May [23], 2016 JPMorgan Trust IV
May [23], 2016
000 Xxxx Xxxxxx
New York, NY 10017
Dear Sirs:
X.X. Xxxxxx Investment 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 Funds listed on Schedule A 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 also indicated on Schedule A. This expense limitation does not include acquired fund fees and expenses, dividend and xxxxxxxx0 expenses on securities sold short, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses not incurred in the ordinary course of a Fund’s business. In addition, the Fund may invest in one or more money market funds advised by the X.X. Xxxxxx Investment Management Inc. or its affiliates (“affiliated money market funds”). The JPMorgan Service Providers as the Funds’ adviser, shareholder servicing agent and/or administrator hereby contractually agree to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on each Fund’s investment in such money market funds.
The JPMorgan Service Providers understand and intend that the Funds will rely on this agreement in preparing and filings its registration statements on Form N-1A and in accruing each Fund’s 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.
| 1 | In calculating the interest expense on short sales for purposes of this exclusion, the Fund will recognize all economic elements of interest costs, including premium and discount adjustments. |
JPMMFIT Fee Waiver Agreement
P a g e | 2
Very truly yours,
X.X. Xxxxxx Investment Management Inc.
JPMorgan Distribution Services, Inc.
| By: |
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| Accepted by: | ||
| By: |
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JPMMFIT Fee Waiver Agreement
P a g e | 3
SCHEDULE A
| Fund Name |
Share Class | Expense Cap |
Expense Cap Period End | |||
| JPMorgan Flexible Long/Short Fund |
Class A | 1.15% | June [14], 2017 | |||
| Class C | 1.65% | June [14], 2017 | ||||
| Select | 0.90% | June [14], 2017 | ||||
| Class R6 | 0.65% | June [14], 2017 | ||||
| JPMorgan Ultra-Short Municipal Fund |
Class A | 0.55% | June [30], 2017 | |||
| Select | 0.35% | June [30], 2017 |
