December 31, 2010 Undiscovered Managers Funds

December 31, 2010

Undiscovered Managers Funds

000 Xxxx Xxxxxx

New York, NY 10167

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 acquired fund fees and expenses, dividend expenses on securities sold short, interest, taxes, extraordinary expenses and expenses related to the JPMorgan Funds’ Board of Trustees deferred compensation plan.

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.

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.

By:

Accepted by:

Undiscovered Managers Funds

By:

SCHEDULE A

Fund Name	Class	Fiscal Year End	Expense Cap	Expense Cap Period End
Undiscovered Managers Behavioral Growth Fund	Class A	August 31	1.65%	December 31, 2011
	Class B	August 31	2.15%	December 31, 2011
	Class C	August 31	2.15%	December 31, 2011
	Institutional	August 31	1.30%	December 31, 2011
	Investor	August 31	1.65%	December 31, 2011
Undiscovered Managers Behavioral Value Fund	Class A	August 31	1.60%	December 31, 2011
	Class B	August 31	2.10%	December 31, 2011
	Class C	August 31	2.10%	December 31, 2011
	Institutional	August 31	1.40%	December 31, 2011
JPMorgan Realty Income Fund	Class A	August 31	1.18%	December 31, 2011
	Class B	August 31	1.68%	December 31, 2011
	Class C	August 31	1.68%	December 31, 2011
	Institutional	August 31	0.78%	December 31, 2011
	Class R5	August 31	0.73%	December 31, 2011