JPMORGAN TRUST I
J.P. Morgan Income Funds
JPMorgan Corporate Bond Fund
JPMorgan Emerging Markets Debt Fund
JPMorgan Floating Rate Income Fund
JPMorgan Global Bond Opportunities Fund
JPMorgan Income Fund
JPMorgan Short Duration Core Plus Fund
JPMorgan Strategic Income Opportunities Fund
J.P. Morgan Municipal Bond Funds
JPMorgan California Tax Free Bond Fund
JPMorgan New York Tax Free Bond Fund
JPMorgan SmartRetirement Funds
JPMorgan SmartRetirement® Income 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
J.P. Morgan U.S. Equity Funds
JPMorgan Diversified Fund
JPMorgan Hedged Equity Fund
JPMorgan Mid Cap Equity Fund
JPMorgan Small Cap Blend Fund
JPMorgan Small Cap Equity Fund
JPMorgan U.S. Equity Fund
JPMorgan U.S. GARP Equity Fund
JPMorgan U.S. Large Cap Core Plus Fund
JPMorgan U.S. Research Enhanced Equity Fund
JPMorgan U.S. Small Company Fund
JPMorgan U.S. Sustainable Leaders Fund
JPMorgan U.S. Value Fund
JPMorgan Value Advantage Fund
J.P. Morgan International Equity Funds
JPMorgan Developed International Value Fund
JPMorgan Emerging Markets Equity Fund
JPMorgan Europe Dynamic Fund
JPMorgan International Equity Fund
JPMorgan International Focus Fund
J.P. Morgan Funds
JPMorgan Global Allocation Fund
JPMorgan Income Builder Fund
J.P. Morgan Specialty Funds
JPMorgan Research Market Neutral Fund
J.P. Morgan Tax Aware Funds
JPMorgan Tax Aware Real Return Fund
JPMORGAN TRUST II
J.P. Morgan Income Funds
JPMorgan Core Bond Fund
JPMorgan Core Plus Bond Fund
JPMorgan Government Bond Fund
JPMorgan High Yield Fund
JPMorgan Short Duration Bond Fund
J.P. Morgan Municipal Bond Funds
JPMorgan Short-Intermediate Municipal Bond Fund
JPMorgan Tax Free Bond Fund
J.P. Morgan Investor Funds
JPMorgan Investor Balanced Fund
JPMorgan Investor Conservative Growth Fund
JPMorgan Investor Growth Fund
JPMorgan Investor Growth & Income Fund
J.P. Morgan U.S. Equity Funds
JPMorgan Equity Income Fund
JPMorgan Equity Index Fund
JPMorgan Large Cap Growth Fund
JPMorgan Large Cap Value Fund
JPMorgan Mid Cap Growth Fund
JPMorgan Small Cap Growth Fund
JPMorgan Small Cap Value Fund
JPMorgan SMID Cap Equity Fund
JPMORGAN TRUST IV
J.P. Morgan Municipal Bond Funds
JPMorgan Ultra-Short Municipal Fund
SUP-MF-326-2
JPMorgan SmartRetirement Funds
JPMorgan SmartRetirement® 2065 Fund
JPMorgan SmartRetirement® 2070 Fund
J.P. Morgan Income Funds
JPMorgan Preferred and Income Securities Fund
J.P. Morgan U.S. Equity Funds
JPMorgan Equity Premium Income Fund
JPMorgan Hedged Equity 2 Fund
JPMorgan Hedged Equity 3 Fund
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
Undiscovered Managers Behavioral Value Fund
(Class A and Class C Shares)
JPMORGAN TRUST I
J.P. Morgan Money Market Funds
JPMorgan 100% U.S. Treasury Securities Money Market Fund
JPMorgan California Municipal Money Market Fund
JPMorgan Federal Money Market Fund
JPMorgan New York Municipal Money Market Fund
JPMorgan Prime Money Market Fund
JPMorgan Tax Free Money Market Fund
JPMORGAN TRUST II
J.P. Morgan Money Market Funds
JPMorgan Liquid Assets Money Market Fund
JPMorgan Municipal Money Market Fund
JPMorgan U.S. Government Money Market Fund
JPMorgan U.S. Treasury Plus Money Market Fund
(Morgan and Reserve Shares)
(each, a “Fund” and together, the “Funds”)
Supplement dated March 31, 2026
to the current Prospectuses as supplemented
Effective April 1, 2026, the following will be added to the end of the “Appendix A — Financial Intermediary-Specific Sales Charge Waivers” section of each prospectus:
WAIVERS APPLICABLE TO PURCHASES THROUGH WELLS FARGO CLEARING SERVICES, LLC AND WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC (COLLECTIVELY “WELLS FARGO ADVISORS”)
Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms.
Effective April 1, 2026, shareholders purchasing Fund shares through a Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network LLC (“collectively, Wells Fargo Advisors”) account are eligible for the following sales charge discounts and waivers, which can differ from discounts and waivers described elsewhere in this Fund’s Prospectus or Statement of Additional Information (“SAI”). In all instances, it is the investor’s responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.
Front-end Sales Load Waivers on Class A Shares available at Wells Fargo Advisors
Wells Fargo Advisors shareholders purchasing or exchanging to Class A shares of a Fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:
| • | Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor’s employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV. |
| • | Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same Fund. |
| • | Shares purchased through WellsTrade, the firm’s online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge. |
Contingent Deferred Sales Charge (“CDSC”) information at Wells Fargo Advisors
| • | Contingent deferred sales charges (CDSC) imposed on Fund redemptions will not be rebated based on future purchases. Generally, CDSC, including waivers, are applicable as described in the prospectus. |
Front-end Load Discounts Available at Wells Fargo Advisors
Wells Fargo Advisors shareholders purchasing Class A Shares of a Fund through Wells Fargo Advisors brokerage accounts will follow the aggregation rules for breakpoint discounts as described in the prospectus, except as follows:
| • | Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client’s personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan. |
| • | Effective April 1, 2026, Employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans. |
| • | Gift of shares will not be considered when determining breakpoint discounts. |
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE
PROSPECTUSES FOR FUTURE REFERENCE