J.P. MORGAN U.S. EQUITY FUNDS. JPMorgan Dynamic Growth Fund (All Share Classes) (a series of JPMorgan Trust I)

J.P. MORGAN U.S. EQUITY FUNDS JPMorgan Dynamic Growth Fund (All Share Classes) (a series of JPMorgan Trust I) JPMorgan Large Cap Growth Fund (All Share Classes) (a series of JPMorgan Trust II) Supplement dated October 11, 2017 to the Prospectuses and Summary Prospectuses dated November 1, 2016, as At a special meeting ( Meeting ) of shareholders held on October 10, 2017, the shareholders of the JPMorgan Dynamic Growth Fund approved the proposed Agreement and Plan of Reorganization by and among JPMorgan Trust II, on behalf of its series JPMorgan Large Cap Growth Fund (the Acquiring Fund ), and JPMorgan Trust I, on behalf of its series JPMorgan Dynamic Growth Fund (the Acquired Fund ), pursuant to which the Acquired Fund will transfer all of its assets attributable to each class of its shares to the Acquiring Fund, in exchange for shares of the corresponding class of the Acquiring Fund, as set forth in the following table, and the assumption by the Acquiring Fund of all the liabilities of the Acquired Fund followed immediately by the distribution by the Acquired Fund to its shareholders of the portion of shares of the Acquiring Fund to which each shareholder is entitled in complete liquidation of the Acquired Fund. The reorganization is expected to close as of the close of business on or about October 27, 2017 (the Closing ). JPMorgan Dynamic Growth Fund reorganized into JPMorgan Large Cap Growth Fund Class A Class A Class C Class C Class I* Class I* Class R5 Class R5 * Formerly, Select Class Shares. The reorganization is intended to be a tax-free reorganization for federal income tax purposes. Distributions to shareholders normally paid in December will be paid prior to Closing for both the Acquired Fund and the Acquiring Fund to avoid any negative tax impact to either Fund s shareholders as a result of the reorganization. The distributions will be comprised of substantially all short-term and long-term realized capital gains, as well as income, if any. Estimates for the capital gains distributions will be posted on jpmorganfunds.com on October 13, 2017. INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUSES AND SUMMARY PROSPECTUSES FOR FUTURE REFERENCE SUP-USEQ-1017

JPMORGAN TRUST I JPMorgan Dynamic Growth Fund (All Share Classes) JPMORGAN TRUST II JPMorgan Large Cap Growth Fund (All Share Classes) Supplement dated June 26, 2017 to the Summary Prospectuses, Prospectuses and Statement of Additional Information dated November 1, 2016, as Merger Proposal At a meeting held on June 21, 2017, the Board of Trustees of JPMorgan Trust I, on behalf of JPMorgan Dynamic Growth Fund (the Acquired Fund ), and the Board of Trustees of JPMorgan Trust II, on behalf of the JPMorgan Large Cap Growth Fund (the Acquiring Fund ), approved the merger of the Acquired Fund with and into the Acquiring Fund. The merger will only be completed if approved by the Acquired Fund s shareholders. This merger was recommended by the Funds adviser, J.P. Morgan Investment Management Inc. ( JPMIM ), in connection with an effort to eliminate overlapping product offerings and in order to take advantage of potential operational and administrative efficiencies that may result. After determining that (i) participation in the merger is in the best interests of the Fund overseen by that Board of Trustees and (ii) the interests of the Fund s existing shareholders will not be diluted as a result of the merger, each Board of Trustees approved the merger. The current gross expenses of the classes of the Acquiring Fund are lower than the corresponding classes of the Acquired Fund. The current net expenses and the expense limitations on the shares classes of the Acquiring Fund are lower or the same as the corresponding classes of the Acquired Fund. JPMIM and JPMorgan Distribution Services, Inc. ( JPMDS ), the distributor for the Funds, have committed to waive their fees and/or reimburse the expenses of the Acquiring Fund, as needed, in order to maintain the net expense level for each class of shares of the Acquiring Fund following the merger (excluding acquired fund fees and expenses other than certain money market funds, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) at the same level to that in effect prior to the merger for each