POLICY COVER SHEET
Job Name: XP3310D5 Print Date and Time: 04/13/10 21:01 File Number: O617O
Business Center/
Original Business Unit: FINANCIAL AND PROFESSIONAL SERVICES
Policy Number: 490PB2554
Name of insured: JPMORGAN FUNDS
Agency Number: 3180284
Department or Expense Center: 001
Underwriter: 1470873 Underwriting Team:
Data Entry Person: R. BARNETT
Date and Time: 04/13/10 14:29 002
Special Instructions
Policy Commencement Date: 03/01/10
THIS POLICY CONTAINS FORMS SELECTED THROUGH DOCUMENT SELECT
THE FOLLOWING SELECTED FORMS ARE NOT APPROVED ON THE FORMS STATUS TABLE
FORM NBR EDITION CO STATE TRANS DATE
* MLABL 09.85 1 NY 2010-03-01*
INVESTMENT COMPANY BLANKET BOND
St. Paul Fire and Marine Insurance Company
St. Paul, Minnesota 55102-1396 (A Stock Insurance Company, herein called
Underwriter)
DECLARATIONS BOND NO. 490PB2554
Item 1. Name of Insured (herein called Insured):
JPMORGAN FUNDS
Principal Address:
245 PARK AVENUE - 2ND FLOOR NY1-Q205 NEW YORK, NY 10167
Item 2. Bond Period from 12:01 a.m. on 03/01/10 to 12:01 a.m. on 03/01/2011
the effective date of the termination or cancellation of the bond, standard
time at the Principal Address as to each of said dates.
      Item 3. Limit of Liability
      Subject to Sections 9, 10, and 12 hereof:
      Deductible
      Limit of Liability Amount
      Insuring Agreement A - FIDELITY $13,850,000 $0
      Insuring Agreement B - AUDIT EXPENSE $50,000 $0
      Insuring Agreement C - PREMISES $13,850,000 $25,000
      Insuring Agreement D - TRANSIT $13,850,000 $25,000
      Insuring Agreement E - FORGERY OR ALTERATION $13,850,000 $25,000
      Insuring Agreement F - SECURITIES $13,850,000 $25,000
      Insuring Agreement G - COUNTERFEIT CURRENCY $13,850,000 $25,000
      Insuring Agreement H - STOP PAYMENT $50,000 $5,000
      Insuring Agreement I - UNCOLLECTIBLE ITEMS OF DEPOSIT $50,000 $5,000
      OPTIONAL COVERAGES ADDED BY RIDER:
      INSURING AGREEMENT (J) UNAUTHORIZED SIGNATURES $50,000 $2,500
      INSURING AGREEMENT (K) COMPUTER SYSTEMS $13,850,000 $25,000
      INSURING AGREEMENT (L) VOICE-INITIATED TRANSFER $13,850,000 $25,000
      INSURING AGREEMENT (M) TELEFACIMILE TRANSACTIONS $13,850,000 $25,000

If "Not Covered" is inserted above opposite any specified Insuring
Agreement or Coverage, such Insuring Agreement or Coverage and any other
reference thereto in this bond shall be deemed to be deleted therefrom.
Item 4. Offices or Premises Covered - Offices acquired or established
subsequent to theeffective date of this bond are covered according to
the terms of GeneralAgreement A. All the Insured's offices or premises
in existence at the time this bond becomes effective are covered under
this bond except the offices or premises located as follows: N/A
ICB001 Rev. 7/04  2004 The Travelers Companies, Inc. Page 1 of 2
Item 5. The liability of the Underwriter is subject to the terms of the
following
endorsements or riders attached hereto: Endorsements or Riders No. 1
through ICB001 Rev. 7/04, ICB010 Ed 7/04, ICB011 Ed. 7-04, ICB012 Ed.
7-04, ICB013 Ed. 7-04, ICB014 Ed. 7-04, ICB015 Ed. 7-04, ICB016 Ed.
7-04, ICB017 Ed. 7-04, ICB026 Ed. 7-04, ICB037 Ed. 7-04, MEL3724 Ed.
11-05, MEL4734 Ed. 11-06 Item 6. The Insured by the acceptance of this
bond gives notice to the Underwriterterminating or canceling prior bonds
or policy(ies) No.(s) 490PB2216 such termination or cancellation to be
effective as of the time this bond becomes effective.
IN WITNESS WHEREOF, the Company has caused this bond to be signed by its
President and Secretary and countersigned by a duly authorized
representative of the Company.
Countersigned: ST. PAUL FIRE AND MARINE INSURANCE COMPANY
/s/Bruce Backberg, Secretary
/s/Brian MacLean, President
Authorized Representative Countersigned At
Countersignature Date
ICB001 Rev. 7/04  2004 The Travelers Companies, Inc. Page 2 of 2
ENDORSEMENT OR RIDER NO. THIS ENDORSEMENT CHANGES THE POLICY. PLEASE
READ IT CAREFULLY.
The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.
The hard copy of the bond issued by the Underwriter will be referenced
in the event of a loss
      ATTACHED TO AND FORMING DATE ENDORSEMENT OR * EFFECTIVE DATE OF
      ENDORSEMENT OR RIDER
      PART OF BOND OR POLICY NO. RIDER EXECUTED 12:01 A.M. STANDARD TIME
      AS SPECIFIED IN THE BOND OR POLICY
      490PB2554 04/13/10 03/01/10

