EX-99.M2 21 ex99_m2.htm

SCHEDULE B
JPMORGAN FUNDS
COMBINED AMENDED AND RESTATED DISTRIBUTION PLAN
(Amended as of November 16, 2006)

Money Market Funds

Current Name Former Name Share Class Distribution Fee
(annual rate expressed as a
percentage of the average daily
net assets of each Class of Shares)
JPMorgan 100% U.S. Treasury Securities Money Market Fund JPMorgan 100% U.S. Treasury Securities Money Market Fund Morgan 0.10%
    Reserve 0.25%
JPMorgan California Municipal Money Market Fund JPMorgan California Tax Free Money Market Fund Morgan 0.10%
    E*TRADE 0.60%
JPMorgan Federal Money Market Fund JPMorgan Federal Money Market Fund Morgan 0.10%
    Reserve 0.25%
JPMorgan Liquid Assets Money Market Fund One Group Prime Money Market Fund Reserve 0.25%
    Morgan 0.10%
    Class B 0.75%
    Class C 0.75%
    Service 0.60%
JPMorgan Michigan Municipal Money Market Fund One Group Michigan Municipal Money Market Fund Reserve 0.25%
    Morgan 0.10%
JPMorgan Municipal Money Market Fund One Group Municipal Money Market Fund Reserve 0.25%
    Morgan 0.10%
    Service 0.60%
    E*TRADE 0.60%
JPMorgan New York Municipal Money Market Fund JPMorgan New York Tax Free Money Market Fund Morgan 0.10%
    Reserve 0.25%
    E*TRADE 0.60%
JPMorgan Prime Money Market Fund JPMorgan Prime Money Market Fund Reserve 0.25%
    Cash Management 0.50%
    Class B 0.75%
    Class C 0.75%
JPMorgan Ohio Municipal Money Market Fund One Group Ohio Municipal Money Market Fund Reserve 0.25%
    Morgan 0.10%

B - 1

Current Name Former Name Share Class Distribution Fee
(annual rate expressed as a
percentage of the average daily
net assets of each Class of Shares)
JPMorgan Tax Free Money Market Fund JPMorgan Tax Free Money Market Fund Morgan 0.10%
    Reserve 0.25%
JPMorgan U.S. Government Money Market Fund One Group Government Money Market Fund Reserve 0.25%
    Morgan 0.10%
    Service 0.60%
JPMorgan U.S. Treasury Plus Money Market Fund One Group U.S. Treasury Securities Money Market Fund Reserve 0.25%
    Morgan 0.10%
    Class B 0.75%
    Class C 0.75%

Equity Funds

Current Name Former Name Share Class Distribution Fee
(annual rate expressed as a
percentage of the average daily
net assets of each Class of Shares)
Highbridge Statistical Market Neutral Fund N/A Class A 0.25%
    Class C 0.75%
JPMorgan Asia Equity Fund JPMorgan Fleming Asia Equity Fund Class A 0.25%
JPMorgan Capital Growth Fund JPMorgan Capital Growth Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan China Region Fund (effective upon the effectiveness of the Fund’s registration statement) N/A Class A 0.25%
    Class C 0.75%
JPMorgan Disciplined Equity Fund JPMorgan Disciplined Equity Fund Class A 0.25%
JPMorgan Diversified Fund JPMorgan Diversified Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Diversified Mid Cap Growth Fund One Group Mid Cap Growth Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Diversified Mid Cap Value Fund One Group Mid Cap Value Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%

B - 2

Current Name Former Name Share Class Distribution Fee
(annual rate expressed as a
percentage of the average daily
net assets of each Class of Shares)
JPMorgan Dynamic Small Cap Fund JPMorgan Dynamic Small Cap Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Emerging Markets Equity Fund JPMorgan Fleming Emerging Markets Equity Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Equity Income Fund One Group Equity Income Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Equity Index Fund One Group Equity Index Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Global Focus Fund (effective upon the effectiveness of the Fund’s registration statement) N/A Class A 0.25%
    Class C 0.75%
JPMorgan Global Strategic Appreciation Fund (effective upon the effectiveness of the Fund’s registration statement) N/A Class A 0.25%
    Class C 0.75%
JPMorgan Global Strategic Preservation Fund (effective upon the effectiveness of the Fund’s registration statement) N/A Class A 0.25%
    Class C 0.75%
JPMorgan Growth and Income Fund JPMorgan Growth and Income Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan India Fund (effective upon the effectiveness of the Fund’s registration statement) N/A Class A 0.25%
    Class C 0.75%
JPMorgan International Equity Fund JPMorgan Fleming International Equity Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan International Equity Index Fund One Group International Equity Index Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan International Growth Fund JPMorgan Fleming International Growth Fund Class A 0.25%
    Class B 0.75%

