J.P. Morgan Money Market Funds STATEMENT OF ADDITIONAL INFORMATION PART I. July 1, 2015 JPMORGAN TRUST I ( JPMT I )

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1 J.P. Morgan Money Market Funds STATEMENT OF ADDITIONAL INFORMATION PART I July 1, 2015 JPMORGAN TRUST I ( JPMT I ) JPMorgan 100% U.S. Treasury Securities Money Market JPMorgan California Municipal Money Market Fund ( California Municipal Money JPMorgan New York Municipal Money Market Fund ( New York Municipal Money JPMorgan Fund JPMorgan Current Yield JPMorgan Prime Money Market Fund JPMorgan Federal Money Market Fund ( 100% U.S. Treasury Securities Tax Free Money Market Fund ( Tax Free Money Market Fund ( Current Yield ( Prime Money ( Federal Money Money Money Money Fund Name Market Fund ) Market Fund ) Market Fund ) Market Fund ) Market Fund ) Market Fund ) Market Fund ) Capital CJPXX CJTXX JCCXX Institutional Class JINXX JFMXX JTSXX JTFXX JCIXX Agency VMIXX VFIXX VPIXX VTIXX Premier VPMXX VFPXX VHPXX VXPXX Investor JPIXX Morgan VMVXX VFVXX HTSXX VTMXX VCAXX VNYXX Reserve JRVXX JFRXX RJTXX RTJXX JNYXX Class C JXCXX Cash Management JCMXX Service JPSXX JTVXX JCVXX JNVXX Direct JMDXX JTDXX E*TRADE Class JCEXX JNEXX Eagle Class JPEXX JTEXX IM Shares JIMXX SAI-MMKT-715

2 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 ) Capital CJLXX OGVXX Institutional Class IJLXX IJGXX IJTXX IJMXX Agency AJLXX OGAXX AJTXX JMAXX Premier PJLXX OGSXX PJTXX HTOXX Investor HLPXX JGMXX HGOXX Morgan MJLXX MJGXX MJTXX MJMXX Reserve HPIXX RJGXX HTIXX OGIXX Class C OPCXX OTCXX Service OPSXX SJGXX JPVXX SJMXX Direct JGDXX JUDXX E*TRADE Class JLEXX JMEXX Eagle Class JJGXX JRTXX IM Shares MGMXX MJPXX (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, 2015, as supplemented from time to time (collectively, the Prospectuses ). Additionally, this SAI incorporates by reference the audited financial statements dated February 28, 2015, included in the annual Shareholder Reports relating to the Funds (the Financial Statements ).

3 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 460 Polaris Parkway, Westerville, Ohio, 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, Cash Management, 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 J.P. Morgan Institutional Funds Service Center 500 Stanton Christiana Road, 3-OPS3 Newark, DE

4 J.P. MORGAN MONEY MARKET FUNDS JPMorgan 100% U.S. Treasury Securities Money Market Fund JPMorgan California Municipal Money Market Fund JPMorgan Federal Money Market Fund JPMorgan New York Municipal Money Market Fund JPMorgan Prime Money Market Fund JPMorgan Tax Free Money Market Fund (All Share Classes) (each a series of JPMorgan Trust I) JPMorgan Liquid Assets Money Market Fund JPMorgan Municipal Money Market Fund JPMorgan U.S. Government Money Market Fund JPMorgan U.S. Treasury Plus Money Market Fund (All Share Classes) (each a series of JPMorgan Trust II) (each, a Fund, and collectively, the Funds ) Supplement dated March 2, 2016 to the Prospectuses, Summary Prospectuses and Statement of Additional Information dated July 1, 2015, as supplemented The Securities and Exchange Commission ( SEC ) has amended the rules that govern the operation of registered money market funds ( MMFs ). The compliance date for certain of these amendments is October 14, 2016 (the compliance date ). The following is a summary of the major components of these amendments, as well as information pertaining to certain changes that will impact the JPMorgan MMFs. Summary of Reforms Stable or Floating Net Asset Value ( NAV ) Under the amendments, MMFs that qualify as retail ( Retail MMFs ) or government ( Government MMFs ) will be permitted to utilize the amortized cost method of valuation to transact at a stable NAV of $1.00 per share. MMFs that do not qualify as Retail MMFs or Government MMFs (collectively, Institutional MMFs ) will be required to price and transact in their shares at a floating NAV reflecting current market-based values of their portfolio securities. The floating NAV will need to be rounded to four decimal places for a MMF utilizing a $1.00 NAV per share (e.g., $1.0000). Liquidity Fees on Redemptions and Redemption Gates Additionally, as discussed below, all Retail and Institutional MMFs must adopt policies and procedures to enable them to impose liquidity fees on redemptions and/or redemption gates in the event that the MMF s weekly liquid assets (as defined below) were to fall below a designated threshold, subject to the actions of the MMF s board. Government MMFs are exempt from this requirement. SUP-MMF-316

