May 5, 2006 JPMorgan Trust I 522 Fifth Avenue New York, NY 10036 Dear Sirs:
May 5, 2006
JPMorgan Trust I
000 Xxxxx Xxxxxx
Xxx Xxxx, XX 00000
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 for the time periods so indicated. The JPMorgan Service Providers will waive fees or reimburse 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 dividend expenses on securities sold short, interest, taxes, extraordinary expenses and expenses related to the JPMorgan Funds’ deferred compensation plan.
The JPMorgan Service Providers understand and intend that the Funds will rely on this agreement in preparing and filings 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.
/s/ Xxxxxx X.X. Xxxxx |
|
JPMorgan Funds Management, Inc. JPMorgan Distribution Services, Inc. |
|
By: Xxxxxx X.X. Xxxxx |
|
By: Xxxxx X. Xxxxxx |
|
|
|
|
|
Accepted by: X. X. Xxxxxx Trust I
/s/ Xxxxxx X. Xxxxx |
| |
|
By: Xxxxxx X. Xxxxx |
|
|
SCHEDULE A
|
Fund Name |
Share Class |
Expense Cap |
Expense Cap Period End |
|
|
JPMorgan Emerging Markets Debt Fund |
R Class |
1.05% |
December 30, 2007 | |
|
JPMorgan International Equity Fund |
R Class |
0.86% |
February 28, 2007 | |
|
JPMorgan Intrepid America Fund |
R Class |
0.80% |
April 30, 2007 | |
|
JPMorgan Intrepid Growth Fund |
R Class |
0.80% |
April 30, 2007 | |
|
JPMorgan Intrepid Value Fund |
R Class |
0.80% |
April 30, 2007 | |
|
JPMorgan Small Cap Equity Fund |
R Class |
0.65% |
April 30, 2007 | |
|
JPMorgan U.S. Equity Fund |
R Class |
0.59% |
April 30, 2007 | |
|
JPMorgan U.S. Large Cap Core Plus Fund |
R Class |
1.05% |
February 28, 2007 | |
