New York s 529 Advisor-Guided College Savings Program

NOT FDIC INSURED NO BANK, STATE OR FEDERAL GUARANTEE MAY LOSE VALUE Program manager Ascensus Broker Dealer Services, Inc. Investment manager J.P. Morgan Investment Management Inc. August 2014 New York s 529 Advisor-Guided College Savings Program Advisor-Guided Plan Disclosure Booklet and Tuition Savings Agreement INHERIT THE THINKING OF J.P. MORGAN

NEW YORK S 529 ADVISOR-GUIDED COLLEGE SAVINGS PROGRAM Supplement dated September 2015 to the Advisor-Guided Plan Disclosure Booklet and Tuition Savings Agreement dated August 2014, as supplemented Liquidation of JPMorgan Real Return Fund and Launch of JPMorgan 529 Inflation Managed Bond On August 20, 2015, the liquidation of the JPMorgan Real Return Fund (the Real Return Fund ) was announced. As a result of the liquidation, as of September 25, 2015, all assets in the current JPMorgan 529 Real Return ( Real Return ) will be liquidated and reinvested in the JPMorgan 529 Inflation Managed Bond ( Inflation Managed Bond ). If you are a current Account Owner in the Real Return, no action will be required on your part. In addition, the change to the Inflation Managed Bond will not be not considered one of your investment changes for 2015, which are permitted up to two times per calendar year. You may continue to make contributions, distributions and all other transactions with respect to the Real Return until 4:00 p.m. ET on Thursday, September 24, 2015. However, if you are a financial advisory firm and initiate a transaction via the National Securities Clearing Corporation ( NSCC ), it must be received before 8:00 p.m. ET on Tuesday, September 22, 2015. Any NSCC transactions received after 8:00 p.m. ET on September 22, 2015 will be rejected and may be resubmitted beginning on Monday, September 28, 2015. Transactions received in good order after 4:00 p.m. ET on September 24, 2015 or on September 25, 2015 will be processed on September 28, 2015 based on the Real Return s value as of 4:00 p.m. ET on Friday, September 25, 2015. Beginning September 28, 2015, any automatic Account transactions applicable to the Real Return will be made in the Inflation Managed Bond. Any redemption requests received for the Real Return after the conversion is completed will be executed out of the Inflation Managed Bond. Contribution requests received for the Real Return after the conversion is completed will be directed to the Inflation Managed Bond. If you are currently invested in the Real Return and you would like to move your investment to a other than the Inflation Managed Bond, you may use one of your two investment changes for calendar year 2015 to select a new, either before or after September 28, 2015. If you are uncertain whether or not you have used your two investment changes for calendar year 2015 or if you have questions regarding the Advisor Plan, your Account or the upcoming changes to the Advisor Plan, please contact your representative at your financial advisory firm or contact the Advisor Plan at 1-800-774-2108. A summary of important dates and times is listed below: Date Tuesday, September 22, 2015 Thursday, September 24, 2015 Friday, September 25, 2015 Event NSCC transactions in the Real Return must be received before 8:00 p.m. ET. Transactions received after 8:00 p.m. will be rejected and may be resubmitted beginning on September 28, 2015 as transactions in the Inflation Managed Bond. All other transactions (non-nscc) in the Real Return received in good order by 4:00 p.m. ET will be processed as usual. Transactions in the Real Return received in good order after 4:00 p.m. ET will be processed on September 28, 2015 based on the Real Return s value as of 4:00 p.m. ET on Friday, September 25, 2015 Transactions in the Real Return received in good order on September 25, 2015 will be processed on September 28, 2015 based on the Real Return s value as of 4:00 p.m. ET on Friday, September 25, 2015 529-SUPP-915

Date Beginning Monday, September 28, 2015 Event Previously rejected NSCC transactions in the Real Return may be resubmitted as transactions in the Inflation Managed Bond Automatic Account transactions in the Real Return will be made in the Inflation Managed Bond Any redemption requests received for the Real Return will be executed out of the Inflation Managed Bond Contributions to the Real Return will be directed to the Inflation Managed Bond As of September 28, 2015, all references and information related to the Real Return Fund and the Real Return are hereby deleted in their entirety and the following information is added: 1. The Inflation Managed Bond is added to the bulleted lists on page 5 and 6 of the Disclosure Booklet under Section 2. Getting Started 3. Investment Options Individual Investment Option and Section 2. Getting Started 4. Choose from the Available Classes. 2. The following is added to the table on page 11 of the Disclosure Booklet as an Individual Investment Option: Individual Investment Objective and Principal Strategies Risks JPMorgan 529 Inflation Managed Bond Through its investment in the JPMorgan Inflation Managed Bond Fund, the seeks to maximize inflation protected total return. As part of its principal strategy, the Fund is designed to protect the total return generated by its core fixed income holdings from inflation risk. The Fund seeks to hedge this risk by using swaps that are based on the Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (CPI-U) in combination with its core portfolio of fixed income securities. This strategy is intended to create the equivalent of a portfolio of inflation protected fixed income securities. Secondarily, the Fund may purchase other investments including actual inflation-protected securities such as Treasury Inflation Protected Securities (TIPS). Inflation Managed in the Fund s name does not refer to a type of security in which the Fund invests, but rather describes the Fund s overall strategy of creating a portfolio of inflation-protected securities. Under normal circumstances, the Fund will invest at least 80% of its assets in bonds. Management Risk General Market Risk Interest Rate Risk Credit Risk Strategy Risk for the JPMorgan Inflation Managed Bond Fund Derivatives Risk TIPs Inflation-Linked Securities Risk Government Securities Risk Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk Prepayment Risk Transactions Risk Foreign Securities and Emerging Markets Risk

