Statement of
Additional Information:
J.P. Morgan Emerging Markets Debt Fund, dated March 2, 1998
The fourth paragraph under the heading "Primary Investments" will be replaced
with the following:
The Fund may invest without limit in fixed income securities rated
below investment grade by one or more internationally recognized rating agencies
such as Standard & Poor's Ratings Group ("S&P") or Moody's Investors Service,
Inc. ("Moody's") or in unrated securities determined to be of comparable credit
quality by the Advisor. These below investment grade securities may include
obligations of sovereign and corporate issuers. Below investment grade
obligations, commonly called "junk bonds," are considered speculative and
include obligations that are unrated or in default.