5 At a February 2016 meeting, the Funds Board of Trustees (the Board ) agreed with management s recommendation that each of the JPMorgan MMFs be designated as set forth below: Fund JPMorgan Prime Money Market Fund JPMorgan Liquid Assets Money Market Fund JPMorgan California Municipal Money Market Fund JPMorgan New York Municipal Money Market Fund JPMorgan Municipal Money Market Fund JPMorgan Tax Free Money Market Fund JPMorgan 100% U.S. Treasury Securities Money Market Fund JPMorgan Federal Money Market Fund JPMorgan U.S. Government Money Market Fund JPMorgan U.S. Treasury Plus Money Market Fund Designation Floating NAV Required (October 1, 2016) Institutional Yes Yes Retail No Yes Retail No Yes Retail No Yes Retail No Yes Retail No Yes Government No No 1 Government No No 1 Government No No 1 Government No No 1 Ability to Use Liquidity Fees and Temporary Gates (October 14, 2016) 1 The Board has no current intention to subject the Government MMFs to temporary liquidity fees and redemption gates. Please note, however, that the Board may reserve the ability to subject the Government MMFs to a liquidity fee and/or redemption gate in the future after providing appropriate prior notice to shareholders. JPMorgan Retail MMFs As required under the rule amendments, each Retail MMF must adopt policies and procedures reasonably designed to limit all beneficial owners of the Fund to natural persons. In order to separate retail and non-retail investors, a Retail MMF may redeem investors that do not satisfy the eligibility requirements for Retail MMF investors. Each Fund that will operate as a retail MMF will provide advance written notice of its intent to make any such involuntary redemptions, which will include more specific information on timing. Neither a Fund nor its investment adviser will be responsible for any loss in an investor s account or tax liability resulting from an involuntary redemption. It is currently intended that each Fund that will operate as a Retail MMF will continue to operate with its existing objective to maintain a $1.00 stable NAV. Each Fund that will operate as a Retail MMF will be subject to the liquidity fee and redemption gate provisions described below. The Funds listed in the table above will seek to qualify as Retail MMFs by October 1, On or before October 1, 2016, investments in those Funds will be limited to accounts beneficially owned by natural persons. Natural persons may invest in a Retail MMF through certain tax-advantaged savings accounts, trusts and other retirement and investment accounts, which may include, among others: participant-directed defined contribution plans; individual retirement accounts; simplified employee pension arrangements; simple retirement accounts; custodial accounts; deferred compensation plans for government or tax-exempt organization employees; Archer medical savings accounts; college savings plans; health savings account plans; ordinary trusts and estates of natural persons; or certain other retirement and investment accounts with ultimate investment authority held by the natural person beneficial owner, notwithstanding having an institutional decision maker making day to day decisions (e.g., a plan sponsor in certain retirement arrangements or an investment adviser managing discretionary investment accounts).

6 Effective October 1, 2016, only accounts beneficially owned by natural persons will be permitted to retain their shares. Financial intermediaries will be required to take steps to remove any shareholders on behalf of whom they hold shares in a Retail MMF that are not eligible to be invested in the Retail MMF prior to such date and must notify the Retail MMF of any ineligible shareholders that continue to own shares of the Retail MMF on such date. Further, financial intermediaries may only submit purchase orders following such date if they have implemented policies and procedures reasonably designed to limit all investors on behalf of whom they submit orders to accounts beneficially owned by natural persons. Financial intermediaries may be required by a Fund or its shareholder servicing agent to provide a written statement or other representation that they have in place, and operate in compliance with, such policies and procedures prior to submitting purchase orders. The Funds that will operate as a Retail MMF reserve the right to redeem shares in any account that they cannot confirm to their satisfaction are beneficially owned by natural persons, after providing advance notice. JPMorgan Institutional MMF Under the rule amendments, both retail and non-retail investors will be able to own shares of the JPMorgan Prime Money Market Fund, but the Fund will be required to transition to a floating NAV calculated to four decimals (e.g., $1.0000) on or before October 14, This transition currently is expected to occur with respect to the JPMorgan Prime Money Market Fund on or about October 1, The JPMorgan Prime Money Market Fund will also be subject to the liquidity fee and redemption gate provisions described below. Effective on or about October 1, 2016, the NAV of each class of shares of the JPMorgan Prime Money Market Fund will ordinarily be calculated as of the following times on each day the Fund accepts purchase orders and redemption requests: JPMorgan Prime Money Market Fund 8:00 a.m., 12:00 p.m. and 3:00 p.m. ET Until such conversion date, it is currently expected that the JPMorgan Prime Money Market Fund will continue to seek to maintain a stable NAV per share of $1.00 using the amortized cost method to value its portfolio of securities. Timing of Acceptance and Processing of Trade Orders Currently, certain financial intermediaries serve as agents for the MMFs and accept orders on their behalf. Where a financial intermediary serves as agent, the order is priced at the MMF s NAV next calculated after it is accepted by the financial intermediary. In such cases, if requested by a MMF, the financial intermediary is responsible for providing information with regard to the time that such order for purchase, redemption or exchange was received. Orders submitted through a financial intermediary that has not received authorization to accept orders on a MMF s behalf are priced at the MMF s NAV next calculated after it receives the order from the financial intermediary and accepts it, which may not occur on the day submitted to the financial intermediary. Effective October 1, 2016, the JPMorgan Prime Money Market Fund will no longer permit financial intermediaries to serve as its agent for the receipt of orders. From that date, all trades in the JPMorgan Prime Money Market Fund will be priced at the NAV next calculated by the Fund following its receipt of the trade in proper form from the financial intermediary. Effective October 1, 2016, in order to purchase shares of the JPMorgan Prime Money Market Fund, the Fund must receive federal funds or other immediately available funds by the close of the Federal Reserve wire transfer system (normally, 6:00 p.m. ET) on the same business day the purchase order is placed. In the event that payment is not received by the JPMorgan Prime Money Market Fund by the close of the Federal Reserve wire transfer system or through other immediately available funds that same day, the Fund reserves the right to cancel your purchase order and you will be liable for any resulting losses or fees incurred by the Fund or the Fund s transfer agent. A shareholder that redeems shares of the JPMorgan Prime Money Market Fund will not receive a dividend on the date of redemption, regardless of the form of payment requested. Check Writing Privileges Effective September 1, 2016, check writing privileges will no longer be available for shareholders of the JPMorgan Prime Money Market Fund.

