JOINT FIDELITY BOND AGREEMENT
AGREEMENT made effective this 1st day of March, 2013,
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.
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
JPMorgan Institutional Trust
Pacholder High Yield Fund, Inc.
X.X. Xxxxxx Access Multi-Strategy Fund, L.L.C.
J.P. Xxxxxx Access Multi-Strategy Fund II
/s/ Xxxxxxxx X. Xxxxxxx
Xxxxxxxx X. Xxxxxxx
President
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
JPMorgan Institutional Trust
Pacholder High Yield Fund, Inc.
X.X. Xxxxxx Access Multi-Strategy Fund, L.L.C.
J.P. Xxxxxx Access Multi-Strategy Fund II
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Schedule A: Registrants
