December 29, 2015 Undiscovered Managers Funds
December 29, 2015
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 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 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 and expenses related to the X.X. Xxxxxx Funds’ Board of Trustees deferred compensation plan. 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 a 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 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.
| 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. |
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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: |
| Accepted by: |
| Undiscovered Managers Funds |
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| By: |
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SCHEDULE A
| Fund Name |
Class | Fiscal Year End |
Expense Cap | Expense Cap Period End | ||||||
| Undiscovered Managers Behavioral Value Fund |
Class A | August 31 | 1.30 | % | December 31, 2016 | |||||
| Class C | August 31 | 1.80 | % | December 31, 2016 | ||||||
| Select | August 31 | 1.05 | % | December 31, 2016 | ||||||
| Institutional | August 31 | 0.90 | % | December 31, 2016 | ||||||
| Class R2 | August 31 | 1.55 | % | December 31, 2016 | ||||||
| Class R6 | August 31 | 0.80 | % | December 31, 2016 | ||||||
| JPMorgan Realty Income Fund |
Class A | August 31 | 1.18 | % | December 31, 2016 | |||||
| Class C | August 31 | 1.68 | % | December 31, 2016 | ||||||
| Institutional | August 31 | 0.78 | % | December 31, 2016 | ||||||
| Class R5 | August 31 | 0.73 | % | December 31, 2016 | ||||||
| Class R6 | August 31 | 0.68 | % | December 31, 2016 | ||||||
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