40-17G

Investment Company Bond
Declarations
BOND NO. 106683611

Travelers Casualty and Surety Company of America
One Tower Square
Hartford, Connecticut 06183
(A Stock Insurance Company, herein called the Company)

ITEM 1 INSURED:

JPMORGAN FUNDS

Principal Address:
270 PARK AVENUE
NEW YORK, NY 10017

(hereinafter, "Insured")


ITEM 2 POLICY PERIOD:

Inception Date: March 01, 2017 Expiration Date:
March 01, 2018
12:01 A.M. local time as to both dates at the
Principal Address stated in ITEM 1.

ITEM 3 ALL NOTICES OF CLAIM OR LOSS MUST BE SENT TO
THE COMPANY BY EMAIL, FACSIMILE, OR
MAIL AS SET FORTH BELOW:

Email: BSIclaims@travelers.com
Fax: (888) 460-6622


Mail: Travelers Bond & Specialty Insurance Claim
385 Washington St. - Mail Code 9275-NB03F
St Paul, MN 55102


Travelers Bond & Specialty Insurance Claim telephone number:
800-842-8496

ITEM 4 If "Not Covered" is inserted opposite any specified
Insuring Agreement below, or if no amount is included
in the Single Loss Limit of Insurance, such Insuring Agreement
and any other reference thereto is
deemed to be deleted from this bond.



INSURING AGREEMENT			SINGLE LOSS	SINGLE LOSS
					LIMIT OF	DEDUCTIBLE
					INSURANCE	AMOUNT

A. FIDELITY
Coverage A.1. Larceny or Embezzlement	$19,650,000	$25,000
Coverage A.2. Restoration Expenses	$19,650,000	$25,000

B. ON PREMISES				$19,650,000	$25,000

C. IN TRANSIT				$19,650,000	$25,000


D. FORGERY OR ALTERATION		$19,650,000	$25,000

E. sECURITIES				$19,650,000	$25,000

F. COUNTERFEIT MONEY
   AND COUNTERFEIT MONEY ORDERS		$19,650,000	$25,000

G. CLAIM EXPENSE			$50,000		$0

H. STOP PAYMENT ORDERS OR
   WRONGFUL DISHONOR OF CHECKS		$50,000		$5,000

I. COMPUTER SYSTEMS
Coverage I.1. Computer Fraud		$19,650,000	$25,000
Coverage I.2. Fradulent Transactions	$19,650,000	$25,000
Coverage I.3. Restoration Expenses	$19,650,000	$25,000

J. UNCOLLECTIBLE ITEMS OF DEPOSIT	$50,000		$5,000

ITEM 5 PREVIOUS BONDS OR POLICIES:

The Insured, by acceptance of this bond, gives notice to
the Company canceling or terminating prior bond or
policy numbers: 51M53583

such cancellation or termination to be effective as of the
time this bond becomes effective.


ITEM 6 DISCOVERY PERIOD:

Additional Premium Percentage: 	100% of the annualized premium
Additional Months: 		12 months

(If exercised in accordance with section VI. CONDITIONS,
S. DISCOVERY PERIOD)

ITEM 7 FORMS AND ENDORSEMENTS ATTACHED AT ISSUANCE:

IVBB-16001-0116; IVBB-10001-0616; IVBB-19004-0116;
IVBB-19010-0116; IVBB-10004-0916; IVBB-10005-0916;
IVBB-18023-0116

PRODUCER INFORMATION:

CRYSTAL IBC LLC
FINANCIAL SQ
32 OLD SLIP
NEW YORK, NY 10005

IVBB-15001 Ed. 01-16 Page 2 of 3
2016 The Travelers Indemnity Company. All rights reserved.

Countersigned By
IN WITNESS WHEREOF, the Company has caused this bond to be
signed by its authorized officers.



President, Bond & Specialty Insurance Corporate Secretary

IVBB-15001 Ed. 01-16 Page 3 of 3
2016 The Travelers Indemnity Company. All rights reserved.

Investment Company Bond
Table of Contents


I. CONSIDERATION CLAUSE ...................... 3
II. INSURING AGREEMENTS ........................3
A.
FIDELITY .......................................3
Coverage A.1. Larceny or Embezzlement ...... 3
Coverage A.2. Restoration Expenses ........ 3
B. ON PREMISES ......... 3
C. IN TRANSIT .................4
D. FORGERY OR ALTERATION ............... 4
E. SECURITIES ....................................... 4
F. COUNTERFEIT MONEY AND COUNTERFEIT MONEY ORDERS ....... 5
G. CLAIM EXPENSE ........................................ 5
H. STOP PAYMENT ORDERS OR WRONGFUL DISHONOR OF CHECKS ... 5
I. COMPUTER SYSTEMS .........................6
Coverage I.1. Computer Fraud ................6
Coverage I.2. Fraudulent Instructions .......6
Coverage I.3. Restoration Expenses ..........6
J. UNCOLLECTIBLE ITEMS OF DEPOSIT ...........6
III. GENERAL AGREEMENTS .....................6
A. ORGANIC GROWTH ...........................6
B. CONSOLIDATION - MERGER - PURCHASE OR ACQUISITION
OF ASSETS .............. 7
C. REPRESENTATION OF INSURED ............... 7
D. JOINT INSURED ........................... 7
E. COURT COSTS AND ATTORNEY'S FEES - LEGAL
PROCEEDINGS - ELECTION TO DEFEND ........ 8
IV. DEFINITIONS ............................ 8
V. EXCLUSIONS ..............................16
VI. CONDITIONS ............................ 19
A. ADDITIONAL COMPANIES INCLUDED AS INSURED ... 19
B. DISCOVERY ...................................19
C. BOND PERIOD .................................20
D. SINGLE LOSS ................................ 20
E. SINGLE LOSS LIMIT OF INSURANCE ............. 20
F. DEDUCTIBLE ..................................20
G. NON-ACCUMULATION OF LIMITS ..................20
H. NOTICE - PROOF OF LOSS - LEGAL PROCEEDINGS ..20

IVBB-16001 Ed. 01-16 Page 1 of 25
2016 The Travelers Indemnity Company. All rights reserved.

I. VALUATION .........21

J. ASSIGNMENT ....... 22

K. SUBROGATION ...... 22

L. RECOVERIES ....... 22

M. COOPERATION .......23

N. ANTI-BUNDLING .... 23

O. LIMIT OF INSURANCE UNDER THIS
BOND AND PRIOR INSURANCE ............23

P. OTHER INSURANCE OR INDEMNITY .... 23

Q. COVERED PROPERTY..................24

R. CANCELATION, TERMINATION, CHANGE
OR MODIFICATION .................... 24

S. DISCOVERY PERIOD .................25

T. HEADINGS .........................25


IVBB-16001 Ed. 01-16 Page 2 of 25
2016 The Travelers Indemnity Company. All rights reserved.

Investment Company Bond
with Extended Coverages


I. CONSIDERATION CLAUSE

IN CONSIDERATION of the payment of an agreed premium and
subject to the Declarations and pursuant to all
the terms, conditions, exclusions and limitations of this
bond, the Company agrees to indemnify the Insured as set
forth in ITEM 1 of the Declarations (herein called Insured)
for:

II. INSURING AGREEMENTS



A. FIDELITY

Coverage A.1. Larceny or Embezzlement

Loss resulting directly from Larceny or Embezzlement
committed by an Employee acting alone
or in collusion with others.

Coverage A.2. Restoration Expenses

Restoration Expenses incurred by the Insured and
resulting directly from a Computer Violation
by an Employee.

B. ON PREMISES

1. Loss of Property resulting directly from:

a. robbery, burglary, mysterious unexplainable disappearance
or misplacement and damage or destruction; or

b. theft, false pretenses, or common law or statutory larceny,
committed by a person physically present in an office of,
or on the premises of, the Insured at the time the
Property was surrendered,

while the Property is lodged or deposited within offices or
premises located anywhere. The premises of a Depository
will be deemed premises of the Insured, but solely as
respects loss of Certificated Securities. Coverage for
Certificated Securities held by such Depository is limited
to the extent of the Insured's interest therein as effected
by the making of appropriate entries on the books
and records of such Depository. The Company will not
be liable under Insuring Agreement B for loss in connection
with the central handling of securities within the systems
established and maintained by any Depository unless the
amount of such loss exceeds the amount recoverable or
recovered under any bond or policy or participants' fund
insuring the Depository against such loss.

This bond does not afford any coverage in favor of any
Depository or exchange or any nominee in whose name is
registered any security included within the Depository's
systems.

2. Direct loss, through any hazard specified in Insuring
Agreement B.1. of any Property while such Property is within
any of the Insured's or an Investment Adviser's offices and
in the possession of any customer of the Insured, any
representative of such customer or any Employee whether
or not the Insured is liable for the loss thereof, and
provided such loss, at the option of the Insured, is
included in the Insured's proof of loss, but excluding,
in any event, loss caused by such customer, any
representative of such customer, or any Employee.

IVBB-16001 Ed. 01-16 Page 3 of 25
2016 The Travelers Indemnity Company. All rights reserved.


C. IN TRANSIT

Loss of Property (occurring with or without negligence
or violence) resultingdirectly from robbery, larceny,
theft, holdup, mysterious unexplainable disappearance,
misplacement, being lost or otherwise madeaway with,
damage thereto or destruction thereof, and loss of
subscription,conversion, redemption or deposit privileges
through the misplacement or loss of Property, while the
Property is in transit anywhere in the custody of any
person or persons acting as Messenger, except while in
the mail or with a carrier for hire other than an armored
motor vehicle company, for the purpose of transportation,
such transit to begin immediately upon receipt of such
Property by the transporting person or persons, and to
end immediately upon delivery thereof at destination,
but only while the Property is being conveyed.

D. FORGERY OR ALTERATION

Loss resulting directly from the Insured having, in good
faith, paid or transferred any Property in reliance on
any Written, Original:

1. Negotiable Instrument (except an Evidence of Debt);

2. Certificate of Deposit;

3. Letter of Credit;

4. Withdrawal Order;

5. Acceptance;

6. receipt for the withdrawal of Property; or

7. instruction or advice directed to the Insured or an
Investment Adviser and purportedly signed by a Customer
of the Insured or by a Financial Institution,

which (a) bears a handwritten signature which is a Forgery;
or (b) is altered, but only to the extent the Forgery or
alteration causes the loss.

Actual physical possession of the items listed in 1. through 7.
above by the Insured is a condition precedent to the Insured's
having relied on the items.

