AMENDMENT TO

TRANSFER AGENCY AGREEMENT

THIS AMENDMENT is made as of February 17, 2011, by and between the J.P. Morgan Funds entities that are parties to the agreement and are listed on the agreement’s Appendix A and Boston Financial Data Services, Inc., all as the parties to the Transfer Agency Agreement, dated September 1, 2009 (the “Agreement”).

WHEREAS, the parties hereto wish to amend the Agreement to divide the Agreement’s current Appendix A into two parts to make it easier to amend the Funds listed on Appendix A in the future.

NOW, THEREFORE, in consideration of the mutual premises and covenants herein set forth, the parties agree as follows:

1. Capitalized terms not otherwise defined herein shall have the same meaning as are set forth in the Agreement.

2. As of the date of the amendment, Appendix A is divided into two parts, Appendix A-1 which includes the J.P. Morgan Funds administered by JPMorgan Funds Management, Inc. and Appendix A-2 for the J.P. Morgan Fund administered by Washington Management Corporation. The new Appendix A-1 and Appendix A-2 are attached to this amendment and together replace the Appendix A dated November 18, 2010. As a result of the division of Appendix A, the parties agree that any party to Appendix A-2 will no longer be required to execute future amendments that relate only to Appendix A-1.

3. For all other purposes within the Agreement, Appendix A-1 and Appendix A-2 will together be considered a complete Appendix and each of the entities on each appendix will continue to act only on its own behalf and on behalf of each of its Funds.

4. This amendment shall inure to the benefit of, and be binding upon, the parties hereto and their respective successors and permitted assigns.

5. This amendment may be executed in one or more counterparts, each of which will be deemed an original, but all of which together shall constitute one and the same instrument.

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IN WITNESS WHEREOF, the parties have caused this amendment to the Agreement to be executed by their duly authorized officers as of the day and year first above written.

JPMorgan Trust I JPMorgan Trust II Undiscovered Managers Funds J.P. Morgan Mutual Fund Group J.P. Morgan Fleming Mutual Fund Group, Inc. J.P. Morgan Mutual Fund Investment Trust UM Investment Trust JPMorgan Institutional Trust JPMorgan Insurance Trust
By:	/s/ Patricia A. Maleski
Name:	Patricia A. Maleski
Title:	President
JPMorgan Value Opportunities Fund, Inc.
By:	/s/ Michael W. Stockton
Name:	Michael W. Stockton
Title:	Senior Vice President

Boston Financial Data Services, Inc.
By:	/s/ Tracy W. Shelby
Name:	Tracy W. Shelby
Title:	Senior Vice President

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List of Entities Covered by the Transfer Agency Agreement

As of February 17, 2011

Appendix A-1

J.P. Morgan Funds Administered by JPMorgan Funds Management, Inc.

JPMorgan Institutional Trust – Delaware Statutory Trust

JPMorgan Intermediate Bond Trust

JPMorgan Core Bond Trust

JPMorgan Equity Index Trust

J.P. Morgan Fleming Mutual Fund Group, Inc. – Maryland Corporation

JPMorgan Mid Cap Value Fund

J.P. Morgan Mutual Fund Group – Massachusetts Business Trust

JPMorgan Short Term Bond Fund II

J.P. Morgan Mutual Fund Investment Trust – Massachusetts Business Trust

JPMorgan Growth Advantage Fund

JPMorgan Insurance Trust – Massachusetts Business Trust

JPMorgan Insurance Trust Core Bond Portfolio

JPMorgan Insurance Trust Equity Index Portfolio

JPMorgan Insurance Trust International Equity Portfolio

JPMorgan Insurance Trust Intrepid Growth Portfolio

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

JPMorgan Insurance Trust Mid Cap Growth Portfolio

JPMorgan Insurance Trust Mid Cap Value Portfolio

JPMorgan Insurance Trust Small Cap Core Portfolio

JPMorgan Insurance Trust U.S. Equity Portfolio

JPMorgan Trust I – Delaware Statutory Trust

Highbridge Dynamic Commodities Strategy Fund

Highbridge Statistical Market Neutral Fund

JPMorgan 100% U.S. Treasury Securities Money Market Fund

JPMorgan Access Balanced Fund

JPMorgan Access Growth Fund

JPMorgan Alternative Strategies Fund

JPMorgan Asia Equity Fund

JPMorgan California Municipal Money Market Fund

JPMorgan California Tax Free Bond Fund

JPMorgan China Region Fund

JPMorgan Credit Opportunities Fund

JPMorgan Current Income Fund (effective upon the effectiveness of the Fund’s registration statement)

JPMorgan Current Yield Money Market Fund

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JPMorgan Trust I – Delaware Statutory Trust (continued)

JPMorgan Disciplined Equity Fund

JPMorgan Diversified Fund

JPMorgan Diversified Real Return Fund (effective upon the effectiveness of the Fund’s registration statement)

JPMorgan Dynamic Growth Fund

JPMorgan Dynamic Small Cap Growth Fund

JPMorgan Emerging Economies Fund

JPMorgan Emerging Markets Debt Fund

JPMorgan Emerging Markets Equity Fund

JPMorgan Equity Focus Fund (effective upon the effectiveness of the Fund’s registration statement)

JPMorgan Federal Money Market Fund

JPMorgan Floating Rate Income Fund (effective upon the effectiveness of the Fund’s registration statement)

JPMorgan Global Allocation Fund (effective upon the effectiveness of the Fund’s registration statement)

JPMorgan Global Equity Income Fund (effective upon the effectiveness of the Fund’s registration statement)

