December 31, 2006 Undiscovered Managers Funds 522 Fifth Avenue New York, NY 10036 Dear Sirs:
December 31, 2006
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 for the time periods so indicated. 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 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,
X.X. Xxxxxx Investment Management Inc.
By:
JPMorgan Funds Management, Inc.
JPMorgan Distribution Services, Inc.
JPMorgan Distribution Services, Inc.
By:
Accepted by:
Undiscovered Managers Funds
Undiscovered Managers Funds
By:
SCHEDULE A
| Fund Name |
|
Class |
|
Fiscal Year End |
|
Expense Cap |
|
Expense Cap Period End |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Undiscovered
Managers Small Cap Growth Fund |
Class
A |
August
31 |
1.60 | % | December 31,
2007 |
|||||||||||||
Institutional |
August
31 |
1.20 | % | December 31,
2007 |
||||||||||||||
Undiscovered
Managers Behavioral Growth Fund |
Class
A |
August
31 |
1.65 | % | December 31,
2007 |
|||||||||||||
Class
B |
August
31 |
2.15 | % | December 31,
2007 |
||||||||||||||
Class
C |
August
31 |
2.15 | % | December 31,
2007 |
||||||||||||||
Institutional |
August
31 |
1.30 | % | December 31,
2007 |
||||||||||||||
Investor |
August
31 |
1.65 | % | December 31,
2007 |
||||||||||||||
Undiscovered
Managers Behavioral Value Fund |
Class
A |
August
31 |
1.60 | % | December 31,
2007 |
|||||||||||||
Class
B |
August
31 |
2.10 | % | December 31,
2007 |
||||||||||||||
Class
C |
August
31 |
2.10 | % | December 31,
2007 |
||||||||||||||
Institutional |
August
31 |
1.40 | % | December 31,
2007 |
||||||||||||||
JPMorgan Realty
Income Fund |
Class
A |
August
31 |
1.40 | % | December 31,
2007 |
|||||||||||||
Class
B |
August
31 |
1.90 | % | December 31,
2007 |
||||||||||||||
Class
C |
August
31 |
1.90 | % | December 31,
2007 |
||||||||||||||
Institutional |
August
31 |
1.00 | % | December 31,
2007 |
||||||||||||||
R
Class |
August
31 |
0.95 | % | December 31,
2007 |
||||||||||||||
