# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0001193125-23-066212
**Filing Date:** 2023-3
**Character Count:** 51637
**Document Hash:** 56bcedca68dcfd649d2bfcd2baf0a497
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-066212.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0001193125-23-066212

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**EFFECTIVENESS DATE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMorgan Trust I
- **CENTRAL INDEX KEY:** 0001217286
- **IRS NUMBER:** 331043149
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-103022
- **FILM NUMBER:** 23720425

**BUSINESS ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172
- **BUSINESS PHONE:** 800-480-4111

**MAIL ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JP MORGAN MUTUAL FUND SERIES
- **DATE OF NAME CHANGE:** 20030204

## Series and Classes Contracts Data

### JPMorgan California Tax Free Bond Fund (Series ID: S000002945)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class I    | JPICX         | C000008059 |
| Class A    | JCBAX         | C000008060 |
| Class C    | JCBCX         | C000008061 |
| Class R6   | JCBSX         | C000205201 |

---

### JPMorgan National Municipal Income Fund (Series ID: S000002946)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class I    | JITIX         | C000008063 |
| Class A    | JITAX         | C000008064 |
| Class C    | JITCX         | C000008066 |
| Class R6   | JITZX         | C000195047 |

---

### JPMorgan New York Tax Free Bond Fund (Series ID: S000002948)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class I    | JNYIX         | C000008072 |
| Class A    | VANTX         | C000008073 |
| Class C    | JCNTX         | C000008075 |
| Class R6   | VINRX         | C000205202 |

---

### JPMorgan High Yield Municipal Fund (Series ID: S000018749)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class I    | JTISX         | C000051893 |
| Class A    | JTIAX         | C000051894 |
| Class C    | JTICX         | C000051895 |
| Class R6   | JTIRX         | C000205663 |

---

## Series and Classes Contracts Data

### JPMorgan California Tax Free Bond Fund (Series ID: S000002945)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000008059 | Class I      | JPICX           |
| C000008060 | Class A      | JCBAX           |
| C000008061 | Class C      | JCBCX           |
| C000205201 | Class R6     | JCBSX           |

### JPMorgan National Municipal Income Fund (Series ID: S000002946)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000008063 | Class I      | JITIX           |
| C000008064 | Class A      | JITAX           |
| C000008066 | Class C      | JITCX           |
| C000195047 | Class R6     | JITZX           |

### JPMorgan New York Tax Free Bond Fund (Series ID: S000002948)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000008072 | Class I      | JNYIX           |
| C000008073 | Class A      | VANTX           |
| C000008075 | Class C      | JCNTX           |
| C000205202 | Class R6     | VINRX           |

### JPMorgan High Yield Municipal Fund (Series ID: S000018749)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000051893 | Class I      | JTISX           |
| C000051894 | Class A      | JTIAX           |
| C000051895 | Class C      | JTICX           |
| C000205663 | Class R6     | JTIRX           |

**J.P. MORGAN Trust I** 

**JPMorgan Intermediate Tax Free Bond Fund** 

*(the "Fund,")* 

*(All Share Classes)* 

**Supplement dated March 9, 2023** 

**to the current Prospectuses, as supplemented** 

As previously supplemented on August 17, 2022, the following changes were effective as of September 1, 2022 (the "Effective Date"):

**<u>Fund Name Change</u>**

As of the Effective Date, the Fund's new name will be: JPMorgan National Municipal Income Fund.

**<u>Average Weighted Maturity</u>**

Also as of the Effective Date, under the section of the Fund's Prospectuses and Summary Prospectuses titled "**What are the Fund's main investment strategies?**" the first sentence of the eighth paragraph is hereby deleted and replaced with the following:

The average weighted maturity of the Fund's portfolio will be between three and twelve years.

**INVESTORS SHOULD RETAIN THIS SUPPLEMENT** 

**WITH THE PROSPECTUSES FOR FUTURE REFERENCE** 

**SUP-NMN-822-2** 

------

**J.P. MORGAN MUNICIPAL BOND FUNDS** 

**JPMorgan California Tax Free Bond Fund** 

**JPMorgan New York Tax Free Bond Fund** 

*(the "Funds")* 

*(a series of JPMorgan Trust I)* 

*(All Share Classes)* 

**Supplement dated March 9, 2023** 

**to the current Prospectuses, as supplemented** 

As previously supplemented on September 12, 2022, effective November 1, 2022 (the "effective date"), expense caps for all share classes of the Funds were revised. Therefore, on the effective date the "Annual Fund Operating Expenses" and "Example" tables in the Summary Prospectuses and Prospectuses for the Funds were deleted in their entirety and replaced with the corresponding tables below:

For the California Tax Free Bond Fund:

