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  • Prospectus

    J.P. Morgan Money Market FundsCapital Shares

    July 1, 2017

    INSTITUTIONAL FUNDJPMorgan Prime Money Market Fund

    Ticker: CJPXXGOVERNMENT FUNDS

    JPMorgan U.S. Government Money Market FundTicker: OGVXX

    JPMorgan U.S. Treasury Plus Money Market FundTicker: JTCXX*

    JPMorgan Federal Money Market FundTicker: JFCXX*

    JPMorgan 100% U.S. Treasury Securities Money Market FundTicker: CJTXX

    RETAIL FUNDJPMorgan Liquid Assets Money Market Fund

    Ticker: CJLXX

    * The share class currently is not offered to the public.

    The Securities and Exchange Commission has not approvedor disapproved of these securities or determined if thisprospectus is truthful or complete. Any representation tothe contrary is a criminal offense.

  • J.P. MORGAN MONEY MARKET FUNDS

    JPMorgan U.S. Treasury Plus Money Market Fund(Capital Shares)

    (a series of JPMorgan Trust II)

    Supplement dated September 22, 2017to the Prospectus and Statement

    of Additional Information dated July 1, 2017

    Effective September 22, 2017, Capital Shares of the JPMorgan U.S. Treasury Plus Money Market Fund will be offeredto the public. Statements that the Capital Shares are not offered to the public, as they relate to the JPMorgan U.S.Treasury Plus Money Market Fund, are hereby removed.

    INVESTORS SHOULD RETAIN THIS SUPPLEMENTWITH THE PROSPECTUS AND STATEMENT

    OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE

    SUP-USTP-917

  • J.P. MORGAN MONEY MARKET FUNDS

    JPMorgan 100% U.S. Treasury Securities Money Market Fund(All Share Classes)

    (a series of JPMorgan Trust I)

    Supplement dated August 21, 2017to the Prospectuses, Summary Prospectuses and Statement

    of Additional Information dated July 1, 2017

    Effective immediately, in order to reflect a change to the disclosure relating to the 100% U.S. Treasury SecuritiesMoney Market Fund, the section under TEMPORARY DEFENSIVE POSITIONS in More About the Funds for theU.S. Treasury Plus Money Market Fund and 100% U.S. Treasury Securities Money Market Fund is hereby replacedby the following:

    U.S. Treasury Plus Money Market FundAs a temporary defensive measure, the Fund may invest up to 20% of its total assets in (1) debt securitiesissued or guaranteed by the U.S. government or its agencies or instrumentalities, and (2) repurchase agree-ments that are secured with collateral issued or guaranteed by the U.S. government or its agencies orinstrumentalities.

    100% U.S. Treasury Securities Money Market FundAs a temporary defensive measure, the Fund may invest up to 20% of its total assets in debt securities issuedor guaranteed by the U.S. government or its agencies or instrumentalities.

    In addition, the Temporary Defensive Position Risk section for the 100% U.S. Treasury Securities Money MarketFund under TEMPORARY DEFENSIVE POSITIONS in More About the Funds is hereby replaced by the following:

    100% U.S. Treasury Securities Money Market FundIf the Fund departs from its investment policies during temporary defensive periods or to meet redemptions,it may not achieve its investment objective.

    Investments in the securities enumerated as investments permissible as a temporary defensive measureabove pose additional risks. Investments in securities issued or guaranteed by the U.S. government or itsagencies and instrumentalities or Government-Sponsored Enterprises (GSEs) may include Ginnie Mae, Fan-nie Mae, or Freddie Mac securities. Securities issued or guaranteed by Ginnie Mae, Fannie Mae or Freddie Macare not issued directly by the U.S. government. Ginnie Mae is a wholly-owned U.S. corporation that isauthorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principaland interest of its securities. By contrast, securities issued or guaranteed by U.S. government-related orga-nizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. govern-ment. No assurance can be given that the U.S. government would provide financial support to its agencies andinstrumentalities if not required to do so by law.