E. SECURITIES

Loss resulting directly from the Insured having, in good faith,
for its own account or for the account of others:

1. acquired, sold, delivered, or given value, extended credit or
assumed liability,on the faith of any Original Written document
that is a (an):

a. Certificated Security;

b. Document of Title;

c. deed, mortgage, or other instrument conveying title to,
or creating or discharging a lien on, real property;

d. Certificate of Origin or Title;

e. Certificate of Deposit;

f. Evidence of Debt;

g. corporate, partnership, or personal Guarantee;

h. Security Agreement;

i. Instruction;

j. Statement of Uncertificated Security,

that

(1) bears a handwritten signature material to the validity or
enforceability of the Original Written document that is a
Forgery, but only to the extent the Forgery causes the loss;

(2) is altered, but only to the extent the alteration causes
the loss; or

(3) is lost or stolen;

2. guaranteed in writing or witnessed any handwritten
signature upon any transfer, assignment, bill of sale,
power of attorney, Guarantee, endorsement, or any items
listed in items 1.a. through 1.i. above; or

3. acquired, sold or delivered, given value, extended
credit or assumed liability, on the faith of any item
 listed in 1.a. through 1.d. above, that is a Counterfeit,
but only to the extent the Counterfeit causes the loss.

Actual physical possession, and continued actual physical
possession if taken as collateral,of the items listed in 1.a.
through 1.j. above by the Insured, an Investment Adviser,
a Custodian, or a Federal or State chartered deposit
institution of the Insured is a condition precedent to
the Insured's having relied on the faith of such items.
Release or return of such collateral is an acknowledgment
by the Insured that it no longer relies on such collateral.

F. COUNTERFEIT MONEY AND COUNTERFEIT MONEY ORDERS

Loss resulting directly from the receipt by the Insured,
in good faith, of any Counterfeit Money of the United
States of America and its territories and possessions,
Canada or any other country, or of Counterfeit money orders
denominatedin United States or Canadian currency.

G. CLAIM EXPENSE

Reasonable expenses necessarily incurred and paid by the
Insured in preparing any covered claim for loss under any
Insuring Agreement covered under this bond,
which loss exceeds the Single Loss Deductible Amount
applicable to such Insuring Agreement. Such expenses
include costs incurred (including necessary wages of
Employees) for that part of audits or examinations
performed, whether or not required by State or Federal
supervisory authorities and conducted either by such
authorities or by independent accountants, by reason
of the discovery of loss sustained by the Insured.

H. STOP PAYMENT ORDERS OR WRONGFUL DISHONOR OF CHECKS
Damages that the Insured becomes legally liable to pay
its customers resulting directly from the Insured or an
Investment Adviser having:

1. failed to comply with any notice of any customer of the
Insured or any authorized representative of such customer
to stop payment on any check or draft made or drawn by such
customer; or

2. wrongfully dishonored or wrongfully failed to certify
any check or draft made or drawn by the customer of the
Insured or any authorized representative of such customer.

Notwithstanding any other provision of this bond, damages
under paragraph 2. above do not include the amount of any
check or draft in question, or any amounts paid to the
payee, endorser, or accommodation party of such check or
draft.

IVBB-16001 Ed. 01-16 Page 5 of 25
2016 The Travelers Indemnity Company. All rights reserved.


I. COMPUTER SYSTEMS

Coverage I.1. Computer Fraud

Loss resulting directly from Computer Fraud.

Coverage I.2. Fraudulent Instructions

Loss resulting directly from the Insured or an Investment
Adviser having, in good faith, caused a transfer of funds
as a result of a Fraudulent Instruction when the Insured or
an Investment Adviser, prior to causing the transfer of the
funds, used its best efforts to verify the identity of the
person transmitting the instruction; provided that if the
instruction is purported to be from a Customer, the Insured,
or an Investment Adviser:

a. performed a Callback Verification with respect to such
instruction; or

b. followed commercially reasonable Security Procedures
applicable to the transaction and instruction.

Such Fraudulent Instruction received and, if applicable,
Callback Verification performed, must be either recorded,
logged, or documented by the Insured or an Investment Adviser.

Coverage I.3. Restoration Expenses

Restoration Expenses incurred by the Insured or an Investment
Adviser and resulting from a Computer Violation by someone
other than an Employee.

J. UNCOLLECTIBLE ITEMS OF DEPOSIT

Loss, including dividends and interest accrued not to exceed
15% of the value of each Item of Deposit that is deposited,
resulting directly from the Insured or Investment Adviser
having credited an account of a customer, shareholder or
subscriber on the faith of any Items of Deposit that prove
to be uncollectible, provided that the crediting of such
account causes:

1. redemptions or withdrawals to be permitted;

2. shares to be issued; or

3. dividends to be paid.

It is a condition precedent to coverage under this Insuring
Agreement that the Insured or Investment Adviser hold funds
represented in Items of Deposit for the maximum number of days
allowable under Regulation CC before permitting any
redemptions or withdrawals, or issuing any shares or
paying any dividends with respect to such Items of Deposit.

Items of Deposit will not be deemed to be uncollectible
until the Insured's or Investment Adviser's standard collection
procedures have failed.

This Insuring Agreement applies to Insureds with exchange
privileges if all funds in the exchange program are insured
by the Company for Uncollectible Items of Deposit. Regardless
of the number of transactions between funds, the maximum
number of days allowable under Regulation CC begins from the
date a deposit was first credited to any fund in the exchange
program.

III. GENERAL AGREEMENTS

A. ORGANIC GROWTH

If an Insured or Investment Adviser, while this bond
is in force, adds additional Employees other than by
consolidation or merger with, or purchase or acquisition
of the assets, assets under management or liabilities of,
another institution, such Employees will automatically
be covered hereunder from the date of such addition without
the requirement of notice to the Company or the payment
of additional premium for the remainder of the Policy Period
as set forth in ITEM 2 of the Declarations.

B. CONSOLIDATION - MERGER - PURCHASE OR ACQUISITION OF ASSETS

If the Insured or an Investment Adviser, while this bond is
in force, consolidates or merges with, or purchases or acquires
assets, assets under management or liabilities of, or purchases
or acquires more than 50% voting stock ownership of another
institution (hereinafter referred to as a "Transaction"),
coverage under this bond for loss which:

1. has occurred or will occur in the offices or premises of such
institution;

2. has been caused or will be caused by any employee or employees
of such institution; or

3. has arisen or will arise out of the assets, assets under
management or liabilities acquired by the Insured as a result
of such Transaction,

is provided as follows:

a. Automatic Loss Sustained Coverage

If a Transaction involves assets, assets under management and
liabilities in an amount that is more than 25% of the consolidated
assets of all Insureds as of the most recent calendar year-end
preceding the date of the Transaction, then coverage of this bond
as respects the Transaction will be afforded for a Single Loss that
is both discovered and for which the acts giving rise to the loss
occur in their entirety on or after the effective date of the
Transaction. This coverage terminates 60 days after the Transaction
date, or the termination date of the bond, whichever comes earlier,
unless the Insured provides notice to the Company
and obtains the written consent of the Company to extend such
coverage beyond said date and, upon obtaining such consent, pays
to the Company an additional premium, if required.

b. Automatic Discovery Coverage

If a Transaction involves assets, assets under management and
liabilities in an amount that is 25% or less of the consolidated
assets of all Insureds as of the most recent calendar year-end
preceding the date of the Transaction, then coverage of this bond
as respects the Transaction will be afforded for a Single Loss
that is discovered on or after the effective date of the
Transaction, for the remainder of the Policy Period as set forth
in ITEM 2 of the Declarations, without additional premium being
charged and without notice to the Company of the Transaction.

C. REPRESENTATION OF INSURED

No statement made by or on behalf of the Insured, whether
contained in the application or otherwise, is deemed to be a
warranty of anything except that it is true to the best of the
knowledge and belief of the person making the statement.

D. JOINT INSURED

This bond does not indemnify or hold harmless any Insured for
loss sustained by an Investment Adviser, or by a proprietorship,
partnership or corporation that is owned, controlled or operated
by such Insured, and not named as an Insured hereunder, except as
may be provided on a limited basis within General  Agreement B.,
but this paragraph does not apply to loss sustained by a nominee
organized by an Insured hereunder other than a holding company.

If two or more Insureds are covered under this bond, the first
named Insured will act for all Insureds. Payment by the Company
to the first named Insured of loss sustained by any Insured fully
releases the Company on account of such loss. If the first named
Insured ceases to be covered under this bond, the Insured next
named will thereafter be considered the first named Insured. In
the absence of an Insured being specifically next named, the
Insured entity having the greatest consolidated assets of all
remaining Insureds then becomes the first named Insured.Knowledge
possessed or discovery made by any Insured or Investment Adviser
constitutes knowledge or discovery by all Insureds for all purposes
of this bond. The liability of the Company for loss or losses
sustained by all Insureds will not exceed the amount for which
the Company would have been liable had all such loss or losses
been sustained by one Insured.

E. COURT COSTS AND ATTORNEY'S FEES - LEGAL PROCEEDINGS
 - ELECTION TO DEFEND

The Company will indemnify the Insured against court costs
and reasonable attorney's fees incurred and paid by the
Insured in defending any suit or legal proceeding brought
against the Insured to enforce the Insured's liability,
or alleged liability, on account of any loss, claim or damage
that, if established against the Insured, would constitute a
collectible loss under this bond in excess of any Single Loss
Deductible Amount, provided, however, that with respect to
Insuring Agreement A this indemnity will apply only in the event
that:

1. an Employee admits to being guilty of Larceny or Embezzlement;

2. an Employee is adjudicated to be guilty of Larceny or
Embezzlement; or

3. in the absence of 1. or 2. above, an arbitration panel agrees,
after a review of an agreed statement of facts, that an Employee
would be found guilty of Larceny or Embezzlement if such Employee
were prosecuted.

Such indemnity is in addition to the Single Loss Limit of
Insurance for the applicable Insuring Agreement or Coverage.

The Insured or an Investment Adviser must notify the Company
promptly after notice thereof, of any such suit or legal proceeding
and at the request of the Company will furnish it with copies of all
pleadings and other papers therein. At the Company's election the
Insured will permit the Company to conduct the defense of such suit
or legal proceeding, in the Insured's name, through attorneys
of the Company's selection. In such event, the Insured and Investment
Adviser will give all reasonable information and assistance, other
than pecuniary, that the Company deems necessary to the defense of
such suit or legal proceeding.

If the amount of the Insured's liability or alleged liability
is greater than the amount recoverable under this bond, or if a
Single Loss Deductible Amount is applicable, or both, then the
liability of the Company under this General Agreement E. is
limited to the proportion of court costs and attorney's fees
incurred and paid by the Insured or by the Company that the amount
recoverable under this bond bears to the total amount of the Insured's
liability or alleged liability. Any amount not recoverable by reason
of the Insured's liability or alleged liability being greater than
the amount recoverable under any insuring agreement of this bond,
does not serve to reduce the Single Loss Deductible Amount applicable
to such Insuring Agreement or Coverage.

If the Company pays court costs and attorney's fees in excess of its
proportionate share of such costs and fees, the Insured will promptly
reimburse the Company for such excess.

