July 1, 2017 JPMorgan Trust II New York, NY 10017 Dear Sirs:
July 1, 2017
000 Xxxx Xxxxxx
New York, NY 10017
Dear Sirs:
X.X. Xxxxxx Investment 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. 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, and extraordinary expenses not incurred in the ordinary course of the Funds’ business.
In addition, the Non-Money Market Funds (as identified on Schedule A) 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 Non-Money Market Funds’ 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 Non-Money Market 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 each Fund’s 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 Distribution Services, Inc.
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| By: |
| Accepted by: |
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| By: |
| 1 | In calculating the interest expense on short sales for purposes of this exclusion, each Fund will recognize economic elements of interest costs, including premium and discount adjustments. |
JPMTII Fee Waiver Agreement
Page II
SCHEDULE A
Non-Money Market Funds
| FUND NAME |
Class A | Class C | Class I | Class R2 | Class R3 | Class R4 | Class R5 | Class R6 | Class L | Class T | ||||||||||||||||||||||||||||||
| JPMorgan Core Bond Fund1 |
0.75 | % | 1.40 | % | 0.50 | % | 1.10 | % | 0.85 | % | 0.60 | % | 0.45 | % | 0.35 | % | 0.75 | %3 | ||||||||||||||||||||||
| JPMorgan Core Plus Bond Fund2 |
0.75 | % | 1.40 | % | 0.46 | % | 1.15 | % | 0.90 | % | 0.65 | % | 0.50 | % | 0.40 | % | 0.49 | % | 0.75 | %3 | ||||||||||||||||||||
| JPMorgan Government Bond Fund2 |
0.75 | % | 1.48 | % | 0.48 | % | 1.00 | % | 0.85 | % | 0.60 | % | 0.35 | % | ||||||||||||||||||||||||||
| JPMorgan High Yield Fund1 |
1.00 | % | 1.50 | % | 0.75 | % | 1.35 | % | 0.70 | % | 0.60 | % | 1.00 | %3 | ||||||||||||||||||||||||||
| JPMorgan Limited Duration Bond Fund2 |
0.70 | % | 1.20 | % | 0.45 | % | 0.25 | % | ||||||||||||||||||||||||||||||||
| JPMorgan Mortgage-Backed Securities Fund2 |
0.65 | % | 1.15 | % | 0.40 | % | 0.25 | % | 0.65 | %3 | ||||||||||||||||||||||||||||||
| JPMorgan Municipal Income Fund1 |
0.70 | % | 1.25 | % | 0.45 | % | ||||||||||||||||||||||||||||||||||
| JPMorgan Ohio Municipal Bond Fund1 |
0.75 | % | 1.25 | % | 0.50 | % | ||||||||||||||||||||||||||||||||||
| JPMorgan Short Duration Bond Fund2 |
0.80 | % | 1.30 | % | 0.55 | % | 0.30 | % | ||||||||||||||||||||||||||||||||
| JPMorgan Short-Intermediate Municipal Bond Fund1 |
0.70 | % | 1.20 | % | 0.25 | % | ||||||||||||||||||||||||||||||||||
| JPMorgan Tax Free Bond Fund1 |
0.67 | % | 1.25 | % | 0.45 | % | ||||||||||||||||||||||||||||||||||
| JPMorgan Treasury & Agency Fund2 |
0.70 | % | 1.20 | % | 0.45 | % | ||||||||||||||||||||||||||||||||||
Money Market Funds
| FUND NAME |
Capital | Institutional | Agency | Premier | Investor | Xxxxxx | Reserve | Class C |
Service | E*TRADE | Direct | Eagle | ||||||||||||||||||||||||||||||||||||
| JPMorgan Liquid Assets Money Market Fund2 |
0.18 | % | 0.21 | % | 0.26 | % | 0.45 | % | 0.51 | % | 0.59 | % | 0.70 | % | 0.97 | % | 1.00 | % | ||||||||||||||||||||||||||||||
| JPMorgan Municipal Money Market Fund2 |
0.21 | % | 0.26 | % | 0.45 | % | 0.59 | % | 0.70 | % | 1.05 | % | 1.00 | % | 0.70 | % | ||||||||||||||||||||||||||||||||
| JPMorgan U.S. Government Money Market Fund2 |
0.18 | % | 0.21 | % | 0.26 | % | 0.45 | % | 0.59 | % | 0.70 | % | 1.05 | % | 1.00 | % | 0.30 | % | 0.70 | % | ||||||||||||||||||||||||||||
| JPMorgan U.S. Treasury Plus Money Market Fund2 |
0.18 | % | 0.21 | % | 0.26 | % | 0.45 | % | 0.59 | % | 0.70 | % | 0.97 | % | 1.05 | % | 0.30 | % | 0.70 | % | ||||||||||||||||||||||||||||
| 1 | Expense limitation is in place until at least 10/31/18. |
| 2 | Expense limitation is in place until at least 6/30/18. |
| 3 | Expense limitation is in place until at least 2/28/18. |