*<u>Class A, Class C and Class I Shares</u>*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **ANNUAL FUND OPERATING EXPENSES**<br> **(Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **ANNUAL FUND OPERATING EXPENSES**<br> **(Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **ANNUAL FUND OPERATING EXPENSES**<br> **(Expenses that you pay each year as a percentage of the value of your investment)** | |
|  | **Class A** | **Class C** |<br>**Class I** |
| &nbsp;&nbsp;&nbsp;**Management Fees** | 0.30% | 0.30% | 0.30% |
| &nbsp;&nbsp;&nbsp;**Distribution (Rule 12b-1) Fees** | 0.25 | 0.75 |  |
| &nbsp;&nbsp;&nbsp;**Other Expenses** | 0.39 | 0.38 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Service Fees** | 0.25 | 0.25 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Remainder of Other Expenses** | 0.14 | 0.13 | 0.13 |
| &nbsp;&nbsp;&nbsp;**Total Annual Fund Operating Expenses** | 0.94 | 1.43 | 0.68 |
| &nbsp;&nbsp;&nbsp;**Fee Waivers and/or Expense Reimbursements** | -0.39 | -0.38 | -0.23 |
| &nbsp;&nbsp;&nbsp;**Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements** | 0.55 | 1.05 | 0.45 |

---

---

| | |
|:---|:---|
| 1 | The Fund's adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 0.55%, 1.05% and 0.45% of the average daily net assets of Class A, Class C and Class I Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund's adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund's investment in such money market funds for all Share Classes. These waivers are in effect through 10/31/23, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund's investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments.  |

---

**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 fee table through 10/31/23 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:** | | | | |
|  |<br>**1 Year** |<br>**3 Years** |<br>**5 Years** |<br>**10 Years** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES ($)** | 429 | 626 | 839 | 1452 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES ($)** | 207 | 415 | 745 | 1547 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES ($)** | 46 | 194 | 356 | 825 |

---

**SUP-CANYTFB-922-2** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:** | &nbsp;&nbsp;&nbsp;**IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:** | &nbsp;&nbsp;&nbsp;**IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:** | | |
|  | **1 Year** | **3 Years** |<br>**5 Years** |<br>**10 Years** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES ($)** | 429 | 626 | 839 | 1452 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES ($)** | 107 | 415 | 745 | 1547 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES ($)** | 46 | 194 | 356 | 825 |

---

*<u>Class R6 Shares</u>*

---

| | |
|:---|:---|
| &nbsp;&nbsp; **ANNUAL FUND OPERATING EXPENSES**<br> **(Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **ANNUAL FUND OPERATING EXPENSES**<br> **(Expenses that you pay each year as a percentage of the value of your investment)** |
|  | **Class R6** |
| &nbsp;&nbsp;&nbsp;**Management Fees** | 0.30% |
| &nbsp;&nbsp;&nbsp;**Distribution (Rule 12b-1) Fees** |  |
| &nbsp;&nbsp;&nbsp;**Other Expenses** | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Service Fees** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Remainder of Other Expenses** | 0.13 |
| &nbsp;&nbsp;&nbsp;**Total Annual Fund Operating Expenses** | 0.43 |
| &nbsp;&nbsp;&nbsp;**Fee Waivers and/or Expense Reimbursements** | -0.08 |
| &nbsp;&nbsp;&nbsp;**Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements** | 0.35 |

---

---

| | |
|:---|:---|
| 1 | The Fund's adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 0.35% of the average daily net assets of R6 Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund's adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund's investment in such money market funds for all Share Classes. These waivers are in effect through 10/31/23, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund's investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments.  |

---

**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 fee table through 10/31/23 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:** | &nbsp;&nbsp;&nbsp;**WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:** | &nbsp;&nbsp;&nbsp;**WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:** | &nbsp;&nbsp;&nbsp;**WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:** | &nbsp;&nbsp;&nbsp;**WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:** |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;**CLASS R6 SHARES ($)** | 36 | 130 | 233 | 534 |

---

------

For the New York Tax Free Bond Fund:

*<u>Class A, Class C and Class I Shares</u>*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **ANNUAL FUND OPERATING EXPENSES**<br> **(Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **ANNUAL FUND OPERATING EXPENSES**<br> **(Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **ANNUAL FUND OPERATING EXPENSES**<br> **(Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **ANNUAL FUND OPERATING EXPENSES**<br> **(Expenses that you pay each year as a percentage of the value of your investment)** |
|  | **Class A** | **Class C** | **Class I** |
| &nbsp;&nbsp;&nbsp;**Management Fees** | 0.30% | 0.30% | 0.30% |
| &nbsp;&nbsp;&nbsp;**Distribution (Rule 12b-1) Fees** | 0.25 | 0.75 |  |
| &nbsp;&nbsp;&nbsp;**Other Expenses** | 0.39 | 0.39 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Service Fees** | 0.25 | 0.25 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Remainder of Other Expenses** | 0.14 | 0.14 | 0.14 |
| &nbsp;&nbsp;&nbsp;**Total Annual Fund Operating Expenses** | 0.94 | 1.44 | 0.69 |
| &nbsp;&nbsp;&nbsp;**Fee Waivers and/or Expense Reimbursements** | -0.39 | -0.39 | -0.24 |
| &nbsp;&nbsp;&nbsp;**Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements** | 0.55 | 1.05 | 0.45 |

