Prospectus by Investment Company (Form 497)

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:

SUP-USEQ-926

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