IV. DEFINITIONS
As used in this bond:

A. Acceptance means a Written draft that the drawee has, by signature
thereon, engaged to honor as presented.

B. Bond Period has the meaning set forth in section VI.
CONDITIONS, C. BOND PERIOD.

C. Callback Verification means a verbal conversation with the
purported Customer, using a Pre-Determined Telephone Number,
to verify the identity of the Customer and the authenticity of a funds
transfer request.


D. Certificate of Deposit means a Written acknowledgment by an Insured
or a Financial Institution of receipt of Money with an engagement
to repay it.

E. Certificate of Origin or Title means a Written document issued by a
manufacturer of personal property or a governmental agency evidencing the
ownership of the personal property and by which ownership is transferred.

F. Certificated Security means a share, participation or other interest in
property of, or an enterprise of, the issuer or an obligation of the issuer,
that is:


1. represented by a Written instrument issued in bearer or registered form;

2. of a type commonly dealt in on securities exchanges or markets
or commonly recognized in any area in which it is issued or dealt in as
a medium forinvestment; and

3. either one of a class or series or by its terms divisible into a class
or series of shares, participations, interests or obligations.

G. Computer Fraud means an intentional, unauthorized, and fraudulent entry
of data or computer instructions directly into, or change of data or computer
instructions within, a Computer System by a natural person or entity other
than an Employee, including any such entry or change made via the
internet or a Network, provided that such entry or change causes:

1. Property to be transferred, paid, or delivered;

2. an account of the Insured, or of its customer, to be added, deleted,
debited or credited; or

3. an unauthorized or fictitious account to be debited or credited.

H. Computer System means:

1. any computer; and
2. any input, output, processing, storage or communication device,
or any related network, operating system or application software, that
is connected to, or used in connection with, such computer, that is rented by,
owned by, leased by, licensed to, or under the direct operational control of,
the Insured or an Investment Adviser.

I. Computer Violation means:

1. the introduction of a Computer Virus into a Computer System; or
2. damage to, or destruction of, computer programs, software or other
electronic data stored within a Computer System by a natural person, who has:

a. gained unauthorized access to such Computer System; or
b. authorized access to such Computer System but uses such access to
cause such damage or destruction.

J. Computer Virus means any malicious code that could destroy, alter,
contaminate, or degrade the integrity, quality, or performance of:

1. electronic data used, or stored, in any Computer System or network; or
2. a computer network, any computer application software, or a
computer operating system or related network.

K. Counterfeit means a Written imitation of an actual, valid, or verifiable
Original that is intended to deceive and to be taken as the Original.


L.
Custodian means an institution designated by an Insured or an Investment Adviser
to maintain possession and control of the Insured's assets.

M. Customer means, only with respect to Insuring Agreement I.2., an entity or
natural person that has a Funds Transfer Agreement with the Insured or with
an Investment Adviser.

N. Depository means a clearing corporation that is:

1. registered with the Securities Exchange Commission as a clearing agency
under section 17A of the Securities Exchange Act of 1934 (15 U.S.C. 78q-1); or

2. a Federal Reserve Bank or other person or entity authorized to operate the
federal book entry system described in the regulations of the Department of
Treasury codified at 31 CFR 357, Subpart B, or book-entry systems operated
pursuant to comparable regulations of other federal agencies.

O. Document of Title means a Written document that is a bill of lading, dock
warrant, dock receipt, warehouse receipt or order for the delivery of goods,
and also any other Written document that in the regular course of business or
financing is treated as adequately evidencing that the person in possession
of it is entitled to receive, hold and dispose of the document and the goods
it covers and must purport to be issued by or addressed to a bailee and purport
to cover goods in the bailee's possession that are either identified or are
fungible portions of an identified mass.

P. Electronic Data Processor means a natural person, partnership or
corporation authorized in writing by the Insured or an Investment
Adviser to perform services as a data processor of checks presented to
the Insured by a customer or Financial Institution, but excluding any such
processor who acts as a transfer agent or in any other agency capacity
in issuing checks, drafts or securities for the Insured, A Federal Reserve
Bank or clearinghouse will not be construed to be an Electronic Data Processor.

Q. Electronic Record means information that is created, generated, sent,
communicated, received, or stored by electronic means, and is retrievable
in perceivable form.

R. Employee means:

1. an officer, partner or other employee of the Insured, while such
person is employed by and performing services for the Insured, and whom
the Insured directly compensates by wages, salaries or commissions; or for
60 days after such individual's termination of service, provided
such termination is not due to employee fraud or dishonesty;

2. a guest student or intern pursuing studies or duties in any of the
Insured's or an Investment Adviser's offices or premises covered hereunder,
while such person is performing services for the Insured;

3. any attorney retained by the Insured or an Investment Adviser, and any
employee of such attorney, but only while performing legal services for
the Insured;

4. any natural person assigned to perform the usual duties of an employee
within the premises of the Insured or an Investment Adviser and under the
Insured's supervision, by contract, including such persons provided by any
employment agency furnishing temporary personnel to the Insured or an
Investment Adviser on a contingent or part-time basis, and including a
natural person who is leased to the Insured or an Investment Adviser
under a written agreement between the Insured and a labor leasing firm
to perform duties related to the conduct of the Insured's business; (all
such natural persons provided by a single employment agency or labor
leasing firm will collectively be deemed to be one person for all the
purposes of this bond, excepting, however, the last paragraph
of Condition R.2.);

5. an employee of an institution merged or consolidated with the Insured
prior to the effective date of this bond, or, subject to General Agreement B.,
after the effective date of this bond, but only with respect to acts while an
employee of such institution and which acts caused said institution to sustain
a loss that was not known to the Insured or to the institution at the time of
the merger or consolidation;

6. each natural person, partnership, or corporation authorized by the
Insured or an Investment Adviser to perform services as an Electronic
Data Processor (each such Electronic Data Processor, and the partners,
officers and employees of such Electronic Data Processor will collectively
be deemed to be one Employee for all the purposes of this bond, except with
respect to Condition R.2.);

7. any director or trustee of an Insured, Investment Adviser, underwriter
(distributor), transfer agent, shareholder accounting record keeper, or
administrator authorized by Written agreement with the Insured to keep
financial or other required records, but only while performing acts
coming within the scope of the usual duties of an officer or employee
or while acting as a member of any committee duly elected or appointed
to examine or audit or have custody of or access to the Property
of the Insured;

8. any natural person who is a volunteer, while such person is subject to the
Insured's direction and control and is performing services for the Insured;

9. any natural person who is a former employee retained as a consultant,
pursuant to a written agreement with the Insured, while that person is subject
to the Insured's direction and control and performing services for the
Insured; and

10. any officer, partner, or employee of:

a. an Investment Adviser;

b. an underwriter (distributor);

c. a transfer agent or shareholder accounting record-keeper; or

d. an administrator authorized by written agreement to keep financial or
other required records,

for an Insured but only while performing acts coming within the scope of
the usual duties of an officer or employee of the Insured, or while acting
as a member of any committee duly elected or appointed to examine or audit
or have custody of or access to the Property of any such Insured, provided that
only employees or partners of a transfer agent, shareholder accounting record-
keeper or administrator that is an affiliated person, as defined in the
Investment Company Act of 1940, of an Insured or is an affiliated person of
the Investment Adviser, underwriter or administrator of such Insured, and
that is not a bank, will be included within the definition of Employee.

Employee also means any natural person described above while such person is on
medical, military, or other leave of absence. Coverage applies to any such
Employee while on leave, regardless of whether such person remains subject to
the Insured's direction and control during the time of leave.

Employee does not mean any agent, broker, factor, commission merchant,
consignee, independent contractor or representative or other person of the
same general character not specified above.

S. Evidence of Debt means a Written instrument, including a Negotiable
Instrument, executed, or purportedly executed, by a customer of the Insured
and held by the Insured or an Investment Adviser that in the regular course of
business is treated as evidencing the customer's debt to the Insured.

T. Financial Institution means:

1. a bank, trust company, savings bank, credit union, savings and loan
association, or similar thrift institution; or

2. a stock brokerage firm, mutual fund, liquid assets fund or similar
investment institution; provided that Financial Institution does not include
any such entity, institution or organization that is an Insured or an
Investment Adviser.

U. Forgery means signing the name of another person or organization with a
handwritten signature directly applied to a Written document without authority,
and with the intent to deceive.

A signature written on an electronic pad that captures the signature for
purposes of creating an electronic digitized image of a handwritten signature,
or a reproduction of a handwritten signature, is treated the same as a
handwritten signature. Any other form of electronic signature or digital
signature is not treated the same as a handwritten signature.

Forgery does not mean a signature that consists in whole or in part of
one's own name signed with or without authority, in any capacity, for
any purpose.

V. Fraudulent Instruction means an intentional, fraudulent and unauthorized
instruction directed to the Insured or an Investment Adviser, that is:

1. transmitted via telefacsimile, and:

a. purports and reasonably appears to be from a Customer, a Financial
Institution, or another office of the Insured;

b. was in fact transmitted by someone other than a Customer, a Financial
Institution, or another office of the Insured; and

c. purports and reasonably appears to contain the handwritten signature
of a person authorized to initiate such transfer that proves to have been
used by an unauthorized person; or

2. transmitted verbally, via telephone, and purports to be from:

a. an officer, director, partner or employee of a Customer, who is
authorized by the Customer to instruct the Insured or an Investment
Adviser to make such a transfer;

b. a Customer who is a natural person; or

c. an Employee in another office of the Insured who was authorized by
the Insured to instruct other Employees to transfer funds on deposit
in a Customer's account; and was received by an Employee specifically
designated to receive and act upon such instructions,

but was in fact transmitted by someone other than a person described
in paragraph V.2.; or

3. transmitted via electronic mail and purports and reasonably
appears to be from a Customer of the Insured, but was in fact
transmitted by someone other than such Customer. Fraudulent Instruction
does not include any instruction that purports to be from a Customer
unless the instruction is transmitted by a method that is authorized in
the Funds Transfer Agreement between the Insured and the Customer.

W. Funds Transfer Agreement means an agreement, signed by the Customer, that:

a. authorizes the Insured or an Investment Adviser to rely on instructions
transmitted by either voice, telefacsimile or electronic mail to make funds
transfers; and

b. provides the Insured or an Investment Adviser with the names of
persons authorized to initiate funds transfers.

X. Guarantee means a Written undertaking obligating the signer to pay the
debt of another to the Insured or its assignee or to a Financial Institution
from which the Insured has purchased participation in the debt, if the debt
is not paid in accordance with its terms.

Y. Instruction means a Written order to the issuer of an Uncertificated
Security requesting that the transfer, pledge, or release from pledge of
the Uncertificated Security specified be registered.

