July 1, 2012 JPMorgan Trust II
July 1, 2012
▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
New York, NY 10017
Dear Sirs:
▇.▇. ▇▇▇▇▇▇ 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. 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 expenses on securities sold short, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses not incurred in the ordinary course of the Funds’ business and expenses related to the ▇.▇. ▇▇▇▇▇▇ Funds’ Board of Trustees’ deferred compensation plan.
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 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,
| ▇.▇. ▇▇▇▇▇▇ Investment Management Inc. JPMorgan Funds Management, Inc. JPMorgan Distribution Services, Inc. |
| By: |
| Accepted by: |
| By: |
SCHEDULE A
Variable NAV Funds1
| FUND NAME |
Class A | Class B | Class C | Select Class | Class R2 | Class R5 | Class R6 | Institutional | ||||||||||||||||||||||||
| (formerly Ultra) |
||||||||||||||||||||||||||||||||
| JPMorgan Arizona Municipal Bond Fund |
0.88 | % | 1.53 | % | 1.53 | % | 0.63 | % | ||||||||||||||||||||||||
| JPMorgan Core Bond Fund |
0.75 | % | 1.40 | % | 1.40 | % | 0.58 | % | 1.00 | % | 0.45 | % | 0.40 | % | ||||||||||||||||||
| JPMorgan Core Plus Bond Fund |
0.75 | % | 1.40 | % | 1.40 | % | 0.65 | % | 1.15 | % | 0.40 | % | 0.49 | % | ||||||||||||||||||
| JPMorgan Government Bond Fund |
0.75 | % | 1.48 | % | 1.48 | % | 0.48 | % | 1.00 | % | 0.50 | % | ||||||||||||||||||||
| JPMorgan High Yield Bond Fund |
1.15 | % | 1.80 | % | 1.80 | % | 0.90 | % | 1.40 | % | 0.86 | % | 0.81 | % | ||||||||||||||||||
| JPMorgan Limited Duration Bond Fund |
0.70 | % | 1.20 | % | 1.20 | % | 0.45 | % | 0.25 | % | ||||||||||||||||||||||
| JPMorgan Michigan Municipal Bond Fund |
0.88 | % | 1.53 | % | 1.53 | % | 0.63 | % | ||||||||||||||||||||||||
| JPMorgan Mortgage-Backed Securities Fund |
|
0.65 |
% |
1.15 | % | 0.40 | % | 0.25 | % | |||||||||||||||||||||||
| JPMorgan Municipal Income Fund |
0.87 | % | 1.52 | % | 1.52 | % | 0.62 | % | ||||||||||||||||||||||||
| JPMorgan Ohio Municipal Bond Fund |
0.88 | % | 1.53 | % | 1.53 | % | 0.63 | % | ||||||||||||||||||||||||
| JPMorgan Short Duration Bond Fund |
0.80 | % | 1.30 | % | 1.30 | % | 0.55 | % | 0.30 | % | ||||||||||||||||||||||
| JPMorgan Short-Intermediate Municipal Bond Fund |
0.75 | % | 1.25 | % | 1.25 | % | 0.50 | % | 0.25 | % | ||||||||||||||||||||||
| JPMorgan Tax Free Bond Fund |
0.75 | % | 1.44 | % | 1.44 | % | 0.58 | % | ||||||||||||||||||||||||
| JPMorgan Treasury & Agency Fund |
0.70 | % | 1.20 | % | 1.20 | % | 0.45 | % | ||||||||||||||||||||||||
Money Market Funds1
| FUND NAME |
Capital | Institutional Class |
Agency | Premier | Investor | ▇▇▇▇▇▇ | Reserve | Class B | Class C | Service | E*TRADE | Direct | Eagle | |||||||||||||||||||||||||||||||||||||||
| JPMorgan Liquid Assets Money Market Fund |
0.18 | % | 0.21 | % | 0.26 | % | 0.45 | % | 0.51 | % | 0.59 | % | 0.70 | % | 0.97 | % | 0.97 | % | 1.05 | % | 1.00 | % | ||||||||||||||||||||||||||||||
| JPMorgan Michigan Municipal Money Market Fund |
0.45 | % | 0.59 | % | 0.70 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| JPMorgan Municipal Money Market Fund |
0.21 | % | 0.26 | % |
|
0.45 |
% |
0.59 | % | 0.70 | % | 1.05 | % | 1.00 | % | |||||||||||||||||||||||||||||||||||||
| JPMorgan Ohio Municipal Money Market Fund |
0.45 | % | 0.59 | % | 0.70 | % | 1.05 | % | ||||||||||||||||||||||||||||||||||||||||||||
| JPMorgan U.S. Government Money Market Fund |
0.18 | % | 0.21 | % | 0.26 | % | 0.45 | % | 0.51 | % | 0.59 | % | 0.70 | % | 1.05 | % | 0.30 | % | 0.70 | % | ||||||||||||||||||||||||||||||||
| JPMorgan U.S. Treasury Plus Money Market Fund |
0.21 | % | 0.26 | % | 0.45 | % | 0.51 | % | 0.59 | % | 0.70 | % | 0.97 | % | 0.97 | % | 1.05 | % | 0.30 | % | 0.70 | % | ||||||||||||||||||||||||||||||
| 1 | Expense limitation is in place until at least 6/30/13. |