FORM OF FEE WAIVER AGREEMENT
March 14, 2003
Mutual Fund Select Group
c/o X. X. Xxxxxx Fund Distributors, Inc.
000 Xxxxx Xxxxxx
Xxx Xxxx, X.X. 00000
Dear Sirs:
JPMorgan Chase Bank ("JPMorgan Chase Bank"), hereby agrees to reimburse the
JPMorgan Bond Fund II (the "Fund"), through March 31, 2004 with respect to Class
A and Select Class Shares to the extent necessary to maintain the Class A and
Select Class Shares' total operating expenses at the annual rate of 0.75% and
0.60%, respectively, of the average daily net assets. This reimbursement
arrangement does not include interest, taxes, extraordinary expenses, expenses
related to the Fund's deferred compensation plan.
JPMorgan Chase Bank understands and intends that Mutual Fund Select Group
will rely on this agreement in preparing and filing its registration statement
on Form N-14 and in accruing the Fund's expenses for purposes of calculating net
asset value and for other purposes, and expressly permits the Fund to do so.
Please acknowledge acceptance on the enclosed copy of this letter.
Very truly yours,
JPMORGAN CHASE BANK
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Xxxxxxx Xxxxx
Vice President and Assistant Treasurer
Accepted by:
MUTUAL FUND SELECT GROUP
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Xxxxx Xxxxxxxx
Treasurer
