40-17G

		INVESTMENT COMPANY BLANKET BOND
	St. Paul Fire and Marine Insurance Company
		St. Paul, Minnesota 55102-1396
    (A Stock Insurance Company, herein called Underwriter)

DECLARATIONS 		BOND  NO.  ZBN-15S09040-14-N2

Item 1. Name of Insured (herein called Insured):

JPMorgan Funds

Principal Address:
270 Park Avenue
6th Floor
New York, NY 10017



Item 2. Bond Period from 12:01 a.m. on 03/01/14
to 12:01 a.m. on 03/01/15 the effective date of the termination or
cancellation of the bond, standard time at the Principal Address as
to each of said dates.

Item 3. Limit of Liability

Subject to Sections 9, 10, and 12 hereof:

					Limit of	Deductible
					Liability	Amount


Insuring Agreement A - FIDELITY		$18,475,000	$     0

Insuring Agreement B - AUDIT EXPENSE	$    50,000	$     0

Insuring Agreement C - PREMISES		$18,475,000	$25,000

Insuring Agreement D - TRANSIT		$18,475,000	$25,000

Insuring Agreement E - FORGERY OR
		       ALTERATION	$18,475,000	$25,000


Insuring Agreement F - SECURITIES	$18,475,000	$25,000

Insuring Agreement G - COUNTERFEIT
		       CURRENCY		$18,475,000	$25,000

Insuring Agreement H - STOP PAYMENT	$    50,000	$ 5,000

Insuring Agreement I - UNCOLLECTIBLE
		       ITEMS OF DEPOSIT	$    50,000	$ 5,000

OPTIONAL COVERAGES ADDED BY RIDER:


INSURING AGREEMENT (J) UNAUTHORIZED
		       SIGNATURES
	$    50,000	$ 5,000

INSURING AGREEMENT (K) COMPUTER SYSTEMS	$18,475,000	$25,000

INSURING AGREEMENT (L) VOICE-INITIATED
			      TRANSFER	$18,475,000	$25,000

INSURING AGREEMENT (M) TELEFACIMILE
		       TRANSACTIONS	$18,475,000	$25,000


If "Not Covered" is inserted above opposite any specified Insuring
Agreement or Coverage, such Insuring Agreement or Coverage and any
other reference thereto in this bond shall be deemed to be deleted
therefrom.

Item 4. Offices or Premises Covered - Offices acquired or established
subsequent to the effective date of this bond are covered according to
the terms of General Agreement A. All the Insured's offices or premises
in existence at the time this bond becomes effective are covered under
this bond except the offices or premises located as follows: N/A

ICB001 Rev. 7/04
2004 The Travelers Indemnity Company. All rights reserved.
Page 1 of 2

Item 5. The liability of the Underwriter is subject to the terms of the
following endorsements or riders attached hereto: Endorsements or Riders
No. 1 through

ICB010 Ed 7/04, ICB011 Ed. 2-10, ICB012 Ed. 7-04,
ICB013 Ed. 7-04, ICB014 Ed. 7-04, ICB015 Ed. 7-04, ICB016 Ed. 7-04,
ICB025 Ed. 7-04, ICB026 Ed. 7-04, MEL3724 Ed. 11-05, MEL4734 Ed. 11-06




Item 6. The Insured by the acceptance of this bond gives notice to the
Underwriter terminating or canceling prior bonds or policy(ies) No.(s)
ZBN-15N22096-13-N2 such termination or cancellation to be effective as of the
time this bond becomes effective.

IN WITNESS WHEREOF, the Company has caused this bond to be signed by its
President and Secretary and countersigned by a duly authorized
representative of the Company.


Countersigned:


Authorized Representative 	Countersigned At


Countersignature Date


ST. PAUL FIRE AND MARINE INSURANCE COMPANY

/s/Brian Maclean		/s/Wendy C. Skjerven
President			Secretary



ICB001 Rev. 7/04
2004 The Travelers Indemnity Company. All rights reserved.
Page 2 of 2



INVESTMENT COMPANY BLANKET BOND



The Underwriter, in consideration of an agreed premium, and subject to
the Declarations made a part hereof, the General  Agreements, Conditions
and Limitations and other terms of this bond, agrees with the Insured,
in accordance with the Insuring Agreements hereof to which an amount of
insurance is applicable as set forth in Item 3 of the Declarations and
with respect to loss sustained by the Insured at any time but discovered
during the Bond Period, to indemnify and hold harmless the Insured for:

INSURING AGREEMENTS


(A)  FIDELITY

Loss resulting from any dishonest or fraudulent act(s), including Larceny
or Embezzlement, committed by an Employee, committed anywhere and whether
committed alone or in collusion with others, including loss of Property
resulting from such acts of an Employee, which Property is held by the
Insured for any purpose or in any capacity and whether so held gratuitously
or not and whether or not the Insured is liable therefor.

Dishonest or fraudulent act(s) as used in this Insuring Agreement shall mean
only dishonest or fraudulent  act(s)  committed  by  such  Employee with the
manifest intent:

(a)   to cause the Insured to sustain such loss; and

(b)  to obtain financial  benefit for the Employee, or for any other Person
     or organization intended by the Employee to receive such benefit, other
     than   salaries,   commissions, fees, bonuses, promotions, awards, profit
     sharing, pensions or other employee benefits earned in the normal course
     of employment.

(B)  AUDIT EXPENSE

Expense incurred by the Insured for that part of the costs of audits or
examinations required by any governmental regulatory authority to be conducted
either by such authority or by an independent accountant by reason of the
discovery of loss sustained by the Insured through any dishonest or fraudulent
act(s), including Larceny or Embezzlement, of any of the Employees. The total
liability of the Underwriter for such expense by reason of such acts of any
Employee or in which such Employee is concerned or implicated or with respect
to any one audit or examination is limited to the amount stated opposite Audit
Expense in Item 3 of the Declarations; it being understood, however, that such
expense shall be deemed to be a loss sustained by the Insured through any
dishonest or fraudulent act(s), including Larceny or Embezzlement, of one or
more of the Employees, and the liability under this paragraph shall be in
addition to the Limit of Liability stated in Insuring Agreement (A) in
Item 3 of the Declarations.

(C)  ON PREMISES

Loss of Property (occurring with or without negligence or violence)
through  robbery, burglary, Larceny, theft, holdup, or other fraudulent
means, misplacement, mysterious unexplainable disappearance, damage thereto
or destruction thereof, abstraction or removal from the possession, custody
or control of the Insured, and loss of subscription, conversion, redemption
or deposit privileges through the misplacement or loss of Property, while
the Property is (or is supposed or believed by the Insured to be) lodged
or deposited within any offices or premises located anywhere, except in an
office listed in Item 4 of the Declarations or amendment thereof or in the
mail or with a carrier for hire, other than an armored motor vehicle company,
for the purpose of transportation.

Office and Equipment

(1) loss of or damage to furnishings, fixtures, stationery, supplies or
    equipment, within any of  the  Insured's offices covered under this
    bond caused by Larceny or theft in, or by burglary, robbery  or
    hold-up of, such office, or attempt thereat, or by vandalism or
    malicious mischief; or

(2) loss through damage to any such office by Larceny or theft in, or by
    burglary, robbery or hold-up of, such office, or attempt thereat, or
    to the interior of any such office by vandalism or malicious mischief
    provided, in any event, that the Insured is the owner of such offices,
    furnishings, fixtures, stationery, supplies or equipment or is legally
    liable for such loss or damage always excepting, however, all loss or
    damage through fire.

(D) IN TRANSIT

Loss of Property (occurring with or without negligence or violence) through
robbery, Larceny, theft, hold-up, misplacement, mysterious unexplainable
disappearance, being lost or otherwise made away 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.