* ISSUED TO
JPMORGAN FUNDS
Unauthorized Signatures
It is agreed that:
1. The attached bond is amended by inserting an additional Insuring
Agreement as follows:
INSURING AGREEMENT J UNAUTHORIZED SIGNATURE
  (A)
  Loss resulting directly from the Insured having accepted, paid or
  cashed any check or withdrawal order, draft, made or drawn on a
  customer's account which bears the signature or endorsement of one
  other than a person whose name and signature is on the application
  on file with the Insured as a signatory on such account.
  (B)
  It shall be a condition precedent to the Insured's right of recovery
  under this Rider that the Insured shall have on file signatures of
  all persons who are authorized signatories on such account.
2. The total liability of the Underwriter under Insuring Agreement L is
limited to the sum of Fifty Thousand Dollars ($50,000 ), it
being understood, however, that such liability shall be part of and not
in addition to the Limit of Liability stated in Item 3 of the Declarations
of the attached bond or amendment thereof.
3. With respect to coverage afforded under this Rider, the Deductible A
mount shall be Two Thousand Five Hundred Dollars ($2,500 ).
Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, provisions, agreements or limitations of the
above mentioned Bond or Policy, other than as above stated.
By
Authorized Representative
INSURED
ICB012 Ed. 7-04  2004 The St. Paul Travelers Companies, Inc. All Rights
Reserved
ENDORSEMENT OR RIDER NO. THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ
IT CAREFULLY.
The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.
      490PB2554 ATTACHED TO AND FORMING PART OF BOND OR POLICY NO.
      04/13/10 DATE ENDORSEMENT OR RIDER EXECUTED 03/01/10 * EFFECTIVE
      DATE OF ENDORSEMENT OR RIDER 12:01 A.M. STANDARD TIME AS SPECIFIED
      IN THE BOND OR POLICY

* ISSUED TO
JPMORGAN FUNDS
Uncollectible Items of Deposit - Aggregate Limit of Liability
It is agreed that:
1. The attached bond is amended by deleting Insuring Agreement I
-Uncollectible Items of Deposit in its entirety and replacing it with the
following: INSURING AGREEMENT I - UNCOLLECTIBLE ITEMS OF DEPOSIT
Loss resulting from payment of dividends or issuance of Fund shares or
withdrawals permitted from any customer's, shareholder's or subscriber's
account based upon Uncollectible Items of Deposit of a customer, shareholder
or subscriber credited by the Insured or the Insured's agent of such
customer's, shareholder's or subscriber's Fund Account; or loss resulting
from any Item of Deposit processed through an Automated Clearing House
which is reversed by the customer, shareholder or subscriber and deemed
uncollectible by the Insured. Loss includes dividends and interest accrued
not to exceed 15 % of the Uncollectible Items which are deposited.
This Insuring Agreement applies to all Funds, with "exchange privileges" if
all funds in the exchange program are insured by the Underwriter for
Uncollectible Items of Deposit. Regardless of the number of transactions
between Funds, the minimum number of days of deposit with the Funds before
withdrawal as declared in each Fund's prospectus shall begin from the date
a deposit was first credited to any Insured Fund(s).
2. The Single Loss Limit of Liability/Aggregate Limit of Liability under
Insuring Agreement I is limited to be sum of Fifty Thousand Dollars ($50,000)
Single Loss Limit of Liability / Dollars ($ ) Aggregate Limit of Liability,
it being understood, however, that such Limits of Liability shall be part
of and not in addition to the Limit of Liability stated in Item 3 of the
Declarations of the attached bond or amendment thereof.
3. With respect to coverage afforded under this Rider, the Deductible Amount
shall be Five Thousand Dollars ($5,000 )
Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, provisions, agreements or limitations of the
above mentioned Bond or Policy, other than as above stated.
By
Authorized Representative
INSURED
ICB037 Ed. 7-04  2004 The St. Paul Travelers Companies, Inc. All Rights
Reserved