February 5, 2003
Xxxxxxx Mutual Fund Group, Inc.
X.X. Xxxxxx Funds
X.X. Xxxxxx Institutional Funds
X.X. Xxxxxx Series Trust
Mutual Fund Group
Mutual Fund Investment Trust
Mutual Fund Select Group
Mutual Fund Select Trust
Mutual Fund Trust
c/o X.X. Xxxxxx Fund Distributors Inc.
000 Xxxxx Xxxxxx
Xxx Xxxx, X.X. 10036
Dear Sirs:
JPMorgan Chase Bank hereby agrees to reimburse the classes of the Funds
listed on Schedule A for the time periods so indicated. JPMorgan Chase Bank will
reimburse each Class to the extent total operating expenses of such class exceed
the rate of average daily net assets also indicated on Schedule A. This
reimbursement arrangement does not include dividend expenses on securities sold
short, interest, taxes, extraordinary expenses and expenses related to the
JPMorgan Funds' deferred compensation plan.
JPMorgan Chase Bank understands and intends 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 permits the Funds to do so.
Please acknowledge acceptance on the enclosed copy of this letter.
Very truly yours,
JPMORGAN CHASE BANK
--------------------
Xxxxxxx Xxxxx
Vice President and Assistant Treasurer
Accepted by:
XXXXXXX MUTUAL FUND GROUP, INC.
X.X. XXXXXX FUNDS
X.X. XXXXXX INSTITUTIONAL FUNDS
X.X. XXXXXX SERIES TRUST
MUTUAL FUND GROUP
MUTUAL FUND INVESTMENT TRUST
MUTUAL FUND SELECT GROUP
MUTUAL FUND SELECT TRUST
MUTUAL FUND TRUST
----------------------
Xxxxx Xxxxxxxx
Treasurer
EXPENSE CAP - DECEMBER 2002
PROPOSED
CURRENT PROPOSED CURRENT PROPOSED EXTENDED
FUND YEAR EXPENSE CAP CAP CAP EXTENDED CAP
FUND NAME CLASS END CAP CHANGE PERIOD PERIOD CAP PERIOD
-----------------------------------------------------------------------------------------------------------------------------------
MUTUAL FUNDS - MONEY MARKET
JPMorgan Prime Money Market Select 31-Aug 0.440% 31-Dec-04 31-Dec-04
JPMorgan Prime Money Market Institutional 31-Aug 0.200% 31-Dec-04 31-Dec-04
JPMorgan Prime Money Market Premier 31-Aug 0.450% 31-Dec-04 31-Dec-04
JPMorgan Prime Money Market Cash Mgmt 31-Aug 0.970% 31-Dec-04 31-Dec-04
JPMorgan Prime Money Market Agency 31-Aug 0.300% 31-Dec-04 31-Dec-04
JPMorgan Prime Money Market Reserve 31-Aug 0.700% 31-Dec-04 31-Dec-04
JPMorgan Prime Money Market Xxxxxx 31-Aug 0.590% 31-Dec-03 31-Dec-03
JPMorgan Prime Money Market B 31-Aug 1.240% 31-Dec-03 31-Dec-03
JPMorgan Prime Money Market C 31-Aug 1.240% 31-Dec-03 31-Dec-03
JPMorgan Federal Money Market Premier 31-Aug 0.450% 31-Dec-04 31-Dec-04
JPMorgan Federal Money Market Institutional 31-Aug 0.200% 31-Dec-04 31-Dec-04
JPMorgan Federal Money Market Xxxxxx 31-Aug 0.700% 31-Dec-03 31-Dec-03
JPMorgan Federal Money Market Agency 31-Aug 0.260% 31-Dec-03 31-Dec-03
JPMorgan Treasury Plus Money Market Institutional 31-Aug 0.200% 31-Dec-04 31-Dec-04