acquired class of the Acquired Fund. These contractual fee waivers and/or expense reimbursements will stay in effect through October 31, 2018 for the Acquiring Fund. There is no guarantee such waivers/reimbursements will be continued after October 31, 2018. Furthermore, the merger is intended to qualify as a tax-free reorganization for federal income tax purposes. Completion of the merger is subject to a number of conditions, including approval by the shareholders of the Acquired Fund. Shareholder approval will be sought at a special meeting of shareholders expected to be held on or about October 10, 2017. If you own shares of the Acquired Fund as of the record date for the special meeting of shareholders, you will receive (i) a Proxy Statement/Prospectus describing in detail both the proposed merger and the Acquiring Fund, and summarizing the Board of Trustees considerations in recommending that shareholders approve the merger and (ii) a proxy card and instructions on how to submit your vote. If the merger is approved by the shareholders of the Acquired Fund, each holder of a class of shares of the Acquired Fund will receive, following the transfer, on a tax-free basis for federal income tax purposes, a number of full and fractional shares of the corresponding class of shares of the Acquiring Fund having an aggregate net asset value equal to the aggregate net asset value of the shares of the Acquired Fund held by that shareholder as of the close of business of the New York Stock Exchange, usually 4:00 p.m. New York time, on the closing day of the merger. If the merger is approved by shareholders, it is expected to close after the close of business on October 27, 2017 or on another later date as the parties to the transaction shall agree. INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE SUMMARY PROSPECTUSES, PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE SUP-MERGER-617

JPMORGAN TRUST I J.P. Morgan Funds JPMorgan Commodities Strategy Fund JPMorgan Global Allocation Fund JPMorgan Income Builder Fund JPMorgan Systematic Alpha Fund JPMorgan Diversified Real Return Fund Prospectus dated December 29, 2016, as J.P. Morgan International Equity Funds JPMorgan China Region Fund JPMorgan Emerging Economies Fund JPMorgan Emerging Markets Equity Fund JPMorgan Emerging Markets Equity Income Fund JPMorgan Global Research Enhanced Index Fund JPMorgan Global Unconstrained Equity Fund JPMorgan International Discovery Fund JPMorgan International Equity Fund JPMorgan International Equity Income Fund JPMorgan International Opportunities Fund JPMorgan International Unconstrained Equity Fund JPMorgan International Value Fund JPMorgan Intrepid European Fund JPMorgan Intrepid International Fund JPMorgan Latin America Fund Prospectuses dated March 1, 2017, as J.P. Morgan Specialty Funds JPMorgan Research Market Neutral Fund Security Capital U.S. Core Real Estate Securities Fund Prospectus dated May 1, 2017, as J.P. Morgan Tax Aware Funds JPMorgan Tax Aware Equity Fund JPMorgan Tax Aware Real Return Fund JPMorgan Tax Aware High Income Fund JPMorgan Tax Aware Income Opportunities Fund Prospectus dated July 1, 2016 J.P. Morgan Income Funds JPMorgan Emerging Markets Strategic Debt Fund JPMorgan Corporate Bond Fund JPMorgan Emerging Markets Corporate Debt Fund JPMorgan Emerging Markets Debt Fund JPMorgan Income Fund JPMorgan Inflation Managed Bond Fund JPMorgan Short Duration High Yield Fund JPMorgan Strategic Income Opportunities Fund JPMorgan Total Return Fund JPMorgan Unconstrained Debt Fund Prospectuses dated July 1, 2016 JPMorgan Floating Rate Income Fund Prospectus dated December 29, 2016, as JPMorgan Global Bond Opportunities Fund Prospectus dated May 18, 2017, as J.P. Morgan Tax Free Funds JPMorgan California Tax Free Bond Fund JPMorgan Intermediate Tax Free Bond Fund JPMorgan New York Tax Free Bond Fund Prospectus dated July 1, 2016 JPMorgan SmartAllocation Funds JPMorgan SmartAllocation Income Fund Prospectus dated July 1, 2016 JPMorgan SmartAllocation Equity Fund JPMorgan Access Funds JPMorgan Access Balanced Fund JPMorgan Access Growth Fund SUP-CLASSAI-617