Z. Investment Adviser means any entity defined in 202(a)(11) of, and
registered under, the Investment Advisers Act of 1940, as amended, but
only while acting on behalf of the Insured.

AA. Item of Deposit means any checks or drafts deposited into the account
of a customer, shareholder or subscriber.

BB. Larceny or Embezzlement means larceny or embezzlement as defined in
the Investment Company Act of 1940, 37 as amended.

CC. Letter of Credit means an engagement in writing by a Financial
Institution or other person made at the request of a customer that
the Financial Institution or other person will honor drafts or other
demands for payment upon compliance with the conditions specified in
the Letter of Credit.

DD. Loan means all extensions of credit by the Insured and all
transactions creating a creditor relationship in favor of the Insured
and all transactions by which the Insured assumes an existing creditor
relationship.

EE. Messenger means an Employee while in possession of the Insured's
Property away from the Insured's or Investment Adviser's premises and
any other natural person acting as custodian of the Property during an
emergency arising from the incapacity of the original Employee.

FF. Money means a medium of exchange in current use authorized or
adopted by a domestic or foreign government as a part of its currency.

GG. Negotiable Instrument means a Written document, that:

1. is signed by the maker or drawer;
2. contains an unconditional promise or order to pay a sum certain
in Money and no other promise, order, obligation or power given
by the maker or drawer;
3. is payable on demand or at a definite time; and
4. is payable to order or bearer.

Negotiable Instrument also means a counterfeit check or Substitute
Check.

HH. Network means any and all services provided by or through the
facilities of any electronic or computer communication system,
including Fedwire, Clearing House Interbank Payment System (CHIPS),
Society for Worldwide Interbank Financial Telecommunication (SWIFT),
National Automated Clearing House Association (NACHA) and similar
interbank payment or settlement systems,including any shared networks,
internet access facilities, or other similar facilities for such
systems in which the Insured participates, allowing the input,
output, examination, or transfer of data or programs from one computer
to a Computer System.

II. Original means the first rendering or archetype and does not include
photocopies or electronic transmissions even if received and printed.

JJ. Pre-Determined Telephone Number means a telephone number that:

1. was provided by the Customer when the Customer opened the account with
the Insured or an Investment Adviser;

2. was provided in person by the Customer after the Customer opened the
account with the Insured or an Investment Adviser, while physically present
on the Insured's or Investment
Adviser's premises and while presenting a government-issued photo
identification;

3. was provided in a Funds Transfer Agreement;

4. replaced a telephone number previously provided for the Customer's account,
provided that confirmation of the legitimacy of the change was achieved
through direct contact with the Customer at a telephone number described in
paragraph JJ.1., JJ.2. or JJ.3. above; or

5. replaced a telephone number previously provided for the Customer's account
and was received by the Insured or the Investment Adviser at least 30 days prior
to the receipt of the Fraudulent Instruction.

KK. Property means Money, Certificated Securities, Uncertificated
Securities, Negotiable Instruments, Certificates of Deposit,
Documents of Title, Acceptances, Evidences of Debt, Security
Agreements, Withdrawal Orders, Certificates of Origin or Title,
Letters of Credit, insurance policies, abstracts of title, deeds
and mortgages on real estate, revenue and other stamps, tokens,
unsold state lottery tickets, books of account and other records
whether Written or recorded electronically, gems, jewelry,
precious metals of all kinds and in any form, and tangible items
of personal property that are not hereinbefore enumerated.

LL. Restoration Expenses means reasonable costs incurred by
the Insured or an Investment Adviser, with the Company's
prior written consent, to restore, replace or reproduce damaged
or destroyed computer programs, software or other electronic data
stored within a Computer System, or that the Insured owns,
holds or is responsible for, to the condition that existed
immediately preceding a Computer Violation; provided that if it
is determined by the Insured or Investment Adviser that such
computer programs, software or other electronic data cannot
reasonably be restored, replaced or reproduced, then Restoration
Expenses means only the reasonable costs incurred by the Insured
or an Investment Adviser, with the Company's prior written
consent, to reach such determination.

Restoration Expenses do not include:

1. expenses incurred as a result of the reconstruction of computer
programs, software, or other electronic data that the Insured did
not have a license to use;

2. expenses incurred to restore, replace, or reproduce damaged
or destroyed computer programs, software or other electronic data
if such damage or destruction was caused by computer programs,
software, or other electronic data that the Insured did not have
a license to use;

3. expenses incurred to design, update, improve, or perfect
the operation or performance of computer programs, software,
or other electronic data; or

4. expenses incurred to redo the work product, research,
or analysis that was the basis of, or resulted in, any computer
programs, software, or other electronic data stored.

MM. Security Agreement means a Written agreement that creates
an interest in personal property or fixtures and that secures
payment or performance of an obligation.

NN. Security Procedure means the Insured's or Investment
Adviser's established authentication process, other than
voice recognition, that requires the use of algorithms or
other codes, identifying words or numbers, encryption, or
similar security devices or procedures. The following are not
considered a Security Procedure:

1. a general statement that the Insured or Investment Adviser
may establish security procedures;
2. a statement that the Insured or Investment Adviser may
perform a callback or other security procedure; or
3. a statement that the Insured or Investment Adviser will
only accept requests from persons named on the account.

OO. Single Loss has the meaning set forth in
section VI. CONDITIONS, D. SINGLE LOSS.

PP. Statement of Uncertificated Security means a Written
statement of the issuer of an Uncertificated Security containing:

1. a description of the issue of which the Uncertificated Security
is a part;
2. the number of shares or units:
	a. transferred to the registered owner;
	b. pledged by the registered owner to the registered pledgee;
	c. released from pledge by the registered pledgee;
	d. registered in the name of the registered owner on the date
of the statement; or
	e. subject to pledge on the date of the statement;
3. the name and address of the registered owner and registered pledgee;
4. a notation of any liens and restrictions of the issuer and any adverse
 claims to which the Uncertificated Security is or may be subject to, or
a statement that there are none of those liens, restrictions or adverse
claims; and
5. the date:
	a. the transfer of the shares or units to the new registered owner
 of the shares or units was registered;
	b. the pledge of the registered pledgee was registered; or
	c. of the statement, if it is a periodic or annual statement.
QQ. Substitute Check means a paper reproduction of an Original Written
  check as defined in the Check
Clearing for the 21st Century Act of 2003, as amended.

RR. Transportation Company means any organization that provides its
 own or leased vehicles for transportation or that provides freight
 forwarding or air express services.

SS. Uncertificated Security means a share, participation or other interest
in property of, or an enterprise of, the issuer or an obligation of the
issuer, that is:

1. not represented by a Written instrument issued in bearer or
registered form and the transfer of which is registered upon books
maintained for that purpose by or on behalf of the issuer;

2. of a type commonly dealt in on securities exchanges or markets,
or commonly recognized in any area in which it is issued or dealt
in as a medium for investment; and

3. either one of a class or series or by its terms divisible
into a class or series of shares, participations, interests
or obligations.

TT. Withdrawal Order means a non-negotiable Written instrument,
other than an Instruction, signed by a customer of the Insured
authorizing the Insured to debit the customer's account in the
amount of funds stated therein.

UU. Written means expressed through letters or marks placed
upon paper and visible to the eye. It does not include information
contained in an Electronic Record, or only with respect to Insuring
Agreement D, information communicated via telefacsimile.

IVBB-16001 Ed. 01-16 Page 15 of 25
2016 The Travelers Indemnity Company. All rights reserved.


V. EXCLUSIONS

A. This bond does not cover loss resulting directly or indirectly from
forgery or alteration, except when covered under Insuring
Agreement A, D, E, F or G.

B. This bond does not cover loss due to war, invasion, acts
of foreign enemies, hostilities (whether war is declared or not),
civil war, rebellion,revolution, insurrection, military or usurped
power, confiscation, nationalization, requisition, or destruction
of, or damage to, property by or under the order of any government,
public or local authority, unless such loss occurs in transit in the
circumstances recited in Insuring Agreement C and unless, when such
transit was initiated, there was no knowledge of such act or condition
related to any of the foregoing on the part of any person acting for
the Insured in initiating such transit.

C. This bond does not cover loss resulting directly or indirectly from
nuclear reaction, nuclear radiation, radioactive contamination,
biological, or chemical contamination or to any related act or incident.

D. This bond does not cover loss resulting directly or indirectly from
any acts of any director or trustee of the Insured other than one employed
as a salaried, pensioned, or elected official or an Employee of the Insured,
except when performing acts coming within the scope of the usual duties of
an Employee,or while acting as a member of any committee duly elected or
appointed by resolution of the board of directors or trustees of the
Insured to perform specific, as distinguished from general, directorial
acts on behalf of the Insured.

E. This bond does not cover loss resulting directly or indirectly from
the complete or partial non-payment of, or default upon, any Loan or
transaction involving the Insured as a lender or borrower, or extension
of credit, including the purchase, discounting or other acquisition of
false or genuine accounts, invoices, notes, agreements or Evidences of
Debt, whether such Loan, transaction or extension was procured in
good faith or through trick, artifice, fraud, or false pretenses,
except when covered under Insuring Agreement A or E.

F. This bond does not cover loss caused by an Employee, except:

1. when covered under Insuring Agreement A.; or
2. when covered under Insuring Agreement B. or C. and resulting
directly from mysterious unexplainable disappearance or misplacement, or
 unintentional destruction of or damage to Property.

G. This bond does not cover loss resulting directly or indirectly
from the use or purported use of credit, debit, charge, access,
convenience, identification cash management or other cards:

1. in obtaining credit or funds;

2. in gaining access to any automated teller machine; or

3. in gaining access to any point of sale terminal, customer-bank
communication terminal, or similar electronic terminal of any
electronic funds transfer system, whether such cards were issued,
or purport to have been issued, by the Insured or by anyone other
than the Insured, except when covered under Insuring Agreement A.

H. This bond does not cover loss through the surrender of Property
away from an office of the Insured or an Investment Adviser as a
result of a threat:

1. to do bodily harm to any person, except loss of Property in transit
in the custody of a Messenger provided that when such transit was
initiated there was no knowledge by the Insured of any such threat; or
2. to do damage to the premises or property of the Insured, except when
covered under Insuring Agreement A.

I. This bond does not cover loss resulting directly or indirectly
from payments made or withdrawals from a customer's account involving
erroneous credits to such account, unless such payments or withdrawals
are physically received by such depositor or representative of such
depositor who is within the office of the Insured or an Investment
Adviser at the time of such payment or withdrawal, or except when
covered under Insuring Agreement A.

J. This bond does not cover loss resulting directly or indirectly from
payments made or withdrawals from a customer's account involving
items of deposit that are not finally paid for any reason, including
forgery or any other fraud, except when covered under Insuring
Agreement A or J, however, this exclusion does not apply to United
States Government checks or drafts that are returned to the Insured
by the United States Government for any reason after the funds for
said checks or drafts have been remitted to the Insured or
credited to the Insured's account.

