J.P. MORGAN U.S. EQUITY FUNDS

JPMORGAN TRUST I

JPMorgan Small Cap Blend Fund

JPMorgan Small Cap Equity Fund

JPMorgan U.S. Large Cap Core Plus Fund

JPMORGAN TRUST II

JPMorgan Large Cap Growth Fund

JPMorgan Mid Cap Growth Fund

JPMorgan Small Cap Growth Fund

JPMorgan Small Cap Value Fund

J.P. MORGAN MUTUAL FUND INVESTMENT TRUST

JPMorgan Growth Advantage Fund

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

Supplement dated September 30, 2026

to the current Summary Prospectuses, Prospectuses and

Statement of Additional Information, as supplemented

This Supplement contains new and additional information regarding JPMorgan Growth Advantage Fund, JPMorgan Large Cap Growth Fund, JPMorgan Mid Cap Growth Fund, JPMorgan Small Cap Blend Fund, JPMorgan Small Cap Equity Fund, JPMorgan Small Cap Growth Fund, JPMorgan Small Cap Value Fund, and JPMorgan U.S. Large Cap Core Plus Fund and should be read in connection with your Statutory Prospectus and Statement of Additional Information (“SAI”).

The Board of Trustees (the “Board”) of JPMorgan Trust I, JPMorgan Trust II, and J.P. Morgan Mutual Fund Investment Trust has approved a reverse share split of the issued and outstanding shares of certain share classes (the “Reverse Share Split”) of each of the JPMorgan Growth Advantage Fund, JPMorgan Large Cap Growth Fund, JPMorgan Mid Cap Growth Fund, JPMorgan Small Cap Blend Fund, JPMorgan Small Cap Equity Fund, JPMorgan Small Cap Growth Fund, JPMorgan Small Cap Value Fund, and JPMorgan U.S. Large Cap Core Plus Fund (each a “Fund” and collectively, the “Funds”). The table below provides the decimal conversion ratio for the Reverse Share Split for the issued and outstanding shares of each applicable share class of each Fund and an example of the result of the Reverse Share Split for an account holding 100 shares of that class of that Fund:

 

Fund   Ticker   Share
Class		   Reverse Share
Split Decimal
Conversion
Ratio		   Number of
Shares
Prior to
Reverse
Share Split		   Number of
Shares
After
Reverse
Share Split
JPMorgan Growth Advantage Fund   JGACX   Class C   0.6373   100   63.73
JPMorgan Growth Advantage Fund   VHIAX   Class A   0.8677   100   86.77
JPMorgan Growth Advantage Fund   JGTTX   Class R3   0.8654   100   86.54
JPMorgan Growth Advantage Fund   JGRJX   Class R2   0.8391   100   83.91
JPMorgan Growth Advantage Fund   JGTUX   Class R4   0.9374   100   93.74
JPMorgan Growth Advantage Fund   JGASX   Class I   0.9373   100   93.73
JPMorgan Large Cap Growth Fund   OLGAX   Class A   0.9097   100   90.97
JPMorgan Large Cap Growth Fund   JLGPX   Class R3   0.9165   100   91.65
JPMorgan Large Cap Growth Fund   JLGQX   Class R4   0.9422   100   94.22
JPMorgan Large Cap Growth Fund   SEEGX   Class I   0.9446   100   94.46
JPMorgan Large Cap Growth Fund   OLGCX   Class C   0.5509   100   55.09
JPMorgan Large Cap Growth Fund   JLGZX   Class R2   0.8380   100   83.80
JPMorgan Mid Cap Growth Fund   OSGIX   Class A   0.7318   100   73.18

 

SUP-USEQ-926

Fund   Ticker   Share
Class		   Reverse Share
Split Decimal
Conversion
Ratio		   Number of
Shares
Prior to
Reverse
Share Split		   Number of
Shares
After
Reverse
Share Split
JPMorgan Mid Cap Growth Fund   JMGZX   Class R2   0.8214   100   82.14
JPMorgan Mid Cap Growth Fund   OMGCX   Class C   0.4246   100   42.46
JPMorgan Mid Cap Growth Fund   JMGPX   Class R3   0.9182   100   91.82
JPMorgan Small Cap Blend Fund   VSCOX   Class A   0.7884   100   78.84
JPMorgan Small Cap Blend Fund   VSCCX   Class C   0.4338   100   43.38
JPMorgan Small Cap Equity Fund   VSEAX   Class A   0.7137   100   71.37
JPMorgan Small Cap Equity Fund   JSECX   Class C   0.2516   100   25.16
JPMorgan Small Cap Equity Fund   JSEPX   Class R3   0.7005   100   70.05
JPMorgan Small Cap Equity Fund   JSEZX   Class R2   0.6704   100   67.04
JPMorgan Small Cap Growth Fund   OSGCX   Class C   0.4173   100   41.73
JPMorgan Small Cap Growth Fund   PGSGX   Class A   0.7790   100   77.90
JPMorgan Small Cap Growth Fund   JSGZX   Class R2   0.7212   100   72.12
JPMorgan Small Cap Growth Fund   JGRQX   Class R3   0.7771   100   77.71
JPMorgan Small Cap Growth Fund   JGLYX   Class R4   0.7958   100   79.58
JPMorgan Small Cap Growth Fund   OGGFX   Class I   0.9274   100   92.74
JPMorgan Small Cap Value Fund   OSVCX   Class C   0.5754   100   57.54
JPMorgan Small Cap Value Fund   PSOAX   Class A   0.8847   100   88.47
JPMorgan Small Cap Value Fund   JSVZX   Class R2   0.8617   100   86.17
JPMorgan Small Cap Value Fund   JSVPX   Class R3   0.8818   100   88.18
JPMorgan U.S. Large Cap Core Plus Fund   JLCAX   Class A   0.9222   100   92.22
JPMorgan U.S. Large Cap Core Plus Fund   JLPCX   Class C   0.6916   100   69.16
JPMorgan U.S. Large Cap Core Plus Fund   JLPZX   Class R2   0.7852   100   78.52

The Reverse Share Split will be completed after the close of business on or about October 23, 2026 (“Effective Date”).

As a result of the Reverse Share Split, for each share of an applicable class of a Fund a shareholder holds as of the Effective Date, the shareholder will receive a proportional number of shares of the same class of the same Fund with the same aggregate dollar value. Thus, the total dollar value of an investment in the applicable share classes of a Fund will be unchanged, and each shareholder will continue to own the same percentage (by value) of the same Fund immediately following the Reverse Share Split as the shareholder did immediately prior to the Reverse Share Split. The Reverse Share Split will not be a taxable event and will not have an impact on a Fund’s holdings or performance. No changes are contemplated at this time for the other share classes offered by the Funds.

The shares of an applicable class of a Fund impacted by the Reverse Share Split will be offered, sold and redeemed on a Reverse Share Split-adjusted basis beginning on the first business day following the Reverse Share Split. A shareholder’s next account statement after the Reverse Share Split is completed will reflect the Reverse Share Split.

Reasons for the Reverse Share Split

The Board approved the Reverse Share Split in order to bring the net asset value per share (“NAV”) of the applicable share classes of a Fund into better alignment with the NAVs of the Fund’s other share classes and reduce the variances between these NAVs that currently exist. This is intended to reduce marketplace confusion and bring greater uniformity to the ratio of capital gains to the NAV across all share classes of a Fund.

 

INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE SUMMARY PROSPECTUSES, PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE