JPMORGAN MONEY MARKET FUNDS

                   JPMORGAN U.S. GOVERNMENT MONEY MARKET FUND
                    JPMORGAN TREASURY PLUS MONEY MARKET FUND
                      JPMORGAN TAX FREE MONEY MARKET FUND
                 JPMORGAN CALIFORNIA TAX FREE MONEY MARKET FUND
                  JPMORGAN NEW YORK TAX FREE MONEY MARKET FUND

                               All Share Classes

                         SUPPLEMENT DATED JULY 1, 2002

                  TO THE PROSPECTUSES DATED DECEMBER 21, 2001

U.S. GOVERNMENT MONEY MARKET FUND

The first sentence under the heading THE FUND'S MAIN INVESTMENT STRATEGY should
be deleted in its entirety and replaced by the following:

     Under normal conditions, the Fund will invest at least 80% of the value of
     its Assets in:

     -    debt securities issued or guaranteed by the U.S. Treasury or agencies
          or authorities of the U.S. Government, and

     -    repurchase agreements using these securities as collateral.

     "Assets" means net assets, plus the amount of borrowings for investment
     purposes.

TREASURY PLUS MONEY MARKET FUND

The first sentence under the heading THE FUND'S MAIN INVESTMENT STRATEGY should
be deleted in its entirety and replaced by the following:

     Under normal conditions, the Fund will invest at least 80% of the value of
     its Assets in:

     -    direct debt securities of the U.S. Treasury, including Treasury bills,
          bonds and notes, and

     -    repurchase agreements using these securities as collateral.

     "Assets" means net assets, plus the amount of borrowings for investment
     purposes.

TAX FREE MONEY MARKET FUND

The second paragraph under the heading THE FUND'S MAIN INVESTMENT STRATEGY
should be deleted in its entirety and replaced by the following:

     As a fundamental policy, the Fund will invest at least 80% of the value of
     its Assets in municipal obligations. "Assets" means net assets, plus the
     amount of borrowings for investment purposes. The remaining 20% of its
     Assets may be invested in securities subject to federal income tax or the
     federal alternative minimum

                                                                  SUP-MMKTPR-602

     tax for individuals. The Fund may exceed this limit for temporary defensive
     purposes.

The ninth paragraph under the same heading should be deleted in its entirety and
replaced by the following:

     The Fund may change any of its non-fundamental investment policies
     (including its investment objective) without shareholder approval.

The first two sentences in the eighth paragraph under the heading THE FUND'S
MAIN INVESTMENT RISKS should be deleted in their entirety and replaced by the
following:

     The Fund may invest in securities whose interest is subject to federal
     income tax or the federal alternative minimum tax on individuals.

CALIFORNIA TAX FREE MONEY MARKET FUND

The first two paragraphs under the heading THE FUND'S MAIN INVESTMENT STRATEGY
should be deleted in their entirety and replaced by the following:

     As a fundamental policy, the Fund normally invests at least 80% of the
     value of its Assets in municipal obligations, the interest on which is
     excluded from gross income for federal income tax purposes, exempt from
     California personal income taxes and is not subject to the federal
     alternative minimum tax on individuals. "Assets" means net assets, plus the
     amount of borrowings for investment purposes. Municipal obligations in
     which the Fund can invest include those issued by the State of California,
     its political subdivisions, as well as Puerto Rico, other U.S. territories
     and their political subdivisions. The remaining 20% of Assets may be
     invested in securities paying interest subject to federal and California
     personal income taxes or the federal alternative minimum tax for
     individuals. The Fund may exceed this limit for temporary defensive
     purposes. For example, when suitable municipal obligations are unavailable,
     the Fund may buy municipal obligations from other states. These would
     generally be subject to California personal income taxes.

The eighth paragraph under the same heading should be deleted in its entirety
and replaced by the following:

     The Fund may change any of its non-fundamental investment policies
     (including its investment objective) without shareholder approval.

The first two sentences in the ninth paragraph under the heading THE FUND'S MAIN
INVESTMENT RISKS should be deleted in their entirety and replaced by the
following:

     The Fund may invest in securities whose interest is subject to federal
     income taxes, the federal alternative minimum tax on individuals or
     California personal income taxes.

NEW YORK TAX FREE MONEY MARKET FUND

The first three paragraphs under the heading THE FUND'S MAIN INVESTMENT STRATEGY
should be deleted in their entirety and replaced by the following:

     As a fundamental policy, the Fund normally invests at least 80% of the
     value of its Assets in municipal obligations, the interest on which is
     excluded from gross income for federal income taxes, exempt from New York
     State and New York City personal income taxes and is not subject to the
     federal alternative minimum tax on individuals. "Assets" means net assets,
     plus the amount of borrowings for investment purposes. Municipal
     obligations in which the Fund can invest include those issued by the State
     of New York, its political subdivisions, as well as Puerto Rico, other U.S.
     territories and their political subdivisions. The remaining 20% of Assets
     may be invested in securities paying interest which is subject to federal,
     New York State and New York City personal income taxes or the federal
     alternative minimum tax for individuals. The Fund may exceed this limit for
     temporary defensive purposes. For example, when suitable municipal
     obligations are unavailable, the Fund may buy municipal obligations from
     other states. These would generally be subject to New York State and New
     York City personal income taxes.

The eighth paragraph under the same heading should be deleted in its entirety
and replaced by the following:

     The Fund may change any of its non-fundamental investment policies
     (including its investment objective) without shareholder approval.

The first two sentences in the eighth paragraph under the heading THE FUND'S
MAIN INVESTMENT RISKS should be deleted in their entirety and replaced by the
following:

     The Fund may invest in securities whose interest is subject to federal
     income tax, the federal alternative minimum tax on individuals or New York
     State and New York City personal income taxes.