(E)  FORGERY 0R ALTERATION

Loss through Forgery or alteration of or on:

(1) any bills of exchange, checks, drafts, acceptances, certificates of
    deposit, promissory notes, or other written promises, orders or directions
    to pay sums certain in money, due bills, money orders, warrants, orders
    upon public treasuries, letters of credit; or

(2) other written instructions, advices or applications directed to the
    Insured, authorizing or acknowledging the transfer, payment, delivery or
    receipt of funds or Property, which  instructions, advices or applications
    purport to have been signed or endorsed by any:

	(a) customer of the Insured, or
	(b) shareholder or subscriber to shares, whether certificated or
	    uncertificated, of any Investment Company, or
	(c) financial or banking institution or stockbroker, but which
	    instructions, advices or applications either bear the forged
	    signature or endorsement or have been altered without the knowledge
	    and consent of such customer, shareholder or subscriber to shares,
	    or financial or banking  institution or stockbroker; or

(3) withdrawal orders or receipts for the withdrawal of funds or Property,
    or receipts or certificates of deposit for Property and bearing the name
    of the Insured as issuer, or of another Investment Company  for  which the
    Insured acts as agent, excluding, however, any loss covered under Insuring
    Agreement (F) hereof whether or not coverage for Insuring Agreement (F) is
    provided for in the Declarations of this bond.

Any check or draft (a) made payable to a fictitious payee and endorsed in the
name of such fictitious payee or (b) procured in a transaction with the maker
or drawer thereof or with one acting as an agent of such maker or drawer or
anyone impersonating another and made or drawn payable to the one so
impersonated and endorsed by anyone other than the one impersonated, shall
be deemed to be forged as to such endorsement.

Mechanically reproduced facsimile signatures are treated the same as
handwritten signatures.

(F)  SECURITIES

Loss sustained by the Insured, including loss sustained by reason of a
violation of the constitution by-laws, rules or regulations of any Self
Regulatory Organization of which the Insured is a member or which would
have been imposed upon the Insured by the constitution, by-laws, rules
or regulations of any Self Regulatory Organization if the Insured had
been a member thereof,

(1) through the Insured's having, in good faith and in the course of business,
    whether for its own account or for the account of others, in any
    representative, fiduciary, agency or any other capacity, either
    gratuitously or otherwise, purchased or otherwise acquired, accepted or
    received, or sold or delivered, or given any value, extended any credit
    or assumed any liability, on the faith of, or otherwise acted upon, any
    securities, documents or other written instruments which prove to have been:

	(a) counterfeited, or
	(b) forged as to the signature of any maker, drawer, issuer, endorser,
	    assignor, lessee, transfer agent or registrar, acceptor, surety or
	    guarantor or as to the signature of any person signing in any other
	    capacity, or
 	(c) raised or otherwise  altered, or lost, or stolen, or

(2) through the Insured's having, in good faith and in the course of business,
    guaranteed in writing or witnessed any signatures whether for valuable
    consideration or not and whether or not such guaranteeing or witnessing is
    ultra vires the Insured, upon any transfers, assignments, bills of sale,
    powers of attorney, guarantees, endorsements or other obligations upon or
    in connection with any securities, documents or other written instruments
    and which pass or purport to pass title to such securities, documents or
    other written instruments; excluding losses caused by Forgery or
    alteration of, on or in those instruments covered under Insuring Agreement
    (E) thereof.

Securities, documents or other written instruments shall be deemed to mean
original (including  original  counterparts) negotiable or non-negotiable
agreements which in and of themselves represent an equitable interest,
ownership, or debt, including an assignment thereof, which instruments are,
in the ordinary course of business, transferable by delivery of such
agreements with any necessary endorsement or assignment.

The word "counterfeited" as used in this Insuring Agreement shall be deemed
to mean any security, document or other written instrument which is intended
to deceive and to be taken for an original.

Mechanically reproduced  facsimile signatures are treated the same as
handwritten signatures.

(G) COUNTERFEIT CURRENCY

Loss through the receipt by the Insured, in good faith, of any counterfeited
money orders or altered paper currencies or coin of the United States of
America or Canada issued or purporting to have been issued by the United
States of America or Canada or issued pursuant to a United States of America
or Canada statute for use as currency.

(H) STOP PAYMENT

Loss against any and all sums which the Insured shall become obligated to pay
by reason of the liability imposed upon the Insured by law for damages:

For having either complied with or failed to comply  with any  written notice
of any customer, shareholder or subscriber of the Insured or any Authorized
Representative of such customer, shareholder or subscriber to stop payment of
any check or draft made or drawn by such customer, shareholder or subscriber
or any Authorized Representative of  such customer, shareholder or subscriber,
or

For having refused to pay any check or draft made or drawn by any customer,
shareholder or subscriber of the Insured or any Authorized Representative
of such customer, shareholder or subscriber.

(I)   UNCOLLECTIBLE ITEMS OF DEPOSIT

Loss resulting from payments of dividends or fund shares, or withdrawals
permitted from any customer's, shareholder's, or subscriber's account based
upon Uncollectible Items of Deposit of a customer, shareholder or subscriber
credited by the Insured or the Insured's agent to such customer's,
shareholder's or subscriber's Mutual Fund Account; or loss resulting from
an Item of Deposit processed through an Automated Clearing House which is
reversed by the customer, shareholder or subscriber and deemed uncollectible
by the Insured.

Loss includes dividends and interest accrued not to exceed 15% of the
Uncollectible Items which are deposited.

This Insuring Agreement applies to all Mutual Funds with "exchange privileges"
if all Fund(s) in the exchange program are insured by the Underwriter for
Uncollectible Items of Deposit. Regardless of the number of transactions
between Fund(s), the minimum number of days of deposit within the Fund(s)
before withdrawal as declared in the Fund(s) prospectus shall begin from the
date a deposit was first credited to any Insured Fund(s).


GENERAL AGREEMENTS


A. ADDITIONAL OFFICES OR EMPLOYEES - CONSOLIDATION OR MERGER - NOTICE

(1)   If the Insured shall, while this bond is in force, establish any
      additional office  or offices, such offices shall be automatically
      covered hereunder from the dates of their establishment, respectively.
      No notice to the Underwriter of an increase during any premium period
      in the number of offices or in the number of Employees at any of the
      offices covered hereunder need be given and no additional premium need
      be paid for the remainder of such premium period.

(2)   If an Investment Company, named as Insured herein, shall, while this
      bond is in force, merge or consolidate with, or purchase the assets of
      another institution, coverage for such acquisition shall apply
      automatically from the date of acquisition.  The Insured shall notify
      the Underwriter of such acquisition within 60 days of said date, and an
      additional premium shall be computed only if such acquisition involves
      additional offices or employees.

B.   WARRANTY

No statement made by or on behalf of the Insured, whether contained in the
application or otherwise, shall be 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.

C.   COURT COSTS AND ATTORNEYS' FEES

(Applicable to all Insuring Agreements or Coverages now or hereafter forming
part of this bond)

The Underwriter will indemnify the Insured against court costs and reasonable
attorneys' fees incurred and paid by the Insured in defense, whether or not
successful, whether or not fully litigated on the merits and whether or not
settled, of 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 which, if established against the Insured, would constitute a
loss sustained by the Insured covered under the terms of this bond provided,
however, that with respect to Insuring Agreement (A) this indemnity shall
apply only in the event that:

(1)  an Employee admits to being guilty of any dishonest or fraudulent act(s),
     including Larceny or Embezzlement; or

(2)   an Employee is adjudicated to be guilty of any dishonest or fraudulent
      act(s), including Larceny or Embezzlement;

(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 dishonesty if such Employee were prosecuted.