JPMorgan Treasury Plus Money Market Premier 31-Aug 0.450% 31-Dec-04 31-Dec-04
JPMorgan Treasury Plus Money Market Reserve 31-Aug 0.700% 31-Dec-04 31-Dec-04
JPMorgan Treasury Plus Money Market Xxxxxx 31-Aug 0.590% 31-Dec-03 31-Dec-03
JPMorgan Treasury Plus Money Market Agency 31-Aug 0.250% 31-Dec-03 31-Dec-03
JPMorgan Tax Free Money Market Premier 31-Aug 0.450% 31-Dec-04 31-Dec-04
JPMorgan Tax Free Money Market Institutional 31-Aug 0.200% 31-Dec-04 31-Dec-04
JPMorgan Tax Free Money Market Xxxxxx 31-Aug 0.590% 31-Dec-03 31-Dec-03
JPMorgan Tax Free Money Market Agency 31-Aug 0.260% 31-Dec-03 31-Dec-03
JPMorgan U.S. Government MMkt Xxxxxx 31-Aug 0.590% 31-Dec-03 31-Dec-03
JPMorgan U.S. Government MMkt Premier 31-Aug 0.450% 31-Dec-03 31-Dec-03
JPMorgan U.S. Government MMkt Agency 31-Aug 0.260% 31-Dec-03 31-Dec-03
JPMorgan U.S. Government MMkt Institutional 31-Aug 0.200% 31-Dec-03 31-Dec-03
JPMorgan 100% U.S. Treasury Sec MMkt Xxxxxx 31-Aug 0.590% 31-Dec-03 31-Dec-03
JPMorgan 100% U.S. Treasury Sec MMkt Premier 31-Aug 0.460% 31-Dec-03 31-Dec-03
JPMorgan 100% U.S. Treasury Sec MMkt Agency 31-Aug 0.250% 31-Dec-03 31-Dec-03
JPMorgan 100% U.S. Treasury Sec MMkt Institutional 31-Aug 0.200% 31-Dec-03 31-Dec-03
JPMorgan California Tax Free Money Market Xxxxxx 31-Aug 0.550% 31-Dec-03 31-Dec-03
JPMorgan New York Tax Free Money Market Xxxxxx 31-Aug 0.590% 31-Dec-03 31-Dec-03
JPMorgan New York Tax Free Money Market Reserve 31-Aug 0.790% 31-Dec-03 31-Dec-03
JPMorgan Liquid Asset Money Market Xxxxxx 31-Aug 0.590% 31-Dec-03 31-Dec-03
JPMorgan Liquid Asset Money Market Premier 31-Aug 0.450% 31-Dec-03 31-Dec-03
JPMorgan Liquid Asset Money Market Agency 31-Aug 0.260% 31-Dec-03 31-Dec-03
JPMorgan Liquid Asset Money Market Institutional 31-Aug 0.200% 31-Dec-03 31-Dec-03
1
PROPOSED
CURRENT PROPOSED CURRENT PROPOSED EXTENDED
FUND YEAR EXPENSE CAP CAP CAP EXTENDED CAP
FUND NAME CLASS END CAP CHANGE PERIOD PERIOD CAP PERIOD
-----------------------------------------------------------------------------------------------------------------------------------
MUTUAL FUNDS - FIXED INCOME
JPMorgan Bond Select 31-Aug 0.690% 31-Dec-04 31-Dec-04
JPMorgan Bond Institutional 31-Aug 0.490% 31-Dec-04 31-Dec-04
JPMorgan Bond Ultra 31-Aug 0.400% 31-Dec-05 31-Dec-05
JPMorgan Bond A 31-Aug 0.750% 31-Dec-03 31-Dec-03 1.750% 31-Dec-12
JPMorgan Bond B 31-Aug 1.500% 31-Dec-03 31-Dec-03 2.500% 31-Dec-12
JPMorgan Short Term Bond Select 31-Aug 0.600% 31-Dec-04 31-Dec-04
JPMorgan Short Term Bond Institutional 31-Aug 0.300% 31-Dec-04 31-Dec-04
JPMorgan Short Term Bond A 31-Aug 0.750% 31-Dec-03 31-Dec-03
JPMorgan Bond Fund II A 31-Aug 0.750% 31-Dec-03 31-Mar-04
JPMorgan Bond Fund II B 31-Aug 1.500% 31-Dec-03 31-Dec-03
