March 1, 2016 JPMorgan Trust I
March 1, 2016
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 each Fund listed on Schedule A until February 28, 2017. 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, extraordinary expenses not incurred in the ordinary course of the Funds’ business. In addition, the Funds 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 each 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 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 filing 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. |
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By:
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| Accepted by: |
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By:
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| 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. |
1
SCHEDULE A
| Class A | Class C | Select | Institutional | Class R2 | Class R5 | Class R6 | ||||||||||||||||||||||
| JPMorgan Asia Pacific Fund1 |
1.45 | % | 1.95 | % | 1.20 | % | 1.00 | % | ||||||||||||||||||||
| JPMorgan China Region Fund1 |
1.55 | % | 2.05 | % | 1.30 | % | ||||||||||||||||||||||
| JPMorgan Emerging Economies Fund1 |
1.55 | % | 2.05 | % | 1.30 | % | 1.10 | % | 1.05 | % | ||||||||||||||||||
| JPMorgan Emerging Markets Local Currency Debt Fund1 |
1.20 | % | 1.70 | % | 0.95 | % | 1.45 | % | 0.75 | % | 0.70 | % | ||||||||||||||||
| JPMorgan Emerging Markets Equity Fund1 |
1.55 | % | 2.05 | % | 1.30 | % | 1.15 | % | 1.05 | % | ||||||||||||||||||
| JPMorgan Emerging Markets Equity Income Fund1 |
1.55 | % | 2.05 | % | 1.30 | % | 1.10 | % | 1.05 | % | ||||||||||||||||||
| JPMorgan Global Allocation Fund1 |
1.03 | % | 1.53 | % | 0.78 | % | 1.28 | % | ||||||||||||||||||||
| JPMorgan Global Research Enhanced Index Fund1 |
0.59 | % | 1.09 | % | 0.34 | % | 0.84 | % | ||||||||||||||||||||
| JPMorgan Global Unconstrained Equity Fund1 |
1.25 | % | 1.75 | % | 0.90 | % | 1.50 | % | 0.80 | % | 0.75 | % | ||||||||||||||||
| JPMorgan Income Builder Fund1 |
0.75 | % | 1.25 | % | 0.60 | % | ||||||||||||||||||||||
| JPMorgan International Equity Fund1 |
1.31 | % | 1.81 | % | 1.06 | % | 1.56 | % | 0.86 | % | 0.81 | % | ||||||||||||||||
| JPMorgan International Equity Income Fund1 |
1.25 | % | 1.75 | % | 0.90 | % | 1.50 | % | 0.80 | % | 0.75 | % | ||||||||||||||||
| JPMorgan International Opportunities Fund1 |
1.31 | % | 1.92 | % | 1.06 | % | 0.91 | % | 0.81 | % | ||||||||||||||||||
| JPMorgan International Unconstrained Equity Fund1 |
1.25 | % | 1.75 | % | 0.90 | % | 1.50 | % | 0.80 | % | 0.75 | % | ||||||||||||||||
| JPMorgan International Value Fund1 |
1.35 | % | 1.85 | % | 1.10 | % | 0.95 | % | 1.60 | % | 0.85 | % | ||||||||||||||||
| JPMorgan Intrepid European Fund1 |
1.50 | % | 2.00 | % | 1.25 | % | 1.00 | % | ||||||||||||||||||||
| JPMorgan Intrepid International Fund1 |
1.25 | % | 1.75 | % | 0.90 | % | 0.85 | % | 1.50 | % | 0.75 | % | ||||||||||||||||
| JPMorgan Latin America Fund1 |
1.55 | % | 2.05 | % | 1.30 | % | 1.05 | % | ||||||||||||||||||||
| JPMorgan Opportunistic Equity Long/Short Fund1 |
1.85 | % | 2.35 | % | 1.60 | % | 2.10 | % | 1.40 | % | 1.35 | % | ||||||||||||||||
| JPMorgan Research Equity Long/Short Fund1 |
1.45 | % | 1.95 | % | 1.20 | % | 1.00 | % | ||||||||||||||||||||
| JPMorgan Research Market Neutral Fund1 |
1.25 | % | 1.75 | % | 0.99 | % | 0.85 | % | ||||||||||||||||||||
| JPMorgan Tax Aware Equity Fund1 |
1.05 | % | 1.55 | % | 0.80 | % | 0.55 | % | ||||||||||||||||||||
| JPMorgan Tax Aware Real Return Fund1 |
0.75 | % | 1.40 | % | 0.65 | % | 0.50 | % | 0.40 | % | ||||||||||||||||||
| 1 | Expense limitation is in place until at least 2/28/17. |
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