JOINT FIDELITY BOND AGREEMENT
AGREEMENT made effective this 19th day of January, 2012 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. ▇▇▇▇ 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,
2011 between JPMorgan Trust I, JPMorgan Trust II, Undiscovered Managers
Funds, JPMorgan Insurance Trust, ▇.▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Mutual Fund Group, Inc.,
▇.▇. ▇▇▇▇▇▇ Mutual Fund Group, ▇.▇. ▇▇▇▇▇▇ Mutual Fund Investment Trust,
Pacholder High Yield Fund, Inc., JPMorgan Institutional Trust and ▇.▇. ▇▇▇▇▇▇
Access Multi-Strategy Fund, L.L.C.
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
▇.▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Mutual Fund Group, Inc.
▇.▇. ▇▇▇▇▇▇ Mutual Fund Group
▇.▇. ▇▇▇▇▇▇ Mutual Fund Investment Trust
JPMorgan Institutional Trust
Pacholder High Yield Fund, Inc.
▇.▇. ▇▇▇▇▇▇ Access Multi-Strategy Fund, L.L.C.
J.P. ▇▇▇▇▇▇ Access Multi-Strategy Fund II
By: /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
____________________
Name: ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Title: President
Schedule A: Registrants
JPMorgan Trust I
JPMorgan Trust II
Undiscovered Managers Funds
JPMorgan Insurance Trust
▇.▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Mutual Fund Group, Inc.
▇.▇. ▇▇▇▇▇▇ Mutual Fund Group
▇.▇. ▇▇▇▇▇▇ Mutual Fund Investment Trust
JPMorgan Institutional Trust
Pacholder High Yield Fund, Inc.
▇.▇. ▇▇▇▇▇▇ Access Multi-Strategy Fund, L.L.C.
J.P. ▇▇▇▇▇▇ Access Multi-Strategy Fund II
