July 1, 2012 JPMorgan Trust I
July 1, 2012
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 the JPMorgan SmartRetirement Blend Income Fund, the JPMorgan SmartRetirement Blend 2015 Fund, the JPMorgan SmartRetirement Blend 2020 Fund, the JPMorgan SmartRetirement Blend 2025 Fund, the JPMorgan SmartRetirement Blend 2030 Fund, the JPMorgan SmartRetirement Blend 2035 Fund, the JPMorgan SmartRetirement Blend 2040 Fund, the JPMorgan SmartRetirement Blend 2045 Fund, the JPMorgan SmartRetirement Blend 2050 Fund, and the JPMorgan SmartRetirement Blend 2055 Fund (each a “Fund”) for the time periods so indicated. The JPMorgan Service Providers will waive fees or reimburse expenses to the extent total operating expenses exceed the rate of average daily net assets indicated on Schedule A. This expense limitation does not include: (1) dividend expenses on securities sold short, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses not incurred in the ordinary course of the Funds’ business and expenses related to the X.X. Xxxxxx Funds’ Board of Trustees deferred compensation plan incurred by the Fund or an underlying fund as defined in the Fund’s prospectus, and (2) acquired fund fees incurred by an underlying fund. The JPMorgan Service Providers understand and intend that the Fund will rely on this agreement in preparing and filing its registration statements on Form N-1A and in accruing the Fund’s expenses for purposes of calculating net asset value and for other purposes, and expressly permit the Fund 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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By: |
Accepted by: |
JPMorgan Trust I |
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By: |
SCHEDULE A
Fund Name |
Class |
Fiscal Year End |
Expense Cap |
Expense Cap Period End | ||||||||||
JPMorgan SmartRetirement Blend Income Fund | Class A | June 30 | 0.85 | % | [October 31], 2013 | |||||||||
Class C | 1.45 | % | ||||||||||||
Select | 0.70 | % | ||||||||||||
Class R2 | 1.10 | % | ||||||||||||
Class R5 | 0.50 | % | ||||||||||||
Class R6 | 0.45 | % | ||||||||||||
JPMorgan SmartRetirement Blend 2015 Fund | Class A | June 30 | 0.85 | % | [October 31], 2013 | |||||||||
Class C | 1.45 | % | ||||||||||||
Select | 0.70 | % | ||||||||||||
Class R2 | 1.10 | % | ||||||||||||
Class R5 | 0.50 | % | ||||||||||||
Class R6 | 0.45 | % | ||||||||||||
JPMorgan SmartRetirement Blend 2020 Fund | Class A | June 30 | 0.85 | % | [October 31], 2013 | |||||||||
Class C | 1.45 | % | ||||||||||||
Select | 0.70 | % | ||||||||||||
Class R2 | 1.10 | % | ||||||||||||
Class R5 | 0.50 | % | ||||||||||||
Class R6 | 0.45 | % | ||||||||||||
JPMorgan SmartRetirement Blend 2025 Fund | Class A | June 30 | 0.85 | % | [October 31], 2013 | |||||||||
Class C | 1.45 | % | ||||||||||||
Select | 0.70 | % | ||||||||||||
Class R2 | 1.10 | % | ||||||||||||
Class R5 | 0.50 | % | ||||||||||||
Class R6 | 0.45 | % | ||||||||||||
JPMorgan SmartRetirement Blend 2030 Fund | Class A | June 30 | 0.85 | % | [October 31], 2013 | |||||||||
Class C | 1.45 | % | ||||||||||||
Select | 0.70 | % | ||||||||||||
Class R2 | 1.10 | % | ||||||||||||
Class R5 | 0.50 | % | ||||||||||||
Class R6 | 0.45 | % | ||||||||||||
JPMorgan SmartRetirement Blend 2035 Fund | Class A | June 30 | 0.85 | % | [October 31], 2013 | |||||||||
Class C | 1.45 | % | ||||||||||||
Select | 0.70 | % | ||||||||||||
Class R2 | 1.10 | % | ||||||||||||
Class R5 | 0.50 | % | ||||||||||||
Class R6 | 0.45 | % | ||||||||||||
JPMorgan SmartRetirement Blend 2040 Fund | Class A | June 30 | 0.85 | % | [October 31], 2013 | |||||||||
Class C | 1.45 | % | ||||||||||||
Select | 0.70 | % | ||||||||||||
Class R2 | 1.10 | % | ||||||||||||
Class R5 | 0.50 | % | ||||||||||||
Class R6 | 0.45 | % |
2
JPMorgan SmartRetirement Blend 2045 Fund | Class A | June 30 | 0.85 | % | [October 31], 2013 | |||||||||
Class C | 1.45 | % | ||||||||||||
Select | 0.70 | % | ||||||||||||
Class R2 | 1.10 | % | ||||||||||||
Class R5 | 0.50 | % | ||||||||||||
Class R6 | 0.45 | % | ||||||||||||
JPMorgan SmartRetirement Blend 2050 Fund | Class A | June 30 | 0.85 | % | [October 31], 2013 | |||||||||
Class C | 1.45 | % | ||||||||||||
Select | 0.70 | % | ||||||||||||
Class R2 | 1.10 | % | ||||||||||||
Class R5 | 0.50 | % | ||||||||||||
Class R6 | 0.45 | % | ||||||||||||
JPMorgan SmartRetirement Blend 2055 Fund | Class A | June 30 | 0.85 | % | [October 31], 2013 | |||||||||
Class C | 1.45 | % | ||||||||||||
Select | 0.70 | % | ||||||||||||
Class R2 | 1.10 | % | ||||||||||||
Class R5 | 0.50 | % | ||||||||||||
Class R6 | 0.45 | % |
3