B - 3

Current Name Former Name Share Class Distribution Fee
(annual rate expressed as a
percentage of the average daily
net assets of each Class of Shares)
JPMorgan International Opportunities Fund JPMorgan Fleming International Opportunities Fund Class A 0.25%
    Class B 0.75%
JPMorgan International Small Cap Equity Fund JPMorgan Fleming International Small Cap Equity Fund Class A 0.25%
    Class B 0.75%
JPMorgan International Realty Fund N/A Class A 0.25%
    Class C 0.75%
JPMorgan International Value Fund JPMorgan Fleming International Value Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Intrepid America Fund JPMorgan Intrepid America Fund Class A 0.25%
    Class C 0.75%
JPMorgan Intrepid Multi Cap Fund JPMorgan Intrepid Investor Fund and JPMorgan Intrepid Contrarian Fund (name effective until 4/10/06) Class A 0.25%
    Class C 0.75%
JPMorgan Intrepid European Fund JPMorgan Fleming Intrepid European Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Intrepid Growth Fund JPMorgan Intrepid Growth Fund Class A 0.25%
    Class C 0.75%
JPMorgan Intrepid Long/Short Fund N/A Class A 0.25%
    Class C 0.75%
JPMorgan Intrepid Mid Cap Fund One Group Diversified Mid Cap Fund & JPMorgan Diversified Mid Cap Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Intrepid Value Fund JPMorgan Intrepid Value Fund Class A 0.25%
    Class C 0.75%
JPMorgan Investor Balanced Fund One Group Investor Balanced Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Investor Conservative Growth Fund One Group Investor Conservative Growth Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Investor Growth Fund One Group Investor Growth Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Investor Growth & Income Fund One Group Investor Growth & Income Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%

B - 4

Current Name Former Name Share Class Distribution Fee
(annual rate expressed as a
percentage of the average daily
net assets of each Class of Shares)
JPMorgan Japan Fund JPMorgan Fleming Japan Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Large Cap Growth Fund One Group Large Cap Growth Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Large Cap Value Fund One Group Large Cap Value Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Latin America Fund (effective upon the effectiveness of the Fund’s registration statement) N/A Class A 0.25%
    Class C 0.75%
JPMorgan Market Expansion Index Fund One Group Market Expansion Index Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Market Neutral Fund JPMorgan Market Neutral Fund Class A 0.25%
    Class B 0.75%
JPMorgan Micro Cap Fund N/A Class A 0.25%
    Class C 0.75%
JPMorgan Mid Cap Equity Fund JPMorgan Mid Cap Equity Fund Class A 0.25%
JPMorgan Growth Advantage Fund JPMorgan Mid Cap Growth Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Mid Cap Value Fund JPMorgan Mid Cap Value Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Multi-Cap Market Neutral Fund One Group Market Neutral Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Russia Fund (effective upon the effectiveness of the Fund’s registration statement) N/A Class A 0.25%
    Class C 0.75%

B - 5

Current Name Former Name Share Class Distribution Fee
(annual rate expressed as a
percentage of the average daily
net assets of each Class of Shares)
JPMorgan Small Cap Equity Fund JPMorgan Small Cap Equity Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Small Cap Growth Fund One Group Small Cap Growth Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Small Cap Value Fund One Group Small Cap Value Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan SmartRetirement Income Fund N/A Class A 0.25%
    Class C 0.75%
JPMorgan SmartRetirement 2010 Fund N/A Class A 0.25%
    Class C 0.75%
JPMorgan SmartRetirement 2015 Fund N/A Class A 0.25%
    Class C 0.75%
JPMorgan SmartRetirement 2020 Fund N/A Class A 0.25%
    Class C 0.75%
JPMorgan SmartRetirement 2030 Fund N/A Class A 0.25%
    Class C 0.75%
JPMorgan SmartRetirement 2040 Fund N/A Class A 0.25%
    Class C 0.75%
JPMorgan Strategic Small Cap Value Fund N/A Class A 0.25%
    Class C 0.75%
JPMorgan Intrepid International Fund JPMorgan Fleming Tax Aware International Opportunities Fund and JPMorgan Tax Aware International Opportunities Fund (this name change effective 12/15/2005) Class A 0.25%
    Class C 0.75%
JPMorgan Tax Aware U.S. Equity Fund JPMorgan Tax Aware U.S. Equity Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan U.S. Equity Fund JPMorgan U.S. Equity Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan U.S. Large Cap Core Plus Fund N/A Class A 0.25%
    Class C 0.75%

