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J.P. MORGAN U.S. EQUITY FUNDS
JPMorgan Intrepid America Fund
JPMorgan Intrepid Growth Fund
JPMorgan Intrepid Value Fund
JPMorgan U.S. Dynamic Plus Fund
(All Share Classes)
(each, a series of JPMorgan Trust I)
(Each a “Fund” and collectively the “Funds”)
Supplement dated September 3, 2013
to the Prospectuses dated November 1, 2012, as supplemented
Changes to Investment Management Fees. Effective September 1, 2013 (the “Effective Date”), the investment management fees (“Management Fees”) for the Funds included in the chart below have been reduced as follows:
 
Fund Name   Prior Management  Fee    New Management Fee
JPMorgan Intrepid America Fund   0.65%    0.40%
JPMorgan Intrepid Growth Fund   0.65       0.50   
JPMorgan Intrepid Value Fund   0.65       0.40   
JPMorgan U.S. Dynamic Plus Fund   1.25       1.00   
In connection with these changes, the “Annual Fund Operating Expenses” and “Example” tables for the Funds are hereby replaced with the tables below.
JPMorgan Intrepid America Fund
The tables below replace the corresponding tables on page 21 of the Class A, Class C and Select Class Shares prospectus.
 
ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the value of your investment)
  
        Class A      Class C      Select
Class		  
Management Fees1        0.40 %       0.40 %       0.40 % 
Distribution (Rule 12b-1) Fees        0.25         0.75         NONE   
Other Expenses        0.37         0.38         0.37   
Shareholder Service Fees
        0.25         0.25         0.25   
Remainder of Other Expenses
        0.12         0.13         0.12   
      
 
 
     
 
 
     
 
 
  
Acquired Fund Fees and Expenses        0.01         0.01         0.01   
      
 
 
     
 
 
     
 
 
  
Total Annual Fund Operating Expenses1,2        1.03         1.54         0.78   
 
1    As of September 1, 2013, the Fund’s advisory fee was reduced; therefore, the Management Fees and Total Annual Fund Operating Expenses have been restated to reflect the current fees.
2    The Fund’s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class A, Class C and Select Class Shares (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed 1.25%, 1.75% and 1.00%, respectively, of their average daily net assets. This contract cannot be terminated prior to 11/1/13 at which time the Service Providers have determined not to renew it.
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 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 shown in the table. 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 ($)        625           836           1,064           1,718   
CLASS C SHARES ($)        257           486           839           1,834   
SELECT CLASS SHARES ($)        80           249           433           966   
 
IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:  
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        625           836           1,064           1,718   
CLASS C SHARES ($)        157           486           839           1,834   
SELECT CLASS SHARES ($)        80           249           433           966   
The tables below replace the corresponding tables on page 13 of the Class R2 and Class R5 Shares prospectus.
 
ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the value of your investment)
  
        Class R2      Class R5  
Management Fees1        0.40 %       0.40 % 
Distribution (Rule 12b-1) Fees        0.50         NONE   
Other Expenses        0.37         0.17   
Shareholder Service Fees
        0.25         0.05   
Remainder of Other Expenses
        0.12         0.12   
      
 
 
     
 
 
  
Acquired Fund Fees and Expenses        0.01         0.01   
      
 
 
     
 
 
  
Total Annual Fund Operating Expenses1,2        1.28         0.58   
 
1    As of September 1, 2013, the Fund’s advisory fee was reduced; therefore, the Management Fees and Total Annual Fund Operating Expenses have been restated to reflect the current fees.
2    The Fund’s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class R2 and Class R5 Shares (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed 1.50% and 0.80%, respectively, of their average daily net assets. This contract cannot be terminated prior to 11/1/13 at which time the Service Providers have determined not to renew it.
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 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 shown in the table. 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 ($)        130           406           702           1,545   
CLASS R5 SHARES ($)        59           186           324           726   
 
JPMorgan Intrepid Growth Fund
The tables below replace the corresponding tables on page 25 of the Class A, Class C and Select Class Shares prospectus.
 
ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the value of your investment)
  
        Class A      Class C      Select
Class		  
Management Fees1        0.50 %       0.50 %       0.50 % 
Distribution (Rule 12b-1) Fees        0.25         0.75         NONE   
Other Expenses        0.42         0.42         0.42   
Shareholder Service Fees
        0.25         0.25         0.25   
Remainder of Other Expenses
        0.17         0.17         0.17   
      
 
 
     
 
 
     
 
 
  
Acquired Fund Fees and Expenses        0.01         0.01         0.01   
      
 
 
     
 
 
     
 
 
  
Total Annual Fund Operating Expenses1,2        1.18         1.68         0.93   
 
1    As of September 1, 2013, the Fund’s advisory fee was reduced; therefore, the Management Fees and Total Annual Fund Operating Expenses have been restated to reflect the current fees.
2    The Fund’s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class A, Class C and Select Class Shares (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed 1.25%, 1.75% and 1.00%, respectively, of their average daily net assets. This contract cannot be terminated prior to 11/1/13 at which time the Service Providers have determined not to renew it.
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 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 shown in the table. 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 ($)        639           880           1,140           1,882   
CLASS C SHARES ($)        271           530           913           1,987   
SELECT CLASS SHARES ($)        95           296           515           1,143   
 
IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:  
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        639           880           1,140           1,882   
CLASS C SHARES ($)        171           530           913           1,987   
SELECT CLASS SHARES ($)        95           296           515           1,143   
 
The tables below replace the corresponding tables on page 17 of the Class R2 and Class R5 Shares prospectus.
 
ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the value of your investment)
  
        Class R2      Class R5  
Management Fees1        0.50 %       0.50 % 
Distribution (Rule 12b-1) Fees        0.50         NONE   
Other Expenses        0.41         0.22   
Shareholder Service Fees
        0.25         0.05   
Remainder of Other Expenses
        0.16         0.17   
      
 
 
     
 
 
  
Acquired Fund Fees and Expenses        0.01         0.01   
      
 
 
     
 
 
  
Total Annual Fund Operating Expenses1,2        1.42         0.73   
 
1   As of September 1, 2013, the Fund’s advisory fee was reduced; therefore, the Management Fees and Total Annual Fund Operating Expenses have been restated to reflect the current fees.
2    The Fund’s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class R2 and Class R5 Shares (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed 1.50% and 0.80%, respectively, of their average daily net assets. This contract cannot be terminated prior to 11/1/13 at which time the Service Providers have determined not to renew it.
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 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 shown in the table. 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 ($)        145           449           776           1,702   
CLASS R5 SHARES ($)        75           223           406           906   
 
JPMorgan Intrepid Value Fund
The tables below replace the corresponding tables on page 29 of the Class A, Class C and Select Class Shares prospectus.
 
ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the value of your investment)
  
        Class A      Class C      Select
Class		  
Management Fees1        0.40 %       0.40 %       0.40 % 
Distribution (Rule 12b-1) Fees        0.25         0.75         NONE   
Other Expenses        0.57         0.56         0.57   
Shareholder Service Fees
        0.25         0.25         0.25   
Remainder of Other Expenses
        0.32         0.31         0.32   
      
 
 
     
 
 
     
 
 
  
Acquired Fund Fees and Expenses        0.01         0.01         0.01   
      
 
 
     
 
 
     
 
 
  
Total Annual Fund Operating Expenses1        1.23         1.72         0.98   
Fee Waivers and Expense Reimbursements1,2        (0.27 )       (0.26 )       (0.17 ) 
      
 
 
     
 
 
     
 
 
  
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements1,2        0.96         1.46         0.81   
 
1    As of September 1, 2013, the Fund’s advisory fee was reduced; therefore, the Management Fees, Total Annual Fund Operating Expenses, Fee Waivers and Expense Reimbursements and Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements have been restated to reflect the current fees.
2    The Fund’s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class A, Class C and Select Class Shares (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed 0.95%, 1.45% and 0.80%, respectively, of their average daily net assets. This contract cannot be terminated prior to 11/1/13 at which time the Service Providers will determine whether or not to renew or revise it.
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 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 table through 10/31/13 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 ($)        617           869           1,140           1,912   
CLASS C SHARES ($)        249           517           909           2,009   
SELECT CLASS SHARES ($)        83           295           525           1,186   
 
IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:  
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        617           869           1,140           1,912   
CLASS C SHARES ($)        149           517           909           2,009   
SELECT CLASS SHARES ($)        83           295           525           1,186   
 
The tables below replace the corresponding tables on page 21 of the Class R2, Class R5 and Class R6 Shares prospectus.
 
ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the value of your investment)
  
        Class R2      Class R5      Class R6  
Management Fees1        0.40 %       0.40 %       0.40 % 
Distribution (Rule 12b-1) Fees        0.50         NONE         NONE   
Other Expenses        0.58         0.38         0.32   
Shareholder Service Fees
        0.25         0.05         NONE   
Remainder of Other Expenses
        0.33         0.33         0.32   
      
 
 
     
 
 
     
 
 
  
Acquired Fund Fees and Expenses        0.01         0.01         0.01   
      
 
 
     
 
 
     
 
 
  
Total Annual Fund Operating Expenses1        1.49         0.79         0.73   
Fee Waivers and Expense Reimbursements1,2        (0.28 )       (0.18 )       (0.17 ) 
      
 
 
     
 
 
     
 
 
  
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements1,2        1.21         0.61         0.56   
 
1    As of September 1, 2013, the Fund’s advisory fee was reduced; therefore, the Management Fees, Total Annual Fund Operating Expenses, Fee Waivers and Expense Reimbursements and Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements have been restated to reflect the current fees.
2    The Fund’s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class R2, Class R5 and Class R6 Shares (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed 1.20%, 0.60% and 0.55%, respectively, of their average daily net assets. This contract cannot be terminated prior to 11/1/13 at which time the Service Providers will determine whether or not to renew or revise it.
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 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 table through 10/31/13 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 ($)        123           444           787           1,756   
CLASS R5 SHARES ($)        62           234           421           961   
CLASS R6 SHARES ($)        57           216           389           890   
 
JPMorgan U.S. Dynamic Plus Fund
The tables below replace the corresponding tables on page 41 of the Class A, Class C and Select Class Shares prospectus.
 
ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the value of your investment)
  
        Class A      Class C      Select
Class		  
Management Fees1        1.00 %       1.00 %       1.00 % 
Distribution (Rule 12b-1) Fees        0.25         0.75         NONE   
Other Expenses        1.04         1.04         1.03   
Dividend Expenses on Short Sales
        0.51         0.51         0.51   
Shareholder Service Fees
        0.25         0.25         0.25   
Remainder of Other Expenses
        0.28         0.28         0.27   
      
 
 
     
 
 
     
 
 
  
Acquired Fund Fees and Expenses        0.10         0.10         0.10   
      
 
 
     
 
 
     
 
 
  
Total Annual Fund Operating Expenses1        2.39         2.89         2.13   
Fee Waivers and Expense Reimbursements1,2        (0.48 )       (0.48 )       (0.47 ) 
      
 
 
     
 
 
     
 
 
  
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements1,2        1.91         2.41         1.66   
 
1    As of September 1, 2013, the Fund’s advisory fee was reduced; therefore, the Management Fees, Total Annual Fund Operating Expenses, Fee Waivers and Expense Reimbursements and Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements have been restated to reflect the current fees.
2    The Fund’s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class A, Class C and Select Class Shares (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed 1.30%, 1.80% and 1.05%, respectively, of their average daily net assets. This contract cannot be terminated prior to 11/1/13 at which time the Service Providers will determine whether or not to renew or revise it.
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 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 table through 10/31/13 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 ($)        709           1,188           1,692           3,074   
CLASS C SHARES ($)        344           850           1,481           3,180   
SELECT CLASS SHARES ($)        169           622           1,101           2,425   
 
IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:  
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        709           1,188           1,692           3,074   
CLASS C SHARES ($)        244           850           1,481           3,180   
SELECT CLASS SHARES ($)        169           622           1,101           2,425   
 
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH
THE PROSPECTUSES FOR FUTURE REFERENCE