---

---

| | |
|:---|:---|
| 1 | The Fund's adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 0.55%, 1.05% and 0.45% of the average daily net assets of Class A, Class C and Class I Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund's adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund's investment in such money market funds for all Share Classes. These waivers are in effect through 10/31/23, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund's investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments.  |

---

**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 fee table through 10/31/23 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:** | | | | |
|  |<br>**1 Year** |<br>**3 Years** |<br>**5 Years** |<br>**10 Years** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES ($)** | 429 | 626 | 839 | 1452 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES ($)** | 207 | 417 | 750 | 1554 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES ($)** | 46 | 197 | 360 | 836 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:** | &nbsp;&nbsp;&nbsp;**IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:** | &nbsp;&nbsp;&nbsp;**IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:** | | |
|  | **1 Year** | **3 Years** |<br>**5 Years** |<br>**10 Years** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES ($)** | 429 | 626 | 839 | 1452 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES ($)** | 107 | 417 | 750 | 1554 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES ($)** | 46 | 197 | 360 | 836 |

---

------

*<u>Class R6 Shares</u>*

---

| | |
|:---|:---|
| &nbsp;&nbsp; **ANNUAL FUND OPERATING EXPENSES**<br> **(Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **ANNUAL FUND OPERATING EXPENSES**<br> **(Expenses that you pay each year as a percentage of the value of your investment)** |
|  | **Class R6** |
| &nbsp;&nbsp;&nbsp;**Management Fees** | 0.30% |
| &nbsp;&nbsp;&nbsp;**Distribution (Rule 12b-1) Fees** |  |
| &nbsp;&nbsp;&nbsp;**Other Expenses** | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Service Fees** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Remainder of Other Expenses** | 0.13 |
| &nbsp;&nbsp;&nbsp;**Total Annual Fund Operating Expenses** | 0.43 |
| &nbsp;&nbsp;&nbsp;**Fee Waivers and/or Expense Reimbursements** | -0.08 |
| &nbsp;&nbsp;&nbsp;**Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements** | 0.35 |

---

---

| | |
|:---|:---|
| 2 | The Fund's adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 0.35% of the average daily net assets of R6 Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund's adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund's investment in such money market funds for all Share Classes. These waivers are in effect through 10/31/23, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund's investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments.  |

---

**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 fee table through 10/31/23 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:** | &nbsp;&nbsp;&nbsp;**WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:** | &nbsp;&nbsp;&nbsp;**WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:** | &nbsp;&nbsp;&nbsp;**WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:** | &nbsp;&nbsp;&nbsp;**WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:** |
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;**CLASS R6 SHARES ($)** | 36 | 130 | 233 | 534 |

---

**INVESTORS SHOULD RETAIN THIS SUPPLEMENT** 

**WITH THE PROSPECTUSES FOR FUTURE REFERENCE** 

------

**JPMORGAN TRUST I** 

**J.P. Morgan Municipal Bond Funds** 

JPMorgan California Tax Free Bond Fund

JPMorgan High Yield Municipal Fund

JPMorgan National Municipal Income Fund

*(formerly, JPMorgan Intermediate Tax Free Bond Fund)* 

JPMorgan New York Tax Free Bond Fund

**JPMORGAN TRUST II** 

**J.P. Morgan Municipal Bond Funds** 

JPMorgan Short-Intermediate Municipal Bond Fund

JPMorgan Tax Free Bond Fund

JPMorgan Sustainable Municipal Income Fund

*(Class C Shares)* 

*(each a "Fund" and together, the "Funds")* 

**Supplement dated March 9, 2023** 

**to the current Prospectus, as supplemented** 

As previously supplemented on November 22, 2022, effective January 31, 2023, the last paragraph in the **"Exchange Privileges"** section of **"Investing with J.P. Morgan Funds — Exchanging Fund Shares"** in each prospectus was deleted and replaced with the following:

Class C Shares of a Fund may be exchanged for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class C Shares of another J.P. Morgan Fund (except for JPMorgan Prime Money Market Fund). Your new Class C
Shares will be subject to the CDSC of the Fund from which you exchanged, and the current holding period for your exchanged Class C Shares is carried over to your new shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class I, Class L or Class R6 Shares, if available, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reserve Shares of a J.P. Morgan money market fund (except for the JPMorgan Prime Money Market Fund). Reserve Shares
are not subject to an initial sales charge or CDSC. If you exchange Class C Shares that are subject to a CDSC to Reserve Shares, you will not pay a CDSC at the time of the exchange. However, your new Reserve Class Shares will be subject to
the CDSC of the Fund from which you exchanged, and the current holding period for your exchanged Class C Shares will be carried over to your new Reserve Shares. Reserve Shares investment minimums may be waived for Class C shareholders that
convert or exchange their Class C Shares into Reserve Shares of a J.P. Morgan money market fund (except for the JPMorgan Prime Money Market Fund).

