# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0001193125-25-202872
**Filing Date:** 2025-9
**Character Count:** 18716
**Document Hash:** 9f4ba6c83e5bad2f41e287558e3940a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-202872.hdr.sgml**: 20250915

**ACCESSION NUMBER**: 0001193125-25-202872

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250915

**DATE AS OF CHANGE**: 20250915

**EFFECTIVENESS DATE**: 20250915

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMorgan Trust I
- **CENTRAL INDEX KEY:** 0001217286

**ORGANIZATION NAME:**
- **EIN:** 331043149
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-103022
- **FILM NUMBER:** 251313275

**BUSINESS ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172
- **BUSINESS PHONE:** 800-480-4111

**MAIL ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JP MORGAN MUTUAL FUND SERIES
- **DATE OF NAME CHANGE:** 20030204

## Series and Classes Contracts Data

### JPMorgan Emerging Markets Equity Fund (Series ID: S000002615)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007191 | Class I      | JEMSX           |
| C000007193 | Class A      | JFAMX           |
| C000017326 | Class C      | JEMCX           |

**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** 

*<u>Class</u> <u>A, Class</u> <u>C and Class</u> <u>I Shares</u>* 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **ANNUAL FUND OPERATING EXPENSES**<br> **(Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **ANNUAL FUND OPERATING EXPENSES**<br> **(Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **ANNUAL FUND OPERATING EXPENSES**<br> **(Expenses that you pay each year as a percentage of the value of your investment)** | |
|  | **Class A** | **Class C** |<br>**Class I** |
| &nbsp;&nbsp;&nbsp;**Management Fees** | 0.68% | 0.68% | 0.68% |
| &nbsp;&nbsp;&nbsp;**Distribution (Rule 12b-1) Fees** | 0.25 | 0.75 |  |
| &nbsp;&nbsp;&nbsp;**Other Expenses** | 0.38 | 0.39 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Service Fees** | 0.25 | 0.25 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Remainder of Other Expenses** | 0.13 | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;**Total Annual Fund Operating Expenses** | 1.31 | 1.82 | 1.06 |
| &nbsp;&nbsp;&nbsp;**Fee Waivers and/or Expense Reimbursements<sup>1</sup>** | -0.12 | -0.13 | -0.12 |
| &nbsp;&nbsp;&nbsp;**Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements<sup>1</sup>** | 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** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:** | &nbsp;&nbsp;&nbsp;**IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:** | &nbsp;&nbsp;&nbsp;**IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:** | | |
|  | **1 Year** | **3 Years** |<br>**5 Years** |<br>**10 Years** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES ($)** | 640 | 907 | 1195 | 2011 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES ($)** | 272 | 560 | 973 | 1993 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES ($)** | 96 | 325 | 573 | 1283 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:** | &nbsp;&nbsp;&nbsp;**IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:** | &nbsp;&nbsp;&nbsp;**IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:** | | |
|  | **1 Year** | **3 Years** |<br>**5 Years** |<br>**10 Years** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES ($)** | 640 | 907 | 1195 | 2011 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES ($)** | 172 | 560 | 973 | 1993 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES ($)** | 96 | 325 | 573 | 1283 |

---

*<u>Class R2, Class R3, Class R4, Class R5 and Class R6 Shares</u>*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **ANNUAL FUND OPERATING EXPENSES**<br> **(Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **ANNUAL FUND OPERATING EXPENSES**<br> **(Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **ANNUAL FUND OPERATING EXPENSES**<br> **(Expenses that you pay each year as a percentage of the value of your investment)** | | | |
|  | **Class R2** | **Class R3** |<br>**Class R4** |<br>**Class R5** |<br>**Class R6** |
| &nbsp;&nbsp;&nbsp;**Management Fees** | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
| &nbsp;&nbsp;&nbsp;**Distribution (Rule 12b-1) Fees** | 0.50 | 0.25 |  |  |  |
| &nbsp;&nbsp;&nbsp;**Other Expenses** | 0.67 | 0.38 | 0.39 | 0.24 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Service Fees** | 0.25 | 0.25 | 0.25 | 0.10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Remainder of Other Expenses** | 0.42 | 0.13 | 0.14 | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;**Total Annual Fund Operating Expenses** | 1.85 | 1.31 | 1.07 | 0.92 | 0.81 |
| &nbsp;&nbsp;&nbsp;**Fee Waivers and/or Expense Reimbursements<sup>1</sup>** | -0.36 | -0.07 | -0.08 | -0.08 | -0.07 |
| &nbsp;&nbsp;&nbsp;**Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements<sup>1</sup>** | 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.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:** | &nbsp;&nbsp;&nbsp;**WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:** | &nbsp;&nbsp;&nbsp;**WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:** | | |
|  | **1 Year** | **3 Years** |<br>**5 Years** |<br>**10 Years** |
| &nbsp;&nbsp;&nbsp;**CLASS R2 SHARES ($)** | 152 | 547 | 967 | 2140 |
| &nbsp;&nbsp;&nbsp;**CLASS R3 SHARES ($)** | 126 | 408 | 711 | 1573 |
| &nbsp;&nbsp;&nbsp;**CLASS R4 SHARES ($)** | 101 | 332 | 582 | 1298 |
| &nbsp;&nbsp;&nbsp;**CLASS R5 SHARES ($)** | 86 | 285 | 501 | 1124 |
| &nbsp;&nbsp;&nbsp;**CLASS R6 SHARES ($)** | 76 | 252 | 443 | 995 |

