232323

Prospectus

J.P. Morgan Funds

Class A, Class C & Select Class Shares

March 1, 2015

JPMorgan Global Allocation Fund

Class/Ticker: A/GAOAX; C/GAOCX; Select/GAOSX

JPMorgan Income Builder Fund

Class/Ticker: A/JNBAX; C/JNBCX; Select/JNBSX

JPMorgan Systematic Alpha Fund

Class/Ticker: A/JSALX; C/JSYAX; Select/SSALX

The Securities and Exchange Commission and the

Commodity Futures Trading Commission have not

approved or disapproved of these securities or determined

if this prospectus is truthful or complete. Any

representation to the contrary is a criminal offense.

J.P. MORGAN FUNDS

JPMorgan Systematic Alpha Fund

(Class A, Class C and Select Class Shares)

(a series of JPMorgan Trust I)

Supplement dated December 3, 2015

to the Prospectus

dated March 1, 2015, as supplemented

Changes to Expense Limitation Agreement. Effective immediately, the Annual Fund Operating Expenses table

and Examples are replaced to reflect that the Fund’s adviser, shareholder servicing agent and/or administrator

have contractually agreed to waive fees and/or reimburse expenses sufficient to offset the respective net fees each

collects from certain affiliated money market funds on the Fund’s investments in such money market funds

through 12/31/16. The table “Annual Fund Operating Expenses” and “Example” section in the “Fees and Expenses

of the Fund” section are deleted and replaced with the following:

ANNUAL FUND OPERATING EXPENSES1

(Expenses that you pay each year as a percentage of the value of your investment)

Class A

Management Fees

Distribution (Rule 12b-1) Fees

Other Expenses

Shareholder Service Fees

Remainder of Other Expenses3

Acquired Fund Fees and Expenses

Total Annual Fund Operating Expenses

Fee Waivers and Expense Reimbursements4,5

Total Annual Fund Operating Expenses After Fee Waivers and Expense

Reimbursements4,5

0.75%

0.25

0.69

0.25

0.44

0.11

Class C

0.75%

0.75

0.81

0.25

0.562

0.11

Select

Class

0.75%

NONE...