**INVESTORS SHOULD RETAIN THIS SUPPLEMENT** 

**WITH THE PROSPECTUS FOR FUTURE REFERENCE** 

**SUP-MF-C-EXCHANGE-1122-3** 

------

**JPMORGAN TRUST I** 

**J.P. Morgan Municipal Bond Funds** 

JPMorgan High Yield Municipal Fund

**JPMORGAN TRUST II** 

**J.P. Morgan Municipal Bond Funds** 

JPMorgan Sustainable Municipal Income Fund

*(All Share Classes)* 

*(each, a "Fund" and collectively, the "Funds")* 

**Supplement dated March 9, 2023** 

**to the current Summary Prospectuses and Prospectuses, as supplemented** 

As previously supplemented on December 15, 2022, at a meeting held on December 12, 2022, the Boards of Trustees agreed to consider in February 2023 the conversion of the following four mutual funds to newly created exchange-traded funds (the "ETFs") (each, a "Conversion"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Equity Focus Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan High Yield Municipal Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Limited Duration Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Sustainable Municipal Income Fund

Each new ETF will be managed in a substantially similar manner as the current mutual funds. If approved by the Boards of Trustees, it is currently proposed that the Conversions would occur on the following dates:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Proposed Conversion Date** |
| &nbsp;&nbsp;&nbsp;JPMorgan High Yield Municipal Fund | July 14, 2023 |
| &nbsp;&nbsp;&nbsp;JPMorgan Sustainable Municipal Income Fund | July 14, 2023 |
| &nbsp;&nbsp;&nbsp;JPMorgan Equity Focus Fund | July 28, 2023 |
| &nbsp;&nbsp;&nbsp;JPMorgan Limited Duration Bond Fund | July 28, 2023 |

---

By converting these strategies to ETFs, J.P. Morgan Investment Management Inc. ("JPMIM"), the investment adviser for the mutual funds, believes shareholders in these mutual funds could benefit from reduced costs, including lower transfer agency costs for certain classes and no Rule 12b-1 or service fees. JPMIM is communicating the proposed plans prior to board approval in order to provide shareholders with ample notice of the proposed Conversions and allow them time to engage with JPMIM on the implications of the proposed transactions, including the need to have a brokerage account prior to the Conversion. It is possible that the Conversions will not be approved or will not occur for other reasons, in which case the changes described herein would not take effect.

Each Conversion generally would consist of (1) the transfer of the mutual fund's assets, subject to its liabilities, to the corresponding shell ETF for shares of the ETF; and (2) the distribution of the ETF shares to the mutual fund shareholders in complete liquidation of the mutual fund. If approved by the Boards of Trustees, no shareholder approval will be required prior to each Conversion; existing shareholders of each mutual fund will receive prior to the Conversion a combined information statement/prospectus describing in detail both the Conversion and the surviving ETF, and summarizing the Board's considerations in approving the Conversion.

When the Conversions are considered, each Board of Trustees, including the Trustees not deemed to be "interested persons" of the mutual funds pursuant to Section 2(a)(19) of the Investment Company Act of 1940, as amended, will need to determine whether the Conversion is in the best interests of the target mutual fund and that the Conversion would not dilute the interests of the mutual fund's shareholders.

**SUP-CONV-ETF-1222-3** 

------

The new ETFs have not commenced investment operations, and it is anticipated that each will not have shareholders prior to the Conversion.

It is anticipated that each Conversion will qualify as a tax-free reorganization for federal income tax purposes and that shareholders will not recognize any gain or loss in connection with the Conversion, except to the extent that they receive cash in connection with the Conversion.

If (and only if) the Conversions are approved, the following changes will take effect on March 1, 2023 (the "Effective Date"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Class A and C Shares of the Funds will be publicly offered only on a limited basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. New accounts may no longer be established directly through JPMorgan Distribution Services, Inc. (the
"Distributor").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No CDSC will be imposed on redemptions of the Class A or Class C Shares of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No sales charge will be imposed on purchases of Class A Shares of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any current Letter of Intent (LOI) under which Class A Shares of a Fund were purchased will be considered
completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Distribution (Rule 12b-1) Fees on all applicable Fund share classes will
be waived.