7 Interfund Exchanges Effective October 1, 2016, exchanges between the JPMorgan Prime Money Market Fund and other JPMorgan Funds will no longer be permitted. JPMorgan Government MMFs A Government MMF is defined as a MMF that invests at least 99.5% of its total assets in cash, government securities and/or repurchase agreements collateralized solely by cash and/or government securities. It is currently intended that each of the Funds that intend to qualify as Government MMFs will continue to operate with its existing objective to maintain a $1.00 stable NAV. Under the rule amendments, a Government MMF is not required to be subject to liquidity fees on redemptions and redemption gates. The Funds Board has no current intention to subject the Funds that intend to qualify as Government MMFs to temporary liquidity fees and redemption gates. More Information on Liquidity Fees and Redemption Gates Under the rule amendments, if a MMF s weekly liquid assets fall below 30% of its total assets, the MMF s board, in its discretion, may impose liquidity fees of up to 2% of the value of the shares redeemed and/or redemption gates. In addition, if a MMF s weekly liquid assets fall below 10% of its total assets at the end of any business day, the MMF must impose a 1% liquidity fee on shareholder redemptions unless the MMF s board determines that not doing so is in the best interests of the MMF. Weekly liquid assets include (i) cash; (ii) direct obligations of the U.S. Government; (iii) Government securities issued by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States, that are issued at a discount to the principal amount to be repaid at maturity without the provision for the payment of interest and have a remaining maturity of 60 days or less; (iv) securities that will mature or are subject to a demand feature that is exercisable and payable within five business days; and (v) amounts receivable and due unconditionally within five business days on pending sales of portfolio securities. With regard to all Funds that do not qualify as Government MMFs (as set forth above), the liquidity fee and redemption gate powers described above will be available to the Board on October 14, Liquidity fees and redemption gates are most likely to be imposed, if at all, during times of extraordinary market stress. The Board generally expects that a redemption gate would be imposed prior to notification to shareholders and financial intermediaries that a gate would be imposed. Additionally, the Board generally expects that a liquidity fee would be implemented, if at all, after a Fund has notified financial intermediaries and shareholders that a liquidity fee will be imposed (generally, applied to all redemption requests processed at the first net asset value calculation on the next business day following the announcement that the Fund will impose a liquidity fee), although the Board, in its discretion, may elect otherwise. In the event that a liquidity fee or redemption gate is imposed, the Board expects that for the duration of its implementation and the day after which such gate or fee is terminated, the Fund would strike only one NAV per day, at the Fund s last scheduled NAV calculation time. The imposition and termination of a liquidity fee or redemption gate will be reported by a Fund to the SEC on Form N-CR. Such information will also be available on the Fund s website ( In addition, a Fund will communicate such action through a supplement to its registration statement and may further communicate such action through a press release or by other means. If a liquidity fee is applied by the Board of a Fund, it will be charged on all redemption orders submitted after the effective time of the imposition of the fee by the Board. Liquidity fees would reduce the amount you receive upon redemption of your shares. In the event a Fund imposes a redemption gate, the Fund or any financial intermediary on its behalf will not accept redemption requests until the Fund provides notice that the redemption gate has been terminated. Redemption requests submitted while a redemption gate is imposed will be cancelled without further notice. If shareholders still wish to redeem their shares after a redemption gate has been lifted, they will need to submit a new redemption request. The Board may, in its discretion, terminate a liquidity fee or redemption gate at any time if it believes such action to be in the best interest of a Fund and its shareholders. Also, liquidity fees and redemption gates will automatically terminate at the beginning of the next business day once a Fund s weekly liquid assets reach at least 30% of its total assets. Redemption gates may only last up to 10 business days in any 90-day period. When a fee or a gate