B - 6

Current Name Former Name Share Class Distribution Fee
(annual rate expressed as a
percentage of the average daily
net assets of each Class of Shares)
JPMorgan U.S. Real Estate Fund One Group Real Estate Fund Class A 0.25%
    Class C 0.75%
JPMorgan Value Advantage Fund N/A Class A 0.25%
    Class C 0.75%
Undiscovered Managers Behavioral Growth Fund Undiscovered Managers Behavioral Growth Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
    Investor 0.35%(1)
Undiscovered Managers Behavioral Value Fund Undiscovered Managers Behavioral Value Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Realty Income Fund Undiscovered Managers REIT Fund (name change effective 12/31/05) Class A 0.25%
    Class B 0.75%
    Class C 0.75%
Undiscovered Managers Small Cap Growth Fund UM Small Cap Growth Fund Class A 0.25%

Fixed Income Funds

Current Name Former Name Share Class Distribution Fee
(annual rate expressed as a
percentage of the average daily
net assets of each Class of Shares)
JPMorgan Arizona Municipal Bond Fund One Group Arizona Municipal Bond Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Bond Fund JPMorgan Bond Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%

(1) This amount represents the combined amount that may be paid by the Investor Shares of the Fund under the Distribution Plan and the Shareholder Servicing Agreement.

B - 7

Current Name Former Name Share Class Distribution Fee
(annual rate expressed as a
percentage of the average daily
net assets of each Class of Shares)
JPMorgan Core Bond Fund One Group Bond Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Core Plus Bond Fund One Group Income Bond Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan California Tax Free Bond Fund JPMorgan California Bond Fund Class A 0.25%
    Class C 0.75%
JPMorgan Emerging Markets Debt Fund JPMorgan Fleming Emerging Markets Debt Fund Class A 0.25%
    Class C 0.75%
JPMorgan Strategic Income Fund JPMorgan Global Strategic Income Fund
(name effective until 6/16/06)		 Class A 0.25%
    Class B 0.75%
    Class C 0.75%
    Class M 0.50%
JPMorgan Government Bond Fund One Group Government Bond Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan High Yield Bond Fund One Group High Yield Bond Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Intermediate Bond Fund One Group Intermediate Bond Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Intermediate Tax Free Bond Fund JPMorgan Intermediate Tax Free Income Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan International Currency Income Fund (effective upon the effectiveness of the Fund’s registration statement) N/A Class A 0.25%
    Class C 0.75%
JPMorgan Kentucky Municipal Bond Fund One Group Kentucky Municipal Bond Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Louisiana Municipal Bond Fund One Group Louisiana Municipal Bond Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%

B - 8

Current Name Former Name Share Class Distribution Fee
(annual rate expressed as a
percentage of the average daily
net assets of each Class of Shares)
JPMorgan Michigan Municipal Bond Fund One Group Michigan Municipal Bond Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Mortgage-Backed Securities Fund One Group Mortgage-Backed Securities Fund Class A 0.25%
JPMorgan Municipal Income Fund One Group Municipal Income Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan New York Tax Free Bond Fund JPMorgan New York Intermediate Tax Free Income Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Ohio Municipal Bond Fund One Group Ohio Municipal Bond Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Real Return Fund N/A Class A 0.25%
    Class C 0.75%
JPMorgan Short Duration Bond Fund One Group Short-Term Bond Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Short Term Bond Fund JPMorgan Short Term Bond Fund Class A 0.25%
JPMorgan Short Term Bond Fund II JPMorgan Short Term Bond Fund II Class A 0.25%
    Class M 0.35%
JPMorgan Short Term Municipal Bond Fund One Group Short-Term Municipal Bond Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Tax Aware Enhanced Income Fund JPMorgan Tax Aware Enhanced Income Fund Class A 0.25%
JPMorgan Tax Aware Real Return Fund N/A Class A 0.25%
    Class C 0.75%
JPMorgan Tax Free Bond Fund One Group Tax-Free Bond Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan Treasury & Agency Fund One Group Treasury & Agency Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%

B - 9

Current Name Former Name Share Class Distribution Fee
(annual rate expressed as a
percentage of the average daily
net assets of each Class of Shares)
JPMorgan Ultra Short Duration Bond Fund One Group Ultra Short-Term Bond Fund and JPMorgan Ultra Short Term Bond Fund (name effective until 7/1/06) Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan West Virginia Municipal Bond Fund One Group West Virginia Municipal Bond Fund Class A 0.25%
    Class B 0.75%
    Class C 0.75%
JPMorgan World Income Builder Fund (effective upon the effectiveness of the Fund’s registration statement) N/A Class A 0.25%
    Class C 0.75%

B - 10