ICNB Iconic Brands Inc (CE)

Management

In addition, the paragraph for the Fund in the section of the Fund’s prospectuses titled “The Funds’ Management and Administration — The Portfolio Managers” is hereby deleted in its entirety and replaced with the following:

JPMorgan Disciplined Equity Fund

The portfolio management team is led by Raffaele Zingone, Managing Director of J.P. Morgan Investment Management Inc. (“JPMIM”) and a CFA charterholder, Terance Chen, Managing Director of JPMIM and a CFA charterholder, Steven G. Lee, Managing Director of JPMIM, and Aryeh Glatter, Executive Director of JPMIM. Mr. Zingone has been a portfolio manager in the U.S. Equity Group since 2000 and has been a JPMIM employee since 1991. Mr. Chen has been a portfolio manager in the U.S. Equity Group since 2000 and has been a JPMIM employee since 1994. Mr. Lee has been a portfolio manager since 2013 and prior to that time he was a research analyst in the U.S. Equity Research Group. Mr. Lee has been an employee of JPMIM since 2004. Mr. Glatter has been a portfolio manager on the Large Cap Value team since 2011 when he joined the firm. Prior to joining the firm in 2011, he was a portfolio manager at AllianceBernstein, where he managed large cap equities from 2000 to 2009.

SUP-USEQ-PM-214

JPMorgan Small Cap Equity Fund

Management

In addition, the paragraph for the Fund in the section titled “The Funds’ Management and Administration — The Portfolio Managers” is hereby deleted in its entirety and replaced with the following:

JPMorgan Small Cap Equity Fund

The portfolio management team is led by Don San Jose, Managing Director of JPMIM, Christopher Jones, Managing Director of JPMIM and a CFA charterholder, and Daniel J. Percella, Executive Director of JPMIM and a CFA charterholder. Mr. San Jose joined the U.S. Small Cap Equity Group as an analyst in 2004 and became a portfolio manager in 2007. Mr. San Jose has been employed by the firm since 2000. Mr. Jones is the chief investment officer of the U.S. Equity Growth and Small Cap team and has worked as a portfolio manager with JPMIM and its various affiliates (or their predecessors) since 1982. Mr. Percella has been a portfolio manager since 2014, and prior to that time he was a research analyst on the Small Cap Active Core Team. Mr. Percella has been an employee of JPMIM since 2008.

JPMorgan U.S. Research Equity Plus Fund

Management

In addition, the paragraph for the Fund in the section titled “The Funds’ Management and Administration – The Portfolio Managers” is hereby deleted in its entirety and replaced with the following:

JPMorgan U.S. Research Equity Plus Fund

The portfolio management team is led by Terance Chen, Managing Director of JPMIM and a CFA charterholder, Aryeh Glatter, Executive Director of JPMIM, and Raffaele Zingone, Managing Director of JPMIM and a CFA charterholder. Mr. Chen has been a portfolio manager in the U.S. Equity Group since 2000 and has been a JPMIM employee since 1994. Mr. Glatter has been a portfolio manager on the Large Cap Value team since 2011 when he joined the firm. Prior to joining the firm in 2011, he was a portfolio manager at AllianceBernstein, where he managed large cap equities from 2000 to 2009. Mr. Zingone has been a portfolio manager in the U.S. Equity Group since 2000 and has been a JPMIM employee since 1991.

INVESTORS SHOULD RETAIN THIS SUPPLEMENT

WITH THE PROSPECTUS FOR FUTURE REFERENCE