The Insured shall promptly give notice to the Underwriter of any such suit
or legal proceedings and at the  request of the Underwriter shall furnish it
with copies of all pleadings and other papers therein. At the Underwriter's
election the Insured shall permit the Underwriter to conduct the defense of
such suit or legal proceeding, in the Insured's name, through attorneys of
the Underwriter's selection. In such event, the Insured shall give all
reasonable information and assistance which the Underwriter shall deem
necessary to the proper 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 Deductible Amount is
applicable,or  both,  the  liability  of  the Underwriter under this General
Agreement is limited to the proportion of court costs and attorneys' fees
incurred and paid by the Insured or by the Underwriter that the amount
recoverable under this bond bears to the total of such amount plus the amount
which is not so recoverable. Such indemnity shall be in addition to the Limit
of Liability for the applicable Insuring Agreement or Coverage.

D.  FORMER EMPLOYEE

Acts of an Employee, as defined in this bond, are covered under Insuring
Agreement (A) only while the Employee is in the Insured's employ. Should
loss involving a former Employee of the Insured be discovered subsequent
to the termination of employment, coverage would still apply under Insuring
Agreement (A) if the direct proximate cause of the loss occurred while the
former Employee performed duties within the scope of his/her employment.


THE FOREGOING INSURING AGREEMENTS AND GENERAL AGREEMENTS ARE SUBJECT TO THE
FOLLOWING CONDITIONS AND LIMITATIONS:


SECTION 1.	DEFINITIONS

The following terms, as used in this bond have the respective meanings stated
in this Section:

(a)   "Employee" means:

      	(1) any of the Insured's officers, partners, or employees, and


	(2) any of the officers or employees of any predecessor of the Insured
	    whose principal assets are acquired by the Insured by consolidation
	    or merger with, or purchase of assets  or  capital  stock  of, such
	    predecessor, and

	(3) attorneys retained by the Insured to perform legal services for the
	    Insured and the employees of such attorneys while such attorneys or
	    employees of such attorneys are performing such services for the
	    Insured, and

	(4) guest students pursuing their studies or duties in any of the
	    Insured's offices, and

	(5) directors or trustees of the Insured, the investment advisor,
	    underwriter (distributor), transfer agent, or shareholder accounting
	    record keeper, or administrator authorized by written agreement to
	    keep financial and/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, and

	(6) any individual or individuals assigned to perform the usual duties
	    of an employee within the premises of the Insured, by contract, or
	    by any agency furnishing temporary personnel on a contingent or
	    part- time basis, and

	(7) each natural person, partnership or corporation authorized by
	    written agreement with the Insured to perform services as electronic
	    data processor of checks or other accounting records of the Insured,
	    but excluding any such processor who acts as transfer agent or in any
	    other agency capacity in issuing checks, drafts or securities for the
	    Insured, unless included under sub-section (9) hereof, and

	(8) those  persons so designated in Section 15, Central Handling of
	    Securities, and

	(9) any officer, partner, or Employee of:

		(a) an investment advisor,
		(b) an underwriter (distributor),
		(c) a transfer agent or shareholder accounting record-keeper, or
		(d) an administrator authorized by written agreement to keep
		    financial and/or other required records, for an Investment
		    Company named as Insured while performing acts coming within
		    the scope of the usual duties of an officer or Employee of
		    any investment  Company  named  as  Insured herein, 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 Investment Company, provided
		    that only Employees or partners of a transfer agent,
		    shareholder accounting record-keeper or administrator which
		    is an affiliated person, as defined in the Investment Company
		    Act of 1940, of an Investment Company named as Insured or
		    is an affiliated person of the advisor, underwriter or
		    administrator of such Investment Company, and which is not
		    a bank, shall be included within the definition of Employee.

		    Each employer of temporary personnel or processors as set forth
		    in sub-sections 96) and (7) of Section 1(a) and their partners,
		    officers and employees shall collectively be deemed to be one
		    person for all the purposes of this  bond, excepting, however,
		    the last paragraph of Section 13.

		    Brokers, or other agents under contract or representatives of
		    the same general character shall not be considered Employees.

(b) "Property" means money (i.e. currency, coin, bank notes, Federal Reserve
     notes), postage and revenue stamps, U.S. Savings Stamps, bullion, precious
     metals of all kinds and in any form and articles made therefrom, jewelry,
     watches, necklaces, bracelets, gems, precious and semi-precious stones,
     bonds, securities, evidences of debts, debentures, scrip, certificates,
     interim receipts, warrants, rights, puts, calls, straddles, spreads,
     transfers, coupons, drafts, bills of exchange, acceptances, notes,
     checks, withdrawal orders, money orders, warehouse receipts, bills of
     lading, conditional sales contracts, abstracts of title, insurance
     policies, deeds, mortgages under real estate and/or chattels and upon
     interests therein, and assignments of such policies, mortgages and
     instruments, and other valuable papers, including books of account
     and other records used by the Insured in the conduct of its business,
     and all other instruments similar to or in the nature of the foregoing
     including Electronic Representations of such instruments enumerated
     above (but excluding all data processing records) in which the Insured
     has an interest or in  which the Insured acquired or should have acquired
     an interest by reason of a predecessor's declared financial condition
     at the time of the Insured's consolidation or merger with, or purchase
     of the principal assets of, such predecessor or which are held by the
     Insured for any purpose or in any capacity and whether so held
     gratuitously or not and whether or not the Insured is liable therefor.

(c) "Forgery" means the signing of the name of another with intent to deceive;
     it does not include the signing of one's own name with or without
     authority, in any  capacity, for  any purpose.

(d) "Larceny and Embezzlement" as it applies to any named Insured means those
     acts as set forth in Section 37 of the Investment Company Act of 1940.

(e) "Items of Deposit" means any one or more checks and drafts. Items of
     Deposit shall not be deemed uncollectible until the Insured's collection
     procedures have failed.

SECTION 2.	EXCLUSIONS

THIS BOND, DOES NOT COVER:

(a)  loss effected directly or indirectly by means of forgery or alteration of,
     on or in any instrument, except when covered by Insuring Agreement (A),
     (E), (F) or (G).

(b)  loss  due to riot or civil commotion outside the United States of America
     and Canada; or loss due to military, naval or usurped power, war or
     insurrection unless such loss occurs in transit in the circumstances
     recited in Insuring Agreement (D), and unless, when such transit was
     initiated, there was no knowledge of such riot, civil commotion, military,
     naval or usurped power, war or insurrection on the part of any person
     acting for the Insured in initiating such transit.

(c)  loss, in time of peace or war, directly or indirectly  caused by or
     resulting from the effects of nuclear fission or fusion or radioactivity;
     provided, however, that this paragraph shall not apply to loss resulting
     from industrial uses of nuclear energy.

(d)  loss resulting  from  any  wrongful  act or acts of any person who is a
     member of the Board of Directors of the Insured or a member of any
     equivalent body by whatsoever name known unless such person is also an
     Employee or an elected official, partial owner or partner of the Insured
     in some other capacity, nor, in any event, loss resulting from the act or
     acts of any person while acting in the capacity of a member of such Board
     or equivalent body.

(e)  loss resulting from the complete or partial non-payment of, or default
     upon, any loan or transaction in the nature of, or amounting to, a loan
     made by or obtained from the Insured or any of its partners, directors
     or Employees, whether authorized or unauthorized and whether procured
     in good faith or through trick, artifice fraud or false pretenses, unless
     such loss is covered under Insuring Agreement (A), (E) or (F).

(f)  loss resulting from any violation by the Insured or by any Employee:

	(1) of law regulating

	    (a) the issuance, purchase or sale of securities,
            (b) securities transactions upon Security Exchanges
                or over the counter market,
            (c) Investment Companies, or
            (d) Investment Advisors, or

	(2) of any rule or regulation made pursuant to any such law. unless
	    such loss, in the absence of such laws, rules or regulations,
	    would be covered under Insuring Agreements (A) or (E).