3. The following is included as expense information for the Inflation Managed Bond, but is not incorporated directly into the Expense Tables. Other than removing the information for the Real Return, there are no other changes to the Expense Tables for Class A, Class C and Advisor Class in the Disclosure Booklet, as supplemented June 2015: Estimated Underlying Fund Expenses 2,3 Annual Asset-Based Fees Program Management Fee Distribution and Service Fee Total Annual Asset- Based Fees 5 Maximum Initial Sales Charge 6 Additional Investor Expenses 1 Maximum Contingent Deferred Sales Charge 7 Annual Account Maintenance Fee 8 JPMorgan 529 Inflation Managed Bond State Fee 4 Class A 0.48% 0.30% 0.25% None 1.03% 3.75% None $25 Class C 0.48% 0.30% 1.00% None 1.78% None 1.00% $25 Advisor Class 0.48% 0.30% None None 0.78% None None $25 1 Certain other fees may also be assessed. Please refer to Transaction Fees above for a description of other fees that may be assessed. 2 The Estimated Underlying Fund Expenses are based on the total operating expense ratio reported in the Underlying Fund s most recent financial statements available as of April 30, 2015. 3 The total operating expense ratio measures the annual operating expenses of the Underlying Fund as a percentage of its average daily net assets. Operating expenses for the Underlying Fund include investment advisory fees, administration, any applicable shareholder servicing fees, and other expenses paid to affiliates and non-affiliates of JPMorgan. One or more affiliates of the Underlying Fund have contractually agreed to waive fees or reimburse expenses of the Underlying Fund in order to limit the total operating expense ratio of the Underlying Fund. Any fees waived may not be recouped in subsequent periods. The contractual fee waiver may continue from year to year, but there is no guarantee that the affiliate(s) will not cancel or modify the waver in the future. 4 No separate fee is charged by the Program Administrators. The Program Manager pays an annual fee equal to one and one quarter basis points on total Program assets to the Program Administrators to help defray the costs of administering the New York Program. This payment is not deducted directly from any Accounts. 5 This total is assessed against assets over the course of the year and does not include any applicable sales charges or the Annual Account Maintenance Fee. Please refer to the Hypothetical Expense Examples below that show the total assumed investment cost over 1-, 3-, 5-, and 10-year periods. 6 See Section 6. How to do Business with the Advisor Plan Sales Charges for more information about the maximum initial sales charges and applicable breakpoint discounts and waivers. 7 A CDSC is applied to withdrawals attributable to Class C Units only when the withdrawal is made within twelve months of contribution. See Section 6. How to do Business with the Advisor Plan Sales Charges Class C Contingent Deferred Sales Charge for more information. 8 An Annual Account Maintenance Fee of $25 will be assessed on an Account (at the Account level and not at the level) unless the aggregate value of all Units held in all Accounts of the Account Owner for the same Beneficiary in the Advisor Plan equals or exceeds $25,000 at the time the Account fee is assessed. The fee will be assessed during the month following the anniversary date of the Account opening, beginning 12 months after the Account is opened. If an Account Owner makes a full withdrawal from the Account prior to the anniversary date in a given year, a prorated per quarter Account Maintenance Fee may be charged against the withdrawal. 4. The following is added to the Hypothetical Expense Examples (Your Actual Costs may be Higher or Lower) in the Disclosure Booklet, as supplemented June 2015: JPMorgan 529 Inflation Managed Bond Unit Class Number of Years You Own Your Units 1 Year 3 Years 5 Years 10 Years Class A (with or without redemption) $ 501 $766 $1,047 $1,837 Class C (redemption at end of the period) $306 $635 $1,089 $2,345 Class C (no redemption) $206 $635 $1,089 $2,345 Advisor Class (with or without redemption) $ 105 $324 $ 558 $ 1,216 5. The sales charges applicable to Class A Units of the Inflation Managed Bond will be the same as those listed under Class A Sales Charges A. Applicable to Class A Units of the following portfolios in the table below: for the Real Return in the left column of page 33 of the Disclosure Booklet. 6. The contingent deferred sales charges applicable to Class C Units of the Inflation Managed Bond will be the same as those listed for the Real Return under Class C Contingent Deferred Sales Charges in the right column of page 35 of the Disclosure Booklet. 7. The Inflation Managed Bond and the JPMorgan Inflation Managed Bond Fund are added to the table on page 51 of the Disclosure Booklet under Appendix A: Underlying Funds Description of the Investment Options and Their Underlying Funds. In addition, there is a more fulsome description of the JPMorgan Inflation Managed Bond Fund and its investment strategies on page 62 of Appendix A.

Prepayment Risk With respect to the JPMorgan Core Bond Fund, JPMorgan Corporate Bond Fund, JPMorgan Emerging Markets Debt Fund, JPMorgan High Yield Fund, JPMorgan Inflation Managed Bond Fund, JPMorgan Short Duration Bond Fund and JPMorgan Prime Money Market Fund, the following is added to the Main Risks Applicable to the Underlying Funds Advised by JPMIM beginning on page 68 of the Disclosure Booklet: Prepayment Risk. The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss. INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE ADVISOR-GUIDED PLAN DISCLOSURE BOOKLET AND TUITION SAVINGS AGREEMENT FOR FUTURE REFERENCE

NEW YORK S 529 ADVISOR-GUIDED COLLEGE SAVINGS PROGRAM Supplement dated June 2015 to the Advisor-Guided Plan Disclosure Booklet and Tuition Savings Agreement dated August 2014 Annual investment change limits Under the recently enacted federal law known as the Achieving a Better Life Experience Act of 2014 or the ABLE Act of 2014, you will be permitted to change the investment option for all or a portion of the assets in your Account for any reason up to two times during each calendar year beginning in 2015. Accordingly, all references to the once per calendar year restriction in the sections noted below should be changed to twice per calendar year. Page 1 Page 2 Page 7 Page 36 Page 37 Page 38 Page 40 Page 41 Page 46 Page 82 Third bullet point under Investment Options Final bullet point under Withdrawals; Transfers to Other Section 529 Savings Plans Final paragraph under How Contributions Are Invested Transfer Within New York Program for the Same Beneficiary under At a Glance How to Contribute to Your Advisor Plan Account First paragraph under Automated Dollar Cost Averaging Program First paragraph under Transfer within New York Program for Same Beneficiary First two paragraphs under Changing Investment Options within the Program First paragraph under Non-Qualified Withdrawals Paragraph under Other Contributions and Transfers Section A.4. of the Tuition Savings Agreement Recent Money Market Reforms Applicable to the JPMorgan Prime Money Market Fund The following is added immediately preceding the first paragraph under the section titled Additional Risks Associated with the JPMorgan Prime Money Market Fund on page 72 of the Disclosure Booklet: SEC Rule Changes. The Securities and Exchange Commission ( SEC ) recently adopted several amendments to the rules that govern the operation of registered money market funds. These rules become effective in October 2016. Under the rule changes, money market funds that qualify as retail or government will be permitted to continue to utilize amortized cost to value their portfolio securities and to transact at their existing $1.00 share price. Money market funds that do not qualify as retail money market funds or government money market funds ( Institutional Money Market Funds ) will be required to price and transact in their shares at the net asset value reflecting the current market-based values of their portfolio securities (at a floating NAV ) by October 14, 2016. Under the rule changes, if a money market fund s weekly liquid assets fall below 30% of its total assets, the money market fund s board, in its discretion, may impose liquidity fees of up to 2% of the value of the shares redeemed and/or may suspend redemptions under certain circumstances. In addition, if a money market fund s weekly liquid assets fall below 10% of its total assets at the end of any business day, the money market fund must impose a 1% liquidity fee on shareholder redemptions unless its board determines that not doing so is in the best interests of the fund. JPMorgan Prime Money Market. At a February 2015 meeting, the Board of Trustees of the JPMorgan Prime Money Market Fund ( Prime Money Market Fund ) agreed with management s preliminary recommendation that the Prime Money Market Fund will not qualify as a retail money market fund. Prime Money Market Fund is, therefore, expected to operate as an Institutional Money Market Fund required to transact at a floating NAV. It is anticipated that the Prime Money Market Fund board will consider the transition of the fund to a floating NAV in the second half of 2016 and that the transition will occur in October 2016. Until then, it is expected that the Prime Money Market Fund will continue to seek to maintain a stable net asset value per share of $1.00 using the amortized cost method to value its portfolio of securities. It is also expected that the Prime Money Market Fund s board will consider the recently granted liquidity fee and redemption gate authority described above and that such authority will be made available to the Board no later than October 2016. The preliminary determinations and actions described above, and anticipated timing of those actions, remain subject to future change. If you hold Units of s that invest in the Prime Money Market Fund Units of the JPMorgan Prime Money Market ), you will receive notice of further developments, as appropriate. 529-SUPP-615

