July 1, 2022 JPMorgan Trust I
July 1, 2022
000 Xxxx Xxxxxx
New York, NY 10172
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 each Fund listed on Schedule A. 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 Trustee elections, expenses related to litigation and potential litigation, and extraordinary expenses not incurred in the ordinary course of each Fund’s business.
In addition, each of the Non-Money Market Funds (as identified on Schedule A) 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 a Non-Money Market Fund’s 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 such Non-Money Market Fund’s investment in such money market funds. This waiver does not apply to each Non-Money Market Fund’s investments in affiliated money market funds made with cash received as collateral from securities lending borrowers.
The JPMorgan Service Providers understand and intend that each Fund will rely on this agreement in preparing and filing their 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 each Fund to do so.
Please acknowledge acceptance on the enclosed copy of this letter.
Very truly yours,
| X.X. Xxxxxx Investment Management Inc. JPMorgan Distribution Services, Inc. | ||
| /s/ Xxxxx X. Xxxxxxxx | ||
| By: Xxxxx X. Xxxxxxxx | ||
| Managing Director | ||
| Accepted by: |
||
| /s/ Xxxxxx Xxxxxxxxxxxx | ||
| By: Xxxxxx Xxxxxxxxxxxx | ||
| Assistant Treasurer | ||
| 1 | In calculating the interest expense on short sales for purposes of this exclusion, each Fund will recognize all economic elements of interest costs, including premium and discount adjustments. |
SCHEDULE A
Non-Money Market Funds
| Class A | Class C | Class I | Class L | Class R2 | Class R5 | Class R6 | ||||||||||||||||||||||
| JPMorgan California Tax Free Bond Fund1 |
0.60 | % | 1.10 | % | 0.50 | % | 0.40 | % | ||||||||||||||||||||
| JPMorgan Corporate Bond Fund1 |
0.75 | % | 1.25 | % | 0.50 | % | 0.40 | % | ||||||||||||||||||||
| JPMorgan Emerging Markets Debt Fund1 |
1.10 | % | 1.60 | % | 0.85 | % | 0.80 | % | 0.70 | % | ||||||||||||||||||
| JPMorgan Floating Rate Income Fund1 |
1.00 | % | 1.50 | % | 0.75 | % | 0.65 | % | ||||||||||||||||||||
| JPMorgan Global Bond Opportunities Fund1 |
0.90 | % | 1.30 | % | 0.65 | % | 0.50 | % | ||||||||||||||||||||
| JPMorgan Income Fund1 |
0.65 | % | 1.20 | % | 0.40 | % | 0.40 | % | ||||||||||||||||||||
| JPMorgan Intermediate Tax Free Bond Fund1 |
0.65 | % | 1.20 | % | 0.40 | % | 0.30 | % | ||||||||||||||||||||
| JPMorgan Managed Income Fund1 |
0.40 | % | 0.25 | % | ||||||||||||||||||||||||
| JPMorgan Unconstrained Debt Fund1 |
0.90 | % | 1.40 | % | 0.65 | % | 1.25 | % | 0.60 | % | 0.50 | % | ||||||||||||||||
| JPMorgan New York Tax Free Bond Fund1 |
0.75 | % | 1.25 | % | 0.50 | % | 0.40 | % | ||||||||||||||||||||
| JPMorgan Short Duration Core Plus Fund1 |
0.64 | % | 1.14 | % | 0.39 | % | 0.33 | % | ||||||||||||||||||||
| JPMorgan Strategic Income Opportunities Fund1 |
1.00 | % | 1.50 | % | 0.75 | % | 0.60 | % | 0.50 | % | ||||||||||||||||||
| JPMorgan High Yield Municipal Fund1 |
0.65 | % | 1.15 | % | 0.55 | % | 0.45 | % | ||||||||||||||||||||
| JPMorgan Total Return Fund1 |
0.66 | % | 1.31 | % | 0.56 | % | 1.16 | % | 0.46 | % | 0.41 | % | ||||||||||||||||
Money Market Funds
| Capital | Institutional | Agency | Premier | Xxxxxx | Reserve | IM | Class C | E*Trade | Service | Academy | Empower | |||||||||||||||||||||||||||||||||||||
| JPMorgan 100% U.S. Treasury Securities Money Market Fund1 |
0.18 | % | 0.21 | % | 0.26 | % | 0.45 | % | 0.59 | % | 0.70 | % | 0.16 | % | 0.18 | % | 0.18 | % | ||||||||||||||||||||||||||||||
| JPMorgan California Municipal Money Market Fund1 |
0.21 | % | 0.26 | % | 0.45 | % | 0.59 | % | 1.00 | % | 1.05 | % | ||||||||||||||||||||||||||||||||||||
| JPMorgan Federal Money Market Fund1 |
0.18 | % | 0.21 | % | 0.26 | % | 0.45 | % | 0.59 | % | ||||||||||||||||||||||||||||||||||||||
| JPMorgan New York Municipal Money Market Fund1 |
0.21 | % | 0.26 | % | 0.45 | % | 0.59 | % | 0.70 | % | 1.00 | % | 1.05 | % | ||||||||||||||||||||||||||||||||||
| JPMorgan Prime Money Market Fund1 |
0.18 | % | 0.21 | % | 0.26 | % | 0.45 | % | 0.52 | % | 0.70 | % | 0.16 | % | 0.97 | % | 0.18 | % | 0.18 | % | ||||||||||||||||||||||||||||
| JPMorgan Tax Free Money Market Fund1 |
0.21 | % | 0.26 | % | 0.45 | % | 0.59 | % | 0.70 | % | ||||||||||||||||||||||||||||||||||||||
| 1 | Expense limitation is in place until at least 6/30/23. |