Further information regarding these changes is included in the table below. **As noted above, each of these changes will be implemented only if the Boards of Trustees approve the Conversions.**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**1. Limited Offering of Class A and C Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On the Effective Date, the following will be added as a new section immediately preceding the "**What is the goal of the Fund?**" section of each Fund's Summary Prospectus for Class A, C and I Shares:<br>Currently, Class A and C Shares of the Fund are publicly offered on a limited basis. (See "Investing with J.P. Morgan Funds — FUNDS SUBJECT TO A LIMITED OFFERING" in the prospectus for more information.)<br>On the Effective Date, the following will be added as a new section for each of the Funds under the heading **"Investing with J.P. Morgan Funds — FUNDS SUBJECT TO A LIMITED OFFERING — Limited Offering of Class A and Class C Shares**":<br>Class A and C Shares (each, a "Limited Class") are publicly offered only on a limited basis and investors are not eligible to purchase a Limited Class except as described below. Except as otherwise described below, shareholders permitted to continue to purchase shares of a Limited Class include existing shareholders of record and, if the shareholder of record is an omnibus account, beneficial owners in that account as of the effective date of the limited offering.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Existing shareholders of each Limited Class may continue to purchase additional shares of the Limited Class in their existing Fund accounts either through J.P. Morgan Funds Services or a Financial Intermediary and may continue to reinvest dividends or capital gains distributions from shares owned in the Fund.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Group Retirement Plans (as defined in the Glossary) (and their successor, related and affiliated plans), which have a Limited Class available may continue to open accounts for new participants and can purchase additional shares in existing participant accounts. |
| &nbsp;&nbsp;&nbsp;**2. No New Accounts Through Distributor** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition, on the Effective Date, the first paragraph of the "**Investing with J.P. Morgan Funds — PURCHASING FUND SHARES**" section of the Prospectuses is deleted in its entirety with respect to the Funds and replaced with the following:<br>Prior to March 1, 2023, you may purchase shares directly from the J.P. Morgan Funds through the Distributor or through your Financial Intermediary. Effective March 1, 2023, new accounts will not be established directly through the Distributor. |
| &nbsp;&nbsp;&nbsp;**3. CDSC Waiver on Class A and C Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition, on the Effective Date, the following paragraph relating to the Funds will be included in the "**Fees and Expenses of the Fund**" section in the Summary Prospectuses and in the "**Risk/Return Summary**" of the Prospectuses and in the "**Investing with J.P. Morgan Funds — SALES CHARGES AND FINANCIAL INTERMEDIARY COMPENSATION — Waiver of the Class A and Class C CDSC**" section of the Prospectuses:<br>Beginning on March 1, 2023, no CDSC will be imposed on redemptions of the Class A or Class C Shares of the Funds. |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**4. Sales Charge Waiver on Class A and C Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition, on the Effective Date, the following will be added to "**Fees and Expenses of the Fund**" section in the Summary Prospectuses and in the "**Risk/Return Summary**" of the Prospectuses and included as the third paragraph in the "**Investing with J.P. Morgan Funds — SALES CHARGES AND FINANCIAL INTERMEDIARY COMPENSATION — Class A Shares**" section of the Prospectuses:<br>Beginning on March 1, 2023, no sales charge will be imposed on purchases of Class A Shares of the Funds. As a result, any subsequent purchases of the Funds will not be eligible assets for future rights of accumulation or letter of intent purchases. |
| &nbsp;&nbsp;&nbsp;**5. Forgiving Letter of Intent Obligations** | In addition, on the Effective Date, the following paragraph relating to the Funds will be included in the "**Investing with J.P. Morgan Funds — SALES CHARGES AND FINANCIAL INTERMEDIARY COMPENSATION — Reducing Your Class A Shares Charges — Letter of Intent**" section of the Prospectuses:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effective March 1, 2023, any current Letter of Intent (LOI) under which Class A Shares of a Fund were purchased will be considered completed. As a result, after that date, commissions to dealers will not be adjusted or paid on the difference between the Letter of Intent amount and the amount actually invested before March 1, 2023. Because an LOI may include Class A purchases of other J.P. Morgan Funds (other than the Funds), this completion will cancel the LOI for all future Class A purchases of those funds. You will need to enter into a new LOI if you want to continue to make Class A purchases in other J.P. Morgan Funds at a reduced front-end sales charge. This change may also apply to the LOIs described in Appendix A — Financial Intermediary-Specific Sales Charge Waivers — Letter of Intent. Please check with your financial intermediary. |
| &nbsp;&nbsp;&nbsp;**6. Waiver of Distribution (12b-1) Fees** | In addition, if the Conversions are approved for the Funds, Distribution (Rule 12b-1) Fees on all applicable Fund share classes will be waived beginning the first day of the month after the Conversions are approved. |