(g)  loss of Property or loss of privileges through the misplacement or loss
     of Property as set forth in Insuring Agreement (C) or (D) while the
     Property is in the custody of any armored motor vehicle company, unless
     such loss shall be in excess of the amount recovered or received by the
     Insured under (a) the Insured's contract with said armored motor vehicle
     company, (b) insurance carried by said armored motor vehicle company
     for the benefit of users of its service, and (c) all other insurance
     and indemnity in force in whatsoever form carried by or for the benefit
     of users of said armored motor vehicle company's service, and then this
     bond shall cover only such excess.

(h)  potential income, including but not limited to interest and dividends,
     not realized by the Insured because of a loss covered under this bond,
     except as included under Insuring Agreement (I).

(i)  all damages of any type for which the Insured is legally liable, except
     direct compensatory damages arising from a loss covered under this bond.

(j)  loss through the surrender of Property away from an office of the Insured
     as a result of a threat:

	(1) to do bodily harm to any person, except loss of Property in transit
	    in the custody of any person acting as 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).

(k)  all costs, fees and other expenses incurred by the Insured in establishing
     the existence of or amount of loss covered under this bond unless such
     indemnity is provided for under Insuring Agreement (B).


(l)  loss resulting from payments made or withdrawals from the account of a
     customer of the Insured, shareholder or subscriber to shares involving
     funds erroneously credited to such account, unless such payments are
     made to or withdrawn by such depositors or representative  of such
     person, who is within the premises of the drawee bank of the Insured
     or within the office of the Insured at the time of such payment or
     withdrawal or unless such payment is covered under Insuring Agreement (A).

(m) any loss resulting from Uncollectible Items of Deposit which are drawn
    from a financial institution outside the fifty states of the United
    States of America, District of Columbia, and territories and possessions
    of the United States of America, and Canada.

SECTION 3.     ASSIGNMENT OF RIGHTS

This bond does not afford coverage in favor of any Employers of temporary
personnel or of processors as set forth in sub-sections (6) and (7) of
Section 1(a) of this bond, as aforesaid, and upon payment to the Insured
by the Underwriter on account of any loss through dishonest or fraudulent
act(s) including Larceny or Embezzlement committed by any of the partners,
officers or employees of such Employers, whether acting alone or in
collusion with others, an assignment of such of the Insured's rights and
causes of action as it may have against such Employers by reason of such
acts so committed shall, to the extent of such payment, be given by the
Insured to the Underwriter, and the Insured shall execute all papers
necessary to secure to the Underwriter the rights herein provided for.

SECTION 4.     LOSS - NOTICE - PROOF - LEGAL PROCEEDINGS

This  bond  is  for  the  use  and  benefit  only  of  the Insured  named
in  the  Declarations  and  the Underwriter shall not be liable hereunder
for loss sustained  by  anyone other  than  the  Insured unless the Insured,
in its sole discretion  and  at its option, shall include such loss in the
Insured's proof  of loss. At the earliest practicable moment after discovery
of any loss hereunder the Insured shall give the Underwriter written notice
thereof and shall also within six months after such discovery furnish to
the Underwriter affirmative proof of loss with full particulars.  If claim
is made under this bond for loss of securities or shares, the Underwriter
shall not be liable unless each of such securities or shares is identified
in such proof of loss by a certificate or bond number or, where such securities
or shares are uncertificated, by such identification means as agreed to by the
Underwriter. The Underwriter shall have thirty days after notice and proof of
loss within which to investigate the claim, but where the loss is clear and
undisputed, settlement shall be made within forty-eight hours; and this shall
apply notwithstanding the loss is made up wholly or in part of securities of
which duplicates may be obtained. Legal proceedings for recovery of any loss
hereunder shall not be brought prior to the expiration of  sixty days after
such proof of loss is filed with the Underwriter nor after the expiration of
twenty-four months from the discovery of such loss, except that any action or
proceedings to recover hereunder on account of any judgment against the Insured
in any suit mentioned in General Agreement C or to recover attorneys' fees paid
in any such suit, shall be begun within twenty- four months from the date upon
which the judgment in such suit shall become final. If any limitation embodied
in this bond is prohibited by any law controlling the construction  hereof,
such limitation shall be deemed to be amended so as to be equal to the minimum
period of limitation permitted by such law.

Discovery occurs when the Insured:

(a)  becomes aware of facts, or
(b)  receives written notice of an actual or potential claim by a third party
     which alleges that	the Insured is liable under circumstances, which would
     cause a reasonable person to assume that a loss covered by the bond has
     been or will be incurred even though the exact amount or details of loss
     may not be then known.

SECTION 5.     VALUATION OF PROPERTY

The value of any Property, except books of accounts or other records used
by the Insured in the conduct of its business, for the loss of which a claim
shall be made hereunder, shall be determined by the average market value of
such Property on the business day next preceding the discovery of such loss;
provided, however, that the value of any  Property replaced by the Insured
prior to the payment of claim therefor shall be the actual market value at
the time of replacement; and further provided that in case of a loss or
misplacement of interim certificates, warrants, rights, or other securities,
the production of which is necessary to the exercise of subscription,
conversion, redemption or deposit privileges, the value thereof shall be the
market value of such privileges immediately preceding the expiration thereof
if said loss or misplacement is not discovered until after their expiration.
If no market price is quoted for such property or for such privileges, the
value shall be fixed by agreement between the parties or by arbitration.

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

SECTION 6.     VALUATION  OF PREMISES AND FURNISHINGS

In case of damage to any office of the Insured, or loss of or damage
to the furnishings,fixtures, stationery, supplies, equipment, safes or
vaults therein, the Underwriter shall not be liable for more than the
actual cash value thereof, or for more than the actual cost of their
replacement or repair. The Underwriter may, at its election, pay such
actual cash value or make such replacement or repair. If the underwriter
and the Insured cannot agree upon such cash value or such cost of
replacement or repair, such shall be determined by arbitration.

SECTION 7.     LOST SECURITIES

If the Insured shall sustain a loss of securities the total value of which
is in excess of the limit stated in Item 3 of the Declarations of this bond,
the liability of the Underwriter shall be limited to payment for, or
duplication of, securities having value equal to the limit stated in Item 3
of the Declarations of this bond.

If the Underwriter  shall make payment to the Insured for any loss of
securities, the Insured shall thereupon assign to the Underwriter all
of the Insured's rights, title and interest in and to said securities.

With respect to securities the value of which do not exceed the Deductible
Amount (at the time of the discovery of the loss) and for which the Underwriter
may at its sole discretion and option and  at the request of the Insured issue
a Lost Instrument Bond or Bonds to effect replacement thereof, the Insured will
pay the usual premium charged therefor and will indemnify the Underwriter
against all loss or expense that the Underwriter may sustain because of the
issuance of such Lost Instrument Bond or Bonds.

With respect to securities the value of which exceeds the Deductible Amount
(at the time of discovery of the loss) and for which the Underwriter may
issue or arrange for the issuance of a Lost Instrument Bond or Bonds to
effect replacement thereof, the Insured agrees that it will pay as premium
therefor a proportion of the usual premium charged therefor, said proportion
being equal to the percentage that the Deductible Amount bears to the value
of the securities upon discovery of the loss, and that it will indemnify the
issuer of said Lost Instrument Bond or Bonds against all loss and expense that
is not recoverable from the Underwriter under the terms and conditions of this
Investment Company Blanket Bond subject to the Limit of Liability hereunder.

SECTION 8.     SALVAGE

In case of recovery, whether made by the Insured or by the Underwriter, on
account of any loss in excess of the Limit of Liability hereunder plus the
Deductible Amount applicable to such loss, from any source other than
suretyship, insurance, reinsurance, security or indemnity taken by or for the
benefit of the Underwriter, the  net amount of such recovery, less the actual
costs and expenses of making same, shall be applied to reimburse the Insured
in full for the excess portion of such loss, and the remainder, if any, shall
be paid first in reimbursement of the Underwriter and thereafter in
reimbursement of the Insured for that part of such loss within the Deductible
Amount. The Insured shall execute all necessary papers to secure to the
Underwriter the rights provided for herein.

