February 28, 2007 JPMorgan Trust I New York, NY 10167 Dear Sirs:
February 28, 2007
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 and/or expenses 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’ deferred compensation plan.
In addition, X.X.Xxxxxx Investment Management Inc. xxxxxx agrees to waive fees to which it is entitled or to reimburse the Fund listed on Schedule B for the time periods so indicated.
The JPMorgan Service Providers understand and intend that the Funds will rely on this agreement in preparing and filings 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.
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By:
Accepted by:
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By:
1
SCHEDULE A
|
Fund Name |
Class |
Fiscal Year End |
Expense Cap |
Expense Cap Period End |
|
Highbridge Statistical Market Neutral Fund |
Class A |
October 31 |
1.95% |
February 29, 2008 |
|
|
Class C |
|
2.45% |
|
|
|
Select |
|
1.70% |
|
2
SCHEDULE B
|
Fund Name |
Fiscal Year End |
Advisory Fee Cap |
Advisory Fee Cap Period |
|
Highbridge Statistical Market Neutral Fund |
October 31 |
1.50% |
Until the Fund commences with the borrowing of money from banks for investment purposes |
3
