JOINT FIDELITY BOND AGREEMENT
AGREEMENT made effective this 1st day of March, 2019,
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
JPMorgan Trust III
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 X. Xxxxxxx
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Name: Xxxxxxx X. Xxxxxxx
Title: Treasurer
Schedule A: Registrants
JPMorgan Trust I
JPMorgan Trust II
JPMorgan Trust III
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