JPMorgan Bond Fund II Select 31-Aug 0.600% 31-Dec-03 31-Mar-04
JPMorgan Intermediate Bond A 31-Aug 0.900% 31-Dec-03 31-Dec-03
JPMorgan Intermediate Bond Select 31-Aug 0.750% 31-Dec-03 31-Dec-03
JPMorgan Short-Term Bond II A 31-Aug 0.750% 31-Dec-03 31-Dec-03
JPMorgan Short-Term Bond II Select 31-Aug 0.500% 31-Dec-03 31-Dec-03
JPMorgan Short-Term Bond II M 31-Aug 1.000% 31-Dec-03 31-Dec-03
JPMorgan U.S. Treasury Income A 31-Aug 0.750% 31-Dec-03 31-Dec-03
JPMorgan U.S. Treasury Income B 31-Aug 1.640% 31-Dec-03 31-Dec-03
JPMorgan U.S. Treasury Income Select 31-Aug 0.550% 31-Dec-03 31-Dec-03
JPMorgan Strategic Income A 31-Aug 1.250% 31-Dec-03 31-Dec-03 2.250% 31-Dec-12
JPMorgan Strategic Income B 31-Aug 1.750% 31-Dec-03 31-Dec-03 2.750% 31-Dec-12
JPMorgan Strategic Income C 31-Aug 1.750% 31-Dec-03 31-Dec-03 2.750% 31-Dec-12
JPMorgan Strategic Income M 31-Aug 1.450% 31-Dec-03 31-Dec-03 2.450% 31-Dec-12
JPMorgan Enhanced Income Institutional 31-Aug 0.250% 31-Dec-04 31-Dec-04
JPMorgan Xxxxxxx Emerging Markets Debt Select 31-Aug 1.250% 31-Dec-04 31-Dec-04
JPMorgan Global Strategic Income Select 31-Aug 1.000% 31-Dec-04 31-Dec-04
JPMorgan Global Strategic Income Institutional 31-Aug 0.650% 31-Dec-04 31-Dec-04
JPMorgan Global Strategic Income A 31-Aug 1.250% 31-Dec-03 31-Dec-03 2.250% 31-Dec-12
JPMorgan Global Strategic Income B 31-Aug 1.750% 31-Dec-03 31-Dec-03 2.750% 31-Dec-12
2
PROPOSED
CURRENT PROPOSED CURRENT PROPOSED EXTENDED
FUND YEAR EXPENSE CAP CAP CAP EXTENDED CAP
FUND NAME CLASS END CAP CHANGE PERIOD PERIOD CAP PERIOD
-----------------------------------------------------------------------------------------------------------------------------------
MUTUAL FUNDS - TAX FREE INCOME
JPMorgan Tax Free Income A 31-Aug 0.750% 31-Dec-03 31-Dec-03
JPMorgan Tax Free Income B 31-Aug 1.640% 31-Dec-03 31-Dec-03
JPMorgan Tax Free Income Select 31-Aug 0.750% 31-Dec-03 31-Dec-03
JPMorgan California Bond A 31-Aug 0.600% 31-Dec-03 31-Dec-03
JPMorgan California Bond Select 31-Aug 0.650% 31-Dec-04 31-Dec-04
JPMorgan California Bond Institutional 31-Aug 0.500% 31-Dec-04 31-Dec-04
JPMorgan New York Intermediate Tax Free Inc Select 31-Aug 0.720% 31-Dec-04 31-Dec-04
JPMorgan New York Intermediate Tax Free Inc Institutional 31-Aug 0.500% 31-Dec-04 31-Dec-04
JPMorgan New York Intermediate Tax Free Inc A 31-Aug 0.750% 31-Dec-03 31-Dec-03
JPMorgan New York Intermediate Tax Free Inc B 31-Aug 1.550% 31-Dec-03 31-Dec-03
JPMorgan New York Intermediate Tax Free Inc C 31-Aug 1.550% New Class 31-Dec-03
JPMorgan New Jersey Tax Free Income Select 31-Aug 0.750% 31-Dec-03 31-Dec-03
JPMorgan New Jersey Tax Free Income A 31-Aug 1.000% 31-Dec-03 31-Dec-03 2.000% 31-Dec-12