JPMorgan SmartRetirement Funds JPMorgan SmartRetirement Income Fund JPMorgan SmartRetirement 2015 Fund JPMorgan SmartRetirement 2020 Fund JPMorgan SmartRetirement 2025 Fund JPMorgan SmartRetirement 2030 Fund JPMorgan SmartRetirement 2035 Fund JPMorgan SmartRetirement 2040 Fund JPMorgan SmartRetirement 2045 Fund JPMorgan SmartRetirement 2050 Fund JPMorgan SmartRetirement 2055 Fund JPMorgan SmartRetirement 2060 Fund JPMorgan SmartRetirement Blend Funds JPMorgan SmartRetirement Blend Income Fund JPMorgan SmartRetirement Blend 2015 Fund JPMorgan SmartRetirement Blend 2020 Fund JPMorgan SmartRetirement Blend 2025 Fund JPMorgan SmartRetirement Blend 2030 Fund JPMorgan SmartRetirement Blend 2035 Fund JPMorgan SmartRetirement Blend 2040 Fund JPMorgan SmartRetirement Blend 2045 Fund JPMorgan SmartRetirement Blend 2050 Fund JPMorgan SmartRetirement Blend 2055 Fund JPMorgan SmartRetirement Blend 2060 Fund J.P. Morgan U.S. Equity Funds JPMorgan Opportunistic Equity Long/Short Fund JPMorgan Disciplined Equity Fund JPMorgan Diversified Fund JPMorgan Dynamic Growth Fund JPMorgan Dynamic Small Cap Growth Fund JPMorgan Equity Focus Fund JPMorgan Growth and Income Fund JPMorgan Hedged Equity Fund JPMorgan Intrepid America Fund JPMorgan Intrepid Growth Fund JPMorgan Intrepid Sustainable Equity Fund JPMorgan Intrepid Value Fund JPMorgan Mid Cap Equity Fund JPMorgan Small Cap Core Fund JPMorgan Small Cap Equity Fund JPMorgan U.S. Dynamic Plus Fund JPMorgan U.S. Equity Fund JPMorgan U.S. Large Cap Core Plus Fund JPMorgan U.S. Small Company Fund JPMorgan Value Advantage Fund Prospectuses dated November 1, 2016, as JPMORGAN TRUST II J.P. Morgan International Funds JPMorgan International Research Enhanced Equity Fund J.P. Morgan Municipal Bond Funds JPMorgan Short-Intermediate Municipal Bond Fund JPMorgan Tax Free Bond Fund JPMorgan Ohio Municipal Bond Fund Prospectuses dated July 1, 2016 JPMorgan Municipal Income Fund Prospectus dated February 28, 2017, as J.P. Morgan Income Funds JPMorgan Core Bond Fund JPMorgan Core Plus Bond Fund JPMorgan Government Bond Fund JPMorgan High Yield Fund JPMorgan Limited Duration Bond Fund JPMorgan Mortgage-Backed Securities Fund JPMorgan Short Duration Bond Fund JPMorgan Treasury & Agency Fund Prospectus dated July 1, 2016 J.P. Morgan Investor Funds JPMorgan Investor Balanced Fund JPMorgan Investor Conservative Growth Fund JPMorgan Investor Growth & Income Fund JPMorgan Investor Growth Fund

J.P. Morgan U.S. Equity Funds JPMorgan Equity Income Fund JPMorgan Equity Index Fund JPMorgan Intrepid Mid Cap Fund JPMorgan Large Cap Growth Fund JPMorgan Large Cap Value Fund JPMorgan Market Expansion Enhanced Index Fund JPMorgan Mid Cap Growth Fund JPMorgan Multi-Cap Market Neutral Fund JPMorgan Small Cap Growth Fund JPMorgan Small Cap Value Fund JPMORGAN TRUST III J.P. Morgan Alternative Funds JPMorgan Multi-Manager Alternatives Fund JPMORGAN TRUST IV J.P. Morgan Municipal Bond Funds JPMorgan Ultra-Short Municipal Fund Prospectus dated May 31, 2016, as J.P. MORGAN FLEMING MUTUAL FUND GROUP, INC. J.P. Morgan U.S. Equity Funds JPMorgan Mid Cap Value Fund J.P. MORGAN MUTUAL FUND INVESTMENT TRUST J.P. Morgan U.S Equity Funds JPMorgan Growth Advantage Fund UNDISCOVERED MANAGERS FUNDS JPMorgan Realty Income Fund Undiscovered Managers Behavioral Value Fund Prospectus dated December 29, 2016, as JPMorgan Realty Income Fund Prospectus dated February 28, 2017, as (Class A and Class I Shares) Supplement dated June 5, 2017 to the Summary Prospectuses and Prospectuses as dated above Broker Charged Commissions Effective immediately (the Effective Date ), the following is hereby added at the end of the section Fees and Expenses of the Fund in each Fund s Risk/Return Summary : You may be required to pay a commission to your Financial Intermediary for purchases of Class I Shares. Such commissions are not reflected in the tables or the example below. In addition, on the Effective Date, the following is hereby added at the end of the introduction to the section Sales Charges and Financial Intermediary Compensation in the Investing with J.P. Morgan Funds section: You may also contact your Financial Intermediary about any commissions charged by them on your purchase of Class I Shares. Class I Eligibility On the Effective Date, the Eligibility for Class I Shares in the table under Choosing a Share Class in the Investing with J.P. Morgan Funds section is hereby revised to add the following: Purchases through a brokerage program of a Financial Intermediary that has entered into a written agreement with the Distributor to offer such shares ( Eligible Brokerage Program ).

