Rule 17g-1 - Bonding of Officers and Employees of
Registered Management Investment Companies

17g-1(g)(1)(ii)(c): Statement showing the amount of
the single insured bond which each investment company
would have provided and maintained had it not been
named as an insured under a joint insured bond

JPMorgan Trust I				$2,500,000
JPMorgan Trust II				 2,500,000
JPMorgan Trust III				   525,000
Undiscovered Managers Funds			 1,500,000
JPMorgan Insurance Trust			 1,250,000
J.P. Morgan Fleming Mutual Fund Group, Inc.	 2,500,000
J.P. Morgan Mutual Fund Group			    50,000
J.P. Morgan Mutual Fund Investment Trust	 2,100,000
JPMorgan Institutional Trust			 2,500,000
Pacholder High Yield Fund, Inc.			   600,000
J.P. Morgan Access Multi-Strategy Fund, L.L.C.	 1,700,000
J.P. Morgan Access Multi-Strategy Fund II	   750,000


The Premium for JPMorgan Trust I, JPMorgan Trust II, JPMorgan Trust III,
Undiscovered Managers Funds, JPMorgan Insurance Trust, J.P. Morgan Fleming
Mutual Fund Group, Inc., J.P. Morgan Mutual Fund Group, J.P. Morgan Mutual
Fund Investment Trust, JPMorgan Institutional Trust, Pacholder High
Yield Fund, Inc., J.P. Morgan Access Multi-Strategy Fund, L.L.C. and
J.P. Morgan Access Multi-Strategy Fund II is paid for the period
March 1, 2014 to March 1, 2015.