JPMorgan New Jersey Tax Free Income B 31-Aug 1.500% 31-Dec-03 31-Dec-03 2.500% 31-Dec-12
JPMorgan Intermediate Tax Free Income Select 31-Aug 0.660% 31-Dec-04 31-Dec-04
JPMorgan Intermediate Tax Free Income Institutional 31-Aug 0.500% 31-Dec-04 31-Dec-04
MUTUAL FUNDS - TAX AWARE
JPMorgan Tax Aware Enhanced Income Select 31-Oct 0.500% 28-Feb-05 28-Feb-05
JPMorgan Tax Aware Enhanced Income Institutional 31-Oct 0.250% 28-Feb-05 28-Feb-05
JPMorgan Tax Aware Enhanced Income A 31-Oct 0.750% 28-Feb-03 28-Feb-04
JPMorgan Tax Aware Sm Co Opportunities A 31-Oct 1.650% 28-Feb-05 28-Feb-05 2.650% 28-Feb-13
JPMorgan Tax Aware Sm Co Opportunities B 31-Oct 2.150% 28-Feb-05 28-Feb-05 3.150% 28-Feb-13
JPMorgan Tax Aware Sm Co Opportunities C 31-Oct 2.150% 28-Feb-05 28-Feb-05 3.150% 28-Feb-13
JPMorgan Tax Aware Sm Co Opportunities Select 31-Oct 1.350% 28-Feb-05 28-Feb-05
JPMorgan Tax Aware U.S. Equity A 31-Oct 1.100% 28-Feb-05 28-Feb-05
JPMorgan Tax Aware U.S. Equity B 31-Oct 1.600% 28-Feb-05 28-Feb-05
JPMorgan Tax Aware U.S. Equity C 31-Oct 1.600% 28-Feb-05 28-Feb-05
JPMorgan Tax Aware U.S. Equity Select 31-Oct 0.840% 28-Feb-05 31-Mar-06
JPMorgan Tax Aware U.S. Equity Institutional 31-Oct 0.700% 28-Feb-05 28-Feb-05
JPMorgan Tax Aware Disciplined Equity Institutional 31-Oct 0.550% 28-Feb-05 28-Feb-05
JPMorgan Xxxxxxx Tax Aw Int'l Opportunities A 31-Oct 1.800% 28-Feb-03 28-Feb-04
JPMorgan Xxxxxxx Tax Aw Int'l Opportunities B 31-Oct 2.300% 28-Feb-03 28-Feb-04
JPMorgan Xxxxxxx Tax Aw Int'l Opportunities C 31-Oct 2.300% 28-Feb-03 28-Feb-04
JPMorgan Xxxxxxx Tax Aw Int'l Opportunities Institutional 31-Oct 1.000% 28-Feb-03 28-Feb-04
JPMorgan Tax Aware Large Cap Value Select 31-Oct 0.850% Voluntary 28-Feb-04
JPMorgan Tax Aware Large Cap Growth Select 31-Oct 0.850% Voluntary 28-Feb-04
JPMorgan Tax Aware Short-Intermediate Income Select 31-Oct 0.500% 28-Feb-05** 28-Feb-05**
JPMorgan Tax Aware Short-Intermediate Income Institutional 31-Oct 0.350% 28-Feb-05** 28-Feb-05**
3
PROPOSED
CURRENT PROPOSED CURRENT PROPOSED EXTENDED
FUND YEAR EXPENSE CAP CAP CAP EXTENDED CAP
FUND NAME CLASS END CAP CHANGE PERIOD PERIOD CAP PERIOD
-----------------------------------------------------------------------------------------------------------------------------------
MUTUAL FUNDS - SPECIALTY
JPMorgan Global Healthcare A 31-Oct 1.750% 28-Feb-05 28-Feb-05 2.750% 28-Feb-13
JPMorgan Global Healthcare B 31-Oct 2.250% 28-Feb-05 28-Feb-05 3.250% 28-Feb-13
JPMorgan Global Healthcare C 31-Oct 2.250% 28-Feb-05 28-Feb-05 3.250% 28-Feb-13
JPMorgan Global Healthcare Select 31-Oct 1.500% 28-Feb-05 28-Feb-05
JPMorgan Global 50 A 31-Oct 1.750% 28-Feb-05 28-Feb-05 2.750% 28-Feb-13
JPMorgan Global 50 B 31-Oct 2.250% 28-Feb-05 28-Feb-05 3.250% 28-Feb-13