8 is in place, the Fund may elect not to permit the purchase of shares or to subject the purchase of shares to certain conditions, which may include affirmation of the purchaser s knowledge that a fee or a gate is in effect. When a fee or a gate is in place, shareholders will not be permitted to exchange into or out of a Fund. The Board may, in its discretion, permanently suspend redemptions and liquidate if, among other things, a Fund, at the end of a business day, has less than 10% of its total assets invested in weekly liquid assets. The Board of a Fund that operates as a Retail or Government MMF may suspend redemptions and liquidate the Fund if the Board determines that the deviation between its amortized cost price per share and its market-based NAV per share may result in material dilution or other unfair results to investors or existing shareholders. There is some degree of uncertainty with respect to the tax treatment of liquidity fees received by MMFs, and such tax treatment may be the subject of future guidance issued by the Internal Revenue Service ( IRS ). If a Fund receives liquidity fees, it will consider the appropriate tax treatment of such fees to the Fund at such time. Responsibilities of Financial Intermediaries On or before October 1, 2016, financial intermediaries are required, to the extent that they hold investments in a Fund that operates as a Retail MMF to ensure that all shareholders on behalf of whom they hold investments comply with the terms and conditions for investor eligibility as set forth above. Additionally, such financial intermediaries will be expected to have, and upon request may be asked to provide satisfactory evidence to each of those Funds or the shareholder servicing agent that they have policies and procedures in place that are reasonably designed to limit all beneficial owners of the Fund on behalf of whom they place orders to natural persons and to provide to the Fund information or certification as to the adequacy of such procedures and the effectiveness of their implementation, in such form as may be reasonably requested by the Fund or the shareholder servicing agent. Financial intermediaries are expected to promptly report to a Fund that operates as a Retail MMF or the shareholder servicing agent the identification of any shareholder of the Fund that does not qualify as a natural person of whom they are aware and promptly take steps to redeem any such shareholder s shares of the Fund upon request by the Fund or the shareholder servicing agent, in such manner as it may reasonably request. Where, pursuant to authorization from a Fund, a financial intermediary accepts trade orders on the MMF s behalf (which shall not include a Fund that is an Institutional MMF after October 1, 2016), upon the Fund s reasonable request, the financial intermediary is expected to promptly provide the Fund or the shareholder servicing agent with information regarding the timing of its acceptance of such trade orders for purposes of, among other things, validating which NAV calculation should be applied to such trades and determining whether the orders preceded or followed the effective implementation time of a liquidity fee or redemption gate, or a modification thereto. Where a financial intermediary accepts trade orders on a Fund s behalf (which shall not include a Fund that is an Institutional MMF after October 1, 2016), they are required to promptly take the steps requested by the Fund or its designee to impose or help to implement a liquidity fee or redemption gate as requested from time to time, including the rejection of orders due to the imposition of a fee or gate or the prompt re-confirmation of orders following a notification regarding the implementation of a fee or gate. With regard to such orders, a redemption request that a Fund determines in its sole discretion has been received in good order by the Fund or its designated agent prior to the imposition of a liquidity fee or redemption gate may be paid by the Fund despite the imposition of a redemption gate or without the deduction of a liquidity fee. For all MMFs, where a financial intermediary serves as a Fund s agent for the purpose of receiving orders, trades that are not transmitted to the Fund by the financial intermediary before the time required by the Fund or the shareholder servicing agent may, in the Fund s discretion, be (i) rejected or (ii) processed on an as-of basis, provided, however, that any cost or loss to the Fund or the shareholder servicing agent or their affiliates, from such transactions shall be borne exclusively by the financial intermediary. Investment Strategy Changes For Certain Funds Effective September 1, 2016, each of the JPMorgan California Municipal Money Market Fund, JPMorgan New York Municipal Money Market Fund and JPMorgan Municipal Money Market Fund has adopted a non-fundamental policy to ordinarily invest, under normal circumstances, 100% of its total assets in weekly liquid assets (as defined under Rule 2a-7). The maturity restrictions applicable to weekly liquid assets may reduce these Funds yield and performance.

9 Investors should note that the historical yield and performance information for these Funds, as described in their prospectuses, is based on the investment policies of the Funds prior to the implementation of these changes. Distributions and Taxes The following hereby replaces the third paragraph of the section Distributions and Taxes in the prospectuses: Each Fund declares dividends of net investment income, if any, daily, so your shares can start earning dividends on the day you buy them. Each Fund distributes such dividends monthly in the form of additional Fund shares of the same class, unless you tell us that you want distributions in cash or as a deposit in a preassigned bank account. Such instruction must be received prior to the final calculation of the NAV on date of payment. Dividends on a dividend reinvestment begin to accrue on the date following the purchase date. In the event that a liquidity or redemption gate is in place at the time that dividends are distributed, all distributions will be made in form of cash. The taxation of dividends will not be affected by the form in which you receive them. For each taxable year, each Fund will distribute substantially all of its net investment income and short-term capital gain. However, from time to time a fund may not pay out all of the income and/or gains generated from its investments, including for the purpose of stabilizing its net asset value per share. Legends With regard to each Fund, the following language applies and has been added to the prospectus: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. Timing and Determinations The determinations and actions described herein, and anticipated timing of those actions, remain subject to future change. Shareholders will be given notice of further developments, as appropriate. INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUSES, SUMMARY PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE

10 JPMORGAN TRUST I J.P. MORGAN INTERNATIONAL EQUITY FUNDS JPMorgan Asia Pacific Fund JPMorgan Intrepid International Fund JPMorgan Emerging Markets Equity Fund JPMorgan International Equity Fund JPMorgan International Opportunities Fund JPMorgan International Value Fund JPMorgan Intrepid European Fund JPMorgan China Region Fund JPMorgan Latin America Fund JPMorgan Emerging Economies Fund JPMorgan International Equity Income Fund JPMorgan Global Unconstrained Equity Fund JPMorgan International Unconstrained Equity Fund JPMorgan Global Research Enhanced Index Fund JPMorgan Emerging Markets Equity Income Fund Prospectuses and Statement of Additional Information dated March 1, 2016 J.P. MORGAN SPECIALTY FUNDS JPMorgan Research Market Neutral Fund Prospectuses and Statement of Additional Information dated March 1, 2016 J.P. MORGAN TAX AWARE FUNDS JPMorgan Tax Aware Equity Fund JPMorgan Tax Aware Real Return Fund Prospectuses and Statement of Additional Information dated March 1, 2016 J.P. MORGAN FUNDS JPMorgan Global Allocation Fund JPMorgan Systematic Alpha Fund JPMorgan Income Builder Fund JPMorgan Commodities Strategy Fund Prospectuses and Statements of Additional Information dated March 1, 2016 J.P. MORGAN SMA FUNDS JPMorgan International Value SMA Fund JPMorgan Tax Aware Real Return SMA Fund Prospectuses and Statements of Additional Information dated March 1, 2016 J.P. MORGAN INCOME FUNDS JPMorgan Emerging Markets Local Currency Debt Fund Prospectuses and Statement of Additional Information dated March 1, 2016 J.P. MORGAN MONEY MARKET FUNDS JPMorgan 100% U.S. Treasury Securities Money Market Fund JPMorgan California Municipal Money Market Fund JPMorgan Federal Money Market Fund JPMorgan New York Municipal Money Market Fund JPMorgan Prime Money Market Fund JPMorgan Tax Free Money Market Fund JPMorgan Current Yield Money Market Fund Prospectuses and Statement of Additional Information dated July 1, 2015, as supplemented J.P. MORGAN U.S. EQUITY FUNDS JPMorgan Opportunistic Equity Long/Short Fund JPMorgan Research Equity Long/Short Fund Prospectuses and Statements of Additional Information dated March 1, 2016 JPMORGAN TRUST II J.P. MORGAN INTERNATIONAL EQUITY FUNDS JPMorgan International Research Enhanced Equity Fund Prospectuses and Statement of Additional Information dated March 1, 2016 J.P. MORGAN MONEY MARKET FUNDS JPMorgan Liquid Assets Money Market Fund JPMorgan Municipal Money Market Fund JPMorgan U.S. Government Money Market Fund JPMorgan U.S. Treasury Plus Money Market Fund Prospectuses and Statement of Additional Information dated March 1, 2016 JPMORGAN TRUST III J.P. MORGAN ALTERNATIVE FUNDS JPMorgan Multi-Manager Alternatives Fund Prospectuses and Statement of Additional Information dated March 1, 2016 SUP-JPMFM-316

11 (All Share Classes) Supplement dated March 1, 2016 to the Prospectuses and Statements of Additional Information as dated above, as supplemented Effective April 1, 2016, JPMorgan Funds Management, Inc., the Funds administrator, will be merged with and into J.P. Morgan Investment Management Inc. As a result of this action, all references to JPMorgan Funds Management, Inc. will be replaced with J.P. Morgan Investment Management Inc. INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE

12 J.P. MORGAN MONEY MARKET FUNDS JPMorgan Current Yield Money Market Fund (All Share Classes) (each a series of JPMorgan Trust I) Supplement dated July 15, 2015 to the Prospectuses, Summary Prospectuses and Statement of Additional Information dated July 1, 2015 Effective immediately, no purchases of Fund Shares will be accepted. INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS, SUMMARY PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE SUP-CYMM-715

13 TABLE OF CONTENTS PART I GENERAL... 1 The Trusts and the Funds... 1 Share Classes... 2 Miscellaneous... 2 INVESTMENT POLICIES... 3 INVESTMENT PRACTICES... 8 ADDITIONAL INFORMATION REGARDING FUND INVESTMENT PRACTICES DIVERSIFICATION QUALITY DESCRIPTION Commercial Paper Ratings TRUSTEES Standing Committees Ownership of Securities Trustee Compensation INVESTMENT ADVISER Investment Advisory Fees ADMINISTRATOR Administrator Fees DISTRIBUTOR Compensation Paid to JPMDS Distribution Fees SHAREHOLDER SERVICING Shareholder Services Fees BROKERAGE AND RESEARCH SERVICES Broker Research Securities of Regular Broker-Dealers FINANCIAL INTERMEDIARY Other Cash Compensation Payments TAX MATTERS State Specific Tax Information Capital Loss Carryforwards PORTFOLIO HOLDINGS DISCLOSURE SHARE OWNERSHIP Trustees and Officers Principal Holders FINANCIAL STATEMENTS PRINCIPAL SHAREHOLDERS... Attachment I-A PLEASE SEE PART II OF THIS SAI FOR ITS TABLE OF CONTENTS