Expense Tables The Expense Tables beginning on page 21 of the Disclosure Booklet are hereby deleted in their entirety and replaced with the following: Class A JPMorgan 529 Aggressive / JPMorgan 529 Aggressive Age-Based (Beneficiary Age 0-5 Years) JPMorgan 529 Moderate Growth / JPMorgan 529 Moderate Growth Age-Based (Beneficiary Age 6-9 Years) JPMorgan 529 Moderate / JPMorgan 529 Moderate Age-Based (Beneficiary Age 10-12 Years) JPMorgan 529 Conservative Growth / JPMorgan 529 Conservative Growth Age-Based (Beneficiary Age 13-14 Years) JPMorgan 529 Conservative / JPMorgan 529 Conservative Age-Based (Beneficiary Age 15-17 Years) JPMorgan 529 College / JPMorgan 529 College Age-Based (Beneficiary Age 18 Years and Over) Estimated Underlying Fund Expenses 2,4 Annual Asset- Based Fees Program Management Fee Distribution and Service Fee State Fee 5 Total Annual Asset- Based Fees 6 Additional Investor Expenses 1 Maximum Initial Sales Charge 7 Annual Account Maintenance Fee 8 0.57% 0.30% 0.25% NONE 1.12% 5.25% $25 0.56% 0.30% 0.25% NONE 1.11% 5.25% $25 0.51% 0.30% 0.25% NONE 1.06% 5.25% $25 0.45% 0.30% 0.25% NONE 1.00% 5.25% $25 0.40% 0.30% 0.25% NONE 0.95% 4.50% $25 0.29% 0.30% 0.25% NONE 0.84% 4.50% $25 JPMorgan 529 All Fixed Income 0.35% 0.30% 0.25% NONE 0.90% 4.50% $25 JPMorgan 529 Equity Income 0.52% 0.30% 0.25% NONE 1.07% 5.25% $25 JPMorgan 529 Growth Advantage 0.77% 0.30% 0.25% NONE 1.32% 5.25% $25 JPMorgan 529 Large Cap Growth 0.61% 3 0.30% 0.25% NONE 1.16% 5.25% $25 JPMorgan 529 Mid Cap Value 0.74% 0.30% 0.25% NONE 1.29% 5.25% $25 JPMorgan 529 Small Cap Growth 0.75% 0.30% 0.25% NONE 1.30% 5.25% $25 JPMorgan 529 Small Cap Value 0.83% 0.30% 0.25% NONE 1.38% 5.25% $25 SSgA 529 Russell 3000 ETF 0.10% 3 0.30% 0.25% NONE 0.65% 5.25% $25 SSgA 529 S&P 600 Small Cap ETF 0.15% 3 0.30% 0.25% NONE 0.70% 5.25% $25 JPMorgan 529 International Equity 0.81% 0.30% 0.25% NONE 1.36% 5.25% $25 SSgA 529 MSCI ACWI ex-us ETF 0.30% 3 0.30% 0.25% NONE 0.85% 5.25% $25 SSgA 529 S&P World ex-us ETF 0.34% 0.30% 0.25% NONE 0.89% 5.25% $25 JPMorgan 529 Realty Income 0.73% 0.30% 0.25% NONE 1.28% 5.25% $25 JPMorgan 529 Core Bond 0.35% 3 0.30% 0.25% NONE 0.90% 3.75% $25 JPMorgan 529 Real Return 0.49% 0.30% 0.25% NONE 1.04% 3.75% $25 JPMorgan 529 Short Duration Bond 0.30% 0.30% 0.25% NONE 0.85% 3.75% $25 JPMorgan 529 Prime Money Market 0.21% 0.30% 0.25% 9 NONE 0.76% 0.00% $25 1 Certain other fees may also be assessed. Please refer to Transaction Fees above for a description of other fees that may be assessed. 2 Except as noted below, the Estimated Underlying Fund Expenses are based on the total operating expense ratio reported in the applicable Underlying Fund s most recent financial statements available as of May 31, 2015. For Investment Options invested in multiple registered Underlying Funds, the figures are based on a weighted average of each Underlying Fund s total operating expense ratio as reported in the applicable Underlying Fund s most recent financial statements (except for the information for the JPMorgan U.S. Equity Fund, JPMorgan Core Bond Fund, SPDR Barclays Aggregate Bond ETF and SPDR Barclays TIPS ETF, which is based on the Underlying Fund s most recent prospectus) in accordance with the Investment Option s tactical asset allocation among the applicable Underlying Funds as of May 31, 2015. Page 2

3 The information is based on the Underlying Fund s total operating expense ratio as shown in the Underlying Fund s current prospectus. 4 The total operating expense ratio measures the annual operating expenses of an Underlying Fund as a percentage of its average daily net assets. Operating expenses for each Underlying Fund include investment advisory fees, administration, any applicable shareholder servicing fees, and other expenses paid to affiliates and non-affiliates of JPMorgan, SSgA FM or SSBT. For certain Underlying Funds, one or more affiliates of that Underlying Fund have contractually agreed to waive fees or reimburse expenses of the Underlying Fund in order to limit the total operating expense ratio of the Underlying Fund. Any fees waived may not be recouped in subsequent periods. The contractual fee waiver may continue from year to year, but there is no guarantee that the affiliate(s) will not cancel or modify the waver in the future. The total operating expense ratios upon which the Estimated Underlying Fund Expenses are based do not include any applicable acquired fund fees, and the Estimated Underlying Fund Expenses would be higher if they were included. Acquired fund fees and expenses are expenses that may be incurred indirectly by an Underlying 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 an Underlying Fund, but these fees and expenses are not a direct cost of an Underlying Fund and are not used to calculate an Underlying Fund s net asset value per share. 5 No separate fee is charged by the Program Administrators. The Program Manager pays an annual fee equal to one and one quarter basis points on total Program assets to the Program Administrators to help defray the costs of administering the New York Program. This payment is not deducted directly from any Accounts. 6 This total is assessed against assets over the course of the year and does not include applicable sales charges or the Annual Account Maintenance Fee. Please refer to the Hypothetical Expense Examples below that show the total assumed investment cost over 1-, 3-, 5-, and 10-year periods. 7 See Section 6. How to do Business With the Advisor Plan Sales Charges for more information about the maximum initial sales charges and applicable breakpoint discounts and waivers. 8 An Annual Account Maintenance Fee of $25 will be assessed on an Account (at the Account level and not at the level) unless the aggregate value of all Units held in all Accounts of the Account Owner for the same Beneficiary in the Advisor Plan equals or exceeds $25,000 at the time the Account fee is assessed. The fee will be assessed during the month following the anniversary date of the Account opening, beginning 12 months after the Account is opened. If an Account Owner makes a full withdrawal from the Account prior to the anniversary date in a given year, a prorated per quarter Account Maintenance Fee may be charged against the withdrawal. 9 This Distribution and Service Fee on the JPMorgan 529 Prime Money Market is currently being waived for the benefit of Account Owners. Page 3

