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  • J.P. Morgan Money Market Funds

    STATEMENT OF ADDITIONAL INFORMATION

    PART I

    July 1, 2017

    JPMORGAN TRUST I (“JPMT I”)

    Fund Name

    JPMorgan Prime Money Market Fund

    (“Prime Money Market Fund”)

    JPMorgan Federal Money Market Fund

    (“Federal Money Market Fund”)

    JPMorgan 100% U.S. Treasury Securities

    Money Market Fund

    (“100% U.S. Treasury Securities

    Money Market Fund”)

    JPMorgan Tax Free Money

    Market Fund (“Tax Free

    Money Market Fund”)

    JPMorgan California Municipal

    Money Market Fund (“California Municipal

    Money Market Fund”)

    JPMorgan New York Municipal

    Money Market Fund (“New

    York Municipal

    Money Market Fund”)

    Agency VMIXX VFIXX VPIXX VTIXX

    Capital CJPXX JFCXX* CJTXX

    Class C JXCXX

    Direct JTDXX

    Eagle Class JCYXX JNQXX

    E*TRADE Class JCEXX JNEXX

    IM Shares JIMXX

    Institutional Class JINXX JFMXX JTSXX JTFXX

    Morgan VMVXX VFVXX HTSXX VTMXX VCAXX VNYXX

    Premier VPMXX VFPXX VHPXX VXPXX JCRXX JNPXX

    Reserve JRVXX JFRXX RJTXX RTJXX JCPXX JNYXX

    Service JTVXX JCVXX JNVXX

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

    SAI-MMKT-717

  • JPMORGAN TRUST II (“JPMT II”)

    Fund Name

    JPMorgan Liquid Assets

    Money Market Fund (“Liquid Assets Money

    Market Fund”)

    JPMorgan U.S. Government Money Market

    Fund (“U.S. Government

    Money Market Fund”)

    JPMorgan U.S. Treasury Plus Money

    Market Fund (“U.S. Treasury

    Plus Money Market Fund”)

    JPMorgan Municipal

    Money Market Fund

    (“Municipal Money Market

    Fund”)

    Agency AJLXX OGAXX AJTXX JMAXX

    Capital CJLXX OGVXX JTCXX*

    Class C OPCXX OTCXX

    Direct JGDXX JUDXX

    Eagle Class JJGXX JRTXX MSJXX

    E*TRADE Class JLEXX JUSXX JMEXX

    IM Shares MGMXX MJPXX

    Institutional Class IJLXX IJGXX IJTXX IJMXX

    Investor HLPXX JGMXX HGOXX

    Morgan MJLXX MJGXX MJTXX MJMXX

    Premier PJLXX OGSXX PJTXX HTOXX

    Reserve HPIXX RJGXX HTIXX OGIXX

    Service SJGXX JPVXX SJMXX

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

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

    This Statement of Additional Information (“SAI”) is not a prospectus but contains additional information which should be read in conjunction with the prospectuses for the Funds dated July 1, 2017, as supplemented from time to time (collectively, the “Prospectuses”). Additionally, this SAI incorporates by reference the audited financial statements dated February 28, 2017, included in the annual Shareholder Reports relating to the Funds (the “Financial Statements”). The Prospectuses and the Financial Statements, including the Independent Registered Public Accounting Firm’s reports, are available without charge upon request by contacting JPMorgan Distribution Services, Inc. (“JPMDS” or the “Distributor”), the Funds’ distributor, at 1111 Polaris Parkway, Columbus, OH, 43240.

    This SAI is divided into two Parts — Part I and Part II. Part I of this SAI contains information that is particular to each Fund. Part II of this SAI contains information that generally applies to the Funds and other J.P. Morgan Funds. For more information about the Funds or the Financial Statements, simply write or call:

    Morgan Shares and Class C Shares: Agency Shares, Capital Shares, IM Shares, Institutional Class Shares, Investor Shares, Premier Shares, Reserve Shares, Service Shares, Direct Shares, Eagle Class Shares and E*TRADE Class Shares:

    J.P. Morgan Funds Services P.O. Box 8528 Boston, MA 02266-8528 1-800-480-4111

    J.P. Morgan Institutional Funds Service Center 500 Stanton Christiana Road, 3-OPS3 Newark, DE 19713 1-800-766-7722

  • 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, 2017 to 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 Securities Money Market Fund, the section under “TEMPORARY DEFENSIVE POSITIONS” in “More About the Funds” for the U.S. Treasury Plus Money Market Fund and 100% U.S. Treasury Securities Money Market Fund is hereby replaced by the following:

    U.S. Treasury Plus Money Market Fund As a temporary defensive measure, the Fund may invest up to 20% of its total assets in (1) debt securities issued 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 or instrumentalities.

    100% U.S. Treasury Securities Money Market Fund As a temporary defensive measure, the Fund may invest up to 20% of its total assets in debt securities issued or 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 Market Fund under “TEMPORARY DEFENSIVE POSITIONS” in “More About the Funds” is hereby replaced by the following:

    100% U.S. Treasury Securities Money Market Fund If 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 measure above pose additional risks. Investments in securities issued or guaranteed by the U.S. government or its agencies 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 Mac are not issued directly by the U.S. government. Ginnie Mae is a wholly-owned U.S. corporation that is authorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principal and 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 and instrumentalities if not required to do so by law.

    Investments in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities may also be subject to prepayment and call risk. The issuers of mortgage-backed and asset-backed securities and 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 in securities with a lower yield. Additionally, for securities issued by agencies and instrumentalities that are not backed 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 securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation 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 underlying assets, 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 with the below:

    Instrument Fund Code Part II

    Section Reference

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

    1-5, 7-10 Repurchase Agreements

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

    1-5, 7-10 Reverse Repurchase Agreements

    INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS, SUMMARY PROSPECTUS AND STATEMENT

    OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE

  • J.P. MORGAN MONEY MARKET FUNDS

    JPMORGAN TRUST I

    JPMorgan Federal Money Market Fund (Reserve Shares)

    JPMorgan Tax Free Money Market Fund (Direct Shares)

    JPMorgan California Municipal Money Market Fund

    (Reserve Class Shares)

    JPMorgan 100% U.S. Treasury Securities Money Market Fund

    (Service Shares)

    JPMORGAN TRUST II

    JPMorgan U.S. Treasury Plus Money Market Fund

    (Service Shares and Eagle Shares)

    JPMorgan Municipal Money Market Fund (Reserve Shares)

    Supplement dated August 17, 2017 to t