J.P. MORGAN INCOME FUNDS

JPMorgan Trust I

JPMorgan Emerging Markets Debt Fund

(All Share Classes)

Supplement dated November 3, 2014

to the Prospectuses dated July 1, 2014, as supplemented

Changes to Expense Limitation Agreement. Effective November 1, 2014, the JPMorgan Emerging Markets Debt Fund’s (the “Fund”) adviser, administrator and distributor (the “Service Providers”) have reduced the expense caps on the Fund’s share classes.

The “Annual Fund Operating Expenses” and “Example” tables for the Fund on pages 15-16 in the Fund’s Class A, Class C and Select Class Shares prospectus are hereby replaced with the corresponding tables below.

ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment)
	Class A			Class C			Select Class
Management Fees		0.70	%		0.70	%		0.70	%
Distribution (Rule 12b-1) Fees		0.25			0.75			NONE
Other Expenses		0.49			0.51			0.43
Shareholder Service Fees		0.25			0.25			0.25
Remainder of Other Expenses1		0.24			0.26			0.18
Acquired Fund Fees and Expenses		0.01			0.01			0.01
Total Annual Fund Operating Expenses		1.45			1.97			1.14
Fee Waivers and Expense Reimbursements2		(0.24	)		(0.26	)		(0.18	)
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements2		1.21			1.71			0.96

1 “Remainder of Other Expenses” have been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been adjusted to reflect a reallocation of sub-transfer agency expenses among the classes as if they had been in effect during the most recent fiscal year.

2 The Fund’s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed 1.20%, 1.70% and 0.95%, respectively, of the average daily net assets of Class A, Class C and Select Class Shares, respectively. This contract cannot be terminated prior to 11/1/15 at which time the Service Providers will determine whether or not to renew or revise it.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 10/31/15 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:
	1 Year		3 Years		5 Years		10 Years
CLASS A SHARES ($)		494		794		1,116		2,025
CLASS C SHARES ($)		274		593		1,038		2,275
SELECT CLASS SHARES ($)		98		344		610		1,370

SUP-EMD-1114

IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:
	1 Year		3 Years		5 Years		10 Years
CLASS A SHARES ($)		494		794		1,116		2,025
CLASS C SHARES ($)		174		593		1,038		2,275
SELECT CLASS SHARES ($)		98		344		610		1,370

The “Annual Fund Operating Expenses” and “Example” tables for the Fund on page 15 in the Fund’s Class R5 and Class R6 Shares prospectus are hereby replaced with the corresponding tables below.

ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment)
	Class R5			Class R6
Management Fees		0.70	%		0.70	%
Distribution (Rule 12b-1) Fees		NONE			NONE
Other Expenses		0.29			0.14
Shareholder Service Fees		0.05			NONE
Remainder of Other Expenses1		0.24			0.14
Acquired Fund Fees and Expenses		0.01			0.01
Total Annual Fund Operating Expenses		1.00			0.85
Fee Waivers and Expense Reimbursements2		(0.24	)		(0.14	)
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements2		0.76			0.71

1 “Remainder of Other Expenses” have been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been adjusted to reflect a reallocation of sub-transfer agency expenses among the classes as if they had been in effect during the most recent fiscal year.

2 The Fund’s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed 0.75% and 0.70%, respectively, of the average daily net assets of Class R5 and Class R6 Shares, respectively. This contract cannot be terminated prior to 11/1/15 at which time the Service Providers will determine whether or not to renew or revise it.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 10/31/15 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:
	1 Year		3 Years		5 Years		10 Years
CLASS R5 SHARES ($)		78		295		529		1,203
CLASS R6 SHARES ($)		73		257		458		1,036

INVESTORS SHOULD RETAIN THIS SUPPLEMENT

WITH THE PROSPECTUS FOR FUTURE REFERENCE