J.P. MORGAN INTERNATIONAL EQUITY FUNDS

JPMORGAN TRUST I

JPMorgan Emerging Markets Equity Fund

JPMorgan Europe Dynamic Fund

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

(each a series of JPMorgan Trust I)

(All Share Classes except for Class L Shares)

Supplement dated September 15, 2025

to the current Summary Prospectuses and Prospectuses, as supplemented

The Board of Trustees of JPMorgan Trust I has approved net expense ratio reductions for the Funds’ share classes, except for Class L Shares. Therefore, effective November 1, 2025, the “Annual Fund Operating Expenses” and “Example” tables in the Summary Prospectuses and Prospectuses for the Funds except for Class L Shares are hereby deleted in their entirety and replaced with the corresponding tables below:

Emerging Markets Equity Fund

Class A, Class C and Class I Shares

 

   

ANNUAL FUND OPERATING EXPENSES

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

         
   
        Class A      Class C      Class I  
Management Fees        0.68 %       0.68 %       0.68 % 
   
Distribution (Rule 12b-1) Fees        0.25        0.75        NONE  
   
Other Expenses        0.38        0.39        0.38  
   

Service Fees

        0.25        0.25        0.25  
   

Remainder of Other Expenses

        0.13        0.14        0.13  
      

 

 

     

 

 

     

 

 

  
   
Total Annual Fund Operating Expenses        1.31        1.82        1.06  
   
Fee Waivers and/or Expense Reimbursements1        -0.12        -0.13        -0.12  
      

 

 

     

 

 

     

 

 

  
   
Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements1        1.19        1.69        0.94  

 

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 1.19%, 1.69% and 0.94% 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. These waivers are in effect through 10/31/26, 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 10/31/26 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

 

SUP-IEQ-925

     
IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:                    
   
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        640          907          1,195          2,011  
   
CLASS C SHARES ($)        272          560          973          1,993  
   
CLASS I SHARES ($)        96          325          573          1,283  

 

     
IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:                    
   
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        640          907          1,195          2,011  
   
CLASS C SHARES ($)        172          560          973          1,993  
   
CLASS I SHARES ($)        96          325          573          1,283  

Class R2, Class R3, Class R4, Class R5 and Class R6 Shares

 

       

ANNUAL FUND OPERATING EXPENSES

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

                    
   
     Class R2     Class R3     Class R4     Class R5     Class R6  
Management Fees     0.68 %      0.68 %      0.68 %      0.68 %      0.68 % 
   
Distribution (Rule 12b-1) Fees     0.50       0.25       NONE       NONE       NONE  
   
Other Expenses     0.67       0.38       0.39       0.24       0.13  
   

Service Fees

     0.25       0.25       0.25       0.10       NONE  
   

Remainder of Other Expenses

     0.42       0.13       0.14       0.14       0.13  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   
Total Annual Fund Operating Expenses     1.85       1.31       1.07       0.92       0.81  
   
Fee Waivers and/or Expense Reimbursements1     -0.36       -0.07       -0.08       -0.08       -0.07  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   
Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements1     1.49       1.24       0.99       0.84       0.74  

 

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 1.49%, 1.24%, 0.99%, 0.84% and 0.74% of the average daily net assets of Class R2, Class R3, Class R4, Class R5 and Class 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. These waivers are in effect through 10/31/26, 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 10/31/26 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

     
WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:                    
   
        1 Year        3 Years        5 Years        10 Years  
CLASS R2 SHARES ($)        152          547          967          2,140  
   
CLASS R3 SHARES ($)        126          408          711          1,573  
   
CLASS R4 SHARES ($)        101          332          582          1,298  
   
CLASS R5 SHARES ($)        86          285          501          1,124  
   
CLASS R6 SHARES ($)        76          252          443          995  

Europe Dynamic Fund

Class A, Class C and Class I Shares

 

   

ANNUAL FUND OPERATING EXPENSES

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

         
   
        Class A      Class C      Class I  
Management Fees        0.60 %       0.60 %       0.60 % 
   
Distribution (Rule 12b-1) Fees        0.25        0.75        NONE  
   
Other Expenses        0.44        0.50        0.42  
   

Service Fees

        0.25        0.25        0.25  
   

Remainder of Other Expenses

        0.19        0.25        0.17  
      

 

 

     

 

 

     

 

 

  
   
Total Annual Fund Operating Expenses        1.29        1.85        1.02  
   
Fee Waivers and/or Expense Reimbursements1        -0.29        -0.35        -0.27  
      

 

 

     

 

 

     

 

 

  
   
Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements1        1.00        1.50        0.75  

 

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 1.00%, 1.50% and 0.75% 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 10/31/26, 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 10/31/26 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

 

         
IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:                                    
   
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        622          885          1,169          1,976  
   
CLASS C SHARES ($)        253          548          968          1,994  
   
CLASS I SHARES ($)        77          298          537          1,223  

 

       
IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:                             
   
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        622          885          1,169          1,976  
   
CLASS C SHARES ($)        153          548          968          1,994  
   
CLASS I SHARES ($)        77          298          537          1,223  

Class R6 Shares

 

 

ANNUAL FUND OPERATING EXPENSES

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

  
   
        Class R6  
Management Fees        0.60 % 
   
Distribution (Rule 12b-1) Fees        NONE  
   
Other Expenses        0.17  
   

Service Fees

        NONE  
   

Remainder of Other Expenses

        0.17  
   
Acquired Fund Fees and Expenses        0.00  
      

 

 

  
   
Total Annual Fund Operating Expenses        0.77  
   
Fee Waivers and/or Expense Reimbursements1        -0.22  
      

 

 

  
   
Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements1        0.55  

 

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% of the average daily net assets of Class R6 Shares. 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. These waivers are in effect through 10/31/26, 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 10/31/26 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

 

     
WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:                    
   
        1 Year        3 Years        5 Years        10 Years  
   
CLASS R6 SHARES ($)        56          244          406          934  

 

INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE

SUMMARY PROSPECTUSES AND PROSPECTUSES FOR FUTURE REFERENCE