J.P. MORGAN U.S. EQUITY FUNDS

JPMORGAN TRUST I

JPMorgan Dynamic Growth Fund

JPMorgan Dynamic Small Cap Growth Fund

JPMorgan Small Cap Equity Fund

(All Share Classes)

JPMorgan Mid Cap Equity Fund

(Class A, Class C and Select Class Shares)

JPMORGAN TRUST II

JPMorgan Mid Cap Growth Fund

JPMorgan Large Cap Growth Fund

JPMorgan Small Cap Growth Fund

(All Share Classes)

J.P. MORGAN MUTUAL FUND INVESTMENT TRUST

JPMorgan Growth Advantage Fund

(Class A, Class B, Class C, Select Class and Class R5 Shares)

(each, a “Fund” and collectively the “Funds”)

Supplement dated March 13, 2014 to the Prospectuses dated November 1, 2013, as supplemented

The portfolio manager information for each Fund in the sections titled “Management” in each Fund’s “Risk/Return Summary” and “The Fund’s Management and Administration — The Portfolio Managers” is deleted in its entirety and replaced by the following:

JPMorgan Dynamic Growth Fund

Management

J.P. Morgan Investment Management Inc.

 

Portfolio Manager   Managed the
Fund Since
   Primary Title with
Investment Adviser
Greg Luttrell   2007    Managing Director

The Portfolio Managers

JPMorgan Dynamic Growth Fund

The portfolio management team is led by Greg Luttrell, Managing Director of JPMIM. Mr. Luttrell joined the adviser in September 2007 after having worked as a portfolio manager at Teachers Advisors, Inc., a subsidiary of Teachers Insurance and Annuity Association (TIAA), since 2001.

JPMorgan Dynamic Small Cap Growth Fund

Management

J.P. Morgan Investment Management Inc.

 

Portfolio Manager   Managed the
Fund Since
   Primary Title with
Investment Adviser
Eytan Shapiro   2004    Managing Director

 

SUP-USEQ-PM-314


The Portfolio Managers

JPMorgan Dynamic Small Cap Growth Fund

The portfolio management team is led by Eytan Shapiro, Managing Director of JPMIM and a CFA charterholder. Mr. Shapiro has worked as a portfolio manager for JPMIM or its affiliates (or their predecessors) since 1989 and has been employed by the firm since 1985.

JPMorgan Mid Cap Equity Fund

Management

J.P. Morgan Investment Management Inc.

 

Portfolio Manager   Managed the
Fund Since
   Primary Title with
Investment Adviser
Jonathan K. L. Simon   2002    Managing Director
Timothy Parton   2010    Managing Director

The Portfolio Managers

JPMorgan Mid Cap Equity Fund

The portfolio management team is led by Jonathan K.L. Simon, Managing Director of JPMIM, and Timothy Parton, Managing Director of JPMIM and a CFA charterholder. Mr. Simon is primarily responsible for the Fund’s value investments while Mr. Parton is primarily responsible for the Fund’s growth investments. Mr. Simon has worked as a portfolio manager for JPMIM and its affiliates (or their predecessors) since 1987 and has been employed by the firm since 1980. Mr. Parton has worked as a portfolio manager for JPMIM or its affiliates (or their predecessors) since 1988 and has been employed with the firm since 1986.

JPMorgan Small Cap Equity Fund

Management

J.P. Morgan Investment Management Inc.

 

Portfolio Manager   Managed the
Fund Since
   Primary Title with
Investment Adviser
Don San Jose   2007    Managing Director
Daniel J. Percella   2014    Executive Director

The Portfolio Managers

JPMorgan Small Cap Equity Fund

The portfolio management team is led by Don San Jose, Managing Director of JPMIM, 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. 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 Mid Cap Growth Fund

Management

J.P. Morgan Investment Management Inc.

 

Portfolio Manager   Managed the
Fund Since
   Primary Title with
Investment Adviser
Timothy Parton   2004    Managing Director


The Portfolio Managers

JPMorgan Mid Cap Growth Fund

The portfolio management team is led by Timothy Parton, Managing Director of JPMIM and a CFA charterholder. Mr. Parton has worked as a portfolio manager for JPMIM or its affiliates (or their predecessors) since 1988 and has been employed with the firm since 1986.

JPMorgan Large Cap Growth Fund

Management

J.P. Morgan Investment Management Inc.

 

Portfolio Manager   Managed the
Fund Since
   Primary Title with
Investment Adviser
Giri Devulapally   2004    Managing Director

The Portfolio Managers

JPMorgan Large Cap Growth Fund

The portfolio management team for the Fund is led by Giri Devulapally, Managing Director of JPMIM and a CFA charterholder. Mr. Devulapally has been a portfolio manager in the JPMorgan U.S. Equity Group since 2003 when he joined JPMIM.

JPMorgan Small Cap Growth Fund

Management

J.P. Morgan Investment Management Inc.

 

Portfolio Manager   Managed the
Fund Since
   Primary Title with
Investment Adviser
Eytan Shapiro   2004    Managing Director

The Portfolio Managers

JPMorgan Small Cap Growth Fund

The portfolio management team is led by Eytan Shapiro, Managing Director of JPMIM and a CFA charterholder. Mr. Shapiro has worked as a portfolio manager for JPMIM or its affiliates (or their predecessors) since 1989 and has been employed by the firm since 1985.

JPMorgan Growth Advantage Fund

Management

J.P. Morgan Investment Management Inc.

 

Portfolio Manager   Managed the
Fund Since
   Primary Title with
Investment Adviser
Timothy Parton   2002    Managing Director

The Portfolio Managers

JPMorgan Growth Advantage Fund

The portfolio management team is led by Timothy Parton, Managing Director of JPMIM and a CFA charterholder. Mr. Parton has worked as a portfolio manager for JPMIM or its affiliates (or their predecessors) since 1988 and has been employed with the firm since 1986.

 

INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS FOR FUTURE REFERENCE

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