SECTION 9.  NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL LIABILITY

At all times prior to termination  hereof, this bond shall continue in force
for the limit stated in the applicable sections of Item 3 of the Declarations
of this bond notwithstanding any previous loss for which the Underwriter may
have paid or be liable to pay hereunder; PROVIDED, however, that regardless
of the number of years this bond shall continue in force and the number or
premiums which shall be payable or paid, the liability of the Underwriter
under this bond with respect to all loss resulting from:


(a)  any  one act of  burglary, robbery  or holdup, or attempt thereat, in
     which no Partner or Employee is concerned or implicated shall be deemed
     to be one loss, or
(b)  any one unintentional  or negligent act on the part of any other person
     resulting in damage to or destruction or misplacement of Property, shall
     be deemed to be one loss, or
(c)  all wrongful  acts, other  than  those specified in (a) above, of any
     one person shall be deemed to be one loss, or
(d)  all  wrongful  acts, other  than  those specified in (a) above, of one
     or more persons (which dishonest act(s) or act(s) of Larceny or
     Embezzlement include, but are not limited to, the failure of an Employee
     to report such acts of others) whose dishonest act or acts intentionally
     or unintentionally, knowingly or unknowingly, directly or indirectly, aid
     or aids in any way, or permits the continuation of, the dishonest  act
     or acts of any other person or persons shall be deemed to be one loss
     with the act or acts of the persons aided, or
(e)  any one casualty or event other than those specified in (a), (b), (c)
     or (d) preceding, shall be deemed to be one loss, and shall be limited
     to the applicable Limit of Liability stated in Item 3 of the Declarations
     of this bond irrespective of the total amount of such loss or losses
     and shall not be cumulative in amounts from year to year or from period .
     to period.

Sub-section (c) is not applicable to any situation to
which the language of sub-section (d) applies.

SECTION 10.   LIMIT OF LIABILITY

With respect to any loss set forth in the PROVIDED clause of Section 9 of
this bond which is recoverable or recovered in whole or in part under any
other bonds or policies issued by the Underwriter to the Insured or to any
predecessor in interest of the Insured and terminated or cancelled or allowed
to expire and in which the period of discovery has not expired at the time
any such loss thereunder is discovered, the total liability of the Underwriter
under this bond and under other bonds or policies shall 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.

SECTION 11.   OTHER INSURANCE

If the Insured shall hold, as indemnity against any loss covered hereunder,
any valid and enforceable insurance or suretyship, the Underwriter shall be
liable hereunder only for such amount of such loss which is in excess of the
amount of such other insurance or suretyship, not exceeding, however, the
Limit of Liability of this bond applicable to such loss.

SECTION 12.   DEDUCTIBLE

The Underwriter shall not be liable under any of the Insuring Agreements
of this bond on account of loss as specified, respectively, in sub-sections
(a), (b), (c), (d) and (e) of Section 9, NON-REDUCTION AND NON- ACCUMULATION
OF LIABILITY AND TOTAL LIABILITY, unless the amount of such loss, after
deducting the net amount of all reimbursement and/or recovery obtained or
made by the Insured, other than from any bond or policy of insurance issued
by an insurance company and covering such loss, or by the Underwriter on
account thereof prior to  payment by the Underwriter of such loss, shall
exceed the Deductible Amount set forth in Item 3 of the Declarations hereof
(herein called Deductible Amount), and then for such excess only, but in no
event for more than the applicable Limit of Liability stated in Item 3 of
the Declarations.

The Insured will bear, in addition to the Deductible Amount, premiums on
Lost Instrument Bonds as set forth in Section 7.

There shall be no deductible applicable to any loss under Insuring
Agreement A sustained by any Investment Company named as Insured herein.

SECTION 13.   TERMINATION

The Underwriter may terminate this bond as an entirety by furnishing
written notice specifying the termination date, which cannot be prior
to 60 days after the receipt of such written notice by each Investment
Company named as Insured and the Securities and Exchange Commission,
Washington, D.C. The Insured may terminate this bond as an entirety by
furnishing written notice to the Underwriter. When the Insured cancels,
the Insured shall furnish written notice to the Securities and Exchange
Commission, Washington, D.C., prior to 60 days before the effective date
of the termination.

The Underwriter shall notify all other Investment Companies named as
Insured of the receipt of such termination notice and the termination
cannot be effective prior to 60 days after receipt of written notice by
all other Investment Companies. Premiums are earned until the termination
date as set forth herein.

This Bond will terminate as to any one Insured immediately upon taking over
of such Insured by a receiver or other liquidator or by State or Federal
officials, or immediately upon the filing of a petition under any State or
Federal statute relative to bankruptcy or reorganization
of the Insured, or assignment for the benefit of creditors of the Insured,
or immediately upon such Insured ceasing to exist, whether through merger
into another entity, or by disposition of all of its assets.

The Underwriter shall refund the unearned premium computed at short rates
in accordance with the standard short rate cancellation tables if
terminated by the Insured or pro rata if terminated for any other reason.

This Bond shall terminate:

(a)  as to any Employee as soon as any partner, officer  or  supervisory
     Employee  of the Insured, who is not in collusion with such Employee,
     shall learn of any dishonest or fraudulent act(s), including Larceny
     or Embezzlement on the part of such Employee without prejudice to the
     loss of any Property then in transit in the custody of such Employee
     (see Section 16(d)), or

(b)  as to any Employee 60 days after receipt by each Insured and by
     the Securities and Exchange Commission of a written notice from
     the Underwriter of its desire  to terminate this bond as to such
     Employee, or


(c)  as to any person, who is a partner, officer or employee of any Electronic
     Data Processor covered under this bond, from and after the time that the
     Insured or any partner or officer thereof not in collusion with such
     person shall have knowledge or information that such person has committed
     any dishonest or fraudulent act(s), including Larceny or Embezzlement in
     the service of the Insured or otherwise, whether such act be committed
     before or after the time this bond is effective.

SECTION 14.   RIGHTS AFTER TERMINATION OR CANCELLATION

At any time prior to the termination or cancellation of this bond as an
entirety, whether by the Insured or the Underwriter, the Insured may give
the Underwriter 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 termination or cancellation and shall pay an
additional premium therefor.

Upon receipt of such notice from the Insured, the Underwriter shall give
its written consent thereto; provided, however, that such additional period
of time shall terminate immediately:

(a)  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

(b)  upon 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 without the necessity of the Underwriter giving notice of such
     termination. In the event that such additional period of time is
     terminated, as provided above, the Underwriter shall refund 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 a receiver
or liquidator, acting or appointed to take over the Insured's business for
the operation or for the liquidation thereof or for any purpose.

SECTION 15.   CENTRAL HANDLING OF SECURITIES

Securities included in the system for the central handling of securities
established and maintained by Depository Trust Company, Midwest Depository
Trust Company, Pacific Securities Depository Trust Company, and Philadelphia
Depository Trust Company, hereinafter called Corporations, to the extent of
the Insured's interest therein as effected by the making of appropriate
entries on the books and records of such Corporations shall be deemed to be
Property.

The words "Employee" and 'Employees" shall be deemed  to include  the
officers, partners, clerks  and other employees of the New York Stock Exchange,
Boston stock Exchange, Midwest Stock Exchange, Pacific Stock Exchange and
Philadelphia Stock Exchange, hereinafter called Exchanges, and of the above
named Corporations, and of any nominee in whose name is registered any security
included within the systems for the central handling of securities established
and maintained by such Corporations, and any employee or any recognized service
company, while such officers, partners, clerks and other employees and
employees of service companies perform services  for such Corporations in the
operation of such systems. For the purpose of the above definition a recognized
service company shall be any company providing clerks or other personnel to the
said Exchanges or Corporations on a contract basis.

