JOINT FIDELITY BOND AGREEMENT
AGREEMENT made effective this 22nd day of April, 2009, 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' Boards of Trustees.
4. Amendment. This Agreement may not be amended or modified
in any manner except by a written agreement executed by the parties.
This Agreement supersedes the Joint Fidelity Bond Agreement dated as
of March 1, 2009 between JPMorgan Trust I, JPMorgan Trust II,
Undiscovered Managers Funds, JPMorgan Insurance Trust, X.X. Xxxxxx
Xxxxxxx Mutual Fund Group, Inc., X.X. Xxxxxx Mutual Fund Group, X.X.
Xxxxxx Mutual Fund Investment Trust, UM Investment Trust.
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
Undiscovered Managers Funds
JPMorgan Insurance Trust
X.X. Xxxxxx Xxxxxxx Mutual Fund Group, Inc.
X.X. Xxxxxx Mutual Fund Group
X.X. Xxxxxx Mutual Fund Investment Trust
UM Investment Trust
JPMorgan Institutional Trust
Pacholder High Yield Fund, Inc.
By: /s/ Xxxxxx X. Xxxxx
Name: Xxxxxx X. Xxxxx
Title:Senior Vice President
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Schedule A: Registrants
JPMorgan Trust I
JPMorgan Trust II
Undiscovered Managers Funds
JPMorgan Insurance Trust
X.X. Xxxxxx Xxxxxxx Mutual Fund Group, Inc.
X.X. Xxxxxx Mutual Fund Group
X.X. Xxxxxx Mutual Fund Investment Trust
UM Investment Trust
JPMorgan Institutional Trust
Pacholder High Yield Fund, Inc.
