Supplement dated September 1, 1995 to the following prospectuses:
The JPM Advisor U.S. Fixed Income Fund, dated March 31, 1995
The JPM Advisor International Fixed Income Fund, dated March 31, 1995
The JPM Advisor U.S. Equity Fund, dated March 31, 1995
The JPM Advisor U.S. Small Cap Equity Fund, dated March 31, 1995
The JPM Advisor International Equity Fund, dated August 28, 1995
The JPM Advisor Emerging Markets Equity Fund, dated March 31, 1995
The JPM Advisor European Equity Fund, dated March 31, 1995
The JPM Advisor Japan Equity Fund, dated March 31, 1995
The JPM Advisor Asia Growth Fund, dated August 28, 1995
Effective September 1, 1995 the Financial and Fund Accounting Services Agreement
between each Portfolio into which a JPM Advisor Fund invests and Morgan Guaranty
Trust Company of New York ("Morgan") terminated. Morgan will continue to provide
financial and fund accounting services to The JPM Advisor Funds and their
corresponding Portfolios. It is not expected that there will be any material
change in the expense ratio of any of The JPM Advisor Funds.
