LYTS LSI Industries Inc

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 $100,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in “How to Do Business with the Funds — SALES CHARGES” on page 61 of the prospectus and in “PURCHASES, REDEMPTIONS AND EXCHANGES” in Appendix A to Part II of the Statement of Additional Information.

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 table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

CHANGES TO HOW TO DO BUSINESS WITH THE FUNDS. Effective immediately, the disclosure under “Sales Charges — Class C Shares” on page 66 of the prospectus is hereby deleted in its entirety and replaced with the following:

Class C Shares

Class C Shares are offered at NAV per share, without any upfront sales charge. However, except with respect to purchases of Class C Shares of the JPMorgan Short-Intermediate Municipal Bond Fund made prior to September 3, 2013, if you redeem Class C Shares within one year of the purchase date, measured from the first day of the month in which the shares were purchased, you will be assessed a CDSC as follows:

There is no CDSC assessed on purchases of Class C Shares of the JPMorgan Short-Intermediate Municipal Bond Fund made prior to September 3, 2013.

The Distributor pays a commission of 1.00% of the original purchase price to Financial Intermediaries who sell Class C Shares of the Funds other than purchases of Class C Shares of the JPMorgan Short-Intermediate Municipal Bond Fund made prior to September 3, 2013.

Effective September 3, 2013 , the disclosures under “Exchanging Fund Shares — What are my exchange privileges?” on page 67 and “ — Do I pay a sales charge on an exchange?” on page 68 of the prospectus are hereby deleted in their entirety and replaced with the following:

What are my exchange privileges?

Class A Shares of a Fund may be exchanged for Class A Shares of another J.P. Morgan Fund or for another class of the same Fund, except Class B Shares which are no longer available for new investments. Class A Shares of a Fund may be exchanged for Morgan Shares of a J.P. Morgan money market fund.

Class B Shares of a Fund may be exchanged for Class B Shares of another J.P. Morgan Fund.

Class C Shares of a Fund may be exchanged for Class C Shares of another J.P. Morgan Fund.

Class C Shares of any Fund (except any of the J.P. Morgan money market funds) may also be exchanged for Select Class or Institutional Class Shares of the same Fund provided you meet the eligibility requirements for the class you are exchanging into. In addition, the Class C Shares that you wish to exchange must not currently be subject to any CDSC.

Select Class Shares of a Fund may be exchanged for Select Class Shares of another non-money market J.P. Morgan Fund or for another class of the same Fund except Class B Shares which are no longer available for new investment.

All exchanges are subject to meeting any investment minimum or eligibility requirements. The J.P. Morgan Funds do not charge a fee for this privilege. The J.P. Morgan Funds will provide 60 days’ written notice of any termination of or material change to your exchange privilege.

For Class A, Class B and Class C Shares only, you can set up a systematic exchange program to automatically exchange shares on a regular basis. This is a free service. However, you cannot have simultaneous plans for the systematic investment or exchange and the systematic withdrawal or exchange for the same Fund. Call 1-800-480-4111 for complete instructions.

Before making an exchange request, you should read the prospectus of the J.P. Morgan Fund whose shares you would like to purchase by exchange. You can obtain a prospectus for any J.P. Morgan Fund by contacting your Financial Intermediary, by visiting www.jpmorganfunds.com, or by calling 1-800-480-4111.

Do I pay a sales charge on an exchange?

Generally, you will not pay a sales charge on an exchange except as specified in “Sales Charges — Class A Shares” or below.

If you exchange Class B or Class C Shares of a Fund for Class B or Class C Shares, respectively, of another Fund, you will not pay a sales charge at the time of the exchange, however:

CHANGES TO ADDITIONAL FEE AND EXPENSE INFORMATION. Effective immediately, the following disclosure is added immediately after the Class A and Class C table for the JPMorgan Short-Intermediate Municipal Bond Fund under “Additional Fee and Expense Information for the JPMT II Funds and Former One Group Mutual Funds” on page 106 of the prospectus:

The disclosure and numbers for Class C Shares shown above assume that the shareholder purchased Class C shares on July 1, 2013. Class C Shares purchased on or after September 3, 2013 are subject to a 1.00% CDSC. If such CDSC had been in effect for purchases of Class C Shares made on July 1, 2013, the numbers for Class C Shares for the Fund (period ended June 30, 2014) would be as follows:

INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE

PROSPECTUS FOR FUTURE REFERENCE