K. This bond does not cover loss resulting directly or indirectly
from counterfeiting, except when covered under Insuring Agreement A, D,
but only as respects Negotiable Instruments (except Evidences of
Debt or Substitute Checks), E or F.

L. This bond does not cover loss of Property while:
1. in the mail;
2. in the custody of any Transportation Company, unless covered under
Insuring Agreement C provided however that non-negotiable instruments
while in the possession and custody of any Transportation Company will be
deemed to be covered under Insuring Agreement C; or
3. located on the premises of any Transportation Company, except when
covered under Insuring Agreement A.

M. This bond does not cover potential income, including interest and
dividends not realized by the Insured.

N. This bond does not cover damages of any type for which the
Insured is legally liable, except direct compensatory damages, but
not multiples thereof, arising directly from a loss covered under
this bond.

O. This bond does not cover any fees, costs, or other expenses
incurred by the Insured in establishing the existence of or amount
of loss covered under this bond except when covered under Insuring
Agreement G.

P. This bond does not cover indirect or consequential loss of any nature.

Q. This bond does not cover loss resulting from any violation by the
Insured or by any Employee:

1. of law regulating: (i) the issuance, purchase or sale of securities;
(ii) securities transactions upon security exchanges or over the counter
market;
(iii) investment companies; or (iv) investment advisers; or

2. of any rule or regulation made pursuant to any such law, unless it
is established by the Insured that the act or acts that caused said
loss involved fraudulent or dishonest conduct that would have caused
a covered loss to the Insured in a similar amount in the absence of
such laws, rules or regulations.

R. This bond does not cover loss resulting directly or indirectly from the
failure of a financial or depository institution, or its receiver or
liquidator,to pay or deliver, on demand of the Insured or an Investment
Adviser, funds or Property of the Insured held by it in any capacity,
except when covered under Insuring Agreement A or B.1.a.

S. This bond does not cover loss involving any Uncertificated Security
except an Uncertificated Security of any Federal Reserve Bank of the
United States or when covered under Insuring Agreement A, E or I.

IVBB-16001 Ed. 01-16 Page 17 of 25

T. This bond does not cover under Insuring Agreement I, in addition
to all of the other exclusions, loss:

1. resulting directly or indirectly from entries or changes made
by an individual authorized to have access to a Computer System,
who acts in good faith on instructions or advices received by telegraph,
teletype, human voice over a telephone, or by any other means, unless
such instructions or advices are given to that individual by a software
contractor (or by a partner, officer or employee thereof) authorized
by the Insured or an Investment Adviser to design, develop, prepare,
supply, service, write, or implement programs for the Computer System,
except when covered under Insuring Agreement I.2.;

2. caused by an employee or director of an automated clearing house (including
a Federal Reserve Bank), service bureau, electronic communications systems
(including Fedwire, CHIPS and SWIFT) or merchants who have contracted with the
Insured to perform electronic funds transfer services; or

3. resulting directly or indirectly from entries or changes made by an Employee
acting in good faith on any electronic communication, unless such instructions
are purportedly sent by a customer, Financial Institution, or automated clearing
house, except when covered under Insuring Agreement I.2.

U. This bond does not cover loss resulting directly or indirectly from
Computer Fraud or mechanical breakdown or failure to function properly of any
Computer System, except when covered under Insuring Agreement A, B, or I.

V. This bond does not cover under Insuring Agreement I.2., in addition to all
of the other exclusions, loss resulting directly or indirectly from the
Insured's or an Investment Adviser's assumption of liability by contract unless
the liability arises from a loss covered by Insuring Agreement I.2. and would be
imposed on the Insured regardless of the existence of the contract.

W. This bond does not cover loss resulting directly or indirectly from
theft, disappearance, destruction, or disclosure of intangible property
or confidential information, including trade secrets, customer lists,
customer's intellectual property, confidential processing methods, formulas,
patents, computer programs, negatives, drawings, manuscripts, prints and
other records of a similar nature, whether such confidential information
is owned by the Insured or an Investment Adviser or held by the Insured
or Investment Adviser in any capacity including concurrently with another
person.

X. This bond does not cover expenses arising from a data security breach
or incident, including forensic audit expenses, fines, penalties, expenses
to comply with federal and state laws, payment card industry data security
standards (if applicable), or expenses related to notifying affected
individuals when the affected individual's personally identifiable customer,
financial or medical information was stolen, accessed, downloaded, or
misappropriated while in the Insured's care, custody, or control.

Y. This bond does not cover under Insuring Agreement A.1., in addition
to all of the other exclusions, loss resulting directly or indirectly
from the alleged or actual destruction of Property by an Employee.

Z. This bond does not cover loss, costs, or expenses the Insured or
an Investment Adviser agrees to incur, or incurs on behalf of another
person or entity, when the Insured is not legally obligated to incur
such loss, costs, or expenses under the Uniform Commercial Code or any
other common, case, or tort law, statute, rule, or code anywhere in the
world, including any rule or code of any clearing or similar
organization; except when covered under Insuring Agreement I.2.

AA. This bond does not cover loss resulting directly or indirectly
from the dishonest or fraudulent acts of an Employee as to whom the
bond has terminated pursuant to Condition R. Cancelation, Termination,
Change or Modification, provided, however, that this exclusion does not
apply to loss of any Property already in transit in the custody of such
Employee at the time the bond terminated or to loss resulting
directly from dishonest or fraudulent acts occurring prior to the time
the bond terminated.

BB. This bond does not cover loss resulting from the unauthorized online
Network, Computer System or internet access to a customer account
maintained by the Insured, through the use of fraudulently obtained
customer login, identification, password, or authentication information,
except where such information has been obtained directly from unauthorized
fraudulent access to a secure file containing such information on a
Computer System, except when covered under Insuring Agreement I.2.

CC. This bond does not cover damages resulting from any civil,
criminal, or other legal proceeding in which the Insured or Investment
Adviser is adjudicated to have engaged in racketeering activity, except
when the Insured establishes that the act or acts giving rise to such
damages were committed by an Employee under circumstances that result
directly in a loss to the Insured covered by Insuring Agreement A. For
purposes of this exclusion, "racketeering activity" is defined
in 18 U.S.C. 1961 et seq., as amended.

DD. This bond does not cover any loss resulting directly or indirectly from
a Fraudulent Instruction except when covered under Insuring Agreement I.2.

EE. This bond does not cover loss or expenses due to liability imposed
upon the Insured as a result of the unlawful disclosure of non-public
information by the Insured, an Investment Adviser, or any Employee,
or as a result of any Employee acting upon such information, whether
or not authorized.

FF. This bond does not cover loss resulting directly or indirectly
from the input of an Electronic Record into a Computer System, either
on the premises of a customer of the Insured or under the control of such a
customer, by a customer or other person who had authorized access to the
customer's authentication mechanism.

VI. CONDITIONS

A. ADDITIONAL COMPANIES INCLUDED AS INSURED

If more than one corporation, co-partnership, or person, or any
combination of them are included as the Insured herein:

1. the total liability of the Company for loss or losses sustained by
any one or more or all of them will not exceed the limit for which the
Company would be liable hereunder if all such loss were
sustained by any one of them;

2. the Insured first named will be deemed authorized to make,
adjust and receive and enforce payment of all claims under the
bond and will be deemed to be the agent of the others for such
purposes and for the giving or receiving of any notice required
or permitted to be given by the terms of this bond, provided however
that the Company will furnish each named Insured with a copy of the
bond and with any amendment to the bond, together with a copy of
each formal filing of claim by any Insured and notification of the
terms of any settlement of a claim prior to the execution of such
settlement;

3. the Company will not be responsible for the proper application of
any payment made hereunder to the first named Insured; and

4. knowledge possessed or discovery made by any partner, officer or
supervisory Employee of any Insured will for the purposes of
Condition B., Condition H. or Condition R. of this bond constitute
knowledge or discovery by all the Insureds.

B. DISCOVERY

This bond applies to loss discovered by the Insured during the Bond
Period. Discovery occurs when an officer or director of the Insured or
of an Investment Adviser first becomes aware of facts that would
cause a reasonable person to assume that a loss of a type covered by
this bond has been or will be incurred, regardless of when the act or
acts causing or contributing to such loss occurred, even though
the exact amount or details of loss may not then be known.

Discovery also occurs when an officer or director of the Insured or
an Investment Adviser receives notice of an actual or potential claim
in which it is alleged that the Insured is liable to a third party under
circumstances that, if true, would constitute a loss under this bond.


C. BOND PERIOD

Bond Period means the period of one year following the inception date
of this bond or any annual anniversary thereof, or if the time between
the inception or annual anniversary date and the expiration
date of this bond is less than one year, then such lesser period.

D. SINGLE LOSS

Single Loss means all covered loss, including court costs and
attorney's fees incurred by the Company under General
Agreement E., resulting from:

1. any one act or series of related acts of burglary, robbery,
or attempt thereat, in which no Employee is implicated;

2. any one act or series of related unintentional or negligent
acts or omissions on the part of any person (whether an Employee
or not) resulting in damage to or destruction or misplacement of
Property;

3. all acts or omissions other than those specified
in 1. and 2. above, caused by any person (whether an Employee or
not) or in which such person is implicated; or

4. any one casualty or event not specified in 1., 2., or 3. above.

E. SINGLE LOSS LIMIT OF INSURANCE

The Company's liability for each Single Loss will not exceed
the applicable Single Loss Limit of Insurance set forth in
ITEM 4 of the Declarations. If a Single Loss is covered under
more than one Insuring Agreement or Coverage, the Single Loss
Limit of Insurance for each applicable Insuring Agreement or
Coverage will apply separately to that part of the loss covered
under such Insuring Agreement or Coverage, provided that the maximum
payable for such Single Loss will not exceed the
largest applicable Single Loss Limit of Insurance.

F. DEDUCTIBLE

The Company is liable hereunder only for the amount by which any
Single Loss exceeds the Single Loss Deductible Amount for the
Insuring Agreement or Coverage applicable to such loss, subject to the
applicable Single Loss Limit of Insurance.

If a Single Loss is covered under more than one Coverage
within an Insuring Agreement, the Single Loss Deductible
Amount set forth in ITEM 4 of the Declarations for each applicable
Coverage will apply separately to the part of such Single Loss
covered under such Coverage, however the sum of such Single Loss
Deductible Amounts for such Single Loss will not exceed the
highest applicable Single Loss deductible Amount for any such Coverage.

The Insured will, in the time and in the manner prescribed in this
bond, give the Company notice of any loss of the kind covered by
the terms of this bond that exceeds 25% of the Single Loss Deductible
Amount applicable to such loss, whether or not the Company is liable
therefor, and upon the request of the Company will file with it a brief
statement giving the particulars concerning such loss.

