https://www.sec.gov/Archives/edgar/data/1217286/000119312525117321/d905719d497.htm497 1 d905719d497.htm JPMORGAN TRUST I
J.P. MORGAN INCOME FUNDS
JPMorgan Unconstrained Debt Fund
(the “Fund”)
(a series of JPMorgan Trust I)
(All Share Classes)
Supplement dated May 12, 2025
to the current Summary Prospectuses, Prospectuses and Statement of Additional Information, as supplemented
At a meeting held on May 8, 2025, the Board of Trustees of JPMorgan Trust I (the “Board”) approved the Reorganization (as defined below) of the JPMorgan Unconstrained Debt Fund into a newly created exchange-traded fund (“ETF”), which will continue to be managed by J.P. Morgan Investment Management Inc. (“JPMIM”). The Board, including all of the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Fund, determined that participation in the Reorganization is in the best interests of the Fund and the interests of existing shareholders of the Fund will not be diluted as a result of the Reorganization.
The Fund will be reorganized into an ETF through the reorganization of the Fund into JPMorgan Flexible Debt ETF, a newly-created ETF (the “Acquiring Fund”), which is a series of J.P. Morgan Exchange-Traded Fund Trust. Following the Reorganization, the Fund will be liquidated (such reorganization and liquidation, the “Reorganization”). The table below sets forth the Acquiring Fund and the anticipated schedule for the Reorganization...
