May 1, 2006 JPMorgan Insurance Trust
Exhibit (h)(22)
May 1, 2006
JPMorgan Insurance Trust
000 Xxxxx Xxxxxx
New York, NY 10036
Dear Sirs:
Effective May 1, 2006, JPMorgan Investment Advisors Inc, and JPMorgan Funds Management, Inc. (collectively, “JPMorgan Service Providers”) hereby agree to waive fees owed to each JPMorgan Service Provider or to reimburse Portfolio expenses to the extent necessary to limit the total operating expenses for each Portfolio listed on Schedule A. This letter replaces the prior expense limitation agreements committed to by the JPMorgan Service Providers. 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 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 Portfolios will rely on this agreement in preparing and filings their registration statements on Form N-1A and in accruing the Portfolios’ expenses for purposes of calculating net asset value and for other purposes, and expressly permit the Portfolios to do so.
Please acknowledge acceptance on the enclosed copy of this letter.
Very truly yours, | ||
JPMorgan Investment Advisors Inc. JPMorgan Funds Management, Inc. | ||
By: | ||
Accepted by: JPMorgan Insurance Trust | ||
By: | ||
SCHEDULE A
Fund Name |
Fiscal Year End |
Effective Expense Cap on Total Operating Expenses |
Expense Cap Period End | ||||
JPMorgan Insurance Trust Core Bond Portfolio |
December 31 | 0.60 | % | April 30, 2007 | |||
JPMorgan Insurance Trust Balanced Portfolio |
December 31 | 0.78 | % | April 30, 2007 | |||
JPMorgan Insurance Trust Diversified Equity Portfolio |
December 31 | 0.80 | % | April 30, 2007 | |||
JPMorgan Insurance Trust Diversified Mid Cap Growth Portfolio |
December 31 | 0.90 | % | April 30, 2007 | |||
JPMorgan Insurance Trust Diversified Mid Cap Value Portfolio |
December 31 | 0.90 | % | April 30, 2007 | |||
JPMorgan Insurance Trust Equity Index Portfolio |
December 31 | 0.40 | % | April 30, 2007 | |||
JPMorgan Insurance Trust Government Bond Portfolio |
December 31 | 0.60 | % | April 30, 2007 | |||
JPMorgan Insurance Trust Intrepid Mid Cap Portfolio |
December 31 | 0.90 | % | April 30, 2007 | |||
JPMorgan Insurance Trust Large Cap Growth Portfolio |
December 31 | 0.90 | % | April 30, 2007 |