Class B* (Class B Units are no longer available for new purchases) JPMorgan 529 Aggressive / JPMorgan 529 Aggressive Age-Based (Beneficiary Age 0-5 Years) JPMorgan 529 Moderate Growth / JPMorgan 529 Moderate Growth Age-Based (Beneficiary Age 6-9 Years) JPMorgan 529 Moderate / JPMorgan 529 Moderate Age-Based (Beneficiary Age 10-12 Years) JPMorgan 529 Conservative Growth / JPMorgan 529 Conservative Growth Age-Based (Beneficiary Age 13-14 Years) JPMorgan 529 Conservative / JPMorgan 529 Conservative Age-Based (Beneficiary Age 15-17 Years) JPMorgan 529 College / JPMorgan 529 College Age-Based (Beneficiary Age 18 Years and Over) Estimated Underlying Fund Expenses 2,4 Annual Asset- Based Fees Program Management Fee Distribution and Service Fee State Fee 5 Total Annual Asset- Based Fees 6 Additional Investor Expenses 1 Maximum Contingent Deferred Sales Charge 7 Annual Account Maintenance Fee 8 0.57% 0.30% 1.00% NONE 1.87% 5.00% $25 0.56% 0.30% 1.00% NONE 1.86% 5.00% $25 0.51% 0.30% 1.00% NONE 1.81% 5.00% $25 0.45% 0.30% 1.00% NONE 1.75% 5.00% $25 0.40% 0.30% 1.00% NONE 1.70% 5.00% $25 0.29% 0.30% 1.00% NONE 1.59% 5.00% $25 JPMorgan 529 All Fixed Income 0.35% 0.30% 1.00% NONE 1.65% 5.00% $25 JPMorgan 529 Equity Income 0.52% 0.30% 1.00% NONE 1.82% 5.00% $25 JPMorgan 529 Growth Advantage 0.77% 0.30% 1.00% NONE 2.07% 5.00% $25 JPMorgan 529 Large Cap Growth 0.61% 3 0.30% 1.00% NONE 1.91% 5.00% $25 JPMorgan 529 Mid Cap Value 0.74% 0.30% 1.00% NONE 2.04% 5.00% $25 JPMorgan 529 Small Cap Growth 0.75% 0.30% 1.00% NONE 2.05% 5.00% $25 JPMorgan 529 Small Cap Value 0.83% 0.30% 1.00% NONE 2.13% 5.00% $25 SSgA 529 S&P 600 Small Cap ETF 0.15% 3 0.30% 1.00% NONE 1.45% 5.00% $25 JPMorgan 529 International Equity 0.81% 0.30% 1.00% NONE 2.11% 5.00% $25 JPMorgan 529 Core Bond 0.35% 3 0.30% 1.00% NONE 1.65% 5.00% $25 JPMorgan 529 Prime Money Market 0.21% 0.30% 1.00% 9 NONE 1.51% 5.00% $25 * In general, Class B Units automatically convert into Class A Units in the eighth year after purchase. The conversion may occur before the eighth year, depending on the amount invested in the Advisor Plan. See Section 6. How to do Business with the Advisor Plan Sales Charges Class B Contingent Deferred Sales Charges for more information. 1 Certain other fees may also be assessed. Please refer to Transaction Fees above for a description of other fees that may be assessed. 2 Except as noted below, the Estimated Underlying Fund Expenses are based on the total operating expense ratio reported upon in the applicable Underlying Fund s most recent financial statements available as of May 31, 2015. For Investment Options invested in multiple registered Underlying Funds, the figures are based on a weighted average of each Underlying Fund s total operating expense ratio as reported in the applicable Underlying Fund s most recent financial statements (except for the information for the JPMorgan U.S. Equity Fund, JPMorgan Core Bond Fund, SPDR Barclays Aggregate Bond ETF and SPDR Barclays TIPS ETF, which is based on the Underlying Fund s most recent prospectus), in accordance with the Investment Option s tactical asset allocation among the applicable Underlying Funds as of May 31, 2015. 3 The information is based on the Underlying Fund s total operating expense ratio as shown in the Underlying Fund s current prospectus. 4 The total operating expense ratio measures the annual operating expenses of an Underlying Fund as a percentage of its average daily net assets. Operating expenses for each Underlying Fund include investment advisory fees, administration, any applicable shareholder servicing fees, and other expenses paid to affiliates and non-affiliates of JPMorgan, SSgA FM or SSBT. For certain Underlying Funds, one or more affiliates of that Underlying Fund have contractually agreed to waive fees or reimburse expenses of the Underlying Fund in order to limit the total operating expense ratio of the Underlying Fund. Any fees waived may not be recouped in subsequent periods. The contractual fee waiver may continue from year to year, but there is no guarantee that the affiliate(s) will not cancel or modify the waver in the future. The total operating expense ratios upon which the Estimated Underlying Fund Expenses are based do not include any applicable acquired fund fees, and the Estimated Underlying Fund Expenses would be higher if they were included. Acquired fund fees and expenses are expenses that may be incurred indirectly by an Underlying 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 an Underlying Fund, but these fees and expenses are not a direct cost of an Underlying Fund and are not used to calculate an Underlying Fund s net asset value per share. 5 No separate fee is charged by the Program Administrators. The Program Manager pays an annual fee equal to one and one quarter basis points on total Program assets to the Program Administrators to help defray the costs of administering the New York Program. This payment is not deducted directly from any Accounts. 6 This total is assessed against assets over the course of the year and does not include applicable sales charges or the Annual Account Maintenance Fee. Please refer to the Hypothetical Expense Examples below that show the total assumed investment cost over 1-, 3-, 5-, and 10-year periods. 7 See Section 6. How to do Business With the Advisor Plan Sales Charges for more information about the contingent deferred sales charges which still apply even though Class B Units are no longer available for purchase. Page 4

8 An Annual Account Maintenance Fee of $25 will be assessed on an Account (at the Account level and not at the level) unless the aggregate value of all Units held in all Accounts of the Account Owner for the same Beneficiary in the Advisor Plan equals or exceeds $25,000 at the time the Account fee is assessed. The fee will be assessed during the month following the anniversary date of the Account opening, beginning 12 months after the Account is opened. If an Account Owner makes a full withdrawal from the Account prior to the anniversary date in a given year, a prorated per quarter Account Maintenance Fee may be charged against the withdrawal. 9 This Distribution and Service Fee on the JPMorgan 529 Prime Money Market is currently being waived for the benefit of Account Owners. Page 5