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\* \* \* \* \*

**If the Conversions are approved by the Board, an information statement/prospectus that will be included in a registration statement on Form N-14 will be filed with the Securities and Exchange Commission (the "SEC"). After the registration statement is filed with the SEC, it may be amended or withdrawn and the information statement/prospectus will not be distributed to shareholders unless and until the registration statement is declared effective by the SEC. Investors are urged to read the materials and any other relevant documents when they become available because they will contain important information about the Conversions. After they are filed, free copies of the materials will be available on the SEC's web site at www.sec.gov. These materials also will be available at www.jpmorganfunds.com and a paper copy can be obtained at no charge by calling 1-800-480-4111.** 

**This communication is for informational purposes only and does not constitute an offer of any securities for sale. No offer of securities will be made except pursuant to a prospectus meeting the requirements of Section 10 of the Securities Act of 1933.** 

**INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE** 

**SUMMARY PROSPECTUSES AND PROSPECTUSES FOR FUTURE REFERENCE** 

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**JPMORGAN TRUST I** 

**J.P. Morgan Municipal Bond Funds** 

JPMorgan High Yield Municipal Fund

**JPMORGAN TRUST II** 

**J.P. Morgan Municipal Bond Funds** 

JPMorgan Sustainable Municipal Income Fund

*(All Share Classes)* 

*(each, a "Fund" and collectively, the "Funds")* 

**Supplement dated March 9, 2023** 

**to the Current Summary Prospectuses and Prospectuses, as supplemented** 

As previously supplemented on February 13, 2023, at a meeting held on February 7-9, 2023, each of the Boards of Trustees of JPMorgan Trust I and JPMorgan Trust II (together, the "Board") approved, on behalf of the applicable Funds that it oversees, the Reorganization (as defined below) of each Fund into an exchange-traded fund ("ETF"), which will continue to be managed by J.P. Morgan Investment Management Inc. ("JPMIM"). The Board, including all of the Trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the Funds, determined, with respect to each Reorganization, that participation in the Reorganization is in the best interests of the Fund and the interests of existing shareholders of the Fund will not be diluted as a result of the Reorganization.

Each Fund will be reorganized into an ETF through the reorganization of the Fund into a newly-created ETF (each, an "Acquiring Fund"), each of which is a series of J.P. Morgan Exchange-Traded Fund Trust. Each Fund and its corresponding Acquiring Fund have identical investment objectives and fundamental investment policies and have substantially similar investment strategies. Following the reorganizations, each Fund will be liquidated (each such reorganization and liquidation, a "Reorganization"). The table below sets forth each of the Acquiring Funds and the anticipated schedule for each Reorganization:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Acquiring Fund** | **Closing Date** |
| &nbsp;&nbsp;&nbsp;JPMorgan High Yield Municipal Fund | JPMorgan High Yield Municipal ETF | July 14, 2023 |
| &nbsp;&nbsp;&nbsp;JPMorgan Sustainable Municipal Income Fund | JPMorgan Sustainable Municipal Income ETF | July 14, 2023 |
| &nbsp;&nbsp;&nbsp;JPMorgan Equity Focus Fund | JPMorgan Equity Focus ETF | July 28, 2023 |
| &nbsp;&nbsp;&nbsp;JPMorgan Limited Duration Bond Fund | JPMorgan Limited Duration Bond ETF | July 28, 2023 |

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JPMIM believes that the Reorganizations will provide multiple benefits for investors of the Funds, including lower net expenses (for at least three years from the closing date of each Reorganization), additional trading flexibility, increased portfolio holdings transparency and potential enhanced tax efficiency.

Each Reorganization will be conducted pursuant to an Agreement and Plan of Reorganization and Liquidation (each, a "Plan"). Each Reorganization is structured to be a tax-free reorganization under the U.S. Internal Revenue Code of 1986, as amended. As a result, Fund shareholders generally will not recognize a taxable gain (or loss) for U.S. tax purposes as a result of a Reorganization (except with respect to cash received, as explained elsewhere in this Supplement).

In connection with the Reorganizations, shareholders of each Fund will receive ETF shares of the corresponding Acquiring Fund equal in value to the number of shares of the Fund they own, including a cash payment in lieu of fractional shares of the corresponding Acquiring Fund, which cash payment may be taxable.

**Importantly, in order to receive shares of an Acquiring Fund as part of a Reorganization, Fund shareholders must hold their shares of a Fund through a brokerage account that can accept shares of an ETF (the corresponding Acquiring Fund). If Fund shareholders do not hold their shares of a Fund through that type of brokerage account, they will not receive shares of an Acquiring Fund as part of a Reorganization. For Fund shareholders that do not currently hold their shares of a Fund through a brokerage account that can hold shares of an Acquiring Fund, please see the Q&A that follows for additional actions that such Fund share-**

**SUP-MFCONV-223-3** 

------

 **holders must take to receive shares of an Acquiring Fund as part of a Reorganization. No further action is required for Fund shareholders that hold shares of a Fund through a brokerage account that can hold shares of an Acquiring Fund.** 

Completion of each Reorganization is subject to a number of conditions under the Plan, but shareholders of the Fund are not required to approve the Reorganization. Existing Fund shareholders will receive an information statement/prospectus describing in detail both the Reorganizations and the Acquiring Funds, and summarizing the Board's considerations in approving the Reorganizations.

