JOINT FIDELITY BOND AGREEMENT


AGREEMENT made effective this 1st day of March, 2015, 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. Paul 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
Undiscovered Managers Funds
JPMorgan Insurance Trust
J.P. Morgan Fleming Mutual Fund Group, Inc.
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.
J.P. Morgan Access Multi-Strategy Fund II



By:	  /s/Robert L. Young
Name:	  Robert L. Young
Title:	  President

Schedule A: Registrants
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 Investment Trust
JPMorgan Institutional Trust
Pacholder High Yield Fund, Inc.
J.P. Morgan Access Multi-Strategy Fund, L.L.C.
J.P. Morgan Access Multi-Strategy Fund II