November 1, 2007 JPMorgan Trust I
November 1, 2007
000 Xxxx Xxxxxx
New York, NY 10167
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 through October 31, 2008. 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 acquired fund fees and expenses, dividend expenses on securities sold short, interest, taxes, extraordinary expenses and expenses related to the JPMorgan Funds’ Board of Trustees’ 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.
|
|
JPMorgan Funds Management, Inc. JPMorgan Distribution Services, Inc. |
|
By: |
|
By: |
|
|
|
|
|
Accepted by:
|
|
|
|
By: |
|
|
JPMTI Fee Waiver Agreement
Page 2
SCHEDULE A
|
|
Class A |
Class B |
Class C |
Select |
Institutional |
Ultra |
R Class |
|
JPMorgan Capital Growth Fund1 |
1.35% |
1.85% |
1.85% |
0.93% |
|
|
|
|
JPMorgan Disciplined Equity Fund1 |
0.95% |
|
|
0.75% |
0.45% |
0.35% |
|
|
JPMorgan Diversified Fund1 |
1.14% |
1.65% |
1.65% |
0.89% |
0.65% |
|
|
|
JPMorgan Dynamic Small Cap Growth Fund1 |
1.50% |
2.12% |
2.12% |
1.10% |
|
|
|
|
JPMorgan Growth and Income Fund1 |
1.30% |
1.80% |
1.80% |
0.90% |
|
|
|
|
JPMorgan Intrepid America Fund1 |
1.25% |
|
1.75% |
1.00% |
|
|
0.80% |
|
JPMorgan Intrepid Multi Cap Fund1 |
1.25% |
|
1.75% |
1.00% |
|
|
|
|
JPMorgan Intrepid Growth Fund1 |
1.25% |
|
1.75% |
1.00% |
|
|
0.80% |
|
JPMorgan Intrepid Plus Fund1 |
1.75% |
|
2.25% |
1.50% |
|
|
|
|
JPMorgan Intrepid Value Fund1 |
1.25% |
|
1.75% |
1.00% |
|
|
0.80% |
|
JPMorgan Micro Cap Fund 1 |
1.70% |
|
2.20% |
1.45% |
|
|
|
|
JPMorgan Mid Cap Equity Fund1 |
1.35% |
|
|
1.00% |
|
|
|
|
JPMorgan Small Cap Core Fund1 |
|
|
|
1.00% |
|
|
|
|
JPMorgan Small Cap Equity Fund1 |
1.38% |
2.12% |
2.12% |
1.00% |
|
|
0.80% |
|
JPMorgan U.S. Equity Fund1 |
1.05% |
1.57% |
1.57% |
0.79% |
0.64% |
|
0.59% |
|
JPMorgan U.S. Large Cap Core Plus Fund1 |
1.25% |
|
1.75% |
1.00% |
|
|
0.80% |
|
JPMorgan U.S. Small Company Fund1 |
|
|
|
1.01% |
0.83% |
|
|
|
JPMorgan Value Advantage Fund1 |
1.25% |
|
1.75% |
1.00% |
0.75% |
|
|
|
1 |
Expense limitation is in place until at least 10/31/08. |