G. NON-ACCUMULATION OF LIMITS
The Single Loss Limit of Insurance of the Company is not cumulative
in amount from Bond Period to Bond Period, regardless of the number
of years this bond is in force, the number of times this bond may
be renewed or replaced, or the number of premiums that are payable
or paid.

H. NOTICE - PROOF OF LOSS - LEGAL PROCEEDINGS

1. At the earliest practicable moment not to exceed 90 days after
discovery of loss, the Insured or Investment Adviser must give
the Company notice thereof.

IVBB-16001 Ed. 01-16 Page 20 of 25

2. Within six months after such discovery, the Insured or
Investment Adviser must furnish to the Company proof of loss, duly
sworn to, with full particulars.

3. Lost Certificated Securities listed in a proof of loss
will be identified by certificate or bond numbers if such securities
were issued therewith.

4. Legal proceedings for the recovery of any loss hereunder
will not be brought prior to the expiration of 60 days after
the original proof of loss is filed with the Company or after the
expiration of 24 months from the discovery of such loss, except
that any action or proceeding to recover hereunder on account
of any judgment against the Insured in any suit mentioned in
General Agreement E., or to recover attorney's fees paid in any
such suit, will be brought within 24 months from the date upon
which the judgment and such suit will become final.

5. If any limitation embodied in this bond is prohibited by
any law controlling the construction hereof, such limitation
will be deemed to be amended so as to equal the minimum
period of limitation provided by such law.

6. This bond is for the use and benefit only of the Insured,
and the Company will not be liable hereunder for loss
sustained by anyone other than the Insured. No suit, action
or legal proceedings will be brought hereunder by anyone other
than the Insured.

I. VALUATION

1. Money

Any loss of Money, or loss payable in Money, will be paid, at
the option of the Insured, in the Money of the country in
which the loss was sustained or in the U.S. dollar equivalent
thereof determined at the rate of exchange at the time of
payment of such loss.

2. Securities

The Company will settle in kind its liability under this bond
on account of a loss of any securities or, at the option of
the Insured, will pay to the Insured the cost of replacing such
securities, determined by their highest quoted market value at
any time between the business day next preceding the discovery
of the loss and the day that the loss is settled. In case of a
loss of subscription, conversion or redemption privileges
through the misplacement or loss of securities, the amount
of such loss will be the value of such privileges immediately
preceding the expiration thereof. If such securities cannot
be replaced or have no quoted market value, or if such
privileges have no quoted market value, their value will
be determined by agreement or, at the option of the Insured,
arbitration.

If the applicable coverage of this bond is subject to a Single
Loss Deductible Amount or is not sufficient in amount to
indemnify the Insured in full for the loss of securities for
which claim is made hereunder, the liability of the Company
under this bond is limited to the payment for, or the
duplication of, so much of such securities as has a value equal
to the amount of such applicable coverage.

If, at the instance of the Company, the Insured or any customer
of the Insured becomes principal upon any bonds, or gives any
undertakings, required as a prerequisite to the reissuing or
duplicating of any securities for the loss of which the Company
is liable under this bond, the Company will become surety upon
such bonds or undertakings without premium charge and will
indemnify the Insured or such customer against any loss that
the Insured or such customer may sustain by reason of having
become principal upon any such bonds or having given any such
undertakings. The amount of indemnity under this paragraph will
not exceed the amount stated in ITEM 4 of the Declarations for
the applicable Insuring Agreement.

3. Books of Account and Other Records

In case of loss of, or damage to, any books of account or
other records used by the Insured in its business, the Company
will be liable under this bond only if such books or records
are actually reproduced and then for not more than the cost
of the blank books, blank pages or other materials plus the
cost of labor for the actual transcription or copying of data
that have been furnished by the Insured in order to reproduce
such books and other records.

4. Property other than Money, Securities, Books of Account
or Other Records In case of loss of, or damage to, any Property
other than Money, securities, books of account or other records,
except damage covered under Insuring Agreement B.2. or B.3.,
the Company will not be liable for more than the actual cash
value of such Property. The Company may, at its election, pay
the actual cash value of, repair or replace such Property.

With respect to damage of Property covered under Insuring
Agreement B.2., the Company will be liable for the full cost
of repair or replacement of such Property, without deduction for
depreciation.

Disagreement between the Company and the Insured as to the cash
value, replacement value or as to the adequacy of repair or
replacement will be resolved by agreement or, at the option of the
Insured, arbitration.

J. ASSIGNMENT
In the event of payment under this bond, the Insured or Investment
Adviser will deliver, if so requested by the Company, an assignment
of such of the Insured's rights, title and interest and causes
of action as it has against any person or entity to the extent
of the loss payment.

K. SUBROGATION
In the event of payment under this bond, the Company will
be subrogated to all of the Insured's rights of recovery
therefor against any person or entity to the extent of such
payment. If the rules of a Depository provide that the Insured
will be assessed for a portion of any judgment
(or agreed settlement) taken by the Company based upon the
assignment set forth in Condition J. above and the Insured
actually pays such assessment, the Company will reimburse
the Insured for the amount of the assessment. However, such
reimbursement will not exceed the amount of the loss payment
by the Company.

L. RECOVERIES

1. All recoveries, whether effected by the Company or by the
Insured will be applied, after first deducting the costs and
expenses incurred in obtaining such recovery, in the following
order of priority:

a. first, to the Insured to reimburse the Insured for
loss sustained that would have been paid under this bond
but for the fact that such loss is in excess of the Single
Loss Limit of Insurance, provided however, such loss does
not include claim expense payments made by the Insured
in excess of the Single Loss Limit of Insurance of Insuring
Agreement G and such payments will not be deemed excess for
purposes of establishing order of priority;

b. second, to the Company in satisfaction of amounts paid
or to be paid to the Insured in settlement of the Insured's
claim;

c. third, to the Insured in satisfaction of any Single Loss
Deductible Amount; and

d. fourth, to the Insured in satisfaction of any loss not
covered under this bond.

2. Recovery on account of loss of securities as set forth
in Condition I.2., or recovery from reinsurance or indemnity
of the Company, will not be deemed a recovery as used herein.

In determining the amount of any loss covered under this bond,
all Money received by the Insured from any source whatsoever in
connection with any matter from which a loss has arisen, including
payments and receipts of principal, interest, dividends,
commission, and the like, received prior to a loss settlement
under this bond, will be deducted from the amount actually paid
out, advanced, withdrawn, taken or otherwise lost or stolen.
The value of all property received by the Insured from any
source whatever and

IVBB-16001 Ed. 01-16 Page 22 of 25
2016 The Travelers Indemnity Company. All rights reserved.


whenever received, in connection with any matter from which
a loss has arisen, will be valued as of the date received and
will likewise be deducted from the claimed loss.

M. COOPERATION
Upon the Company's request, and at reasonable times and
places designated by the Company, the Insured will:

1. submit to examination by the Company and subscribe
to the same under oath;

2. produce for the Company's examination all pertinent records; and

3. cooperate with the Company in all matters pertaining to the loss.

The Insured will execute all papers and render assistance to secure
to the Company the rights and causes of action provided for herein.

The Insured will do nothing after discovery of loss to prejudice
such rights or causes of action and must do everything reasonably
necessary to secure those rights and causes of action.

N. ANTI-BUNDLING

If any Insuring Agreement requires that an enumerated type
of document be altered or Counterfeit, or contain a signature
that is a Forgery, or that it be obtained through trick,
artifice, fraud or false pretenses, the alteration, Counterfeit,
or signature must be on or of the enumerated document itself, not
on or of some other document submitted with, accompanying, or
incorporated by reference into, the enumerated document.

O. LIMIT OF INSURANCE UNDER THIS BOND AND PRIOR INSURANCE

With respect to any Single Loss that is recoverable or recovered
in whole or in part under any other bonds or policies issued by
the Company to the Insured or to any predecessor in interest of
the Insured and canceled or terminated or allowed to expire and
in which the period for discovery has not expired at the time any
such loss thereunder is discovered, the total liability of the
Company under this bond and under such other bonds or policies
will not exceed, in the aggregate, the amount carried hereunder on
such loss or the amount available to the Insured under such other
bonds or policies, as limited by the terms and conditions thereof,
for any such loss if the latter amount be the larger.

If the coverage of this bond supersedes in whole or in part
the coverage of any other bond or policy of insurance issued
by an insurer other than the Company and canceled, terminated
or allowed to expire, the Company, with respect to any loss
sustained prior to such cancelation, termination or expiration
and discovered within the period permitted under such other bond
or policy for the discovery of loss thereunder, will be liable
under this bond only for that part of such loss covered by this
bond as is in excess of the amount recoverable or recovered on
account of such loss under such other bond or policy, anything
to the contrary in such other bond or policy notwithstanding.

P. OTHER INSURANCE OR INDEMNITY
Coverage afforded hereunder applies only as excess over any
valid and collectible insurance or indemnity obtained by:

1. the Insured;

2. anyone other than the Insured;

3. a Transportation Company;

4. another entity on whose premises the loss occurred or that
employed the person causing the loss; or

5. the messenger conveying the Property involved.

IVBB-16001 Ed. 01-16 Page 23 of 25
2016 The Travelers Indemnity Company. All rights reserved.


Q. COVERED PROPERTY

This bond applies to loss of Property:

1. that is owned by the Insured;

2. that is held by the Insured in any capacity; or

3. for which the Insured is responsible,

prior to or at the time of the occurrence of the loss.
This bond is for the sole use and benefit of the Insured.

R. CANCELATION, TERMINATION, CHANGE, OR MODIFICATION

1. Cancelation

a. This bond is canceled in its entirety immediately upon
receipt by the Company of a Written notice from the Insured
or an Investment Adviser of its desire to cancel this bond,
provided the Insured or Investment Adviser has provided at
least 60 days' advance Written notice to the U.S. Securities
and Exchange Commission (SEC). The Company will notify all
other Insureds of the receipt of such a cancelation request
from the Insured or Investment Adviser, however the cancelation
will not be effective until 60 days after receipt of Written
notice by all other Insureds.

b. This bond is canceled in its entirety 60 days after the
receipt by each Insured and the SEC, of a Written notice from
the Company of its desire to cancel this bond.

c. Coverage is canceled as to any Employee, or as to any
partner, officer, or employee of any Electronic Data Processor
60 days after the receipt by the Insured and the SEC, of
a written notice from the Company of its desire to cancel
coverage under this bond as to such person.

2. Termination

a. This bond terminates in its entirety immediately upon
the Expiration Date set forth in ITEM 2 of the Declarations.

b. This bond terminates as to any Insured:
(1) immediately upon the surrender of such Insured's charter to
any governmental authority; or

(2) immediately upon the taking over of such Insured by a receiver
or other liquidator or by any State or Federal official,

whichever occurs first.