14 GENERAL The Trusts and the Funds JPMT I Historical Information JPMT I is an open-end, management investment company formed as a statutory trust under the laws of the State of Delaware on November 12, 2004, pursuant to a Declaration of Trust dated November 5, Each of the Funds which is a series of JPMT I, except Current Yield Money Market Fund, is a successor mutual fund to J.P. Morgan Funds that were series of J.P. Morgan Mutual Fund Series at the close of business on February 18, 2005 ( Predecessor JPMorgan Funds ). Each of the Predecessor JPMorgan Funds operated as a series of J.P. Morgan Mutual Fund Trust ( JPMMFT or the Predecessor JPM Trust ) prior to reorganizing and redomiciling as series of J.P. Morgan Mutual Fund Series ( JPMMFS ) on February 18, Shareholders of each of the Predecessor Funds approved an Agreement and Plan of Reorganization and Redomiciliation ( Shell Reorganization Agreements ) between the Predecessor Trust, on behalf of the Predecessor JPMorgan Funds, and JPMMFS, on behalf of its series. Pursuant to the Shell Reorganization Agreements, the Predecessor JPMorgan Funds were reorganized into the corresponding series of JPMMFS effective after the close of business on February 18, 2005 ( Closing Date ). JPMT II Historical Information JPMT II is an open-end, management investment company formed as a statutory trust under the laws of the State of Delaware on November 12, 2004, pursuant to a Declaration of Trust dated November 5, Each of the Funds which are a series of JPMT II were formerly a series of One Group Mutual Funds, a Massachusetts business trust which was formed on May 23, 1985 ( Predecessor OG Funds ). At shareholder meetings held on January 20, 2005 and February 3, 2005, shareholders of One Group Mutual Funds approved the redomiciliation of One Group Mutual Funds as a Delaware statutory trust to be called JPMorgan Trust II. The redomiciliation was effective after the close of business on the closing date. With respect to events that occurred or payments that were made prior to the Closing Date, any reference to Fund(s) in this SAI prior to the Closing Date refers to the Predecessor JPMorgan Funds and the Predecessor OG Funds (collectively the Predecessor Funds ). J.P. Morgan Funds. After the close of business on February 18, 2005, certain Predecessor JPMorgan Funds and Predecessor OG Funds merged with and into the Funds listed below. The following list identifies the target funds and the surviving funds: Target Funds Surviving Funds One Group Treasury Only Money Market Fund JPMorgan 100% U.S Treasury Securities Money Market Fund One Group U.S. Government Securities Money Market Fund; JPMorgan U.S. Government Money Market Fund One Group Government Money Market Fund now known as JPMorgan U.S. Government Money Market Fund JPMorgan Liquid Assets Money Market Fund One Group Prime Money Market Fund now known as JPMorgan Liquid Assets Money Market Fund JPMorgan Treasury Plus Money Market Fund One Group U.S. Treasury Securities Money Market Fund now known as JPMorgan U.S. Treasury Plus Money Market Fund Fund Names. Prior to February 19, 2005, the following Funds were renamed with the approval of the Board of Trustees: Former Name One Group Government Money Market Fund One Group Municipal Money Market Fund One Group Prime Money Market Fund One Group U.S. Treasury Securities Money Market Fund JPMorgan California Tax Free Money Market Fund JPMorgan New York Tax Free Money Market Fund Current Name JPMorgan U.S. Government Money Market Fund JPMorgan Municipal Money Market Fund JPMorgan Liquid Assets Money Market Fund JPMorgan U.S. Treasury Plus Money Market Fund JPMorgan California Municipal Money Market Fund JPMorgan New York Municipal Money Market Fund Part I - 1

15 Effective September 10, 2001, the Board of Trustees of JPMMFT approved the re-naming of the following Funds: Current Name Former Name JPMorgan Prime Money Market Fund JPMorgan Prime Money Market Fund II JPMorgan Federal Money Market Fund JPMorgan Federal Money Market Fund II Effective May 1, 2003, the Predecessor JPM Trust was renamed with the approval of the Board of Trustees to J.P. Morgan Mutual Fund Trust from Mutual Fund Trust. Share Classes The Board of Trustees of JPMT I and JPMT II has authorized the issuance and sale of the following share classes of the Funds: Fund Capital Institutional Cash Class Agency Premier Investor Morgan Reserve Class C Management Service Direct E*Trade Eagle IM Class Class Shares Prime Money Market Fund X X X X X 1 X 9 X X X X X 6 X 7 X 8 Liquid Assets Money Market Fund X X X X X 1 X 9 X 2 X X X 5 U.S. Government Money Market Fund X 3 X X 3 X 3 X 1 X X 2 X X 6 X 7 X 8 U.S. Treasury Plus Money Market Fund X X X X 1 X 9 X 2 X X X 6 X 7 X 8 Federal Money Market Fund X X X X X 100% U.S. Treasury Securities Money Market Fund X X X X X X X Tax Free Money Market Fund X X X X X X 6 X 7 Municipal Money Market Fund X X X 4 X X 2 X X 5 California Municipal Money Market Fund X X X 5 New York Municipal Money Market Fund X X X X 5 Current Yield Money Market Fund X X 1 Effective February 19, 2005, Class I Shares of these Funds were redesignated Investor Shares. 2 Effective February 19, 2005, Class A Shares of these Funds were redesignated Reserve Shares. Shareholders who were not utilizing sweep services as of February 18, 2005 automatically exchanged their Reserve Shares for Morgan Shares. 3 Effective February 19, 2005, Class I Shares, Administrative Class Shares, and Class S Shares of this Fund were redesignated Capital Shares, Agency Shares, and Premier Shares, respectively. 4 Effective February 19, 2005, Class I Shares of these Funds were redesignated Premier Shares. 5 E*TRADE Class Shares are available only to clients of E*TRADE Securities, LLC. 6 Direct Shares are available only to clients of SVB Asset Management. 7 Eagle Class Shares are available only to clients of Eagle Asset Management and its affiliates. 8 IM Shares of the Fund may only be purchased by investment companies, including the J.P. Morgan Funds, registered under the Investment Company Act of 1940, as amended (the 1940 Act) and/or their wholly-owned subsidiaries (collectively, funds), through a Treasury and Security Services account held with an administered by JPMorgan Chase Bank, N.A. 9 Effective June 19, 2015, Class B Shares of these Funds were automatically converted to Morgan Shares. All share classes of the Current Yield Money Market Fund are not available for purchase by investors. The shares of the Funds are collectively referred to in this SAI as the Shares. Much of the information contained herein expands upon subjects discussed in the Prospectuses for the respective Funds. No investment in a particular class of Shares of a Fund should be made without first reading that Fund s Prospectus. Miscellaneous This SAI describes the financial history, investment strategies and policies, management and operation of each of the Funds in order to enable investors to select the Fund or Funds which best suit their needs. Part I - 2