Class C JPMorgan 529 Aggressive / JPMorgan 529 Aggressive Age-Based (Beneficiary Age 0-5 Years) JPMorgan 529 Moderate Growth / JPMorgan 529 Moderate Growth Age-Based (Beneficiary Age 6-9 Years) JPMorgan 529 Moderate / JPMorgan 529 Moderate Age-Based (Beneficiary Age 10-12 Years) JPMorgan 529 Conservative Growth / JPMorgan 529 Conservative Growth Age-Based (Beneficiary Age 13-14 Years) JPMorgan 529 Conservative / JPMorgan 529 Conservative Age-Based (Beneficiary Age 15-17 Years) JPMorgan 529 College / JPMorgan 529 College Age-Based (Beneficiary Age 18 Years and Over) Estimated Underlying Fund Expenses 2,4 Annual Asset- Based Fees Program Management Fee Distribution and Service Fee State Fee 5 Total Annual Asset- Based Fees 6 Additional Investor Expenses 1 Maximum Contingent Deferred Charge 7 Annual Account Maintenance Fee 8 0.57% 0.30% 1.00% NONE 1.87% 1.00% $25 0.56% 0.30% 1.00% NONE 1.86% 1.00% $25 0.51% 0.30% 1.00% NONE 1.81% 1.00% $25 0.45% 0.30% 1.00% NONE 1.75% 1.00% $25 0.40% 0.30% 1.00% NONE 1.70% 1.00% $25 0.29% 0.30% 1.00% NONE 1.59% 1.00% $25 JPMorgan 529 All Fixed Income 0.35% 0.30% 1.00% NONE 1.65% 1.00% $25 JPMorgan 529 Equity Income 0.52% 0.30% 1.00% NONE 1.82% 1.00% $25 JPMorgan 529 Growth Advantage 0.77% 0.30% 1.00% NONE 2.07% 1.00% $25 JPMorgan 529 Large Cap Growth 0.61% 3 0.30% 1.00% NONE 1.91% 1.00% $25 JPMorgan 529 Mid Cap Value 0.74% 0.30% 1.00% NONE 2.04% 1.00% $25 JPMorgan 529 Small Cap Growth 0.75% 0.30% 1.00% NONE 2.05% 1.00% $25 JPMorgan 529 Small Cap Value 0.83% 0.30% 1.00% NONE 2.13% 1.00% $25 SSgA 529 Russell 3000 ETF 0.10% 3 0.30% 1.00% NONE 1.40% 1.00% $25 SSgA 529 S&P 600 Small Cap ETF 0.15% 3 0.30% 1.00% NONE 1.45% 1.00% $25 JPMorgan 529 International Equity 0.81% 0.30% 1.00% NONE 2.11% 1.00% $25 SSgA 529 MSCI ACWI ex-us ETF 0.30% 3 0.30% 1.00% NONE 1.60% 1.00% $25 SSgA 529 S&P World ex-us ETF 0.34% 0.30% 1.00% NONE 1.64% 1.00% $25 JPMorgan 529 Realty Income 0.73% 0.30% 1.00% NONE 2.03% 1.00% $25 JPMorgan 529 Core Bond 0.35% 3 0.30% 0.90% NONE 1.55% 1.00% $25 JPMorgan 529 Real Return 0.49% 0.30% 0.90% NONE 1.69% 1.00% $25 JPMorgan 529 Short Duration Bond 0.30% 0.30% 0.90% NONE 1.50% 1.00% $25 JPMorgan 529 Prime Money Market 0.21% 0.30% 1.00% 9 NONE 1.51% 1.00% 10 $25 1 Certain other fees may also be assessed. Please refer to Transaction Fees above for a description of other fees that may be assessed. 2 Except as noted below, the Estimated Underlying Fund Expenses are based on the total operating expense ratio reported upon in the applicable Underlying Fund s most recent financial statements available as of May 31, 2015. For Investment Options invested in multiple registered Underlying Funds, the figures are based on a weighted average of each Underlying Fund s total operating expense ratio as reported in the applicable Underlying Fund s most recent financial statements (except for the information for the JPMorgan U.S. Equity Fund, JPMorgan Core Bond Fund, SPDR Barclays Aggregate Bond ETF and SPDR Barclays TIPS ETF, which is based on the Underlying Fund s most recent prospectus) in accordance with the Investment Option s tactical asset allocation among the applicable Underlying Funds as of May 31, 2015. 3 The information is based on the Underlying Fund s total operating expense ratio as shown in the Underlying Fund s current prospectus. 4 The total operating expense ratio measures the annual operating expenses of an Underlying Fund as a percentage of its average daily net assets. Operating expenses for each Underlying Fund include investment advisory fees, administration, any applicable shareholder servicing fees, and other expenses paid to affiliates and non-affiliates of JPMorgan, SSgA FM or SSBT. For certain Underlying Funds, one or more affiliates of that Underlying Fund have contractually agreed to waive fees or reimburse expenses of the Underlying Fund in Page 6

order to limit the total operating expense ratio of the Underlying Fund. Any fees waived may not be recouped in subsequent periods. The contractual fee waiver may continue from year to year, but there is no guarantee that the affiliate(s) will not cancel or modify the waiver in the future. The total operating expense ratios upon which the Estimated Underlying Fund Expenses are based do not include any applicable acquired fund fees, and the Estimated Underlying Fund Expenses would be higher if they were included. Acquired fund fees and expenses are expenses that may be incurred indirectly by an Underlying 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 an Underlying Fund, but these fees and expenses are not a direct cost of an Underlying Fund and are not used to calculate an Underlying Fund s net asset value per share. 5 No separate fee is charged by the Program Administrators. The Program Manager pays an annual fee equal to one and one quarter basis points on total Program assets to the Program Administrators annually to help defray the costs of administering the New York Program. This payment is not deducted directly from any Accounts. 6 This total is assessed against assets over the course of the year and does not include sales charges or the Annual Account Maintenance Fee. Please refer to the Hypothetical Expense Examples below that show the total assumed investment cost over 1-, 3-, 5-, and 10-year periods. 7 A CDSC is applied to withdrawals attributable to Class C Units only when the withdrawal is made within twelve months of contribution. See Section 6. How to do Business with the Advisor Plan Sales Charges Class C Contingent Deferred Sales Charge for more information. 8 An Annual Account Maintenance Fee of $25 will be assessed on an Account (at the Account level and not at the level) unless the aggregate value of all Units held in all Accounts of the Account Owner for the same Beneficiary in the Advisor Plan equals or exceeds $25,000 at the time the Account fee is assessed. The fee will be assessed during the month following the anniversary date of the Account opening, beginning 12 months after the Account is opened. If an Account Owner makes a full withdrawal from the Account prior to the anniversary date in a given year, a prorated per quarter Account Maintenance Fee may be charged against the withdrawal. 9 This Distribution and Service Fee on the JPMorgan 529 Prime Money Market is currently being waived for the benefit of Account Owners. 10 For Class C Units of the JPMorgan 529 Prime Money Market purchased beginning on August 25, 2014, the applicable CDSC is currently being waived (except as described in Sales Charges Class C Contingent Deferred Sales Charges ). The Advisor Plan reserves the right to reinstate charging the CDSC in the future. Page 7

