J.P. MORGAN INTERNATIONAL EQUITY FUNDS

JPMORGAN TRUST I

JPMorgan International Equity Fund

JPMorgan International Focus Fund

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

(All Share Classes)

Supplement dated July 29, 2025

to the current Summary Prospectuses, Prospectuses,

and Statement of Additional Information (“SAI”), as supplemented

Effective September 30, 2025, the portfolio manager information in the “Risk/Return Summary — Management” section of each Fund’s Summary Prospectuses and Prospectuses is hereby deleted in its entirety and replaced with the following:

JPMorgan International Equity Fund

Management  

J.P. Morgan Investment Management Inc. (the adviser)

 

     
Portfolio Manager     

Managed the

Fund Since

   

Primary Title with

Investment Adviser

Thomas Murray      2004    Managing Director
James Sutton      2020    Executive Director
Zenah Shuhaiber      2022    Executive Director

In addition, the “The Funds’ Management and Administration — The Portfolio Managers — International Equity Fund” section of each Prospectus is deleted in its entirety and replaced with the following:

International Equity Fund

The portfolio management team is led by Thomas Murray, a Managing Director and CFA charterholder. James Sutton, an Executive Director and CFA charterholder, and Zenah Shuhaiber, an Executive Director and CFA charterholder, assist Mr. Murray in the day-to-day management of the Fund. Mr. Murray has worked at JPMIM or its affiliates (or one of their predecessors) since 1996 and has been a portfolio manager of the Fund since March 2004. Mr. Sutton has worked at JPMIM or its affiliates (or one of their predecessors) since 2010 and has been a portfolio manager of the Fund since December 2020. Ms. Shuhaiber has worked at JPMIM or its affiliates (or one of their predecessors) since 2005 and has been a portfolio manager of the Fund since December 2022.

JPMorgan International Focus Fund

Management  

J.P. Morgan Investment Management Inc. (the adviser)

 

     
Portfolio Manager     

Managed the

Fund Since

   

Primary Title with

Investment Adviser

Thomas Murray      2011    Managing Director
Lucy Parken      2025    Managing Director

 

SUP-INE-PM-725

In addition, the “The Funds’ Management and Administration — The Portfolio Managers — International Focus Fund” section of each Prospectus is deleted in its entirety and replaced with the following:

International Focus Fund

The portfolio management team is led by Tom Murray and Lucy Parken, each a Managing Director and CFA charterholder. Mr. Murray and Ms. Parken share authority in the day-to-day management of the Fund. Mr. Murray has worked at JPMIM or its affiliates (or one of their predecessors) since 1996 and has been a portfolio manager of the Fund since inception. Ms. Parken is a portfolio manager in the International Equity Group focusing on international core portfolios and has worked at JPMIM or its affiliates (or one of their predecessors) since 2005.

Effective September 30, 2025, the information in the “Portfolio Managers — Portfolio Managers’ Other Accounts Managed” section of the SAI with respect to each Fund is hereby deleted in its entirety and replaced with the following:

 

     Non-Performance Based Fee Advisory Accounts  
     Registered Investment
Companies		      Other Pooled Investment
Vehicles		      Other Accounts  
     Number
of
Accounts		      Total Assets
($thousands)		      Number
of
Accounts		      Total Assets
($thousands)		      Number
of
Accounts		      Total Assets
($thousands)		  

International Equity Fund

                  
Thomas Murray      14        3,833,208        6        1,792,330        52        7,967,216  
James Sutton      2        188,857        4        1,711,372        3        2,055,241  
Zenah Shuhaiber      2        583,302        6        2,332,198        12        3,799,631  

International Focus Fund

                  
Thomas Murray      14        6,608,023        6        1,792,330        52        7,967,216  
Lucy Parken*      0        0        0        0        0        0  

 

*

As of 6/30/25

 

     Performance Based Fee Advisory Accounts  
     Registered Investment
Companies		      Other Pooled Investment
Vehicles		      Other Accounts  
     Number
of
Accounts		      Total Assets
($thousands)		      Number
of
Accounts		      Total Assets
($thousands)		      Number
of
Accounts		      Total Assets
($thousands)		  

International Equity Fund

                  
Thomas Murray      0        0        0        0        3        612,377  
James Sutton      0        0        0        0        0        0  
Zenah Shuhaiber      0        0        0        0        1        96,381  

International Focus Fund

                  
Thomas Murray      0        0        0        0        3        612,377  
Lucy Parken*      0        0        0        0        0        0  

 

*

As of 6/30/25

 

In addition, effective September 30, 2025, the information in the “Portfolio Managers — Portfolio Managers’ Ownership of Securities” section of the SAI with respect to each Fund is hereby deleted in its entirety and replaced with the following:

 

   

Aggregate Dollar Range of Securities in the Fund

  
   

None

   $1-
$10,000		     $10,001-
$50,000		     $50,001-
$100,000		     $100,001-
$500,000		     $500,001-
$1,000,000		     Over
$1,000,000		  

International Equity Fund

              
Thomas Murray               X    
James Sutton         X          
Zenah Shuhaiber         X          

International Focus Fund

              
Thomas Murray               X    
Lucy Parken*         X          

 

*

As of 6/30/25

 

INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE

SUMMARY PROSPECTUSES, PROSPECTUSES AND STATEMENT OF

ADDITIONAL INFORMATION FOR FUTURE REFERENCE