February 28, 2007 JPMorgan Trust I
February 28, 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 until February 29, 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’ 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,
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X.X. Xxxxxx Investment Management Inc.
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JPMorgan Funds Management, Inc. JPMorgan Distribution Services, Inc. |
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By: |
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By: |
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Accepted by:
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By: |
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JPMTI Fee Waiver Agreement
Page 2
SCHEDULE A
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Class A |
Class B |
Class C |
Select |
Institutional |
Ultra |
Class M |
Investor |
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JPMorgan Asia Equity Fund1 |
1.75% |
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1.50% |
1.35% |
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JPMorgan Emerging Markets Equity Fund1 |
2.00% |
2.50% |
2.50% |
1.75% |
1.45% |
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JPMorgan International Equity Fund1 |
1.31% |
2.00% |
2.00% |
1.06% |
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JPMorgan International Growth Fund1 |
2.00% |
2.50% |
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JPMorgan International Opportunities Fund1 |
1.42% |
1.92% |
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1.17% |
0.92% |
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JPMorgan International Small Cap Equity Fund1 |
1.75% |
2.25% |
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1.50% |
1.35% |
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JPMorgan International Value Fund1 |
1.45% |
1.95% |
1.95% |
1.41% |
0.95% |
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JPMorgan Intrepid European Fund1 |
1.75% |
2.50% |
2.50% |
1.50% |
1.00% |
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JPMorgan Intrepid International Fund1 |
1.80% |
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2.00% |
1.25% |
1.00% |
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JPMorgan Japan Fund1 |
1.75% |
2.50% |
2.50% |
1.50% |
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JPMorgan Market Neutral Fund1 |
1.50% |
2.00% |
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1.00% |
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JPMorgan Tax Aware Core Equity Fund1 |
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0.85% |
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JPMorgan Tax Aware Disciplined Equity Fund1 |
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0.55% |
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JPMorgan Tax Aware Diversified Equity Fund1 |
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0.70% |
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JPMorgan Tax Aware Enhanced Income Fund1 |
0.75% |
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0.50% |
0.25% |
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JPMorgan Tax Aware Large Cap Growth Fund1 |
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0.85% |
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JPMorgan Tax Aware Equity Income II Fund1 |
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0.85% |
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JPMorgan Tax Aware Real Return Fund1 |
0.90% |
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1.40% |
0.65% |
0.50% |
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JPMorgan Tax Aware Short-Intermediate Income Fund1 |
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0.55% |
0.40% |
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JPMorgan Tax Aware U.S. Equity Fund1 |
1.10% |
1.60% |
1.60% |
0.84% |
0.70% |
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1 |
Expense limitation is in place until at least 2/29/08. |
