November 1, 2023 JPMorgan Trust IV
November 1, 2023
000 Xxxx Xxxxxx
New York, NY 10172
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 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 and interest expenses on securities sold short, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses not incurred in the ordinary course of each Fund’s business incurred by each Fund or an underlying fund as defined in each Fund’s prospectus, and (2) acquired fund fees incurred by an underlying fund. This waiver does not apply to each 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 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 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 |
| Accepted by: |
| JPMorgan Trust I |
| /s/ Xxxxxxx X. Xxxxxxx |
| By: Xxxxxxx X. Xxxxxxx |
Schedule A
| Fund Name |
Class | Fiscal Year End |
Expense Cap |
Expense Cap Period End |
||||||||||
| JPMorgan SmartRetirement Blend 2065 Fund |
Class I | June 30 | 0.44 | % | October 31, 2024 | |||||||||
| Class R2 | June 30 | 0.94 | % | |||||||||||
| Class R3 | June 30 | 0.69 | % | |||||||||||
| Class R4 | June 30 | 0.44 | % | |||||||||||
| Class R5 | June 30 | 0.29 | % | |||||||||||
| Class R6 | June 30 | 0.19 | % | |||||||||||