The Underwriter shall not be liable on account of any loss(es) in connection
with the central handling of securities  within the  systems  established
and maintained by such Corporations, unless such loss(es) shall be in excess
of the amount(s) recoverable or recovered under any bond or policy of insurance
indemnifying such Corporations against such loss(es), and  then the Underwriter
shall be liable hereunder only for the Insured's share of such excess loss(es),
but in no event for more than the Limit of Liability applicable hereunder.

For the purpose of determining the Insured's share of excess loss(es) it shall
be deemed that the Insured has an interest in any certificate representing any
security included within such systems equivalent to the interest the Insured
then has in all certificates representing the same security included within
such systems and that such Corporations shall use their best judgment in
apportioning the amount(s) recoverable or recovered under any bond or policy
of insurance indemnifying such Corporations against such loss(es) in connection
with the central handling of securities within such systems among all those
having an interest as recorded by appropriate entries in the books and records
of such Corporations in Property involved in such loss(es) on the basis that
each such interest shall share in the amount(s) so recoverable or recovered
in the ratio that the value of each such interest bears to the total value
all such interests and that the Insured's share of such excess loss(es) shall
be the amount of the Insured's interest in such Property in excess of the
amount(s) so apportioned to the Insured by such Corporations.

This bond does not afford coverage in favor of such Corporations or Exchanges
or any nominee in whose name is registered any security included within the
systems for the central handling of securities established and maintained by
such Corporations, and upon payment to the Insured by the Underwriter on
account of any loss(es) within the systems, an assignment of such of the
Insured's rights and causes of action as it may have against such Corporations
or Exchanges shall to the extent of such payment, be given by the Insured to
the Underwriter, and the Insured shall execute all papers necessary to secure
the Underwriter the rights provided for herein.

SECTION 16.   ADDITIONAL COMPANIES INCLUDED AS INSURED

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

(a)  the total liability of the Underwriter hereunder for loss or losses
     sustained by any one or more or all of them shall not exceed the limit
     for which the Underwriter would be liable hereunder if all such loss
     were sustained by any one of them;

(b)  the one first named herein shall be deemed authorized to make, adjust
     and receive and enforce payment of all claims hereunder and shall 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
     hereof, provided that the Underwriter shall furnish each named Investment
     Company with a copy of the bond and with any amendment thereto, together
     with a copy of each formal filing of the settlement of each such claim
     prior to the execution of such settlement;

(c) the Underwriter shall not be responsible for the proper application of
    any payment made hereunder to said first named Insured;

(d)  knowledge possessed or discovery made by any partner, officer of
     supervisory Employee of any Insured shall for the purposes of Section 4
     and Section 13 of this bond constitute knowledge or discovery by all
     the Insured; and

(e)  if the first named Insured ceases for any reason to be covered under this
     bond, then the Insured next named shall thereafter be considered as the
     first, named Insured for the purposes of this bond.

SECTION 17.   NOTICE AND CHANGE OF CONTROL

Upon the Insured obtaining  knowledge  of a transfer of its outstanding voting
securities which results in a change in control (as set forth in Section 2(a)
(9) of the Investment Company Act of 1940) of the Insured, the Insured shall
within thirty (30) days of such knowledge give written notice to the
Underwriter setting forth:

(a)  the names of the transferors and transferees (or the names of the
     beneficial owners if the voting securities are requested in another name),
     and

(b)  the total number of  voting  securities owned by the transferors and the
     transferees (or the beneficial owners), both immediately before and after
     the transfer, and

(c)  the total number of outstanding voting securities.

As used in this section, control means the power to exercise a controlling
influence over the management or policies of the Insured.

Failing to give the required notice shall result in termination of coverage
of this bond,  effective  upon the date of stock transfer for any loss in
which any transferee is concerned or implicated.

Such notice is not required to be given in the case of
an Insured which is an Investment Company.

SECTION 18.   CHANGE OR MODIFICATION

This bond or any instrument amending or effecting same may not be changed
or modified orally. No changes in or modification thereof shall be effective
unless made by written endorsement issued to form a part hereof over the
signature of the Underwriter's Authorized Representative. When a bond covers
only one Investment Company no change or modification which would adversely
affect the rights of the Investment Company shall be effective prior to 60
days after written notification has been furnished to the Securities and
Exchange  Commission, Washington, D.C., by the Insured or by the Underwriter.

If more than one Investment Company is named as the Insured herein, the
Underwriter shall give written notice to each Investment Company and to the
Securities and Exchange Commission, Washington, D.C., not less than 60 days
prior to the effective date of any change or modification which would
adversely affect the rights of such Investment Company.

ENDORSEMENT OR RIDER NO.
THIS ENDORSEMENT CHANGES THE POLICY.  PLEASE READ IT CAREFULLY.

The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.

ATTACHED TO AND FORMING  PART OF
BOND OR POLICY NO.

DATE ENDORSEMENT
OR RIDER EXECUTED

* EFFECTIVE DATE OF ENDORSEMENT OR RIDER

12:01 A.M. LOCAL TIME AS
SPECIFIED IN THE BOND OR POLICY

ZBN-15S09040-14-N2	03/06/14	03/01/14


* ISSUED TO
JPMORGAN FUNDS

Named Insured Endorsement

It is agreed that:

1.	From and after the time this rider becomes effective the Insured
        under the attached bond are:

- JPMorgan Institutional Trust
- JPMorgan Insurance Trust
- JPMorgan Trust I
- JPMorgan Trust II
- Pacholder High Yield Fund, Inc.
- Undiscovered Managers Funds
- J.P. Morgan Access Multi-Strategy Fund II
- J.P. Morgan Access Mutli-Strategy Fund, L.L.C.
- J.P. Morgan Fleming Mutual Fund Group, Inc.
- J.P. Morgan Mutual Fund Investment Trust
- JPMorgan Trust III
- J.P. Morgan Mutual Fund Group

2.   The first named Insured shall act for itself and for each
     and all of the Insured for all the purposes of the attached
     bond.

3.   Knowledge possessed or discovery made by any Insured or by
     any partner or officer thereof shall for all the purposes
     of the attached bond constitute knowledge or discovery by
     all the Insured.

4.   If, prior to the termination of the attached bond in its
     entirety, the attached bond is terminated as to any Insured,
     there shall be no liability for any loss sustained by such
     Insured unless discovered before the time such termination
     as to such Insured becomes effective.

5.   The liability of the Underwriter for loss or losses sustained
     by any or all of the Insured shall not exceed the amount for
     which the Underwriter would be liable had all such loss or
     losses been sustained by any one of the Insured.
     Payment by the Underwriter to the first named Insured of
     loss sustained by any Insured shall fully release the
     Underwriter on account of such loss.

6.   If the first named Insured ceases for any reason to be covered
     under the attached bond, then the Insured next named shall
     thereafter be considered as the first named Insured for all
     the purposes of the attached bond.




 Nothing herein contained shall be held to vary, alter, waive, or extend
 any of the terms, conditions, provisions, agreements or limitations of
 the above mentioned Bond or Policy, other than as above stated.



By
Authorized Representative
INSURED



THIS ENDORSEMENT CHANGES THE POLICY.  PLEASE READ IT CAREFULLY.

The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.

ATTACHED TO AND FORMING PART OF
BOND OR POLICY NO.

DATE ENDORSEMENT
OR RIDER EXECUTED

* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M. STANDARD  TIME AS
SPECIFIED IN THE BOND OR POLICY

ZBN-15S09040-14-N2	03/06/14	03/01/14

* ISSUED TO
JPMORGAN FUNDS


COMPUTER SYSTEMS


1. 	The attached bond is amended by adding an additional Insuring Agreement
        as follows:


INSURING AGREEMENT 	K

COMPUTER SYSTEMS


Loss resulting directly from a fraudulent

(1)   entry of data into, or
(2)   change of data elements or program within,
a Computer System listed in the SCHEDULE below, provided the fraudulent entry
or change causes
(a)   Property to be transferred, paid or delivered,
(b)   an account of the Insured, or of its customer, to be added, deleted,
      debited or credited, or
(c)   an unauthorized account or a fictitious account to be debited or credited,
      and provided further, the fraudulent entry or change is made or caused by
      an individual acting with the manifest intent to

	(i)   cause the Insured to sustain a loss, and
	(ii)  obtain financial benefit for that individual or for other persons
              intended by that individual to receive financial benefit.

