EX-99.(H)(5)(K) 19 d20343-99h5k.htm

December 31, 2006

JPMorgan Trust I
245 Park Avenue
New York, NY 10167

Dear Sirs:

J.P. Morgan 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 dividend expenses on securities sold short, interest, taxes, extraordinary expenses and expenses related to the JPMorgan Funds’ deferred compensation plan.

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,

 
J.P. Morgan Investment Management Inc.
 
 
 
By:
            
JPMorgan Funds Management, Inc.
JPMorgan Distribution Services, Inc.
 
 
By:
                       
                        
 
Accepted by:
J. P. Morgan Trust I
 
 
 
By:
                        
 

SCHEDULE A

Variable NAV Funds1
  
 Class A
   
 Class B
   
 Class C
   
 Select
   
 Institutional
   
 Ultra
   
 Class M
   
 R Class
JPMorgan Bond Fund
                  0.75 %            1.50 %            1.50 %            0.69 %            0.49 %            0.40 %                                
JPMorgan Emerging Markets Debt Fund
                  1.50 %                           2.00 %            1.25 %                                                         1.05 %  
JPMorgan Enhanced Income Fund
                                                                              0.25 %                                               
PMorgan Real Return Fund
                  0.90 %                           1.40 %            0.65 %            0.50 %                                               
JPMorgan Short Term Bond Fund
                  0.75 %                                          0.60 %            0.30 %                                               
JPMorgan Strategic Income Fund
                  1.15 %            1.65 %            1.65 %            0.90 %            0.65 %                           1.45 %                 
 
1
   Expense limitation is in place until at least 12/31/07.