Advisor Class JPMorgan 529 Aggressive / JPMorgan 529 Aggressive Age-Based (Beneficiary Age 0-5 Years) JPMorgan 529 Moderate Growth / JPMorgan 529 Moderate Growth Age-Based (Beneficiary Age 6-9 Years) JPMorgan 529 Moderate / JPMorgan 529 Moderate Age-Based (Beneficiary Age 10-12 Years) JPMorgan 529 Conservative Growth / JPMorgan 529 Conservative Growth Age-Based (Beneficiary Age 13-14 Years) JPMorgan 529 Conservative / JPMorgan 529 Conservative Age-Based (Beneficiary Age 15-17 Years) JPMorgan 529 College / JPMorgan 529 College Age-Based (Beneficiary Age 18 Years and Over) Estimated Underlying Fund Expenses 2,4 Annual Asset- Based Fees Program Management Fee Distribution and Service Fee State Fee 5 Total Annual Asset- Based Fees 6 Additional Investor Fee 1 Annual Account Maintenance Fee 7 0.57% 0.30% NONE NONE 0.87% $25 0.56% 0.30% NONE NONE 0.86% $25 0.51% 0.30% NONE NONE 0.81% $25 0.45% 0.30% NONE NONE 0.75% $25 0.40% 0.30% NONE NONE 0.70% $25 0.29% 0.30% NONE NONE 0.59% $25 JPMorgan 529 All Fixed Income 0.35% 0.30% NONE NONE 0.65% $25 JPMorgan 529 Equity Income 0.52% 0.30% NONE NONE 0.82% $25 JPMorgan 529 Growth Advantage 0.77% 0.30% NONE NONE 1.07% $25 JPMorgan 529 Large Cap Growth 0.61% 3 0.30% NONE NONE 0.91% $25 JPMorgan 529 Mid Cap Value 0.74% 0.30% NONE NONE 1.04% $25 JPMorgan 529 Small Cap Growth 0.75% 0.30% NONE NONE 1.05% $25 JPMorgan 529 Small Cap Value 0.83% 0.30% NONE NONE 1.13% $25 SSgA 529 Russell 3000 ETF 0.10% 3 0.30% NONE NONE 0.40% $25 SSgA 529 S&P 600 Small Cap ETF 0.15% 3 0.30% NONE NONE 0.45% $25 JPMorgan 529 International Equity 0.81% 0.30% NONE NONE 1.11% $25 SSgA 529 MSCI ACWI ex-us ETF 0.30% 3 0.30% NONE NONE 0.60% $25 SSgA 529 S&P World ex-us ETF 0.34% 0.30% NONE NONE 0.64% $25 JPMorgan 529 Realty Income 0.73% 0.30% NONE NONE 1.03% $25 JPMorgan 529 Core Bond 0.35% 3 0.30% NONE NONE 0.65% $25 JPMorgan 529 Real Return 0.49% 0.30% NONE NONE 0.79% $25 JPMorgan 529 Short Duration Bond 0.30% 0.30% NONE NONE 0.60% $25 JPMorgan 529 Prime Money Market 0.21% 0.30% NONE NONE 0.51% $25 1 Certain other fees may also be assessed. Please refer to Transaction Fees above for a description of other fees that may be assessed. 2 Except as noted below, the Estimated Underlying Fund Expenses are based on the total operating expense ratio reported upon in the applicable Underlying Fund s most recent financial statements available as of May 31, 2015. For Investment Options invested in multiple registered Underlying Funds, the figures are based on a weighted average of each Underlying Fund s total operating expense ratio as reported in the applicable fund s most recent financial statements (except for the information for the JPMorgan U.S. Equity Fund, JPMorgan Core Bond Fund, SPDR Barclays Aggregate Bond ETF and SPDR Barclays TIPS ETF, which is based on the Underlying Fund s most recent prospectus), in accordance with the Investment Option s tactical asset allocation among the applicable Underlying Funds as of May 31, 2015. 3 The information is based on the Underlying Fund s total operating expense ratio as shown in the Underlying Fund s current prospectus. 4 The total operating expense ratio measures the annual operating expenses of an Underlying Fund as a percentage of its average daily net assets. Operating expenses for each Underlying Fund include investment advisory fees, administration, any applicable shareholder servicing fees, and other expenses paid to affiliates and non-affiliates of JPMorgan, SSgA FM or SSBT. For certain Underlying Funds, one or more affiliates of that Underlying Fund have contractually agreed to waive fees or reimburse expenses of the Underlying Fund in Page 8

order to limit the total operating expense ratio of the Underlying Fund. Any fees waived may not be recouped in subsequent periods. The contractual fee waiver may continue from year to year, but there is no guarantee that the affiliate(s) will not cancel or modify the waiver in the future. The total operating expense ratios upon which the Estimated Underlying Fund Expenses are based do not include any applicable acquired fund fees, and the Estimated Underlying Fund Expenses would be higher if they were included. Acquired fund fees and expenses are expenses that may be incurred indirectly by an Underlying 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 an Underlying Fund, but these fees and expenses are not a direct cost of an Underlying Fund and are not used to calculate an Underlying Fund s net asset value per share. 5 No separate fee is charged by the Program Administrators. The Program Manager pays an annual fee equal to one and one quarter basis points on total Program assets to the Program Administrators to help defray the costs of administering the New York Program. This payment is not deducted directly from any Accounts. 6 This total is assessed against assets over the course of the year and does not include sales charges or the Annual Account Maintenance Fee. Please refer to the Hypothetical Expense Examples below that show the total assumed investment cost over 1-, 3-, 5-, and 10-year periods. 7 An annual Account Maintenance Fee of $25 will be assessed on an Account (at the Account level and not at the level) unless the aggregate value of all Units held in all Accounts of the Account Owner for the same Beneficiary in the Advisor Plan equals or exceeds $25,000 at the time the Account fee is assessed. The fee will be assessed during the month following the anniversary date of the Account opening, beginning 12 months after the Account is opened. If an Account Owner makes a full withdrawal from the Account prior to the anniversary date in a given year, a prorated per quarter Account Maintenance Fee may be charged against the withdrawal. Page 9

Hypothetical Expense Examples The Hypothetical Expense Example Table beginning on page 28 of the Disclosure Booklet is hereby deleted in its entirety and replaced with the following: Unit Class Number of Years You Own Your Units 1 Year 3 Years 5 Years 10 Years JPMorgan 529 Aggressive / Class A (with or without redemption) $658 $937 $1,235 $2,067 JPMorgan 529 Aggressive Age-Based (Beneficiary Age 0-5 Years) Class B (redemption at end of the period) 715 963 1,336 2,245 Class B (no redemption) 215 663 1,136 2,245 Class C (redemption at end of the period) 315 663 1,136 2,440 Class C (no redemption) 215 663 1,136 2,440 Advisor Class (with or without redemption) 114 353 607 1,323 JPMorgan 529 Moderate Growth / Class A (with or without redemption) 657 934 1,229 2,056 JPMorgan 529 Moderate Growth Age-Based (Beneficiary Age 6-9 Years) Class B (redemption at end of the period) 714 960 1,331 2,234 Class B (no redemption) 214 660 1,131 2,234 Class C (redemption at end of the period) 314 660 1,131 2,430 Class C (no redemption) 214 660 1,131 2,430 Advisor Class (with or without redemption) 113 349 602 1,311 JPMorgan 529 Moderate / Class A (with or without redemption) 652 920 1,204 2,001 JPMorgan 529 Moderate Age-Based (Beneficiary Age 10-12 Years) Class B (redemption at end of the period) 709 944 1,305 2,180 Class B (no redemption) 209 644 1,105 2,180 Class C (redemption at end of the period) 309 644 1,105 2,377 Class C (no redemption) 209 644 1,105 2,377 Advisor Class (with or without redemption) 108 334 575 1,252 JPMorgan 529 Conservative Growth / Class A (with or without redemption) 647 902 1,173 1,935 JPMorgan 529 Conservative Growth Age-Based (Beneficiary Age 13-14 Years) Class B (redemption at end of the period) 703 926 1,274 2,114 Class B (no redemption) 203 626 1,074 2,114 Class C (redemption at end of the period) 303 626 1,074 2,312 Class C (no redemption) 203 626 1,074 2,312 Advisor Class (with or without redemption) 102 315 542 1,180 JPMorgan 529 Conservative / Class A (with or without redemption) 568 814 1,077 1,814 JPMorgan 529 Conservative Age-Based (Beneficiary Age 15-17 Years) Class B (redemption at end of the period) 698 911 1,248 2,060 Class B (no redemption) 198 611 1,048 2,060 Class C (redemption at end of the period) 298 611 1,048 2,259 Class C (no redemption) 198 611 1,048 2,259 Advisor Class (with or without redemption) 97 299 515 1,121 JPMorgan 529 College / Class A (with or without redemption) 557 781 1,020 1,690 JPMorgan 529 College Age-Based (Beneficiary Age 18 Years and Over) Class B (redemption at end of the period) 687 877 1,191 1,938 Class B (no redemption) 187 577 991 1,938 Class C (redemption at end of the period) 287 577 991 2,139 Class C (no redemption) 187 577 991 2,139 Advisor Class (with or without redemption) 85 264 454 988 JPMorgan 529 All Fixed Income Class A (with or without redemption) 563 799 1,051 1,758 Class B (redemption at end of the period) 693 895 1,222 2,004 Class B (no redemption) 193 595 1,022 2,004 Class C (redemption at end of the period) 293 595 1,022 2,205 Class C (no redemption) 193 595 1,022 2,205 Advisor Class (with or without redemption) 91 283 487 1,060 Page 10