On the Effective Date, the Minimum Investment for Class I Shares in the table under Choosing a Share Class in the Investing with J.P. Morgan Funds section is hereby revised to add the following: $1,000 for each Fund or $50, if establishing a monthly $50 Systematic Investment Plan for investments through an Eligible Brokerage Program. On the Effective Date, the Minimum Subsequent Investments for Class I Shares in the table under Choosing a Share Class in the Investing with J.P. Morgan Funds section is hereby deleted in its entirety and replaced with the following: No minimum except $50 for investments by employees of JPMorgan Chase and its affiliates, officers or trustees of the J.P. Morgan Funds and investments through an Eligible Brokerage Program. On the Effective Date, the Systematic Purchase Plan for Class I Shares in the table under Choosing a Share Class in the Investing with J.P. Morgan Funds section is hereby deleted in its entirety and replaced with the following: No except for investments by employees of JPMorgan Chase and its affiliates, officers or trustees of the J.P. Morgan Funds and investments through an Eligible Brokerage Program. Class A Sales Charge Waiver Effective July 3, 2017, number 5 in the Waiver of the Class A Sales Charge in the Sales Charges and Financial Intermediary Compensation section of each prospectus will be deleted and replaced with the following: 5. Bought by: Employer sponsored retirement, deferred compensation, employee benefit plans (including health savings accounts) and trusts used to fund those plans. Employer sponsored plans include 401(k) plans, 457 plans, 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans, retiree health benefit plans and non-qualified deferred compensation plans. Traditional IRAs, Roth IRAs, Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs and KEOGHs plans do not qualify under this waiver. Financial Intermediaries, including affiliates of JPMorgan Chase, who have a dealer arrangement with the Distributor, act in a custodial capacity, or who place trades for their own accounts or for the accounts of their clients and who charge a management, asset allocation, consulting, or other fee for their services. Financial Intermediaries who have entered into an agreement with the Distributor and have been approved by the Distributor to offer Fund shares to investment brokerage programs in which the end shareholder makes investment decisions independent of a financial advisor; these programs may or may not charge a transaction fee. Tuition programs that qualify under Section 529 of the Internal Revenue Code. A bank, trust company or thrift institution which is acting as a fiduciary exercising investment discretion, provided that appropriate notification of such fiduciary relationship is reported at the time of the investment to the Fund or the Fund s Distributor. THIS SUPPLEMENT SHOULD BE RETAINED WITH YOUR SUMMARY PROSPECTUSES AND PROSPECTUSES FOR FUTURE REFERENCE.