    Investments in securities issued or guaranteed by the U.S. government or its agencies and instrumentalitiesmay also be subject to prepayment and call risk. The issuers of mortgage-backed and asset-backed securitiesand other callable securities may be able to repay principal in advance, especially when interest rates fall.Changes in prepayment rates can affect the return on investment and yield of these securities. When mort-gages and other obligations are prepaid and when securities are called, the Fund may have to reinvest insecurities with a lower yield. Additionally, for securities issued by agencies and instrumentalities that are notbacked by the full faith and credit of the U.S. government, the Fund may fail to recover additional amounts(i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss.Mortgage-related and asset-backed securities are subject to certain other risks. The value of these securitieswill be influenced by the factors affecting the housing market and the assets underlying such securities. As aresult, during periods of declining asset value, difficult or frozen credit markets, swings in interest rates, ordeteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, facevaluation difficulties, become more volatile and/or become illiquid. Furthermore, some asset-backed secu-rities may have additional risk because they may receive little or no collateral protection from the underlyingassets, and are also subject to the risk of default.

    SUP-100UST-817

  • Finally, the corresponding lines on page 9 of the INVESTMENT PRACTICES table in the Part I SAI are replaced withthe below:

    Instrument Fund CodePart II

    Section Reference

    Repurchase Agreements: The purchase of a security and thesimultaneous commitment to return the security to the seller at anagreed upon price on an agreed upon date. This is treated as a loan.

    1-5, 7-10 RepurchaseAgreements

    Reverse Repurchase Agreements: The sale of a security and thesimultaneous commitment to buy the security back at an agreed uponprice on an agreed upon date. This is treated as a borrowing by aFund.

    1-5, 7-10 Reverse RepurchaseAgreements

    INVESTORS SHOULD RETAIN THIS SUPPLEMENTWITH THE PROSPECTUS, SUMMARY PROSPECTUS AND STATEMENT

    OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE

  • CONTENTS

    Risk/Return Summaries:

    JPMorgan Prime Money Market Fund . . . . . . . . . . . . . . . . . 1

    JPMorgan Liquid Assets Money Market Fund . . . . . . . . . . . 6

    JPMorgan U.S. Government Money Market Fund . . . . . . . . 11

    JPMorgan U.S. Treasury Plus Money Market Fund . . . . . . . 15

    JPMorgan Federal Money Market Fund . . . . . . . . . . . . . . . 19

    JPMorgan 100% U.S. Treasury Securities Money MarketFund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

    More About the Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

    Additional Information about the Funds InvestmentStrategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

    Investment Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

    Conflicts of Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

    Temporary Defensive Positions . . . . . . . . . . . . . . . . . . . 35

    Additional Fee Waiver and/or ExpenseReimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

    Additional Historical Performance Information . . . . . . . 37

    The Funds Management and Administration . . . . . . . . . . . 38

    How Your Account Works . . . . . . . . . . . . . . . . . . . . . . . . . . 40

    Buying Fund Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

    Selling Fund Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

    Exchanging Fund Shares . . . . . . . . . . . . . . . . . . . . . . . . 47

    Other Information Concerning the Funds . . . . . . . . . . . 48

    Shareholder Information . . . . . . . . . . . . . . . . . . . . . . . . . . 49

    Distributions and Taxes . . . . . . . . . . . . . . . . . . . . . . . . . 49

    Shareholder Statements and Reports . . . . . . . . . . . . . . 50

    Availability of Proxy Voting Record . . . . . . . . . . . . . . . . 50

    Portfolio Holdings Disclosure . . . . . . . . . . . . . . . . . . . . . 50

    Disclosure of Market-Based Net Asset Value . . . . . . . . . 51

    What the Terms Mean . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

    Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

    Additional Fee and Expense Information . . . . . . . . . . . . . . 60

    How to Reach Us . . . . . . . . . . . . . . . . . . . . . . . . . Back cover

  • JPMorgan Prime Money Market Fund

    Class/Ticker: Capital/CJPXX

    The Funds Objective

    The Fund seeks current income while seeking to maintain liquid-ity and a low volatility of principal.

    Fees and Expenses of the Fund

    The following table describes the fees and expenses that youmay pay if you buy and hold shares of the Fund.

    ANNUAL FUND OPERATING EXPENSES(Expenses that you pay each year as a percentage of the valueof your investment)

    Capital

    Management Fees 0.08%Other Expenses 0.13

    Service Fees 0.05

    Remainder of Other Expenses 0.08

    Total Annual Fund Operating Expenses 0.21

    Fee Waivers and ExpenseReimbursements1 (0.03)

    Total Annual Fund Operating ExpensesAfter Fee Waivers and ExpenseReimbursements1 0.18

    1 The Funds adviser and/or its affiliates have contractually ag