JPMorgan Global 50 C 31-Oct 2.250% 28-Feb-05 28-Feb-05 3.250% 28-Feb-13
JPMorgan Global 50 Select 31-Oct 1.500% 28-Feb-05 28-Feb-05
JPMorgan H&Q Technology A 31-Oct 1.850% 28-Feb-03 28-Feb-04 2.850% 28-Feb-13
JPMorgan H&Q Technology B 31-Oct 2.350% 28-Feb-03 28-Feb-04 3.350% 28-Feb-13
JPMorgan H&Q Technology C 31-Oct 2.350% 28-Feb-03 28-Feb-04 3.350% 28-Feb-13
JPMorgan Market Neutral Institutional 31-Oct 1.250% 28-Feb-05 28-Feb-05 2.250% 28-Feb-13
JPMorgan Market Neutral A 31-Oct 1.500% 28-Feb-03 28-Feb-04 2.500% 28-Feb-13
JPMorgan Market Neutral B 31-Oct 2.000% 28-Feb-03 28-Feb-04 3.000% 28-Feb-13
JPMorgan Focus A 31-Oct 1.250% 28-Feb-03 28-Feb-04 2.250% 28-Feb-13
JPMorgan Focus B 31-Oct 1.850% 28-Feb-03 28-Feb-04 2.850% 28-Feb-13
JPMorgan Focus C 31-Oct 1.850% 28-Feb-03 28-Feb-04 2.850% 28-Feb-13
JPMorgan Focus Select 31-Oct 1.000% 28-Feb-03 28-Feb-04 2.000% 28-Feb-13
MUTUAL FUNDS - EQUITY - INTERNATIONAL
JPMorgan Xxxxxxx European Select 31-Oct 1.500% 28-Feb-05 28-Feb-05
JPMorgan Xxxxxxx European Institutional 31-Oct 1.000% 28-Feb-05 28-Feb-05
JPMorgan Xxxxxxx European A 31-Oct 1.750% 28-Feb-03 28-Feb-04
JPMorgan Xxxxxxx European B 31-Oct 2.500% 28-Feb-03 28-Feb-04
JPMorgan Xxxxxxx European C 31-Oct 2.500% 28-Feb-03 28-Feb-04
JPMorgan Xxxxxxx International Opportunities A 31-Oct 1.900% 28-Feb-03 28-Feb-04
JPMorgan Xxxxxxx International Opportunities B 31-Oct 2.400% 28-Feb-03 28-Feb-04
JPMorgan Xxxxxxx International Opportunities Select 31-Oct 1.200% 28-Feb-05 28-Feb-05
JPMorgan Xxxxxxx International Opportunities Institutional 31-Oct 0.920% 28-Feb-05 28-Feb-05
JPMorgan Xxxxxxx International Value Select 31-Oct 1.410% 28-Feb-05 28-Feb-05
JPMorgan Xxxxxxx International Value Institutional 31-Oct 0.950% 28-Feb-05 28-Feb-05
JPMorgan Xxxxxxx International Value A 31-Oct 1.450% 28-Feb-03 28-Feb-04 2.450% 28-Feb-13
JPMorgan Xxxxxxx International Value B 31-Oct 1.950% 28-Feb-03 28-Feb-04 2.950% 28-Feb-13
JPMorgan Xxxxxxx Emerging Markets Equity Select 31-Oct 1.750% 28-Feb-05 28-Feb-05
JPMorgan Xxxxxxx Emerging Markets Equity Institutional 31-Oct 1.450% 28-Feb-05 28-Feb-05
JPMorgan Xxxxxxx Emerging Markets Equity A 31-Oct 2.000% 28-Feb-03 28-Feb-04 3.000% 28-Feb-13
JPMorgan Xxxxxxx Emerging Markets Equity B 31-Oct 2.500% 28-Feb-03 28-Feb-04 3.500% 28-Feb-13
4
PROPOSED
CURRENT PROPOSED CURRENT PROPOSED EXTENDED
FUND YEAR EXPENSE CAP CAP CAP EXTENDED CAP
FUND NAME CLASS END CAP CHANGE PERIOD PERIOD CAP PERIOD
-----------------------------------------------------------------------------------------------------------------------------------
JPMorgan Xxxxxxx Int'l Growth A 31-Oct 2.000% 28-Feb-03 28-Feb-04 3.000% 28-Feb-13
JPMorgan Xxxxxxx Int'l Growth B 31-Oct 2.500% 28-Feb-03 28-Feb-04 3.500% 28-Feb-13