JPMorgan Global Focus Fund

JPMorgan Global Natural Resources Fund

JPMorgan Growth and Income Fund

JPMorgan Growth Long/Short Fund

JPMorgan Income Builder Fund

JPMorgan India Fund

JPMorgan Inflation Managed Bond Fund

JPMorgan Intermediate Tax Free Bond Fund

JPMorgan International Currency Income Fund

JPMorgan International Equity Fund

JPMorgan International Opportunities Fund

JPMorgan International Opportunities Plus Fund

JPMorgan International Realty Fund

JPMorgan International Small Cap Equity Fund

JPMorgan International Value Fund

JPMorgan International Value SMA Fund

JPMorgan Intrepid America Fund

JPMorgan Intrepid European Fund

JPMorgan Intrepid Growth Fund

JPMorgan Intrepid International Fund

JPMorgan Intrepid Multi Cap Fund

JPMorgan Intrepid Value Fund

JPMorgan Latin America Fund

JPMorgan Managed Income Fund

JPMorgan Mid Cap Core Fund

JPMorgan Mid Cap Equity Fund

JPMorgan Multi-Cap Long/Short Fund

JPMorgan Multi-Sector Income Fund

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JPMorgan Trust I – Delaware Statutory Trust (continued)

JPMorgan New York Municipal Money Market Fund

JPMorgan New York Tax Free Bond Fund

JPMorgan Prime Money Market Fund

JPMorgan Real Return Fund

JPMorgan Research Equity Long/Short Fund

JPMorgan Research Market Neutral Fund

JPMorgan Russia Fund

JPMorgan Small Cap Core Fund

JPMorgan Small Cap Equity Fund

JPMorgan SmartRetirement Income Fund

JPMorgan SmartRetirement 2010 Fund

JPMorgan SmartRetirement 2015 Fund

JPMorgan SmartRetirement 2020 Fund

JPMorgan SmartRetirement 2025 Fund

JPMorgan SmartRetirement 2030 Fund

JPMorgan SmartRetirement 2035 Fund

JPMorgan SmartRetirement 2040 Fund

JPMorgan SmartRetirement 2045 Fund

JPMorgan SmartRetirement 2050 Fund

JPMorgan Strategic Income Opportunities Fund

JPMorgan Strategic Preservation Fund

JPMorgan Tax Aware Equity Fund

JPMorgan Tax Aware High Income Fund

JPMorgan Tax Aware Income Opportunities Fund (effective upon the effectiveness of the Fund’s registration statement)

JPMorgan Tax Aware Real Return Fund

JPMorgan Tax Aware Real Return SMA Fund

JPMorgan Tax Aware U.S. Equity Fund

JPMorgan Tax Free Money Market Fund

JPMorgan Total Return Fund

JPMorgan U.S. Dynamic Plus Fund

JPMorgan U.S. Equity Fund

JPMorgan U.S. Large Cap Core Plus Fund

JPMorgan U.S. Large Cap Value Plus Fund

JPMorgan U.S. Research Equity Plus Fund

JPMorgan U.S. Small Company Fund

JPMorgan Value Advantage Fund

JPMorgan Value Discovery Fund

JPMorgan Trust II – Delaware Statutory Trust

JPMorgan Arizona Municipal Bond Fund

JPMorgan Core Bond Fund

JPMorgan Core Plus Bond Fund

JPMorgan Equity Income Fund

JPMorgan Equity Index Fund

JPMorgan Government Bond Fund

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JPMorgan Trust II – Delaware Statutory Trust (continued)

JPMorgan High Yield Fund

JPMorgan International Equity Index Fund

JPMorgan Intrepid Mid Cap Fund

JPMorgan Investor Balanced Fund

JPMorgan Investor Conservative Growth Fund

JPMorgan Investor Growth & Income Fund

JPMorgan Investor Growth Fund

JPMorgan Large Cap Growth Fund

JPMorgan Large Cap Value Fund

JPMorgan Limited Duration Bond Fund

JPMorgan Liquid Assets Money Market Fund

JPMorgan Market Expansion Index Fund

JPMorgan Michigan Municipal Bond Fund

JPMorgan Michigan Municipal Money Market Fund

JPMorgan Mid Cap Growth Fund

JPMorgan Mortgage-Backed Securities Fund

JPMorgan Multi-Cap Market Neutral Fund

JPMorgan Municipal Income Fund

JPMorgan Municipal Money Market Fund

JPMorgan Ohio Municipal Bond Fund

JPMorgan Ohio Municipal Money Market Fund

JPMorgan Short Duration Bond Fund

JPMorgan Short-Intermediate Municipal Bond Fund

JPMorgan Small Cap Growth Fund

JPMorgan Small Cap Value Fund

JPMorgan Tax Free Bond Fund

JPMorgan Treasury & Agency Fund

JPMorgan U.S. Government Money Market Fund

JPMorgan U.S. Real Estate Fund

JPMorgan U.S. Treasury Plus Money Market Fund

UM Investment Trust – Massachusetts Business Trust

Undiscovered Managers Multi-Strategy Fund

Undiscovered Managers Funds – Massachusetts Business Trust

JPMorgan Realty Income Fund

Undiscovered Managers Behavioral Growth Fund

Undiscovered Managers Behavioral Value Fund

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List of Entities Covered by the Transfer Agency Agreement

As of February 17, 2011

Appendix A-2

J.P. Morgan Fund Administered by Washington Management Corporation

JPMorgan Value Opportunities Fund, Inc. – Maryland Corporation

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