(PUB) Investing 2015

Morningstar FundInvestor

March

2015

Morningstar Analyst Rating

01-14-15

„

Morningstar Pillars

Process

Performance

People

Parent

Price

Positive

Morningstar Analyst Rating

Morningstar evaluates mutual funds based on five key pillars, which

its analysts believe lead to funds that are more likely to outperform

over the long term on a risk-adjusted basis.

Analyst Rating Spectrum

Œ „ ´ˇ ¨

Pillar Spectrum

Positive

Negative

Neutral

NAV

30.25

29.67

27.06

21.24

18.19

15.27

11.45

18.28

18.98

15.88

Total Return %

1.95

13.30

31.59

18.32

1.11

20.22

35.07

-35.78

2.91

22.02

. .

+/-S&P 500

-0.62

-0.39

-0.80

2.32

-1.00

5.16

8.61

1.22

-2.58

6.23

. .

+/-Russ 1000 Vl

-2.78

-0.15

-0.94

0.81

0.72

4.71

15.38

1.07

3.08

-0.23

. .

Income Return %

0.00

0.99

0.76

1.09

1.08

1.70

1.11

1.31

1.48

. .

Capital Return %

1.95

12.31

30.83

17.23

0.02

19.14

33.37

-36.89

1.60

20.54

. .

Total Rtn % Rank Cat

. .

Income $

0.00

0.26

0.16

0.20

0.17

0.19

0.20

0.24

0.23

0.14

Capital Gains $

0.00

0.71

0.70

0.09

0.00

0.07

0.99

0.16

0.10

Expense Ratio %

1.24

1.25

1.24

1.25

Income Ratio %

1.26

0.98

1.34

1.28

1.52

2.45

1.87

1.36

1.16

1.02

Turnover Rate %

103

Net Assets $mil

2,302

2,148

1,210

498

201

213

152

115

180

124

Performance

02-28-15

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Total

2010

2011

2012

2013

2014

8.19 -7.87

8.34 11.33 20.22

5.06 -0.21 -14.84 13.25

1.11

11.21 -1.33

6.21 1.52 18.32

11.91 3.66

3.45 9.65 31.59

3.62 3.96

-0.58 5.79 13.30

Trailing

Total

+/-

+/- Russ %Rank Growth of

Return% S&P 500 1000 Vl

Cat

$10,000

3 Mo

6 Mo

1 Yr

3 Yr Avg

5 Yr Avg

10 Yr Avg

15 Yr Avg

2.52 0.21

-5.29

17 10,252

5.85 -0.27

-3.16

11 10,585

13.50 -2.01

6.33

20 11,350

18.46 0.46

0.86

10 16,623

16.40 0.22

-1.33

5 21,368

9.85 1.86

0.65

2 25,586

. . . . .

Tax Analysis

Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

3 Yr (estimated)

5 Yr (estimated)

10 Yr (estimated)

15.37

0.84

14.46

0.60

8.48

0.71

Potential Capital Gain Exposure: 17% of assets

Rating and Risk

Time Load-Adj

Morningstar

Period Return % Rtn vs Cat

Risk vs Cat

Risk-Adj Rating

1 Yr

7.54

3 Yr

16.35

Avg

-Avg

5 Yr

15.16

+Avg

-Avg

10 Yr

9.26

High

+Avg

Incept

9.26

Other Measures

Standard Index

Best Fit Index

S&P 500

Russ 1000 Vl

Alpha

1.1

1.4

Beta

0.96

0.94

R-Squared

Standard Deviation

9.44

Mean

18.46

Sharpe Ratio

1.85

Morningstar’s Take

by Laura Lallos 01-14-15

JPMorgan Value Advantage has gained a considerable

following since manager Jonathan Simon’s JPMorgan

Mid Cap Value FLMVX closed to new investors two

years ago, but it isn’t a substitute for that fund. While

its asset base has more than quintupled since the end

of 2012, to about $10 billion, capacity is not yet a

concern. The fund has a smattering of small-cap

exposure and a significant mid-cap chunk, but Simon

expects it to remain in the large-cap camp overall.

This all-cap approach isn’t the only difference

between the two strategies. At the core of this

portfolio are the kinds of high-quality picks that

constitute JPMorgan Mid Cap Value (which Simon has

run since its 1997 inception); the funds have more than

40 holdings in common, out of about 110. But this is a

more aggressive approach: Simon also invests

opportunistically in companies with weaker (but

improving) business fundamentals when their

valuations are compelling. This fund could be more

contrarian going forward if Simon deems higher-quality

opportunities to be overvalued. He notes its tracking

error, which has been fairly low, could increase as

well.

Another difference is that Simon is the primary

stock-picker here, whereas comanagers Lawrence

Playford and Gloria Fu control the sectors they cover at

JPMorgan Mid Cap Value. One of the biggest

contributors to the fund’s strong performance has

been financials, one of Simon’s responsibilities at

JPMorgan Mid Cap Value. (Simon notes this fund has

had a heavier financials stake recently because of

better opportunities among large-cap names.)