JPMorgan Xxxxxxx Japan A 31-Oct 1.750% 28-Feb-03 28-Feb-04 2.750% 28-Feb-13
JPMorgan Xxxxxxx Japan B 31-Oct 2.500% 28-Feb-03 28-Feb-04 3.500% 28-Feb-13
JPMorgan Xxxxxxx Asia Equity A 31-Oct 1.750% 28-Feb-04 28-Feb-04 2.750% 28-Feb-13
JPMorgan Xxxxxxx Asia Equity B 31-Oct 2.250% 28-Feb-04 28-Feb-04 3.250% 28-Feb-13
JPMorgan Xxxxxxx Asia Equity Select 31-Oct 1.500% 28-Feb-04 28-Feb-04
JPMorgan Xxxxxxx Asia Equity Institutional 31-Oct 1.350% 28-Feb-04 28-Feb-04
JPMorgan Xxxxxxx International Equity Select 31-Oct 1.250% Voluntary 28-Feb-04
JPMorgan Xxxxxxx International Equity A 31-Oct 1.500% 28-Feb-03 28-Feb-04 2.500% 28-Feb-13
JPMorgan Xxxxxxx International Equity B 31-Oct 2.000% 28-Feb-03 28-Feb-04 3.000% 28-Feb-13
JPMorgan Xxxxxxx International Equity C 31-Oct 2.000% New Class 28-Feb-04
MUTUAL FUNDS - EQUITY
JPMorgan U.S. Equity A 31-Dec 1.050% 30-Apr-05 30-Apr-05
JPMorgan U.S. Equity B 31-Dec 1.750% 30-Apr-03 30-Apr-04
JPMorgan U.S. Equity C 31-Dec 1.750% 30-Apr-03 30-Apr-04
JPMorgan U.S. Equity Select 31-Dec 0.790% 30-Apr-05 30-Apr-05
JPMorgan U.S. Equity Institutional 31-Dec 0.640% 30-Apr-05 30-Apr-05
JPMorgan U.S. Small Company Select 31-Dec 1.010% 30-Apr-05 30-Apr-05
JPMorgan U.S. Small Company Institutional 31-Dec 0.830% 30-Apr-05 30-Apr-05
JPMorgan Diversified Select 31-Dec 0.980% 30-Apr-05 31-Mar-06
JPMorgan Diversified Institutional 31-Dec 0.650% 30-Apr-05 30-Apr-05
JPMorgan Disciplined Equity Select 31-Dec 0.750% 30-Apr-05 30-Apr-05
JPMorgan Disciplined Equity Institutional 31-Dec 0.450% 30-Apr-05 30-Apr-05
JPMorgan Disciplined Equity Class A 31-Dec 0.950% 30-Apr-03 30-Apr-04
JPMorgan Disciplined Equity Class B 31-Dec 1.450% 30-Apr-03 30-Apr-04
JPMorgan Disciplined Equity Value Institutional 31-Dec 0.450% 30-Apr-05 30-Apr-05
JPMorgan U.S. Small Company Opportunities Select 31-Dec 1.020% 30-Apr-05 30-Apr-05
JPMogan SmartIndex Institutional 31-Dec 0.350% 30-Apr-05 30-Apr-05
JPMorgan Balanced A 31-Dec 1.250% 30-Apr-03 30-Apr-04
JPMorgan Balanced B 31-Dec 1.930% 30-Apr-03 30-Apr-04
JPMorgan Balanced C 31-Dec 1.930% 30-Apr-03 30-Apr-04
JPMorgan Balanced Select 31-Dec 1.000% 30-Apr-03 30-Apr-04
JPMorgan Capital Growth A 31-Dec 1.350% 30-Apr-03 30-Apr-04
JPMorgan Capital Growth B 31-Dec 1.850% 30-Apr-03 30-Apr-04
JPMorgan Capital Growth C 31-Dec 1.850% 30-Apr-03 30-Apr-04
JPMorgan Capital Growth Select 31-Dec 0.930% 30-Apr-03 30-Apr-04
5
PROPOSED
CURRENT PROPOSED CURRENT PROPOSED EXTENDED
FUND YEAR EXPENSE CAP CAP CAP EXTENDED CAP
FUND NAME CLASS END CAP CHANGE PERIOD PERIOD CAP PERIOD
-----------------------------------------------------------------------------------------------------------------------------------
JPMorgan Core Equity A 31-Dec 1.250% 30-Apr-03 30-Apr-04
JPMorgan Core Equity B 31-Dec 2.000% 30-Apr-03 30-Apr-04
JPMorgan Core Equity C 31-Dec 2.000% 30-Apr-03 30-Apr-04
JPMorgan Core Equity Select 31-Dec 1.000% 30-Apr-03 30-Apr-04
JPMorgan Equity Growth A 31-Dec 1.250% 30-Apr-03 30-Apr-04
JPMorgan Equity Growth B 31-Dec 1.980% 30-Apr-03 30-Apr-04
JPMorgan Equity Growth C 31-Dec 1.980% 30-Apr-03 30-Apr-04
JPMorgan Equity Growth Select 31-Dec 1.000% 30-Apr-03 30-Apr-04
JPMorgan Equity Income A 31-Dec 1.250% 30-Apr-03 30-Apr-04
JPMorgan Equity Income B 31-Dec 1.750% 30-Apr-03 30-Apr-04
JPMorgan Equity Income C 31-Dec 1.750% 30-Apr-03 30-Apr-04
JPMorgan Equity Income Select 31-Dec 0.900% 30-Apr-03 30-Apr-04
JPMorgan Growth & Income A 31-Dec 1.300% 30-Apr-03 30-Apr-04
JPMorgan Growth & Income B 31-Dec 1.800% 30-Apr-03 30-Apr-04
JPMorgan Growth & Income C 31-Dec 1.800% 30-Apr-03 30-Apr-04
JPMorgan Growth & Income Select 31-Dec 0.900% 30-Apr-03 30-Apr-04
JPMorgan Select Growth & Income (Feeder) N/A 31-Dec 0.575% 30-Apr-03 30-Apr-04
JPMorgan Mid Cap Growth A 31-Dec 1.350% 30-Apr-03 30-Apr-04
JPMorgan Mid Cap Growth B 31-Dec 2.050% 30-Apr-03 30-Apr-04
JPMorgan Small Cap Equity A 31-Dec 1.380% 30-Apr-03 30-Apr-04
JPMorgan Small Cap Equity B 31-Dec 2.120% 30-Apr-03 30-Apr-04
JPMorgan Small Cap Equity Select 31-Dec 0.850% 30-Apr-03 30-Apr-04
JPMorgan Dynamic Small Cap A 31-Dec 1.500% 30-Apr-03 30-Apr-04
JPMorgan Dynamic Small Cap B 31-Dec 2.120% 30-Apr-03 30-Apr-04
JPMorgan Dynamic Small Cap C 31-Dec 2.120% 30-Apr-03 30-Apr-04
JPMorgan Dynamic Small Cap Select 31-Dec 1.100% 30-Apr-03 30-Apr-04
JPMorgan Small Cap Growth A 31-Dec 1.600% 30-Apr-03 30-Apr-04 2.600% 30-Apr-13
JPMorgan Small Cap Growth B 31-Dec 2.350% 30-Apr-03 30-Apr-04 3.350% 30-Apr-13
JPMorgan Small Cap Growth C 31-Dec 2.350% 30-Apr-03 30-Apr-04 3.350% 30-Apr-13
JPMorgan Small Cap Growth Select 31-Dec 1.100% 30-Apr-03 30-Apr-04 2.100% 30-Apr-13
JPMorgan Small Cap Growth Institutional 31-Dec 0.850% 30-Apr-03 30-Apr-04 1.850% 30-Apr-13
JPMorgan Mid Cap Value A 31-Dec 1.250% 30-Apr-03 30-Apr-04
JPMorgan Mid Cap Value B 31-Dec 2.000% 30-Apr-03 30-Apr-04
JPMorgan Mid Cap Value C 31-Dec 2.000% 30-Apr-03 30-Apr-04
JPMorgan Mid Cap Value Select 31-Dec 1.000% 30-Apr-03 30-Apr-04
JPMorgan Mid Cap Value Institutional 31-Dec 0.750% 30-Apr-03 30-Apr-04
6
PROPOSED
CURRENT PROPOSED CURRENT PROPOSED EXTENDED
FUND YEAR EXPENSE CAP CAP CAP EXTENDED CAP
FUND NAME CLASS END CAP CHANGE PERIOD PERIOD CAP PERIOD
-----------------------------------------------------------------------------------------------------------------------------------
SELECT FUNDS
JPMorgan Select Large Cap Equity N/A 31-Dec 0.850% Voluntary Voluntary
JPMorgan Select Mid Cap Equity N/A 31-Dec 1.000% Voluntary 30-Apr-04