Unit Class Number of Years You Own Your Units 1 Year 3 Years 5 Years 10 Years JPMorgan 529 Equity Income Class A (with or without redemption) $653 $922 $1,209 $2,012 Class B (redemption at end of the period) 710 948 1,310 2,190 Class B (no redemption) 210 648 1,110 2,190 Class C (redemption at end of the period) 310 648 1,110 2,387 Class C (no redemption) 210 648 1,110 2,387 Advisor Class (with or without redemption) 109 337 580 1,264 JPMorgan 529 Growth Advantage Class A (with or without redemption) 677 996 1,335 2,282 Class B (redemption at end of the period) 735 1,024 1,439 2,458 Class B (no redemption) 235 724 1,239 2,458 Class C (redemption at end of the period) 335 724 1,239 2,650 Class C (no redemption) 235 724 1,239 2,650 Advisor Class (with or without redemption) 134 415 715 1,556 JPMorgan 529 Large Cap Growth Class A (with or without redemption) 662 949 1,255 2,110 Class B (redemption at end of the period) 719 975 1,357 2,288 Class B (no redemption) 219 675 1,157 2,288 Class C (redemption at end of the period) 319 675 1,157 2,483 Class C (no redemption) 219 675 1,157 2,483 Advisor Class (with or without redemption) 118 365 629 1,370 JPMorgan 529 Mid Cap Value Class A (with or without redemption) 674 988 1,320 2,250 Class B (redemption at end of the period) 732 1,015 1,423 2,426 Class B (no redemption) 232 715 1,223 2,426 Class C (redemption at end of the period) 332 715 1,223 2,619 Class C (no redemption) 232 715 1,223 2,619 Advisor Class (with or without redemption) 131 406 699 1,521 JPMorgan 529 Small Cap Growth Class A (with or without redemption) 675 990 1,325 2,260 Class B (redemption at end of the period) 733 1,018 1,428 2,437 Class B (no redemption) 233 718 1,228 2,437 Class C (redemption at end of the period) 333 718 1,228 2,629 Class C (no redemption) 233 718 1,228 2,629 Advisor Class (with or without redemption) 132 409 704 1,533 JPMorgan 529 Small Cap Value Class A (with or without redemption) 683 1,014 1,366 2,345 Class B (redemption at end of the period) 741 1,042 1,469 2,521 Class B (no redemption) 241 742 1,269 2,521 Class C (redemption at end of the period) 341 742 1,269 2,712 Class C (no redemption) 241 742 1,269 2,712 Advisor Class (with or without redemption) 140 434 747 1,625 SSgA 529 Russell 3000 ETF Class A (with or without redemption) 613 797 993 1,543 Class C (redemption at end of the period) 268 518 891 1,930 Class C (no redemption) 168 518 891 1,930 Advisor Class (with or without redemption) 66 203 349 755 Page 11

Unit Class Number of Years You Own Your Units 1 Year 3 Years 5 Years 10 Years SSgA 529 S&P 600 Small Cap ETF Class A (with or without redemption) $618 $812 $1,019 $1,600 Class B (redemption at end of the period) 673 834 1,117 1,781 Class B (no redemption) 173 534 917 1,781 Class C (redemption at end of the period) 273 534 917 1,985 Class C (no redemption) 173 534 917 1,985 Advisor Class (with or without redemption) 71 219 377 817 JPMorgan 529 International Equity Class A (with or without redemption) 681 1,008 1,356 2,324 Class B (redemption at end of the period) 739 1,036 1,459 2,500 Class B (no redemption) 239 736 1,259 2,500 Class C (redemption at end of the period) 339 736 1,259 2,691 Class C (no redemption) 239 736 1,259 2,691 Advisor Class (with or without redemption) 138 428 737 1,602 SSgA 529 MSCI ACWI ex-us ETF Class A (with or without redemption) 632 857 1,097 1,769 Class C (redemption at end of the period) 288 580 996 2,150 Class C (no redemption) 188 580 996 2,150 Advisor Class (with or without redemption) 86 267 460 1,000 SSgA 529 S&P World ex-us ETF Class A (with or without redemption) 636 869 1,117 1,814 Class C (redemption at end of the period) 292 592 1,017 2,194 Class C (no redemption) 192 592 1,017 2,194 Advisor Class (with or without redemption) 90 280 482 1,048 JPMorgan 529 Realty Income Class A (with or without redemption) 674 985 1,315 2,239 Class C (redemption at end of the period) 331 712 1,218 2,608 Class C (no redemption) 231 712 1,218 2,608 Advisor Class (with or without redemption) 130 403 694 1,509 JPMorgan 529 Core Bond Class A (with or without redemption) 488 726 980 1,691 Class B (redemption at end of the period) 693 895 1,222 2,004 Class B (no redemption) 193 595 1,022 2,004 Class C (redemption at end of the period) 283 565 970 2,095 Class C (no redemption) 183 565 970 2,095 Advisor Class (with or without redemption) 91 283 487 1,060 JPMorgan 529 Real Return Class A (with or without redemption) 502 769 1,052 1,848 Class C (redemption at end of the period) 297 608 1,043 2,248 Class C (no redemption) 197 608 1,043 2,248 Advisor Class (with or without redemption) 106 327 564 1,228 JPMorgan 529 Short Duration Bond Class A (with or without redemption) 484 711 954 1,635 Class C (redemption at end of the period) 278 549 943 2,041 Class C (no redemption) 178 549 943 2,041 Advisor Class (with or without redemption) 86 267 460 1,000 JPMorgan 529 Prime Money Market Class A (with or without redemption) 103 318 547 1,192 Class B (redemption at end of the period) 679 852 1,149 1,849 Class B (no redemption) 179 552 949 1,849 Class C (redemption at end of the period) 279 552 949 2,052 Class C (no redemption) 179 552 949 2,052 Advisor Class (with or without redemption) 77 239 410 890 Page 12

