J.P. Morgan Funds
Supplement dated August 4, 1999, to the following Statement of Additional
Information:
J.P. Morgan New York Tax Exempt Bond Fund, dated August 2, 1999
The following replaces the third paragraph under the heading "Expenses":
J.P. Morgan has agreed that it will reimburse the Fund until further
notice to the extent necessary to maintain the Fund's total operating expenses
(which include expenses of the Fund and the Portfolio) at the annual rate of
0.70% of the Fund's average daily net assets. This limit does not cover
extraordinary expenses. This reimbursement arrangement will continue through at
least November 28, 2000.