However, Morningstar’s performance attribution

analysis of this fund shows that Simon’s stock-picking,

backed by Playford’s and Fu’s research, has been

strong across the board.

While the fund has not been unduly risky, its risk

profile might not be as stable as JPMorgan Mid Cap

Value’s going forward, given this strategy’s flexibility.

However, Simon so far has compensated shareholders

willing to go with it, and this fund continues to merit a

Morningstar Analyst Rating of Silver.

Address:

JPMorgan Trust I

Columbus, OH 43240

800-480-4111

Web Address:

www.jpmorganfunds.com

Inception:

02-28-05

Advisor:

J.P. Morgan Investment Management Inc.

Subadvisor:

None

NTF Plans:

N/A

Minimum Purchase:

$1000

Add: $50 IRA: $1000

Min Auto Inv Plan:

$1000

Add: $50

Sales Fees:

5.25%L,

Management Fee:

0.61%, 0.15%A

Actual Fees:

Mgt:0.65% Dist:0.25%

Expense Projections:

3Yr:$949

5Yr:$1272 10Yr:$2184

Income Distribution:

Annually

Data through February 28, 2015

JPMorgan Value Advantage A

Ticker

Status Yield Total Assets

Mstar Category

JVAAX Open

0.8% $10,513 mil

Large Value

98% 96% 96% 94% 97% 95% 94% 92% 92%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 02-15

Historical Profile

Return

Risk

Rating

Above Avg

Average

Above Avg

Investment Style

Equity

Stock %

Manager Change

Partial Manager Change

Growth of $10,000

Investment Values of

Fund

Investment Values of

S&P 500

Performance Quartile

(within Category)

History

10.0

6.0

14.0

18.0

22.0

Portfolio Analysis

01-31-15

Share change since 12-14 Total Stocks:115 Sector

PE Tot Ret% % Assets

JPMorgan Prime Money Mar

. . .

7.95

Wells Fargo & Co

Finan Svs 13.4

3.27

Exxon Mobil Corporation

Energy

11.7 -3.48 2.42

Pfizer Inc

Hlth care 24.3 11.08 2.17

Johnson & Johnson

Hlth care 18.0

1.94

Loews Corp

Finan Svs 16.3

1.74

Merck & Co Inc

Hlth care 14.4 3.08 1.68

Capital One Financial Co

Finan Svs 10.4

1.64

DISH Network Corp

Comm Svs 36.8

1.58

Bank of America Corporat

Finan Svs 44.3 -11.63 1.50

Kohl’s Corp

Cnsmr Cyc 18.4 20.90 1.44

American International G

Finan Svs 10.6

1.40

Expedia Inc

Cnsmr Cyc 30.7

1.35

Procter & Gamble Co

Cnsmr Def 22.6

1.33

T. Rowe Price Group Inc

Finan Svs 17.9 -3.80 1.29

UnitedHealth Group Inc

Hlth care 19.9 12.40 1.20

United Technologies Corp

Industrl

17.9

1.20

Cisco Systems Inc

Technology 17.6

1.14

Dover Corp

Industrl

15.6

1.13

Citigroup Inc

Finan Svs 23.8

1.11

Current Investment Style

Market Cap %

Giant

30.9

Large

31.4

Mid

31.6

Small

4.3

Micro

1.7

Avg $mil:

29,009

Value Blnd Growth

Large Mid Small

Value Measures

Rel Category

Price/Earnings

Price/Book

Price/Sales

Price/Cash Flow

Dividend Yield %

15.70

1.73

1.23

9.09

2.16

1.19

1.02

1.06

1.50

0.79

Growth Measures

% Rel Category

Long-Term Erngs

Book Value

Sales

Cash Flow

Historical Erngs

10.04

5.07

0.72

3.90

9.98

1.14

0.98

0.48

0.71

2.86

Profitability

% Rel Category

Return on Equity

Return on Assets

Net Margin

17.06

5.69

11.82

1.05

0.95

0.99

Sector

Weightings

% of

Stocks

Rel

S&P 500 High

3 Year

Low

Cyclical 53.81

BasicMat 3.84

4 2

CnsmrCyc16.14

17 14

FinanSvs 29.67

34 28

Real Est 4.16

4 3

Sensitive 24.60

CommSrvs 3.15

5 3

Energy 8.13

11 8

Industrl

8.24

8 5

Technlgy 5.08

7 4

Defensive21.59

CnsmrDef 4.57

7 4

Hlthcare 10.58

11 9

Utilities 6.44

7 6

Composition - Net

(% of Stock)

Cash

8.0

Stocks 92.0

Bonds 0.0

Other

0.0

Foreign 2.0

timely. Pastperformance isnoguarantee of future results.Access updated reports at

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Mutual Funds

∞