Exhibit 99.(h)(5)(f)
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.
JPMorgan Funds Management, Inc.
JPMorgan Distribution Services, Inc.
-------------------------------
By:
Accepted by:
JPMorgan Trust I
---------------------------------
By:
SCHEDULE A
FUND NAME CLASS FISCAL YEAR END EXPENSE CAP EXPENSE CAP PERIOD END
--------- ----- --------------- ----------- ----------------------
JPMorgan Emerging
Markets Debt Fund R Class August 31 1.05% December 30, 2007
JPMorgan International
Equity Fund R Class October 31 0.86% February , 2007
JPMorgan Intrepid
America Fund R Class December 31 0.80% April 30, 2007
JPMorgan Intrepid
Growth Fund R Class December 31 0.80% April 30, 2007
JPMorgan Intrepid
Value Fund R Class December 31 0.80% April 30, 2007
JPMorgan Small Cap
Equity Fund R Class December 31 0.65% April 30, 2007
JPMorgan U.S. Equity Fund R Class December 31 0.59% April 30, 2007
JPMorgan U.S. Large
Cap Core Plus Fund R Class October 31 1.05% February , 2007