16 This SAI provides additional information with respect to the Funds and should be read in conjunction with the relevant Fund s current Prospectuses. Capitalized terms not otherwise defined herein have the meanings accorded to them in the applicable Prospectus. The Funds executive offices are located at 270 Park Avenue, New York, NY 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 series representing separate investment funds or portfolios of JPMT I, JPMT II, JPMorgan Trust III ( JPMT III ), J.P. Morgan Mutual Fund Investment Trust ( JPMMFIT ), and J.P. Morgan Fleming Mutual Fund Group ( JPMFMFG ) (each a J.P. Morgan Fund, and together with the Funds, the J.P. Morgan Funds ). Throughout this SAI, JPMT I, JPMT II, JPMT III, JPMMFIT and JPMFMFG are each referred to as a Trust and collectively, as the Trusts. Each Trust s Board of Trustees, or Board of Directors in the case of JPMFMFG, is referred to herein as the Board of Trustees, and each trustee or director is referred to as a Trustee. The Funds are advised by J.P. Morgan Investment Management Inc. ( JPMIM ). Certain other of the J.P. Morgan Funds are advised by Security Capital Research & Management Incorporated ( SCR&M ), and/or subadvised by J.P. Morgan Private Investment Inc. ( JPMPI ) or JF International Management Inc. ( JFIMI ). JPMIM, SCR&M, JPMPI and JFIMI are also referred to herein as the Advisers and, individually, as the Adviser. JPMPI and JFIMI are also referred to herein as the Sub-Advisers and, individually, as the Sub-Adviser. Investments in the Funds are not deposits or obligations of, or guaranteed or endorsed by, JPMorgan Chase Bank, N.A. ( JPMorgan Chase Bank ), an affiliate of the Adviser, or any other bank. Shares of the Funds are not federally insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other governmental agency. An investment in a Fund is subject to risk that may cause the value of the investment to fluctuate, and when the investment is redeemed, the value may be higher or lower than the amount originally invested by the investor. INVESTMENT POLICIES The following investment policies have been adopted by the respective Trust with respect to the applicable Funds. The investment policies listed below under the heading Fundamental Investment Policies are fundamental policies which, under the Investment Company Act of 1940, as amended (the 1940 Act ), may not be changed without the vote of a majority of the outstanding voting securities of a Fund, as such term is defined in Additional Information in Part II of this SAI. All other investment policies of the Fund (including the investment objectives of the JPMT I Funds) are non-fundamental, unless otherwise designated in the Prospectus or herein, and may be changed by the Trustees of the Fund without shareholder approval. Except for the restriction on borrowings set forth in the fundamental investment policies (1) for Funds that are a series of JPMT I and (6) for Funds that are a series of JPMT II below, the percentage limitations contained in the policies below apply at the time of purchase of the securities. If a percentage or rating restriction on investment or use of assets set forth in a fundamental investment policy or a non-fundamental investment policy or in a Prospectus is adhered to at the time of investment, later changes in percentage resulting from any cause other than actions by a Fund will not be considered a violation. With respect to fundamental investment policies (1) for Funds that are a series of JPMT I and (6) for Funds that are a series of JPMT II, the 1940 Act generally limits a Fund s ability to borrow money on a non-temporary basis if such borrowings constitute senior securities. As noted in Investment Strategies and Policies Miscellaneous Investment Strategies and Risks Borrowings in SAI Part II, in addition to temporary borrowing, a Fund may borrow from any bank, provided that immediately after any such borrowing there is an asset coverage of at least 300% for all borrowings by a Fund and provided further, that in the event that such asset coverage shall at any time fall below 300%, a Fund shall, within three days (not including Sundays and holidays) thereafter or such longer period as the U.S. Securities and Exchange Commission ( SEC ) may prescribe by rules and regulations, reduce the amount of its borrowings to such an extent that the asset coverage of such borrowing shall be at least 300%. A Fund may also borrow money or engage in economically similar transactions if those transactions do not constitute senior securities under the 1940 Act. Under current pronouncements, certain Fund positions (e.g., reverse repurchase agreements) are excluded from the definition of senior security so long as a Fund maintains adequate cover, segregation of assets or otherwise. Similarly, a short sale will not be considered a senior security if a Fund takes certain steps contemplated by SEC staff pronouncements, such as ensuring the short sale transaction is adequately covered. If the value of a Fund s holdings of illiquid securities at any time exceeds the percentage limitation applicable at the time of acquisition due to subsequent fluctuations in value or other reasons, the Board of Trustees will consider what actions, if any, are appropriate to maintain adequate liquidity. Part I - 3

