JOINT FIDELITY BOND AGREEMENT
AGREEMENT made effective this 1st day of March, 2018,
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. Xxxxxxxx
------------------------
Name: Xxxxxxx X. Xxxxxxxx
Title: Acting Treasurer
2
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