SCHEDULE


2.    As used in this Rider, Computer System means

(a)   computers with related peripheral components, including storage
      components, wherever located,
(b)   systems and applications software,
(c)   terminal devices, and
(d)   related communication networks by which data are electronically
      collected, transmitted, processed, stored and retrieved.

3.    In addition to the exclusions in the attached bond, the following
      exclusions are applicable to the Computer Systems Insuring Agreement:

(a)   loss resulting directly or indirectly from the theft of confidential
      information, material or data; and
(b)   loss 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, unless such instructions are given to
      that individual by a software contractor (or by a partner, officer or
      employee thereof) authorized by the Insured to design, develop, prepare,
      supply, service, write or implement programs for the Insured's Computer
      System; and
(c)   loss discovered by the Insured before this Rider is executed or after
      coverage under this Rider terminates.

4.    Solely with respect to the Computer Systems Insuring Agreement, the
      following replaces SECTION 9, NON- REDUCTION AND NON-ACCUMULATION OF
      LIABILITY AND TOTAL LIABILITY, (a) - (e), of the CONDITIONS AND
      LIMITATIONS:


	(a)   all fraudulent activity of any one person, or in which any one
	      person is implicated, whether or not that person is specifically
              identified, shall be deemed to be one loss, or
	(b)   a series of losses involving unidentified persons but arising
 	      from the same method of operation shall be deemed to be one loss,
              and

5.    The following is added to the OPTIONAL COVERAGE ADDED BY RIDER section
      of Item 3. of the DECLARATIONS:


Insuring Agreement	K

Computer Systems

Limit of Liability 	Deductible Amount

	$18,475,000	$25,000


6.     The following is added to the CONDITIONS AND LIMITATIONS:

If any loss is covered under the Computer Systems Insuring Agreement and
any other Insuring Agreement or Coverage, the maximum amount payable for
such loss shall not exceed the largest amount available under any one such
Insuring Agreement or Coverage.

7.      The following is added to SECTION 13. TERMINATION of the CONDITIONS
        AND LIMITATIONS:

Coverage under this Rider may also be terminated or canceled without
canceling the bond as an entirety

(a)  60 days after receipt by the Insured of written notice from the
     Underwriter of its desire to terminate or cancel coverage under this
     Rider, or
(b)  immediately upon receipt by the Underwriter of a written request from
     the Insured to terminate or cancel coverage under this Rider.

The Underwriter shall refund to the Insured the unearned premium for the
coverage under this Rider.  The refund shall be computed at short rates
if this Rider be terminated or canceled or reduced by notice from, or at
the instance of, the Insured.


Nothing herein contained shall be held to vary, alter, waive, or extend any
of the terms, conditions, provisions, agreements or limitations of the above
mentioned Bond or Policy, other than as above stated.


By
Authorized Representative
INSURED





ENDORSEMENT OR RIDER NO.
THIS ENDORSEMENT CHANGES THE POLICY.  PLEASE READ IT CAREFULLY.

The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.

ATTACHED TO AND FORMING PART OF
BOND OR POLICY NO.

DATE ENDORSEMENT
OR RIDER EXECUTED

* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M. STANDARD  TIME AS
SPECIFIED IN THE BOND OR POLICY

ZBN-15S09040-14-N2	03/06/14	03/01/14

* ISSUED TO
JPMORGAN FUNDS


UNAUTHORIZED SIGNATURES

It is agreed that:

1. The attached bond is amended by inserting an additional Insuring
   Agreement as follows:


INSURING AGREEMENT  J

UNAUTHORIZED  SIGNATURE


(A)  Loss resulting directly from the Insured having accepted, paid or cashed
     any check or withdrawal order, draft, made or drawn on a customer's
     account which bears the signature or endorsement of one other than a
     person whose name and signature is on the application on file with the
     Insured as a signatory on such account.

(B)  It shall be a condition precedent to the Insured's right of recovery
     under this Rider that the Insured shall have on file signatures of all
     persons who are authorized signatories on such account.


2.   The total liability of the Underwriter under Insuring Agreement J is
     limited to the sum of Fifty Thousand Dollars ($50,000), it being
     understood, however, that such liability shall be part of and not in
     addition to the Limit of Liability stated in Item 3 of the Declarations
     of the attached bond or amendment thereof.

3.   With respect to coverage afforded under this Rider, the Deductible Amount
     shall be Five Thousand Dollars ($5,000).



Nothing herein contained shall be held to vary, alter, waive, or extend any
of the terms, conditions, provisions, agreements or limitations of the above
mentioned Bond or Policy, other than as above stated.



By
Authorized Representative
INSURED




ENDORSEMENT OR RIDER NO.
THIS ENDORSEMENT CHANGES THE POLICY.  PLEASE READ IT CAREFULLY.
The following spaces preceded by an (*) need not be completed
if this endorsement or rider and the Bond or Policy have the
same inception date.

ATTACHED TO AND FORMING PART OF
BOND OR POLICY NO.

DATE ENDORSEMENT
OR RIDER EXECUTED

* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M. STANDARD  TIME AS
SPECIFIED IN THE BOND OR POLICY


ZBN-15S09040-14-N2	03/06/14	03/01/14

* ISSUED TO
JPMORGAN FUNDS


TELEFACSIMILE TRANSACTIONS

It is agreed that:

1.   The attached Bond is amended by adding an additional Insuring
     Agreement as follows:


INSURING AGREEMENT  M

TELEFACSIMILE TRANSACTIONS


Loss caused by a Telefacsimile Transaction, where the request for such
Telefacsimile Transaction is unauthorized or fraudulent and is made with
the manifest intent to deceive; provided, that the entity which receives
such request generally maintains and follows during the Bond Period all
Designated Fax Procedures with respect to Telefacsimile Transactions.
The isolated failure of such entity to maintain and follow a particular
Designated Fax Procedure in a particular instance will not preclude
coverage under this Insuring Agreement, subject to the exclusions herein
and in the Bond.

2. 	Definitions. The following terms used in this Insuring Agreement
        shall have the following meanings:

a. 	"Telefacsimile System" means a system of transmitting and reproducing
        fixed graphic material (as, for example, printing) by means of signals
        transmitted over telephone lines.

b.     "Telefacsimile Transaction" means any Fax Redemption, Fax Election,
        Fax Exchange, or Fax Purchase.

c. 	"Fax Redemption" means any redemption of shares issued by an Investment
        Company which is requested through a Telefacsimile System.

d.      "Fax Election" means any election concerning dividend options available
        to Fund shareholders which is requested through a Telefacsimile System.

e. 	"Fax Exchange" means any exchange of shares in a registered account of
         one Fund into shares in an identically registered account of another
         Fund in the same complex pursuant to exchange privileges of the two
         Funds, which exchange is requested through a Telefacsimile System.

f.	"Fax Purchase" means any purchase of shares issued by an Investment
         Company which is requested through a Telefacsimile System.

g.	"Designated Fax Procedures" means the following procedures:

(1)    Retention:  All Telefacsimile Transaction requests shall be retained
       for at least six (6) months. Requests shall be capable of being
       retrieved and produced in legible form within a reasonable time after
       retrieval is requested.