17 For purposes of fundamental investment policies regarding industry concentration, an Adviser may classify issuers by industry in accordance with classifications set forth in the Directory of Companies Filing Annual Reports with the SEC or other sources. In the absence of such classification or if an Adviser determines in good faith based on its own information that the economic characteristics affecting a particular issuer make it more appropriate to be considered engaged in a different industry, an Adviser may classify an issuer accordingly. Accordingly, the composition of an industry or group of industries may change from time to time. Investment Policies of Funds that Are Series of JPMT I Fundamental Investment Policies. (1) Each Fund may not borrow money, except to the extent permitted by applicable law; (2) Each Fund may make loans to other persons, in accordance with the Fund s investment objective and policies and to the extent permitted by applicable law; (3) (a) Each Fund, except the Current Yield Money Market Fund, may not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities, or repurchase agreements secured thereby) if, as a result, more than 25% of the Fund s total assets would be invested in the securities of companies whose principal business activities are in the same industry. Notwithstanding the foregoing, (i) the Money Market Funds may invest more than 25% of their total assets in obligations issued by banks, including U.S. banks; and (ii) the Municipal Funds may invest more than 25% of their respective assets in municipal obligations secured by bank letters of credit or guarantees, including Participation Certificates; (b) The Current Yield Money Market Fund may not purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities, or repurchase agreements secured thereby) if, as a result, it would cause the Fund to concentrate its investments in the securities of issuers primarily engaged in any particular industry except as permitted by the SEC. Notwithstanding the foregoing, the Fund may invest more than 25% of its total assets in obligations issued by banks, including U.S. banks; (4) (a) Each Fund, except the Current Yield Money Market Fund, may not purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments, but this shall not prevent a Fund from (i) purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities or (ii) engaging in forward purchases or sales of foreign currencies or securities; (b) The Current Yield Money Market Fund may not purchase or sell commodities or commodity contracts except as may be permitted by the 1940 Act or unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent the Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments including derivatives related to physical commodities; (5) Each Fund may not purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (but this shall not prevent a Fund from investing in securities or other instruments backed by real estate or securities of companies engaged in the real estate business). Investments by a Fund in securities backed by mortgages on real estate or in marketable securities of companies engaged in such activities are not hereby precluded; (6) (a) Each Fund, except the Current Yield Money Market Fund, may not issue any senior security (as defined in the 1940 Act), except that (a) a Fund may engage in transactions that may result in the issuance of senior securities to the extent permitted under applicable regulations and interpretations of the 1940 Act or an exemptive order; (b) a Fund may acquire other securities, the acquisition of which may result in the issuance of a senior security, to the extent permitted under applicable regulations or interpretations of the 1940 Act; and (c) subject to the restrictions set forth above, a Fund may borrow money as authorized by the 1940 Act. For purposes of this restriction, collateral arrangements with respect to a Fund s permissible options and futures transactions, including deposits of initial and variation margin, are not considered to be the issuance of a senior security; (b) The Current Yield Money Market Fund may not issue senior securities, except as permitted under the 1940 Act or any rule, order or interpretation thereunder; or Part I - 4

18 (7) (a) Each Fund, except the Current Yield Money Market Fund, may not underwrite securities issued by other persons except insofar as a Fund may technically be deemed to be an underwriter under the 1933 Act in selling a portfolio security; (b) The Current Yield Money Market Fund may not underwrite securities of other issuers, except to the extent that the Fund may be deemed an underwriter under certain securities laws in the disposition of restricted securities. In addition, as a matter of fundamental policy, notwithstanding any other investment policy or restriction, a Fund may seek to achieve its investment objective by investing all of its investable assets in another investment company having substantially the same investment objective and policies as the Fund. For purposes of investment policy (2) above, loan participators are considered to be debt instruments. For purposes of investment policy (5) above, real estate includes real estate limited partnerships. For purposes of investment policy (3)(a) above, industrial development bonds, where the payment of principal and interest is the ultimate responsibility of companies within the same industry, are grouped together as an industry. Investment policy (3)(a) above, however, is not applicable to investments by a Fund in municipal obligations where the issuer is regarded as a state, city, municipality or other public authority since such entities are not members of any industry. Supranational organizations are collectively considered to be members of a single industry for purposes of policy (3)(a) above. For the Tax Free Money Market Fund, California Municipal Money Market Fund and New York Municipal Money Market Fund, the following 80% investment policy for each Fund is fundamental and may not be changed without shareholder approval: (1) The Tax Free Money Market Fund will invest at least 80% of the value of its Assets in municipal obligations. Assets means net assets, plus the amount of borrowings for investment purposes. (2) The California Municipal Money Market Fund normally invests at least 80% of the value of its Assets in municipal obligations, the interest on which is excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. Assets means net assets, plus the amount of borrowings for investment purposes. (3) The New York Municipal Money Market Fund normally invests at least 80% of the value of its Assets in municipal obligations, the interest on which is excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. Assets means net assets, plus the amount of borrowings for investment purposes. Non-Fundamental Investment Policies. (1) Each Fund, except the Current Yield Money Market Fund, may not, with respect to 75% of its total assets, hold more than 10% of the outstanding voting securities of any issuer or invest more than 5% of its assets in the securities of any one issuer (other than obligations of the U.S. government, its agencies and instrumentalities). (2) Each Fund, except the Current Yield Money Market Fund, may not make short sales of securities, other than short sales against the box, or purchase securities on margin except for short-term credits necessary for clearance of portfolio transactions, provided that this restriction will not be applied to limit the use of options, futures contracts and related options, in the manner otherwise permitted by the investment restrictions, policies and investment program of a Fund. The Funds have no current intention of making short sales against the box. (3) Each Fund, except the Current Yield Money Market Fund may not purchase or sell interests in oil, gas or mineral leases. (4) Each Fund may not invest more than 5% of its total assets in illiquid securities. (5) Each Fund, except the Current Yield Money Market Fund, may not write, purchase or sell any put or call option or any combination thereof, provided that this shall not prevent (i) the writing, purchasing or selling of puts, calls or combinations thereof with respect to portfolio securities or (ii) with respect to a Fund s permissible futures and options transactions, the writing, purchasing, ownership, holding or selling of futures and options positions or of puts, calls or combinations thereof with respect to futures. (6) (a) Each Fund, except the Current Yield Money Market Fund, may invest up to 5% of its total assets in the securities of any one investment company, but may not own more than 3% of the securities of any one investment company or invest more than 10% of its total assets in the securities of other investment companies. Part I - 5