JOINT FIDELITY BOND AGREEMENT
AGREEMENT made effective this 1st day of March, 2020,
by and among each of the Registrants listed on Schedule A
to this Agreement (each a "Registrant" and collectively,
the "Registrants") and each an "Insured" and collectively,
the "Insureds").
WHEREAS, each Registrant is a management investment
company registered under the Investment Company Act of 1940,
as amended (the "1940 Act"); and
WHEREAS, pursuant to the requirements of Rule 17g-1
under the 1940 Act, each Registrant is required to maintain
a fidelity bond against larceny and embezzlement covering
certain of its officers and employees; and
WHEREAS, Rule 17g-1 provides that a registered
management investment company may obtain a joint insured bond
covering itself and other persons, as specified in Rule
17g-1(b) under the 1940 Act, including other registered
investment companies that are managed and/or whose shares
are distributed by the same entities (or affiliates of such
entities); and
WHEREAS, each series of the Registrants is managed
by subsidiaries or affiliates of JPMorgan Chase & Co.
("JPMorgan"); and
WHEREAS, the Insureds have entered into a Registered
Management Investment Company Bond issued by St. Xxxx Fire
and Marine Insurance Company ("Bond"); and
WHEREAS, the Insureds desire to provide for:
(1) the method by which the amount of coverage provided
under the Bond will be determined from time to time;
and (2) an equitable and proportionate allocation of
any proceeds received under the Bond in the event that
one or more Insureds suffer loss and consequently are
entitled to recover under the Bond;
NOW THEREFORE, it is hereby agreed among the parties
hereto as follows:
1. Amount of Coverage Maintained. The amount of fidelity
bond coverage under the Bond shall at all times be at least
equal in amount to the total amount of coverage which each
Registrant would have been required to provide and maintain
individually pursuant to the schedule set forth in paragraph
(d) of Rule 17g-1 under the 1940 Act had each Registrant not
been a named Insured under the Bond.
2. Allocation of Recovery. In the event recovery is
received under the Bond as a result of loss sustained by more
than one of the Insureds, each such Registrant shall receive
an equitable and proportionate share of the recovery which
shall be at least equal to the amount which that Registrant
would have received had it provided and maintained a single
insured bond with the minimum coverage required by
Rule 17g-1(d)(1).
3. Allocation of Premiums. No premium shall be paid
by a Registrant under the Bond unless that Registrant's Board
of Trustees, including majority of those Trustees who are
not "interested persons" of the Registrant as defined by
Section 2(a)(19) of the 1940 Act, shall approve the portion
of the premium to be paid by that Registrant. The premium
payable on the Bond shall be allocated among the Insureds as
determined by the Registrants' Board of Trustees.
4. Amendment. This Agreement may not be amended
or modified in any manner except by a written agreement
executed by the parties.
5. Applicable Law. This Agreement shall be
construed and the provisions thereof interpreted
under and in accordance with the laws of the State
of New York.
6. Term. The term of this Agreement shall
commence on the date hereof and shall terminate upon
the termination or cancellation of the Bond.
IN WITNESS WHEREOF, each of the parties
has caused this Agreement to be executed in its name and
behalf by its authorized representative effective as of
the day and year first above written.
JPMorgan Trust I
JPMorgan Trust II
JPMorgan Trust IV
Undiscovered Managers Funds
JPMorgan Insurance Trust
X.X. Xxxxxx Xxxxxxx Mutual Fund Group, Inc.
X.X. Xxxxxx Mutual Fund Investment Trust
JPMorgan Institutional Trust
X.X. Xxxxxx Access Multi-Strategy Fund, L.L.C.
J.P. Xxxxxx Access Multi-Strategy Fund II
By: /s/ Xxxxxxx Xxxxxxx
Name: Xxxxxxx Xxxxxxx
Title: Treasurer
Schedule A: Registrants
JPMorgan Trust I
JPMorgan Trust II
JPMorgan Trust IV
Undiscovered Managers Funds
JPMorgan Insurance Trust
X.X. Xxxxxx Xxxxxxx Mutual Fund Group, Inc.
X.X. Xxxxxx Mutual Fund Investment Trust
JPMorgan Institutional Trust
X.X. Xxxxxx Access Multi-Strategy Fund, L.L.C.
J.P. Xxxxxx Access Multi-Strategy Fund II