---

**Europe Dynamic Fund** 

*<u>Class A, Class C and Class I Shares</u>*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **ANNUAL FUND OPERATING EXPENSES**<br> **(Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **ANNUAL FUND OPERATING EXPENSES**<br> **(Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **ANNUAL FUND OPERATING EXPENSES**<br> **(Expenses that you pay each year as a percentage of the value of your investment)** | |
|  | **Class A** | **Class C** |<br>**Class I** |
| &nbsp;&nbsp;&nbsp;**Management Fees** | 0.60% | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;**Distribution (Rule 12b-1) Fees** | 0.25 | 0.75 |  |
| &nbsp;&nbsp;&nbsp;**Other Expenses** | 0.44 | 0.50 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Service Fees** | 0.25 | 0.25 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Remainder of Other Expenses** | 0.19 | 0.25 | 0.17 |
| &nbsp;&nbsp;&nbsp;**Total Annual Fund Operating Expenses** | 1.29 | 1.85 | 1.02 |
| &nbsp;&nbsp;&nbsp;**Fee Waivers and/or Expense Reimbursements<sup>1</sup>** | -0.29 | -0.35 | -0.27 |
| &nbsp;&nbsp;&nbsp;**Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements<sup>1</sup>** | 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:** | | | | |
|  |<br>**1 Year** |<br>**3 Years** |<br>**5 Years** |<br>**10 Years** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES ($)** | 622 | 885 | 1169 | 1976 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES ($)** | 253 | 548 | 968 | 1994 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES ($)** | 77 | 298 | 537 | 1223 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:** | &nbsp;&nbsp;&nbsp;**IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:** | | | |
|  | **1 Year** |<br>**3 Years** |<br>**5 Years** |<br>**10 Years** |
| &nbsp;&nbsp;&nbsp;**CLASS A SHARES ($)** | 622 | 885 | 1169 | 1976 |
| &nbsp;&nbsp;&nbsp;**CLASS C SHARES ($)** | 153 | 548 | 968 | 1994 |
| &nbsp;&nbsp;&nbsp;**CLASS I SHARES ($)** | 77 | 298 | 537 | 1223 |

---

*<u>Class R6 Shares</u>*

---

| | |
|:---|:---|
| &nbsp;&nbsp; **ANNUAL FUND OPERATING EXPENSES**<br> **(Expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **ANNUAL FUND OPERATING EXPENSES**<br> **(Expenses that you pay each year as a percentage of the value of your investment)** |
|  | **Class R6** |
| &nbsp;&nbsp;&nbsp;**Management Fees** | 0.60% |
| &nbsp;&nbsp;&nbsp;**Distribution (Rule 12b-1) Fees** |  |
| &nbsp;&nbsp;&nbsp;**Other Expenses** | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Service Fees** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Remainder of Other Expenses** | 0.17 |
| &nbsp;&nbsp;&nbsp;**Acquired Fund Fees and Expenses** | 0.00 |
| &nbsp;&nbsp;&nbsp;**Total Annual Fund Operating Expenses** | 0.77 |
| &nbsp;&nbsp;&nbsp;**Fee Waivers and/or Expense Reimbursements<sup>1</sup>** | -0.22 |
| &nbsp;&nbsp;&nbsp;**Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements<sup>1</sup>** | 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:** | &nbsp;&nbsp;&nbsp;**WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:** | &nbsp;&nbsp;&nbsp;**WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:** | | |
|  | **1 Year** | **3 Years** |<br>**5 Years** |<br>**10 Years** |
| &nbsp;&nbsp;&nbsp;**CLASS R6 SHARES ($)** | 56 | 244 | 406 | 934 |

---

**INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE** 

**SUMMARY PROSPECTUSES AND PROSPECTUSES FOR FUTURE REFERENCE**