J.P. Morgan Funds
J.P. Morgan Institutional Funds
Supplement dated February 22, 2000 to the following Statements of Additional
Information ("SAI"):
J.P. Morgan and J.P. Morgan Institutional Tax Exempt Bond Fund, each
dated December 1, 1999
J.P. Morgan and J.P. Morgan Institutional New York Tax Exempt Fund, each
dated December 1, 1999
J.P. Morgan and J.P. Morgan Institutional Bond Fund (combined SAIs), each
dated August 2, 1999
J.P. Morgan and J.P. Morgan Institutional Short Term Bond Fund (combined SAIs),
each dated August 2, 1999
J.P. Morgan Emerging Markets Debt Fund, dated December 1, 1999
The following replaces the section under the heading "Custodian and Transfer
Agent":
The Bank of New York ("BONY"), One Wall Street, New York, New York
10286, serves as the Trust's and each of the Portfolio's custodian and
fund accounting agent. Pursuant to the Custodian Contracts, BONY is
responsible for holding portfolio securities and cash and maintaining
the books of account and records of portfolio transactions. In the case
of foreign assets held outside the United States, the custodian employs
various subcustodians in accordance with the regulations of the SEC.
State Street Bank and Trust Company ("State Street"), 225 Franklin
Street, Boston, Massachusetts 02110, serves as each Fund's transfer and
dividend disbursing agent. As transfer agent and dividend disbursing
agent, State Street is responsible for maintaining account records
detailing the ownership of Fund shares and for crediting income,
capital gains and other changes in share ownership to shareholder
accounts.