Termination of the bond as to any Insured terminates liability
for any loss sustained by such Insured that is discovered after
the effective date of such termination.

c. Coverage terminates as to any Employee, or as to any partner,
officer, or employee of any Electronic Data Processor:

(1) as soon as any Director or Officer or Insured not in
collusion with such person, learns of any dishonest or fraudulent
employment related act, including Larceny or Embezzlement; or

(2) 60 days after any director or officer of the Insured not in
collusion with such person, learns of any dishonest or fraudulent
non-employment related act,

IVBB-16001 Ed. 01-16 Page 24 of 25
2016 The Travelers Indemnity Company. All rights reserved.

including Larceny or Embezzlement, that resulted in a loss
of Property in excess of $25,000,

either of which were committed by such person at any time,
whether in the employment of the Insured or otherwise, whether
or not of the type covered under Insuring Agreement A,
against the Insured or any other person or entity, without
prejudice to the loss of any Property then in transit in the
custody of such person.

However, termination of coverage as to any Employee as set forth
in c.(1) and c.(2) of the preceding paragraph, will not apply to
any such person provided the Insured has received and retains an
original letter signed by a prior insurer reinstating coverage for
such individual for whom the Insured discovered had committed a
dishonest or fraudulent act prior to the effective date of
this bond.

3. Change or Modification

This bond or any instrument amending or affecting this bond
may not be changed or modified orally. No changes in or
modification of this bond will be effective unless made by
Written endorsement issued to form a part of this bond and
including the signature of the Company's Authorized
Representative. When a bond covers only one Insured no change
or modification that would adversely affect the rights of
the Insured will be effective prior to 60 days after Written
notification has been furnished to the SEC by the Insured,
Investment Adviser or the Company. If more than one Insured
is named under this bond, the Company will give Written notice
to each Insured and to the SEC not less than 60 days prior
to the effective date of any change or modification
that would adversely affect the rights of such Insured.

S. DISCOVERY PERIOD

At any time prior to the cancelation or termination of this
bond in its entirety, whether by the Insured, an
Investment Adviser, or the Company, the Insured or an
Investment Adviser may give to the Company written notice
that it desires under this bond an additional period
of 12 months within which to discover loss sustained by
the Insured prior to the effective date of such cancelation
or termination and will pay an additional premium therefor.

Upon receipt of such notice from the Insured or an Investment
Adviser, the Company will give its written consent thereto;
provided, that such additional period of time terminates
immediately:

1. on the effective date of any other insurance obtained by
the Insured, its successor in business or any other party,
replacing in whole or in part the insurance afforded by this
bond, whether or not such other insurance provides coverage
for loss sustained prior to its effective date; or

2. upon any takeover of the Insured's business by any state
or federal official or agency, or by any receiver or liquidator
acting or appointed for this purpose,

whichever occurs first, and without the necessity of the
Company giving notice of such termination. In the event
that such additional period of time is terminated, as
provided above, the Company will refund on a pro-rata
basis, any unearned premium.

The right to purchase such additional period for the discovery
of loss may not be exercised by any state or federal official
or agency, or by any receiver or liquidator, acting or appointed
to take over the Insured's business for the operation or for
the liquidation thereof or for any other purpose.

The Company's total liability for any loss discovered during
such additional period of time is part of, and not in addition
to, the Single Loss Limit of Insurance of the Bond Period that
terminates immediately preceding the effective date of such
additional period.

T. HEADINGS

The titles of the various paragraphs of this bond and its
endorsements are inserted solely for convenience or reference
and are not to be deemed in any way to limit, expand or affect
the provision to which they relate.

IVBB-16001 Ed. 01-16 Page 25 of 25
2016 The Travelers Indemnity Company. All rights reserved.


THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY.


AUTOMATIC INCREASE IN INSURING AGREEMENT A.1. SINGLE
LOSS LIMIT OF INSURANCE ENDORSEMENT

This endorsement changes the following:

Investment Company Bond

It is agreed that:

The following is added to section VI. CONDITIONS, E. SINGLE
LOSS LIMIT OF INSURANCE:

Notwithstanding the previous paragraph, if the Insured,
while this bond is in force, requires an increase in the limit
of Insuring Agreement A.1. in order to comply with SEC
Regulation 17g-1, as a result of:

1. an increase in assets under management by current Insureds
under the bond, per the terms of section III. GENERAL AGREEMENTS,
A. ORGANIC GROWTH; or

2. an increase in assets under management due to the addition
of new investment companies per the terms of section III. GENERAL
AGREEMENTS, B. CONSOLIDATION - MERGER - PURCHASE OR ACQUISTION
OF ASSETS,

the Single Loss Limit of Insurance for Insuring Agreement A.1.
will automatically be increased to comply with Regulation 17g-1
without the payment of additional premium, for the remainder
of the Bond Period.

Nothing herein contained shall be held to vary, alter, waive,
or extend any of the terms, conditions, exclusions, or
limitations of the above-mentioned bond, except as expressly
stated herein. This endorsement is part of such bond and
incorporated therein.

Issuing Company: Travelers Casualty and Surety Company of America
Bond Number: 106683611

IVBB-10001 Ed. 06-16 Page 1 of 1
2016 The Travelers Indemnity Company. All rights reserved.


THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

NAMED INSURED ENDORSEMENT

This endorsement changes the following:

Investment Company Bond

It is agreed that:

The following are added to ITEM 1 of the Declarations
as Insureds:

JPMorgan Institutional Trust
JPMorgan Insurance Trust
JPMorgan Trust I
JPMorgan Trust II
JPMorgan Trust III
JPMorgan Trust IV
Pacholder High Yield Fund, Inc.
Undiscovered Managers Funds


J.P. Morgan Access Multi-Strategy Fund II
J.P. Morgan Access Multi-Strategy Fund, L.L.C.
J.P. Morgan Fleming Mutual Fund Group, Inc.
J.P. Morgan Mutual Fund Investment Trust


Nothing herein contained shall be held to vary, alter,
waive, or extend any of the terms, conditions, exclusions,
or limitations of the above-mentioned policy, except as
expressly stated herein. This endorsement is part of such policy
and incorporated therein.

Issuing Company: Travelers Casualty and Surety Company of America
Policy Number: 106683611

IVBB-19004 Ed. 01-16 Page 1 of 1
2016 The Travelers Indemnity Company. All rights reserved.


THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

UNAUTHORIZED SIGNATURE ENDORSEMENT

This endorsement changes the following:

Investment Company Bond

It is agreed that:

1. The following is added to section II. INSURING
AGREEMENTS, D. FORGERY OR ALTERATION:

Loss resulting from the Insured accepting, paying, or
cashing any Negotiable Instrument or Withdrawal Order
made or drawn on a customer's account, which bears an
unauthorized signature or an unauthorized endorsement,
provided that the Insured has on file the signatures of
all persons authorized to sign or endorse such Negotiable
Instrument or Withdrawal Order.

2. The following replaces section VI. CONDITIONS, N. ANTI-BUNDLING:

N. ANTI-BUNDLING

If any Insuring Agreement requires that an enumerated
type of document be altered or Counterfeit, or contain a
signature or endorsement which is a Forgery or which is
unauthorized, or that it be obtained through trick, artifice,
fraud, or false pretenses, such alteration, Counterfeit, signature,
or endorsement must be on or of the enumerated document itself,
not on or of some other document submitted with, accompanying, or
incorporated by reference into, the enumerated document.

Nothing herein contained shall be held to vary, alter, waive,
or extend any of the terms, conditions, exclusions, or
limitations of the above-mentioned policy, except as expressly
stated herein. This endorsement is part of such policy and
incorporated therein.

Issuing Company: Travelers Casualty and Surety Company of America
Policy Number: 106683611

IVBB-19010 Ed. 01-16 Page 1 of 1
2016 The Travelers Indemnity Company. All rights reserved.


THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY.

NEWLY CREATED INVESTMENT FUNDS OR PORTFOLIOS ENDORSEMENT

This endorsement changes the following:

Investment Company Bond

It is agreed that:

1. The following replaces section III. GENERAL AGREEMENTS, A.:

A. ORGANIC GROWTH

This bond will include coverage for any Newly Created
Investment Fund or Portfolio, provided the Insured or
the Investment Adviser submits to the Company, following
the end of each Bond Period, a list of all Newly
Created Investment Fund or Portfolios created and offered
during such Bond Period, including the estimated
assets of each Newly Created Investment Fund or Portfolio and
copies of any prospectuses and statements of
additional information relating to such Newly Created Investment
Funds or Portfolio, unless such prospectuses and statements of
additional information have been previously submitted to the
Company.

Following the end of each Policy Period, any Newly Created
Investment Fund or Portfolio created during such Policy Period
will continue to be insured only if:

1. the Company is notified as set forth in this General
Agreement;

2. the information required by this General Agreement has been
provided to the Company; and

3. the Company acknowledges the addition of such Newly Created
Investment Fund or Portfolio by Written endorsement issued to and
forming a part of this bond.

2. The following is added to section IV. DEFINITIONS:
Newly Created Investment Fund or Portfolio means any new
fund or portfolio created and offered by an Insured or
Investment Adviser and for which registration with the
SEC has been declared.

Newly Created Investment Fund or Portfolio does not include
any fund or portfolio that was part of any consolidation, merger,
purchase, or acquisition as described in
section III. GENERAL AGREEMENTS, B.

Nothing herein contained shall be held to vary, alter, waive,
or extend any of the terms, conditions, exclusions, or
limitations of the above-mentioned bond, except as expressly
stated herein. This endorsement is part of such bond and
incorporated therein.

Issuing Company: Travelers Casualty and Surety Company
of America Bond Number: 106683611

IVBB-10004 Ed. 09-16 Page 1 of 1
2016 The Travelers Indemnity Company. All rights reserved.


THIS ENDORSEMENT CHANGES THE BOND. PLEASE READ IT CAREFULLY.

REPLACE CONDITION R.2.C. - TERMINATION AS TO ANY
EMPLOYEE ENDORSEMENT

This endorsement changes the following:

Investment Company Bond

It is agreed that:

The following replaces section VI. CONDITIONS, R.2.c.:

c. With respect to any Employee or any partner, officer or
employee of any Electronic Data Processor, upon the
detection by any Insured that such Employee or partner,
officer or employee of any Electronic Data Processor
(hereafter "detected Employee") has committed any dishonest
or fraudulent acts or theft, the Insured must
immediately remove the detected Employee from a position that
may enable the detected Employee to cause the
Insured to suffer a loss by any subsequent dishonest or
fraudulent acts or theft. The Insured, within 48 hours of such
detection, must notify the Company with full and complete
particulars of the detected dishonest or fraudulent acts or
theft.

For purposes of this section, detection occurs when any
partner,officer, or supervisory Employee of any Insured,
who is not in collusion with the detected Employee,
becomes aware that the detected Employee has committed any
dishonest or fraudulent acts or theft.

