July 1, 2015 JPMorgan Trust I New York, NY 10017 Dear Sirs:
July 1, 2015
000 Xxxx Xxxxxx
New York, NY 10017
Dear Sirs:
X.X. Xxxxxx Investment Management Inc, JPMorgan Funds Management, Inc. and JPMorgan Distribution Services, Inc. (collectively, “JPMorgan Service Providers”) hereby agree to waive fees owed to each JPMorgan Service Provider or to reimburse each Fund listed on Schedule A. The JPMorgan Service Providers will waive fees or reimburse expenses to the extent total operating expenses exceed the rate of average daily net assets also indicated on Schedule A. This expense limitation does not include acquired fund fees and expenses, dividend and xxxxxxxx0,2 expenses on securities sold short, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses not incurred in the ordinary course of the Funds’ business.
The JPMorgan Service Providers understand and intend that the Funds will rely on this agreement in preparing and filing their registration statements on Form N-1A and in accruing the Funds’ expenses for purposes of calculating net asset value and for other purposes, and expressly permit the Funds to do so.
Please acknowledge acceptance on the enclosed copy of this letter.
Very truly yours,
| X.X. Xxxxxx Investment Management Inc. JPMorgan Funds Management, Inc. JPMorgan Distribution Services, Inc. |
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| Accepted by: |
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| 1 | In calculating the interest expense on short sales for purposes of this exclusion, the Fund will recognize all economic elements of interest costs, including premium and discount adjustments. |
| 2 | The interest expenses on securities sold short will not be excluded from the expense limitation on total operating expenses until 11/1/15 for JPMorgan Total Return Fund, 12/1/15 for JPMorgan Emerging Markets Debt Fund and 7/1/16 for JPMorgan Emerging Markets Corporate Debt Fund. |
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JPMTI Fee Waiver Agreement
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SCHEDULE A
Variable NAV Funds
| Class A | Class C | Select | Institutional | Class R2 | Class R5 | Class R6 | ||||||||||||||||||||||
| JPMorgan California Tax Free Bond Fund1 |
0.60 | % | 1.10 | % | 0.55 | % | 0.50 | % | ||||||||||||||||||||
| JPMorgan Corporate Bond Fund1 |
0.75 | % | 1.25 | % | 0.50 | % | 0.40 | % | ||||||||||||||||||||
| JPMorgan Current Income Fund1 |
0.40 | % | 0.25 | % | ||||||||||||||||||||||||
| JPMorgan Emerging Markets Corporate Debt Fund1 |
1.20 | % | 1.70 | % | 0.95 | % | 0.70 | % | ||||||||||||||||||||
| JPMorgan Emerging Markets Debt Fund1 |
1.20 | % | 1.70 | % | 0.95 | % | 0.75 | % | 0.70 | % | ||||||||||||||||||
| JPMorgan Income Fund |
0.75 | % | 1.25 | % | 0.50 | % | 0.40 | % | ||||||||||||||||||||
| JPMorgan Inflation Managed Bond Fund1 |
0.75 | % | 1.40 | % | 0.60 | % | 1.00 | % | 0.55 | % | 0.50 | % | ||||||||||||||||
| JPMorgan Intermediate Tax Free Bond Fund1 |
0.75 | % | 1.43 | % | 0.59 | % | 0.50 | % | ||||||||||||||||||||
| JPMorgan Managed Income Fund1 |
0.40 | % | 0.25 | % | ||||||||||||||||||||||||
| JPMorgan Unconstrained Debt Fund1 |
1.00 | % | 1.50 | % | 0.75 | % | 1.25 | % | 0.55 | % | 0.50 | % | ||||||||||||||||
| JPMorgan New York Tax Free Bond Fund1 |
0.75 | % | 1.50 | % | 0.65 | % | 0.50 | % | ||||||||||||||||||||
| JPMorgan Real Return Fund1 |
0.75 | % | 1.40 | % | 0.60 | % | 0.50 | % | ||||||||||||||||||||
| JPMorgan Short Duration High Yield Fund1 |
0.90 | % | 1.40 | % | 0.65 | % | 0.50 | % | ||||||||||||||||||||
| JPMorgan Strategic Income Opportunities Fund1 |
1.00 | % | 1.50 | % | 0.75 | % | 0.55 | % | ||||||||||||||||||||
| JPMorgan Tax Aware High Income Fund1 |
0.65 | % | 1.15 | % | 0.55 | % | ||||||||||||||||||||||
| JPMorgan Tax Aware Income Opportunities Fund1 |
0.75 | % | 1.40 | % | 0.65 | % | ||||||||||||||||||||||
| JPMorgan Total Return Fund1 |
0.66 | % | 1.31 | % | 0.56 | % | 1.16 | % | 0.46 | % | 0.41 | % | ||||||||||||||||
| 1 | Expense limitation is in place until at least 6/30/16. |
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Money Market Funds
| Capital | Institutional | Agency | Premier | Xxxxxx | Reserve | Class C | Cash Management |
E*Trade | Service | Direct | Investor | Eagle | ||||||||||||||||||||||||||||||||||||||||
| JPMorgan 100% U.S. Treasury Securities Money Market Fund2 |
0.18 | % | 0.21 | % | 0.26 | % | 0.45 | % | 0.59 | % | 0.70 | % | 1.05 | % | ||||||||||||||||||||||||||||||||||||||
| JPMorgan California Municipal Money Market Fund2 |
0.59 | % | 1.00 | % | 1.05 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| JPMorgan Current Yield Money Market Fund2 |
0.18 | % | 0.21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
| JPMorgan Federal Money Market Fund2 |
0.21 | % | 0.26 | % | 0.45 | % | 0.59 | % | 0.70 | % | ||||||||||||||||||||||||||||||||||||||||||
| JPMorgan New York Municipal Money Market Fund2 |
0.59 | % | 0.70 | % | 1.00 | % | 1.05 | % | ||||||||||||||||||||||||||||||||||||||||||||
| JPMorgan Prime Money Market Fund2 |
0.18 | % | 0.21 | % | 0.26 | % | 0.45 | % | 0.52 | % | 0.70 | % | 0.97 | % | 0.96 | % | 1.05 | % | 0.30 | % | 0.51 | % | 0.70 | % | ||||||||||||||||||||||||||||
| JPMorgan Tax Free Money Market Fund2 |
0.21 | % | 0.26 | % | 0.45 | % | 0.59 | % | 0.70 | % | 0.30 | % | 0.70 | % | ||||||||||||||||||||||||||||||||||||||
| 2 | Expense limitation is in place until at least 6/30/16. |
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