Now that the Reorganizations have been approved, the actions described in the Supplement dated December 15, 2022 as being contingent upon Board approval will become effective on March 1, 2023. These actions include limits on new purchases of certain Fund shares, the removal of sales charges on purchases of Fund shares, the removal of contingent deferred sales charges on redemptions of Fund shares, and the waiver of Distribution (Rule 12b-1) Fees on Fund shares.

In anticipation of each Reorganization, purchase orders, exchange orders, and redemption orders will only be accepted by the Funds until the dates indicated below:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Final Date to Purchase<br>Fund Shares or Exchange<br>Shares of Another J.P.<br>Morgan Mutual Fund for<br>Fund Shares** | **Final Date to<br>Redeem Fund<br>Shares or Exchange<br>Fund Shares for<br>Shares of Another<br>J.P. Morgan<br>Mutual Fund** |
| &nbsp;&nbsp;&nbsp;JPMorgan High Yield Municipal Fund | July 12, 2023 | July 13, 2023 |
| &nbsp;&nbsp;&nbsp;JPMorgan Sustainable Municipal Income Fund | July 12, 2023 | July 13, 2023 |
| &nbsp;&nbsp;&nbsp;JPMorgan Equity Focus Fund | July 26, 2023 | July 27, 2023 |
| &nbsp;&nbsp;&nbsp;JPMorgan Limited Duration Bond Fund | July 26, 2023 | July 27, 2023 |

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**IMPORTANT NOTICE ABOUT YOUR FUND ACCOUNT** 

**QUESTIONS AND ANSWERS** 

The following is a brief Q&A that provides information to help you to determine if you need to take action with respect to your shareholder account prior to the Reorganizations in order to receive shares of an Acquiring Fund.

**Q. What types of shareholder accounts can receive shares of an Acquiring Fund as part of a Reorganization?** 

**A.** If you hold your shares of a Fund in a brokerage account that permits you to purchase securities traded in the stock market, such as ETFs or other types of stocks, then you will be eligible to receive shares of an Acquiring Fund in a Reorganization. No further action is required.

**Q. What types of shareholder accounts cannot receive shares of an Acquiring Fund as part of a Reorganization?** 

**A.** The following account types cannot hold shares of ETFs:

*Non-Accommodating Brokerage Accounts.* If you hold your shares of a Fund in a brokerage account with a financial intermediary that only allows you to hold shares of mutual funds in the account, you will need to contact your financial intermediary to set up a brokerage account that permits investments in ETF shares.

*Non-Accommodating Retirement Accounts*. If you hold your shares of a Fund through an individual retirement account ("IRA") or group retirement plan whose plan sponsor does not have the ability to hold shares of ETFs on its platform, you may need to redeem your shares prior to the applicable Reorganization or, if applicable, your financial intermediary may transfer your investment in a Fund to a different investment option prior to the Reorganization.

*Fund Direct Accounts*. If you hold your shares of a Fund in an account directly with the Fund at its transfer agent, DST Asset Manager Solutions, Inc. (a "fund direct account"), you should transfer your shares of the Fund to a brokerage account that can accept shares of the corresponding Acquiring Fund prior to the Reorganization. For this purpose, a fund direct account includes a fund direct IRA. If you hold your shares of a Fund through a fund direct IRA and do not take action prior to the Reorganization, your Fund shares will be exchanged for Morgan Shares of JPMorgan U.S. Government Money Market Fund equal in value to the net asset value ("NAV") of your Fund shares. You have a fund direct account if you receive quarterly account statements directly from the Fund and not from a third-party broker-dealer.

**If you are unsure about the ability of your account to accept shares of an Acquiring Fund, please call 1-800-480-4111 or contact your financial advisor or other financial intermediary.** 

**Q. How do I transfer my Fund shares from a fund direct account to a brokerage account that will accept Acquiring Fund shares?** 

**A.** Transferring your shares from a fund direct account to a brokerage account that can accept shares of an Acquiring Fund should be a simple process. If you have a brokerage account or a relationship with a brokerage firm, please talk to your broker and inform the broker that you would like to transfer a mutual fund position that you hold directly with a Fund into your brokerage account. Also inform your broker that such an account will need to be set up to accept shares of an ETF, such as an Acquiring Fund. If you don't have a brokerage account or a relationship with a brokerage firm, you will need to open an account.

We suggest you provide your broker with a copy of your quarterly statement from the Fund. Your broker will require your account number with the Fund, which can be found on your statement. Your broker will help you complete a form to initiate the transfer. Once you sign that form, your broker will submit the form to the Funds' transfer agent directly, and the shares will be transferred into your brokerage account. ***The sooner you initiate the transfer, the better.***

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**Q. How do I transfer my Fund shares from a non-accommodating brokerage account to a brokerage account that will accept Acquiring Fund shares?** 

**A.** The broker where you hold your Fund shares should be able to assist you in changing the characteristics of your brokerage account to an account that is permitted to invest in ETF shares. Contact your broker right away to make the necessary changes to your account.

**Q. What will happen if I do not have a brokerage account that can accept Acquiring Fund shares at the time of the Reorganizations?** 

**A.** In order to receive shares of an Acquiring Fund as part of a Reorganization, you must hold your shares of a Fund through a brokerage account that can accept shares of an ETF (the corresponding Acquiring Fund) on the closing date of the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Non-Accommodating Brokerage Accounts.*  **** ** If you hold your
shares of a Fund in a brokerage account with a financial intermediary that only allows you to hold shares of mutual funds in the account, you will need to contact your financial intermediary to set up a brokerage account that permits investments in
ETF shares. If such a change is not made before the Reorganization, you will not receive shares of the Acquiring Fund as part of the Reorganization. Instead, your investment will be liquidated and you will receive cash equal in value to the NAV of
your Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Non-Accommodating Retirement Accounts*. If you hold your shares of a
Fund through an IRA or group retirement plan whose plan sponsor does not have the ability to hold shares of ETFs on its platform, you may need to redeem your shares prior to the applicable Reorganization or, if applicable, your financial
intermediary may transfer your investment in a Fund to a different investment option prior to the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Fund Direct Accounts*. If you hold your shares of a Fund in a fund direct account, you should transfer your
shares of the Fund to a brokerage account that can accept shares of the corresponding Acquiring Fund prior to the Reorganization. If such a change is not made before the Reorganization, you will not receive shares of the Acquiring Fund as part of
the Reorganization. Instead, your investment will be liquidated and you will receive cash equal in value to the NAV of your Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Fund Direct IRA.* If you hold your shares of a Fund through a fund direct IRA and do not take action to
transfer your investment in a Fund to a different investment option prior to the Reorganization, your Fund shares will be exchanged for Morgan Shares of JPMorgan U.S. Government Money Market Fund equal in value to the NAV of your Fund shares.

In some cases, the liquidation of your investment and return of cash, or the transfer of your investment, may be subject to fees and expenses and may also be subject to tax. It may take time for you to receive your cash. Please consult with your financial intermediary for more information on the impact that the Reorganization will have on you and your investments.

**Q. What if I do not want to own shares of an Acquiring Fund?** 

**A.** If you do not want to receive shares of an Acquiring Fund in connection with a Reorganization, you can exchange your Fund shares for shares of another J.P. Morgan mutual fund that is not participating in a Reorganization or redeem your Fund shares. Prior to doing so, however, you should consider the tax consequences associated with either action. Redemption of your Fund shares will be a taxable event if you hold your shares in a taxable account. The last date to redeem your shares or exchange them into another J.P. Morgan mutual fund prior to each Reorganization is listed below:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Final Date to<br>Redeem Fund Shares<br>or Exchange Fund<br>Shares for Shares of<br>Another J.P. Morgan<br>Mutual Fund** |
| &nbsp;&nbsp;&nbsp;JPMorgan High Yield Municipal Fund | July 13, 2023 |
| &nbsp;&nbsp;&nbsp;JPMorgan Sustainable Municipal Income Fund | July 13, 2023 |
| &nbsp;&nbsp;&nbsp;JPMorgan Equity Focus Fund | July 27, 2023 |
| &nbsp;&nbsp;&nbsp;JPMorgan Limited Duration Bond Fund | July 27, 2023 |

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These dates may change if the closing date of a Reorganization changes. Any changes to a closing date of a Reorganization will be communicated to shareholders.

\* \* \* \* \*

**In connection with the Reorganizations discussed herein, an information statement/prospectus that will be included in a registration statement on Form N-14 will be filed with the Securities and Exchange Commission (the "SEC"). After the registration statement is filed with the SEC, it may be amended or withdrawn and the information statement/prospectus will not be distributed to shareholders of the Funds unless and until the registration statement is declared effective by the SEC. Investors are urged to read the materials and any other relevant documents when they become available because they will contain important information about the Reorganizations. After they are filed, free copies of the materials will be available on the SEC's web site at www.sec.gov. These materials also will be available at www.jpmorganfunds.com and a paper copy can be obtained at no charge by calling 1-800-480-4111 .** 

**This communication is for informational purposes only and does not constitute an offer of any securities for sale. No offer of securities will be made except pursuant to a prospectus meeting the requirements of Section 10 of the Securities Act of 1933.** 

**INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE** 

**SUMMARY PROSPECTUSES AND PROSPECTUSES FOR FUTURE REFERENCE**