Summary Prospectus November 1, 2016, as April 10, 2017 JPMorgan Dynamic Growth Fund Class/Ticker: A/DGAAX C/DGXCX I*/JDGSX * Formerly, Select Class Shares. Before you invest, you may want to review the Fund s Prospectus, which contains more information about the Fund and its risks. You can find the Fund s Prospectus and other information about the Fund, including the Statement of Additional Information, online at www.jpmorganfunds.com/funddocuments. You can also get this information at no cost by calling 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. The Fund s Prospectus and Statement of Additional Information, both dated November 1, 2016, as, are incorporated by reference into this Summary Prospectus. What is the goal of the Fund? The Fund seeks long-term capital growth. Fees and Expenses of the Fund The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in Investing with J.P. Morgan Funds SALES CHARGES AND FINANCIAL INTERMEDIARY COMPENSATION on page 115 and in Financial Intermediary-Specific Sales Charge Waivers in Appendix A of the prospectus and in PURCHASES, REDEMPTIONS AND EXCHANGES in Appendix A to Part II of the Statement of Additional Information. SHAREHOLDER FEES (Fees paid directly from your investment) Class A Class C Class I Maximum Sales Charge (Load) Imposed on Purchases, as % of the Offering Price 5.25% NONE NONE Maximum Deferred Sales Charge (Load), as % of Original Cost of the Shares NONE 1.00% NONE (under $1 million) Acquired Fund Fees and Expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies, including affiliated money market funds, other mutual funds, exchange-traded funds and business development companies. The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund. Acquired Fund Fees and Expenses are not direct costs of the Fund, are not used to calculate the Fund s net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund s prospectus. 1 ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) Class A Class C Class I Management Fees 0.60% 0.60% 0.60% Distribution (Rule 12b-1) Fees 0.25 0.75 NONE Other Expenses 0.58 0.51 0.40 Shareholder Service Fees 0.25 0.25 0.25 Remainder of Other Expenses 0.33 0.26 0.15 Acquired Fund Fees and Expenses 0.01 0.01 0.01 Total Annual Fund Operating Expenses 1.44 1.87 1.01 Fee Waivers and Expense Reimbursements 1 (0.29) (0.22) (0.11) Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements 1 1.15 1.65 0.90 1 The Fund s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 1.15%, 1.65% and 0.90% of the average daily net assets of Class A, Class C and Class I Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund s investment in such money market funds. These waivers are in effect through 10/31/18, at which time the adviser and/ or its affiliates will determine whether to renew or revise them. Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/18 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

IF YOU SELL YOUR SHARES, YOUR COST WOULD BE: 1 Year 3 Years 5 Years 10 Years CLASS A SHARES ($) 636 901 1,217 2,110 CLASS C SHARES ($) 268 544 969 2,153 CLASS I SHARES ($) 92 299 536 1,216 IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE: 1 Year 3 Years 5 Years 10 Years CLASS A SHARES ($) 636 901 1,217 2,110 CLASS C SHARES ($) 168 544 969 2,153 CLASS I SHARES ($) 92 299 536 1,216 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Fund s performance. During the Fund s most recent fiscal year, the Fund s portfolio turnover rate was 61% of the average value of its portfolio. What are the Fund s main investment strategies? Under normal circumstances, the Fund invests in a focused portfolio of equity securities of large capitalization companies. Large cap companies are companies with market capitalizations equal to those within the universe of the Russell 1000 Growth Index at the time of purchase. As of the reconstitution of the Russell 1000 Growth Index on June 24, 2016, the market capitalizations of the companies in the index ranged from $1.5 billion to $504.1 billion. Typically, the Fund invests in common stocks of companies with a history of above-average growth or companies expected to enter periods of aboveaverage growth. Although the Fund will invest primarily in equity securities of U.S. companies, it may invest up to 20% of its total assets in foreign securities, including depositary receipts. Depositary receipts are financial instruments representing a foreign company s publicly traded securities. A depository receipt trades on a stock exchange in a country different from the company s local market. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. In implementing this policy, the Fund will typically hold less than 50 securities in its portfolio. Investment Process: The Fund s adviser will utilize a combination of qualitative analysis and quantitative metrics in order to seek to achieve target returns which are higher than the Fund s benchmark while attempting to maintain a moderate risk profile. In managing the Fund, the adviser employs a process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future. The adviser looks for companies with leading competitive positions, predictable and durable business models and management that can achieve sustained growth. The adviser may sell a security for several reasons. The adviser may sell a security due to a change in the company s fundamentals or a change in the original reason for purchase of an investment, or if the adviser no longer considers the security to be reasonably valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity. The Fund s Main Investment Risks The Fund is subject to management risk and may not achieve its objective if the adviser s expectations regarding particular instruments or markets are not met. An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. The Fund is subject to the main risks noted below, any of which may adversely affect the Fund s performance and ability to meet its investment objective. Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund s securities goes down, your investment in the Fund decreases in value. General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund s portfolio may underperform securities in comparison to general financial markets, a particular financial market or other asset classes, due to a 2

