JOINT FIDELITY BOND AGREEMENT
AGREEMENT made effective this 1st day of March, 2006, 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 Mercury 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 a
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
By: _/s/ Xxxxxx X. Young_______
Name: _Robert L. Young___________
Title: _Senior Vice President_____
JPMorgan Investment Trust
By: __/s/ Xxxxxx X. Young______
Name: __ Xxxxxx X. Xxxxx ________
Title: _Senior Vice President_____
JPMorgan Trust II
By: __/s/ Xxxxxx X. Young______
Name: __ Xxxxxx X. Xxxxx ________
Title: _Senior Vice President_____
Undiscovered Managers Funds
By: __/s/ Xxxxxx X. Young______
Name: __ Xxxxxx X. Xxxxx ________
Title: _Senior Vice President_____
X.X. Xxxxxx Xxxxxxx Mutual Fund Group, Inc.
By: _ /s/ Xxxxxx X. Young______
Name: __ Xxxxxx X. Xxxxx ________
Title: _Senior Vice President_____
X.X. Xxxxxx Mutual Fund Group
By: __/s/ Xxxxxx X. Young______
Name: _ Xxxxxx X. Xxxxx _________
Title: _Senior Vice President_____
X.X. Xxxxxx Mutual Fund Investment Trust
By: __/s/ Xxxxxx X. Young______
Name: _ Xxxxxx X. Xxxxx _________
Title: _Senior Vice President_____
UM Investment Trust
By: __/s/ Xxxxxx X. Young______
Name: _ Xxxxxx X. Xxxxx _________
Title: _Senior Vice President_____
UM Investment Trust II
By: ___/s/ Xxxxxx X. Young______
Name: _ Xxxxxx X. Xxxxx __________
Title: _Senior Vice President______
JPMorgan Trust I
JPMorgan Trust II
Undiscovered Managers Funds
JPMorgan Investment 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
UM Investment Trust II
