Prospectus Supplement dated April 17, 1998, to the following Prospectuses:
J.P. Morgan U.S. Equity Fund, dated January 2, 1998
J.P. Morgan U.S. Small Company Fund, dated January 2, 1998
J.P. Morgan Emerging Markets Equity Fund, dated March 31, 1998
J.P. Morgan Japan Equity Fund, dated March 31, 1998
J.P. Morgan U.S. Equity Funds, dated January 8, 1998
J.P. Morgan International Equity Funds, dated March 31, 1998
Introduction. J.P. Morgan U.S. Equity Fund, J.P. Morgan U.S. Small Company
Fund, J.P. Morgan Emerging Markets Equity Fund and J.P. Morgan Japan Equity Fund
invest in The U.S. Equity Portfolio and The Japan Equity Portfolio,
respectively, along with other investors, including, prior to January 1998,
non-U.S. funds managed by Morgan. These non-U.S. funds reorganized by
transferring their assets to other non-U.S. funds managed by Morgan in January
1998.
Portfolio Redemptions. The U.S. Equity Portfolio, The U.S. Small Company
Portfolio, The Emerging Markets Equity Portfolio and The Japan Equity Portfolio
each received a substantial redemption request from its non-U.S. feeder fund in
connection with the reorganization. These redemptions did not reduce the net
assets of the funds, but they reduced the size of the portfolios by
approximately the following amounts: U.S. Equity, $132.7 million; U.S. Small
Company, $436.2 million; Emerging Markets Equity, $381.8 million; and Japan
Equity, $167.6 million. After the redemptions, each portfolios' assets were
approximately as follows: U.S. Equity, $745.1 million; U.S. Small Company,
$645.8 million; Emerging Markets Equity, $268.2 million; and Japan Equity, $2.8
million. Morgan continues to manage each fund in accordance with its prospectus.
