497 1 d684115d497.htm JPMORGAN TRUST I JPMorgan Trust I

J.P. MORGAN INCOME FUNDS

JPMorgan Floating Rate Income Fund

(All Share Classes)

(a series of JPMorgan Trust I)

Supplement dated January 3, 2019

to the Summary Prospectuses, Prospectuses and

Statements of Additional Information

dated December 29, 2018, as supplemented

Effective immediately, Chad A. Engelbert will no longer serve as a portfolio manager for the JPMorgan Floating Rate Income Fund (the “Fund”) and Alexander Sammarco will be added to the portfolio management team.

Effective immediately, the portfolio manager information in the “Risk/Return Summary — Management” section of each Summary Prospectus and Prospectus is hereby deleted in its entirety and replaced with the following:

Management

J.P. Morgan Investment Management Inc.

 

Portfolio Manager   Managed the
Fund Since		    Primary Title with
Investment Adviser
William J. Morgan   2011    Managing Director
James P. Shanahan, Jr.   2011    Managing Director
Alexander Sammarco   2019    Executive Director

In addition, effective immediately, the “The Fund’s Management and Administration — The Portfolio Managers” section of each Prospectus is hereby deleted in its entirety and replaced by the following:

The Portfolio Managers

The Fund’s portfolio management approach is team-based. The Fund’s portfolio management team is comprised of William J. Morgan, Managing Director, James P. Shanahan, Jr., Managing Director, and Alexander Sammarco, Executive Director. Mr. Morgan is a co-head of a JPMIM high yield team and a portfolio manager responsible for high yield and bank loan accounts. An employee of JPMIM or predecessor firms since 1998, Mr. Morgan has worked in the high yield investment industry since 1982 and has been a portfolio manager of the Fund since its inception. An employee of JPMIM or predecessor firms since 1998, Mr. Shanahan is also co-head of the high yield team and also a portfolio manager for high yield and bank loan accounts. Mr. Shanahan has served as a portfolio manager of the Fund since its inception. An employee of JPMIM since 2013 and a portfolio manager of the Fund since 2019, Mr. Sammarco currently serves as a portfolio manager for JPMIM’s Cincinnati High Yield team.

The Statement of Additional Information provides additional information about the portfolio managers’ compensation, other accounts managed by the portfolio managers and the portfolio managers’ ownership of securities.

Effective immediately, the “Portfolio Managers — Portfolio Managers’ Other Accounts Managed” section of each SAI is hereby deleted in its entirety and replaced with the following:

 

SUP-FRI-PM-119

Portfolio Managers’ Other Accounts Managed*

The following table shows information regarding all of the other accounts for which advisory fees are not based on the performance of the accounts that are managed by each portfolio manager as of August 31, 2018:

 

     Non-Performance Based Fee Advisory Accounts  
     Registered Investment
Companies		      Other Pooled Investment
Vehicles		      Other Accounts  
     Number
of

Accounts		      Total Assets
($ thousands)		      Number
of
Accounts		      Total Assets
($ thousands)		      Number
of
Accounts		      Total Assets
($ thousands)		  

JPMorgan Floating Rate Income Fund

                  
William J. Morgan      21      $ 15,620,673        26      $ 11,317,680        10      $ 419,525  
James P. Shanahan, Jr.      26        16,412,965        24        11,444,200        18        1,325,321  
Alexander Sammarco1      5        91,848        13        632,709        5        25,124  

The following table shows information on the other accounts managed by each portfolio manager that have advisory fees wholly or partly based on performance as of August 31, 2018:

 

     Performance Based Fee Advisory Accounts  
     Registered Investment
Companies		      Other Pooled Investment
Vehicles		      Other Accounts  
     Number
of
Accounts		      Total Assets
($  thousands)		      Number
of
Accounts		      Total Assets
($  thousands)		      Number
of
Accounts		      Total Assets
($ thousands)		  

JPMorgan Floating Rate Income Fund

                  
William J. Morgan      0      $ 0        0      $ 0        0      $ 0  
James P. Shanahan, Jr.      0        0        0        0        1        315,171  
Alexander Sammarco1      0        0        0        0        0        0  

 

1  

As of 11/30/18.

*

The total value and number of accounts managed by a portfolio manager may include sub-accounts of asset allocation, multi-managed and other accounts.

In addition, effective immediately, the “Portfolio Managers — Portfolio Managers’ Ownership of Securities” section of each SAI is hereby deleted in its entirety and replaced with the following:

Portfolio Managers’ Ownership of Securities

The following table indicates for each Fund the dollar range of securities of each Fund beneficially owned by each portfolio manager, as of August 31, 2018:

 

   

Dollar Range of Securities in the Fund

  
   

None

   $1-
$10,000		     $10,001-
$50,000		     $50,001-
$100,000		     $100,001-
$500,000		     $500,001-
$1,000,000		     Over
$1,000,000		  

JPMorgan Floating Rate Income Fund

              
William J. Morgan                 X  
James P. Shanahan, Jr.                 X  

Alexander Sammarco*

         X          

 

*

As of 11/30/18.

 

 

INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE SUMMARY

PROSPECTUSES, PROSPECTUSES AND THE STATEMENTS

OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE