FUBC (MM)

MANAGEMENT

In addition, the first and second paragraphs in the section titled “The Fund’s Management and Administration—The Portfolio Managers” are hereby deleted in its entirety and replaced by the following:

The Portfolio Managers

The Fund is managed by JPMIM’s Global Multi-Asset Group (GMAG). The lead portfolio managers who are primarily responsible for the day-to-day management of the Fund are listed below. As part of that responsibility, the portfolio managers establish and monitor the strategy and tactical allocations for the Fund. The portfolio managers are assisted by multiple specialist teams who support the strategies of the Fund within the parameters established by the lead portfolio managers.

Jeffrey A. Geller, Managing Director, Patrik Jakobson, Managing Director, Anne Lester, Managing Director, and Michael Schoenhaut, Managing Director and CFA charterholder, serve as portfolio managers for the Fund. As CIO of the U.S. GMAG, Mr. Geller has investment oversight responsibility for all accounts managed by the group. In addition, he has direct portfolio management responsibilities for GMAG’s less constrained mandates as well as those with large alternatives allocations. Mr. Geller joined JPMIM in 2006, and has been a portfolio manager of the Fund since its inception. Mr. Jakobson is responsible for managing global tactical allocation and Outsourced CIO portfolios for institutional clients. An employee of JPMIM since 1987 and a portfolio manager of the Fund since its inception, Mr. Jakobson has also served as portfolio manager for the firm’s global tactical asset allocation, risk based and balanced portfolios since 1995, and is responsible for several of the team’s strategic partnership relationships. Ms. Lester, Global Head of Product and Business Management for GMAG, has been an employee of JPMIM since 1992, a member of GMAG since 2000 and a portfolio manager of the Fund since December 2009. She plays a key role in defined contribution asset allocation strategies in addition to her responsibilities for the Fund. Mr. Schoenhaut is head of portfolio construction for GMAG in the U.S. He is a member of the Investment Committee of the U.S. GMAG and focuses on portfolio construction, manager analysis and tactical asset allocation. An employee since 1997 and a portfolio manager of the Fund since its inception, he is also a senior portfolio manager for target date, income and balanced strategies.

INVESTORS SHOULD RETAIN THIS SUPPLEMENT

WITH THE PROSPECTUS FOR FUTURE REFERENCE

SUP-IB-213

J.P. MORGAN FUNDS

JPMorgan Global Allocation Fund

(All Share Classes)

(a series of JPMorgan Trust I)

Supplement dated February 4, 2013

to the Prospectuses dated February 29, 2012

Effective immediately, the portfolio managers’ information for the JPMorgan Global Allocation Fund (the “Fund”) Prospectuses in the section titled “Management” in the Fund’s “Risk/Return Summary” is hereby deleted in its entirety and replaced with the following:

MANAGEMENT

In addition, the second paragraph in the section titled “The Fund’s Management and Administration—The Portfolio Managers” is hereby deleted in its entirety and replaced by the following:

The Portfolio Managers

The Fund is managed by JPMIM’s Global Multi-Asset Group (GMAG). The members of the GMAG team responsible for management and oversight of the Fund are Jeffery A. Geller, Managing Director, Talib Sheikh, Managing Director and CFA charterholder, James Elliott, Managing Director, Michael Schoenhaut, Managing Director and CFA charterholder, and Anne Lester, Managing Director. As CIO of the U.S. GMAG, Mr. Geller has investment oversight responsibility for all accounts managed by the group. In addition, he has direct portfolio management responsibilities for GMAG’s less constrained mandates as well as those with large alternatives allocations. Mr. Geller joined JPMIM in 2006 and has been a portfolio manager of the Fund since its inception. Mr. Sheikh is a portfolio manager in GMAG, responsible for managing total return, balanced and tactical asset allocation overlay accounts. An employee since 1998 and a portfolio manager of the Fund since its inception, Mr. Sheikh was previously an assistant portfolio manager in the derivative implementation team. Areas of focus include expanding allocation decisions through new products, portfolio risk and the fixed income market. Mr. Elliott is a portfolio manager in GMAG, with responsibility for the management of total return portfolios. Mr. Elliot joined JPMIM in 1995 and became a co-head of the European Equity Team and head of retail equity funds in 2002. Mr. Elliot was the chief investment officer for Japan Portfolio Group in Tokyo. Mr. Elliott has been a portfolio manager of the Fund since its inception. Mr. Schoenhaut is head of portfolio construction for GMAG in the U.S. He is a member of the Investment Committee of the U.S. GMAG and focuses on portfolio construction, manager analysis and tactical asset allocation. An employee since 1997 and a portfolio manager of the Fund since its inception, he is also a senior portfolio manager for target date, income and balanced strategies. Ms. Lester, Global Head of Product and Business Management for GMAG, has been an employee of JPMIM since 1992, a member of GMAG since 2000 and a portfolio manager of the Fund since its inception. She plays a key role in defined contribution asset allocation strategies in addition to her responsibilities for the Fund.

INVESTORS SHOULD RETAIN THIS SUPPLEMENT

WITH THE PROSPECTUS FOR FUTURE REFERENCE

SUP-GLOBALAL-213

J.P. MORGAN SPECIALTY FUNDS

JPMorgan Strategic Preservation Fund

(All Share Classes)

(a series of JPMorgan Trust I)

Supplement dated February 4, 2013

to the Prospectuses dated February 29, 2012

Effective immediately, the portfolio managers’ information for the JPMorgan Strategic Preservation Fund (the “Fund”) Prospectuses in the section titled “Management” in the Fund’s “Risk/Return Summary” is hereby deleted in its entirety and replaced with the following:

MANAGEMENT

In addition, the second paragraph in the section titled “The Fund’s Management and Administration — The Portfolio Managers” is hereby deleted in its entirety and replaced by the following:

The Portfolio Manager

The portfolio management team is led by Talib Sheikh. Mr. Sheikh, Managing Director of JPMIM, is a portfolio manager in the Global Multi-Asset Group, responsible for managing total return, balanced and tactical asset allocation overlay accounts. An employee since 1998, Mr. Sheikh was previously an assistant portfolio manager in the derivative implementation team. Areas of focus include expanding allocation decisions through new products, portfolio risk and the fixed income market. Mr. Sheikh holds a B.Sc in Agriculture and a M.Sc in International Marketing from Newcastle University, and is a CFA charterholder.

INVESTORS SHOULD RETAIN THIS SUPPLEMENT

WITH THE PROSPECTUS FOR FUTURE REFERENCE

SUP-STRAT-213

J.P. MORGAN FUNDS

JPMorgan Global Allocation Fund

(All Share Classes)

(a series of JPMorgan Trust I)

Supplement dated February 4, 2013

to the Statement of Additional Information

dated February 29, 2012

Effective immediately, the portfolio managers’ information for the JPMorgan Global Allocation Fund (the “Fund”) Statement of Additional Information in the section entitled “Portfolio Managers” is hereby deleted in its entirety and replaced with the following:

SUP-SAI-GLOBAL-213