Contributions by Check The second paragraph of the section titled Contributions by Check beginning on page 36 of the Disclosure Booklet is hereby deleted in its entirety and replaced with the following: For established Accounts, the Account number should be included on the check. Contributions may be made directly to an existing Account by checks payable to New York s 529 Advisor-Guided College Savings Program. You may endorse checks not exceeding $10,000 payable to the Account Owner or Beneficiary to New York s 529 Advisor-Guided College Savings Program. In addition to your contributions, third parties, such as families and friends or your business, can make contributions to an Account. However, you remain in control of your Account. Contributions to an Account by third parties are not generally deductible from New York taxable income by the third party or the Account Owner. Please contact the New York State Department of Taxation and Finance to see if the contribution qualifies for a deduction. Spousal Contribution The paragraph titled Spousal Contribution on page 37 of the Disclosure Booklet is hereby deleted in its entirety and replaced with the following: Your spouse can contribute to your Account and those contributions may be eligible for the New York State tax deduction if you file a joint New York State income tax return. If a contribution check is from your spouse s individual bank account, the Program will generally treat it as a contribution made by a third party, and it will not be deductible from New York taxable income by the third party or the Account Owner. Please contact the New York State Department of Taxation and Finance to see if the contribution qualifies for a deduction. State Income Tax Benefits The first sentence of the second paragraph of the section titled State Income Tax Benefits on page 47 of the Disclosure Booklet is hereby deleted in its entirety and replaced with the following: Contributions by an Account Owner (or his or her spouse) may be deductible in computing the Account Owner s New York taxable income for New York personal income tax purposes in an amount not to exceed $5,000 taken together for all contributions to all Program Accounts of the Account Owner in any taxable year (and only to the extent not deductible or eligible for credit for federal income tax purposes). The fourth paragraph of the section titled State Income Tax Benefits on page 47 of the Disclosure Booklet is hereby deleted in its entirety and replaced with the following: Contributions to an account by a non-account Owner are generally not deductible from New York State taxable income by the third party or the Account Owner. Please contact the New York State Department of Taxation and Finance to see if the contribution qualifies for a deduction. Interest Rate Risk The paragraph titled Interest Rate Risk under Main Risks Applicable to the Underlying Funds Advised by JPMIM beginning on page 68 of the Disclosure Booklet is hereby deleted in its entirety and replaced with the following: Interest Rate Risk. An Underlying Fund s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Underlying Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Given the historically low interest rate environment, risks associated with rising rates are heightened. Redemption Risk With respect to the JPMorgan High Yield Fund, JPMorgan Emerging Markets Debt Fund, JPMorgan Core Bond Fund, JPMorgan Corporate Bond Fund, JPMorgan Inflation Managed Bond Fund and JPMorgan Prime Money Market Fund, the paragraph titled Redemption Risk under Main Risks Applicable to the Underlying Funds Advised by JPMIM beginning on page 68 of the Disclosure Booklet is hereby deleted in its entirety and replaced with the following: Transactions Risk. The Underlying Funds and s could experience a loss and their 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 an Underlying Fund or shares may adversely affect an Underlying Fund s or s performance to the extent that an Underlying Fund or is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE ADVISOR-GUIDED PLAN DISCLOSURE BOOKLET AND TUITION SAVINGS AGREEMENT FOR FUTURE REFERENCE Page 13

NEW YORK S 529 ADVISOR-GUIDED COLLEGE SAVINGS PROGRAM Supplement dated March 2015 to the Advisor-Guided Plan Disclosure Booklet and Tuition Savings Agreement dated August 2014 Effective April 1, 2015, the section titled Class A Sales Charge Breakpoint Discounts on page 34 of the Disclosure Booklet will be deleted in its entirety and replaced with the following: Class A Sales Charge Breakpoint Discounts You can reduce the initial sales charge you pay on Class A Units by using Rights of Accumulation or a Letter of Intent. Each of these methods for reducing the initial sales charge on Class A Units is described below. In taking advantage of these methods for reducing the initial sales charge you will pay, you may link purchases of Units or shares of J.P. Morgan Funds in which you invest (as described below) even if such Units or shares are held in accounts with different financial advisory firms. You can not include any investments in the JPMorgan 529 Prime Money Market when calculating the reduced sales charges. In order to obtain any breakpoint reduction in the initial sales charge by utilizing either the Rights of Accumulation or Letter of Intent privileges, you must, before each purchase of Class A Units, inform your financial advisory firm or the Advisor Plan if you have any of the types of accounts described below that can be aggregated with your current investment in Class A Units to reduce the applicable sales charge. Class A, Class B and Class C Units or shares of the J.P. Morgan Funds held in the following may be aggregated with new investments in order to calculate the applicable initial sales charge: 1. Your Account(s); 2. Account(s) of your spouse or domestic partner; 3. Account(s) of children under the age of 21 who share your residential address, including UGMA/ UTMA custodial accounts; and 4. Account(s) established as trust accounts by any of the individuals in items (1) through (3) above. If the person(s) who established the trust is deceased, the trust account may be aggregated with the Account(s) of the primary beneficiary of the trust. You can also aggregate your purchase of Class A Units with the current market value of any Class A, Class B or Class C shares in the J.P. Morgan Funds held in (a) your solely controlled business accounts; and (b) singleparticipant retirement plans of any of the individuals in items (1) through (3) above. In order to verify your eligibility for a reduced sales charge, you may be required to provide appropriate documentation, such as an account statement or the social security or tax identification number on an account, so that the Advisor Plan may confirm (1) the value of each of your accounts invested in the Advisor Plan and in J.P. Morgan Funds and (2) the value of the accounts owned by your spouse or domestic partner and by children under the age of 21 who share your residential address. Certain financial advisory firms may not participate in extending the Rights of Accumulation or Letter of Intent privileges to your holdings in J.P. Morgan Fund shares. Please check with your financial advisor to determine whether your financial advisory firm makes these privileges available with respect to your J.P. Morgan Fund investments. Rights of Accumulation For Class A Units, an initial sales charge can be reduced by breakpoint discounts based on the size of a single contribution or through Rights of Accumulation (ROA). An ROA applies to Account Owners who make a series of additional contributions to any (s). If the combined value of Class A, Class B or Class C Units or J.P Morgan Mutual Fund shares held by you or an immediate family member (as described above) reaches a breakpoint discount level, your next contribution will receive the lower sales charge. Letter of Intent By signing a Letter of Intent, an Account Owner may combine the value of Class A, Class B and Class C Units or J.P Morgan shares he already owns with the value of Class A and/or Class C Units or J.P. Morgan Fund shares the Account Owner plans to buy over a 13-month period to calculate the initial sales charge and any breakpoint discounts. Each purchase that the Account Owner makes during that period will receive the sales charge and breakpoint discount that applies to the total amount the Account Owner plans to 529-SUPP-315

buy. The 13-month Letter of Intent period commences on the day that the Letter of Intent is received by the Advisor Plan or your financial advisory firm, and you must inform your financial advisory firm or the Advisor Plan that you have a Letter of Intent each time you make an investment. Purchases submitted prior to the date the Letter of Intent is received by the Advisor Plan or your financial advisory firm are considered only in determining the level of sales charge that will be paid pursuant to the Letter of Intent, but the Letter of Intent will not result in any reduction in the amount of any previously-paid sales charge. A percentage of your investment will be held in escrow until the full amount covered by the Letter of Intent has been invested. If the Account Owner does not buy as much as planned within the period of the Letter of Intent, the Account Owner must pay the difference between the sales charges the Account Owner has already paid and the charges that actually apply to the Units that the Account Owner bought or the Advisor Plan will liquidate sufficient escrowed Units to obtain the difference and/or adjust the Account to reflect the correct number of units that would be held after deduction of the sales charge. Calculations made to determine whether a Letter of Intent commitment has been fulfilled will be made on the basis of the amount invested prior to the deduction of any applicable sales charge.