Coverage under this bond with respect to such Employee
will terminate upon written notice to each Insured and to
the Securities and Exchange Commission from the Company
of not less than 60 days prior to the effective date of
termination specified in such notice.

Termination of coverage as to any Employee or any partner,
officer or employee of any Electronic Data Processor
as set forth above will not apply to any such person
provided the Insured has received and retains an
original letter signed by a prior insurer reinstating
coverage for such individual for whom the Insured
discovered had committed a dishonest or fraudulent act
prior to the effective date of this bond.

Nothing herein contained shall be held to vary, alter,
waive, or extend any of the terms, conditions, exclusions, or
limitations of the above-mentioned bond, except as expressly
stated herein. This endorsement is part of such bond and
incorporated therein.

Issuing Company: Travelers Casualty and Surety Company
of America Bond Number: 106683611

IVBB-10005 Ed. 09-16 Page 1 of 1
2016 The Travelers Indemnity Company. All rights reserved.


THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

NEW YORK CANCELATION, TERMINATION, CHANGE, OR
MODIFICATION ENDORSEMENT

This endorsement changes the following:

Investment Company Bond

It is agreed that:

1. The following replaces section VI. CONDITIONS, R. CANCELATION,
TERMINATION, CHANGE, OR MODIFICATION, 1.b.:

b. If the bond has been in effect for 60 days or less,
it may be canceled by the Company for any reason. Such
cancelation will be effective 60 days after the Company
mails a notice of cancelation to the first named Insured
at the mailing address set forth in ITEM 1 of the Declarations,
the SEC, and every other Insured.

If the bond has been in effect for more than 60 days or is
a renewal, then cancelation may only be for one
or more of the following reasons and will be effective
60 days after the notice of cancelation is mailed or
delivered to the first named Insured at the mailing
address set forth in ITEM 1 of the Declarations, the
SEC, and to every other Insured:

(1) nonpayment of premium or installment that is overdue,
as well as any unpaid fees charged for installments, late
payment or reinstatement;

(2) conviction of the Insured of a crime arising out of
acts increasing the hazard insured against;

(3) discovery of fraud or material misrepresentation
in the obtaining of this bond or in the presentation of a claim
hereunder;

(4) discovery after the inception date set forth in ITEM 2
of the Declarations of an act or omission, or
a violation of any bond condition that substantially and
materially increases the hazard insured
against;

(5) material change in the nature or extent of the risk,
occurring after the Inception Date set forth in ITEM 2 of
the Declarations, which causes the risk of loss to be
substantially and materially increased beyond that contemplated
at the time the bond was issued or last renewed;

(6) a determination by the superintendent that continuation
of the present premium volume of the Company would jeopardize
the Company's solvency or be hazardous to the interests of the
Company's stockholders or creditors, or to the public;

(7) a determination by the superintendent that continuation
of the bond would violate, or would place the Company in violation
of, any provision of the New York State Insurance Law; or

(8) where the Company has reason to believe, in good faith and
with sufficient cause, that there is a possible risk or danger
that the insured property will be destroyed by the Insured for
the purpose of collecting the insurance proceeds, provided that:

(a) a notice of cancelation on this ground informs the Insured
in plain language that the Insured must act within 10 days if
review by the Department of Financial Services of the
State of New York of the ground for cancelation is desired; and

Issuing Company: Travelers Casualty and Surety Company of America
Policy Number: 106683611

IVBB-18023 Ed. 01-16 Page 1 of 2
2016 The Travelers Indemnity Company. All rights reserved.


(b) notice of cancelation on this ground is provided simultaneously
by the Company to the

Department of Financial Services of the State of New York.

2. The following are added to section VI. CONDITIONS,
R. CANCELATION, TERMINATION, CHANGE, OR
MODIFICATION:

4. Nonrenewal

The Company will not be required to renew this bond upon
its expiration. If the Company elects not to renew, the Company
will provide the Insured set forth in ITEM 1 of the Declarations,
the SEC, and every other Insured Written notice to that effect
at least 60 days, but no more than 120 days, before the Expiration
Date set forth in ITEM 2 of the Declarations. If such notice is
given late,the bond will continue in effect for 60 days after
such notice is received by the Insured.

5. Renewal with Altered Terms:

Should this bond be renewed or replaced, but with a reduction
of limits, reduced coverage, increased deductible, additional
exclusions, or upon increased premiums in excess of 10% (exclusive
of any premium increase as a result of experience rating),
the Company must mail Written notice to the Insured shown
in ITEM 1 of the Declarations at least 60 days but not more
than 120 days before renewal or replacement. If such notice is
given late, the renewal or replacement bond will be in effect
with the same terms,conditions and rates as the terminated bond
for 60 days after such notice is received by the Insured.

The Company may elect to simply notify the Insured that the
bond will either not be renewed, or will be renewed with different
terms, conditions or rates. In such event, the Company will
inform each Insured and the SEC that a second notice will be
sent at a later date specifying the Company's exact intention.
The notice will inform the parties that, in the meantime, coverage
will continue at the same terms, conditions and rates as the
expiring bond until the expiration date of the bond or 60 days
after the second notice is received by the Insured, whichever
is later.

Nothing herein contained shall be held to vary, alter, waive,
or extend any of the terms, conditions, exclusions, or limitations
of the above-mentioned policy, except as expressly stated herein.
This endorsement is part of such policy and incorporated therein.

IVBB-18023 Ed. 01-16 Page 2 of 2
2016 The Travelers Indemnity Company. All rights reserved.

EX-1

JPMORGAN TRUST I
JPMORGAN TRUST II
JPMORGAN TRUST III
JPMORGAN TRUST IV
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
(each a Trust, collectively, the Trusts)

Secretary's Certificate


The undersigned hereby certifies that he is the Secretary of
JPMorgan Trust I, JPMorgan Trust II, JPMorgan Trust III,
JPMorgan Trust IV,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. and
J.P. Morgan Access Multi-Strategy Fund II (the "Trusts");
that the following is a true and correct copy of the resolutions
approving the amount and form of the fidelity bond adopted
by vote of a majority of the members of the Board of
Trustees/Directors of the Trusts, including a majority
of the Trustees/Directors who are not interested persons
of the Trusts (within the meaning of Section 2(a)(19)
of the Investment Company Act of 1940 Act, as amended)
on the 14th day of February 2017 and that said resolutions
are in full force and effect:

RESOLVED, that it is the finding of the Trustees of
JPMorgan Trust I, JPMorgan Trust II,JPMorgan Trust III,
JPMorgan Trust IV, 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.and
J.P. Morgan Access Multi-Strategy Fund II (collectively,
the "Trusts") and separately the finding of the Independent
Trustees that the proposed Fidelity Bond written by St. Paul
Fire and Marine Insurance Company (the "Bond") in the aggregate
amount of $19,650,000, covering, among others, officers and
employees of the Trusts,in accordance with the requirements
of Rule 17g-1 promulgated by the Securities and Exchange
Commission under Section 17(g) of the Investment Company
Act of 1940, as amended, is reasonable in form and amount,
after having given due consideration to, among other things,
the value of the aggregate assets of each of the funds that
are series of the Trusts to which any person covered under
the Bond may have access, the type and terms of the
arrangements made for the custody and safekeeping of assets
of the Trusts, and the nature of the securities in the funds'
portfolios; and

FURTHER RESOLVED, that the premium to be paid by the Trusts
under the Bond be, and hereby is,approved by the Trustees
and separately by the Independent Trustees after having
given due consideration to, among other things, the number
of other parties insured under the Bond, the nature of the business
activities of those other parties, the amount of the Bond,
the amount of the premium of the Bond, the ratable allocation
of the premium among all persons named as insureds, and the
extent to which the share of the premium allocated to each Trust
under the Bond is no more than the premium that such Trust
would have had to pay had it maintained a single insured bond; and

FURTHER RESOLVED, that the Bond and the premium to be paid be,
and hereby are, approved by a vote of a majority of the Trustees
and separately by the Independent Trustees; and

FURTHER RESOLVED, that the officers of the Trusts be, and each
of them hereby is,authorized and directed to enter into an
agreement on behalf among the Trusts, in substantially the form
furnished to the Trustees. as required by Rule 17g-1, with the
other named insureds under the Bond providing that in the event
any recovery is received under the Bond as a result of a loss
sustained by a Trust and also by one or more of the other named
insureds, that Trust shall receive an equitable and proportionate
share of the recovery, but in no event less than the amount
it would have received had it provided and maintained a single
insured bond with the minimum coverage required by paragraph (d)(1)
of the aforementioned Rule 17g-1; and

FURTHER RESOLVED, that the appropriate officers of the Trusts be,
and they hereby are,authorized and directed to prepare, execute
and file such amendments and supplements to the aforesaid
agreement, and to take such other action as may be necessary
or appropriate in order to conform to the provisions of the
Investment Company Act of 1940, as amended, and the rules and
regulations thereunder; and

FURTHER RESOLVED, that the Secretary of the Trusts shall
file the Bond with the Securities and Exchange Commission
and give notice required under paragraph (g) of the
aforementioned Rule 17g- 1; and

FURTHER RESOLVED, that the appropriate officers of
Trusts be, and each of them hereby is, authorized to
make any and all payments and to do any and all other
acts, in the name of Trusts and on its behalf, as they,
or any of them, may determine to be necessary or desirable
and proper in connection with or in furtherance of the
foregoing resolutions.



Dated this 1st day of March, 2017



/s/Frank J. Nasta
Frank J. Nasta
Secretary

EX-2

JOINT FIDELITY BOND AGREEMENT


AGREEMENT made effective this 1st day of March, 2017,
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
JPMorgan Trust IV
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/ Brian Shlissel
Name:	Brian Shlissel
Title:	President





2

                          Schedule A: Registrants


JPMorgan Trust I JPMorgan Trust II JPMorgan Trust III
JPMorgan Trust IV
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

EX-3

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
 $750,000
JPMorgan Trust IV
$525,000

Undiscovered Managers Funds
 $2,500,000
 JPMorgan Insurance Trust

$1,250,000J.P. Morgan Fleming Mutual Fund Group, Inc.
$2,500,000

J.P. Morgan Mutual Fund Investment Trust
 $2,500,000

JPMorgan Institutional Trust
$2,100,000
Pacholder High Yield Fund,
Inc.
$525,000J.P. Morgan Access Multi-Strategy Fund, L.L.C.
 $1,250,000
J.P. Morgan Access Multi-Strategy Fund II
 $750,000
The Premium for JPMorgan Trust I, JPMorgan Trust II, JPMorgan Trust III,
JPMorgan Trust IV, 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. and J.P. Morgan Access
Multi-Strategy Fund II
is paid for the period March 1, 2017 to March 1, 2018.