https://www.sec.gov/Archives/edgar/data/1217286/000119312517046274/d343983d497.htm497 1 d343983d497.htm JPMORGAN TRUST I
J.P. MORGAN FUNDS
JPMorgan Managed Income Fund
(All Shares Classes)
(a series of JPMorgan Trust I)
Supplement dated February 16, 2017
to the Prospectuses, Summary Prospectuses and Statement of Additional Information
dated July 1, 2016, as supplemented
At a meeting held on August 16-17, 2016, the Board of Trustees of JPMorgan Trust I (the “Board”), approved: (1) the conversion of Select Class Shares of the JPMorgan Managed Income Fund (the “Fund”) into Institutional Class Shares of the Fund, (2) the increase in the Shareholder Service Fee of the Institutional Class Shares of the Fund from 0.10% to 0.25% of its average daily net assets, (3) the reduction of the investment minimum for the Institutional Class Shares of the Fund and (4) the renaming of the Institutional Class Shares of the Fund to the Class I Shares on April 3, 2017. At a meeting held on February 14-15, 2017, the Board approved certain additional changes to the Institutional Class Shares of the Fund as set forth below, effective on April 3, 2017. These changes were recommended by the Fund’s adviser, J.P. Morgan Investment Management Inc.
Name Change for the Institutional Class Shares to Class L Shares
Following the conversion of the Select Class Shares of the Fund into Institutional Class Shares of the Fund, effective on or about April 3, 2017, instead of being renamed Class I Shares, the Fund’s Institutional Class Shares will be re-designated as and renamed Class L Shares (the “Transition”). After that time, the eligibility for the renamed class will be the same as the eligibility of the Institutional Class Shares of the Fund (prior to the previously announced changes). Specifically, the new Class L Shares will be offered to investors, including the following:
• Purchases directly from the Fund through JPMorgan Distribution Services, Inc. (the “Distributor”) by institutional investors such as corporations, pension and profit sharing plans and foundations that meet the minimum investment requirements; and
•Purchases through a financial intermediary or any other organization, including affiliates of JPMorgan Chase authorized to act in a fiduciary, advisory or custodial capacity for its clients or customers.
The Class L Shares will continue to be subject to a $3,000,000 minimum investment.
Shareholder Service Fee
The Shareholder Service Fee for Class L Shares will remain 0.10%. Additionally, the contractual expense waiver in effect on April 3, 2017 for the Fund will remain in effect through October 31, 2018, at which time the adviser and/or its affiliates will determine whether to renew or revise it.
Exchange Privileges
Your exchange privileges will be changed at the time of the Transition. Currently Institutional Class Shares may be exchanged for Institutional Class Shares of another non-money market J.P. Morgan Fund or for another class of the Fund to the extent you meet any investment minimum or eligibility requirements. After the Transition, the renamed Class L Shares may be exchanged for Class L Shares of another J.P. Morgan Fund or any other class of the Fund, subject to meeting any applicable investment minimum and eligibility requirements...