number of factors, including inflation, interest rates, global demand for particular products or resources, natural disasters or events, terrorism, regulatory events and government controls. Growth Investing Risk. Because growth investing attempts to identify companies that the adviser believes will experience rapid earnings growth relative to value or other types of stocks, growth stocks may also trade at higher multiples of current earnings, compared to value or other stocks, leading to inflated prices and thus potentially greater declines in value. Large Cap Company Risk. Because the Fund invests principally in large cap company securities, it may underperform other funds during periods when the Fund s securities are out of favor. Derivative Risk. Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Foreign Securities Risk. Investments in foreign issuers are subject to additional risks including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, sanctions or other measures by the United States or other governments, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. If foreign securities are denominated and traded in a foreign currency, the value of the Fund s foreign holdings can be affected by currency exchange rates and exchange control regulations. In certain markets where securities and other instruments are not traded delivery versus payment, the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. Non-Diversified Fund Risk. Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund s shares being more sensitive to economic results among those issuing the securities. Industry and Sector Focus Risk. At times the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, its shares values may fluctuate in response to events affecting that industry or sector. Transactions Risk. The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money investing in the Fund. The Fund s Past Performance This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund s Class I Shares (formerly, Select Class Shares) has varied from year to year for the past eight calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund. The table compares that performance to the Russell 1000 Growth Index and the Lipper Large-Cap Growth Funds Index, an index based on the total returns of certain mutual funds within the Fund s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the fees and expenses of the mutual funds included in the index. Subsequent to the inception of the Fund on 11/30/07 until 8/6/10, the Fund did not experience any shareholder purchase and sale activity. If such shareholder activity had occurred, the Fund s performance may have been impacted. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. 3

YEAR-BY-YEAR RETURNS CLASS I SHARES 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% -10.00% -20.00% -30.00% -40.00% -50.00% -42.17% 43.31% 19.14% -4.69% 18.47% 45.52% 1.38% 9.12% 2008 2009 2010 2011 2012 2013 2014 2015 Best Quarter 1st quarter, 2012 21.56% Worst Quarter 4th quarter, 2008 24.70% The Fund s year-to-date total return through 9/30/16 was 3.55%. AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2015) Past 1 Year Past 5 Years Life of Fund (since 11/30/07) CLASS I SHARES Return Before Taxes 9.12% 12.70% 7.62% Return After Taxes on Distributions 8.85 12.56 7.54 Return After Taxes on Distributions and Sale of Fund Shares 5.37 10.16 6.13 CLASS A SHARES Return Before Taxes 3.13 11.22 6.64 CLASS C SHARES Return Before Taxes 7.24 11.85 6.82 RUSSELL 1000 GROWTH INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) 5.67 13.53 7.93 LIPPER LARGE-CAP GROWTH FUNDS INDEX (Reflects No Deduction for Taxes) 5.61 12.17 6.48 After-tax returns are shown only for Class I Shares and aftertax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Management J.P. Morgan Investment Management Inc. Portfolio Manager Managed the Fund Since Primary Title with Investment Adviser Giri Devulapally 2017 Managing Director Joseph Wilson 2016 Executive Director Purchase and Sale of Fund Shares Purchase minimums For Class A and Class C Shares To establish an account $1,000 To add to an accounts $50 For Class I Shares To establish as account $1,000,000 To add to an account No minimum levels In general, you may purchase or redeem shares on any business day: Through your Financial Intermediary By writing to J.P. Morgan Funds Services, P.O. Box 8528, Boston, MA 02266-8528 After you open an account, by calling J.P. Morgan Funds Services at 1-200-480-4111 Tax Information The Fund intends to make distributions that may be taxed as ordinary income or capital gains, except when your investment is in an IRA, 401(k) plan or other tax-advantaged investment plan, in which case you may be subject to federal income tax upon withdrawal from the tax-advantaged investment plan. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information. 4 SPRO-DYGR-ACS-1116-2