JPMorgan Select Small Cap Value N/A 31-Dec 1.000% Voluntary Voluntary
VISTA FUNDS
Vista Cap Adv Var Annuity, Capital Gr Portfolio N/A 31-Aug 0.900% Voluntary Voluntary
Vista Cap Adv Var Annuity, Growth & Inc Portfolio N/A 31-Aug 0.900% Voluntary Voluntary
Vista Cap Adv Var Annuity, Int'l Equity Portfolio N/A 31-Aug 1.100% Voluntary Voluntary
Vista Cap Adv Var Annuity, Asset Alloc Portfolio N/A 31-Aug 0.850% Voluntary Voluntary
Vista Cap Adv Var Annuity, MMkt Portfolio N/A 31-Aug 0.550% Voluntary Voluntary
Vista Cap Adv Var Annuity, US Govt Inc Portfolio N/A 31-Aug 0.800% Voluntary Voluntary
Note: For all funds that have gross expense ratios greater than 3.00%, we will
extend the expense cap through year 10 by adding 1.00% to the current
contractual cap.
Reflects a written agreement pursuant to which JPMorgan Chase Bank agrees that
it will reimburse the Fund to the extent total operating expenses (excluding
dividend expenses on securities sold short, interest, taxes, extraordinary
expenses and expenses related to the deferred compensation plan) exceed the
listed ratio cap.
* Expense Ratio for JPM Enhanced Income - Institutional Class - 0.20 %
through 12/31/03 and 0.25% through 12/31/04
** Expense Ratio for JPM Tax Aware Short Intermediate Income - Select Class -
0.50 % through 12/31/03 and 0.55% through 2/28/05
** Expense Ratio for JPM Tax Aware Short Intermediate Income - Institutional
Class - 0.35 % through 12/31/03 and 0.40% through 2/28/05
7
EXPENSE CAP - DECEMBER 2002 - FUNDS NOT LAUNCHED YET
CAP
FUND YEAR EXPENSE EXPIRES
FUND NAME CLASS END RATIOS ON
MUTUAL FUNDS - FIXED INCOME
JPMorgan Enhanced Income Select 31-Aug 0.400% 31-Dec-03
JPMorgan Enhanced Income A 31-Aug 0.750% 31-Dec-03
MUTUAL FUNDS - TAX FREE INCOME
JPMorgan Tax Free Income C 31-Aug 1.640% 31-Dec-03
JPMorgan New York Intermediate Tax Free Income C 31-Aug 1.640% 31-Dec-03
MUTUAL FUNDS -INTERNATIONAL
JPMorgan Xxxxxxx International Equity Institutional 31-Oct 0.850% 28-Feb-04
JPMorgan Xxxxxxx International Small Cap Select 31-Oct 1.500% 28-Feb-04
JPMorgan Xxxxxxx International Small Cap Institutional 31-Oct 1.350% 28-Feb-04
JPMorgan Xxxxxxx International Small Cap A 31-Oct 1.750% 28-Feb-04
JPMorgan Xxxxxxx International Small Cap B 31-Oct 2.250% 28-Feb-04
MUTUAL FUNDS - EQUITY
JPMorgan Diversified A 31-Dec 1.250% 31-Mar-06
JPMorgan Diversified B 31-Dec 1.930% 31-Mar-06
JPMorgan Diversified C 31-Dec 1.930% 31-Mar-06
JPMorgan Disciplined Equity Ultra 31-Dec 0.350% 30-Apr-05
JPMorgan Disciplined Equity Value Select 31-Dec 0.600% 30-Apr-05
JPMorgan Small Cap Equity C 31-Dec 2.120% 30-Apr-04
SELECT FUNDS
JPMorgan Select Mid Cap Equity A 31-Dec 1.350% 30-Apr-04
JPMorgan Select Mid Cap Equity B 31-Dec 1.850% 30-Apr-04