(2)    Identity Test: The identity of the sender in any request for a
       Telefacsimile Transaction shall be tested before executing that
       Telefacsimile Transaction, either by requiring the sender to
       include on the face of the request a unique identification number
       or to include key specific account information. Requests of Dealers
       must be on company letterhead and be signed by an authorized
       representative. Transactions by occasional users are to be verified by
       telephone confirmation.

(3)    Contents: A Telefacsimile Transaction shall not be executed unless the
       request for such Telefacsimile Transaction is dated and purports to have
       been signed by (a) any shareholder or subscriber to shares issued by a
       Fund, or (b) any financial or banking institution or stockbroker.

(4)    Written  Confirmation:  A written confirmation of each Telefacsimile
       Transaction shall be sent to the shareholder(s) to whose account such
       Telefacsimile Transaction relates, at the record address, by the end
       of the Insured's next regular processing cycle, but no later than five
       (5) business days following such Telefacsimile Transaction.

i.     "Designated" means or refers to a written designation signed by a
        shareholder of record of a Fund, either in such shareholder's initial
        application for the purchase of Fund shares, with or without a
        Signature Guarantee, or in another document with a Signature Guarantee.


j.	"Signature Guarantee" means a written guarantee of a signature, which
        guarantee is made by an Eligible Guarantor Institution as defined in
        Rule 17Ad-15(a)(2) under the Securities Exchange Act of 1934.

3. 	Exclusions. It is further understood and agreed that this Insuring
        Agreement shall not cover:

a. 	Any loss covered under Insuring Agreement A, "Fidelity," of this Bond;
        and

b.   Any loss resulting from:

(1)   Any Fax Redemption, where the proceeds of such redemption were requested
      to be paid or made payable to other than (a) the shareholder of record,
      or (b) a person Designated in the initial application or in writing at
      least one (1) day prior to such redemption to receive redemption
      proceeds, or (c) a bank account Designated in the initial application
      or in writing at least one (1) day prior to such redemption to receive
      redemption proceeds; or

(2)   Any Fax Redemption of Fund shares which had been improperly credited
      to a shareholder's account, where such shareholder (a) did not cause,
      directly or indirectly, such shares to be credited to such account,
      and (b) directly or indirectly received any proceeds or other benefit
      from  such redemption; or

(3)   Any Fax Redemption from any account, where the proceeds of such
      redemption were requested to be sent to any address other than
      the record address or another address for such account which was
      designated (a) over the telephone or by telefacsimile at least fifteen
      (15) days prior to such redemption, or (b) in the initial application
      or in writing at least one (1) day prior to such redemption; or

(4)   The intentional failure to adhere to one or more Designated Fax
      Procedures; or

(5)   The failure to pay for shares attempted to be purchased.


4.    The Single Loss Limit of Liability under Insuring Agreement M is limited
      to the sum of Eighteen Million Four Hundred Seventy Fifty Thousand
      Dollars ($18,475,000) it being understood, however, that such liability
      shall be part of and not in addition to the Limit of Liability stated in
      Item 3 of the Declarations of the attached Bond or amendments thereof.

5.    With respect to coverage afforded under this Rider the applicable Single
      loss Deductible Amount is Twenty Five Thousand Dollars ($25,000).



Nothing herein contained shall be held to vary, alter, waive, or extend any
of the terms, conditions, provisions, agreements or limitations of the above
mentioned Bond or Policy, other than as above stated.



By
Authorized Representative
INSURED



ENDORSEMENT OR RIDER NO.
THIS ENDORSEMENT CHANGES THE POLICY.  PLEASE READ IT CAREFULLY.

The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.

ATTACHED TO AND FORMING PART OF
BOND OR POLICY NO.

DATE ENDORSEMENT
OR RIDER EXECUTED

* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M. STANDARD  TIME AS
SPECIFIED IN THE BOND OR POLICY


ZBN-15S09040-14-N2	03/06/14	03/01/14

* ISSUED TO
JPMORGAN FUNDS


VOICE INITIATED TRANSACTIONS

It is agreed that:

1. 	The attached bond is amended by inserting an additional Insuring
        Agreement as follows:


INSURING AGREEMENT  L

- VOICE-INITIATED TRANSACTIONS


Loss caused by a Voice-initiated Transaction, where the request for such
Voice-initiated Transaction is unauthorized or fraudulent and is made with
the manifest intent to deceive; provided, that the entity which receives
such request generally maintains and follows during the Bond Period all
Designated Procedures with respect to Voice-initiated Redemptions and the
Designated Procedures described in paragraph 2f (1) and (3) of this Rider
with respect to all other Voice-initiated Transactions.  The isolated
failure of such entity to maintain and follow a particular Designated
Procedure in a particular instance will not preclude coverage under this
Insuring Agreement, subject to the specific exclusions herein and in the
Bond.

2. 	Definitions. The following terms used in this Insuring Agreement
        shall have the following meanings:

a. 	"Voice-initiated Transaction" means any Voice-initiated Redemption,
         Voice-initiated Election, Voice-initiated Exchange, or
         Voice-initiated Purchase.

b.      "Voice-initiated Redemption" means any redemption of shares issued by
         an Investment Company which is requested by voice over the telephone.

c. 	"Voice-initiated Election" means any election concerning dividend
         options available to Fund shareholders which is requested by voice
         over the telephone.

d.      "Voice-initiated Exchange" means any exchange of shares in a registered
         account of one Fund into shares in an identically registered account
         of another Fund in the same complex pursuant to exchange privileges
         of the two Funds, which exchange is requested by voice over the
         telephone.

e. 	"Voice-initiated Purchase" means any purchase of shares issued by an
         Investment Company which is requested by voice over the telephone.

f.	"Designated Procedures" means the following procedures:

(1)    Recordings: All Voice-initiated Transaction requests shall be
       recorded, and the recordings shall be retained for at least six
       (6) months.  Information contained on the recordings shall be
       capable of being retrieved and produced within a reasonable time
       after retrieval of specific information is requested, at a success
       rate of no less than 85%.

(2)    Identity Test: The identity of the caller in any request for a
       Voice-initiated Redemption shall be tested before executing that
       Voice-initiated Redemption, either by requesting the caller to
       state a unique identification number or to furnish key specific
       account information.

(3)    Written  Confirmation: A written confirmation of each Voice-initiated
       Transaction and of each change of the record address of a Fund
       shareholder requested by voice over the telephone shall be mailed to
       the shareholder(s) to whose account such Voice-initiated Transaction
       or change of address relates, at the original record address
       (and, in the case of such change of address, at the changed record
       address) by the end of the Insured's next regular processing cycle,
       but no later than five (5) business days following such Voice-initiated
       Transaction or change of address.

g.	"Investment Company" or "Fund" means an investment company registered
        under the Investment Company Act of 1940.

h.	"Officially Designated" means or refers to a written designation signed
        by a shareholder of record of a Fund, either in such shareholder's
        initial application for the purchase of Fund shares, with or without a
        Signature Guarantee, or in another document with a Signature Guarantee.

i.	"Signature Guarantee" means a written guarantee of a signature, which
        guarantee is made by a financial or banking institution whose deposits
        are insured by the Federal Deposit Insurance Corporation or by a broker
        which is a member of any national securities exchange registered under
        the Securities Exchange Act of 1934.

3. 	Exclusions. It is further understood and agreed that this Insuring
        Agreement shall not cover:

	a. Any loss covered under Insuring Agreement A, "Fidelity, "
           of this Bond; and

	b. Any loss resulting from:

(1)   Any Voice-initiated Redemption, where the proceeds of such redemption
      were requested to be paid or made payable to other than (a) the
      shareholder of record, or (b) a person Officially Designated to receive
      redemption proceeds, or (c) a bank account Officially Designated to
      receive redemption proceeds; or

(2)   Any Voice-initiated Redemption of Fund shares which had been improperly
      credited to a shareholder's account, where such shareholder (a) did not
      cause, directly or indirectly, such shares to be credited to such
      account, and (b) directly or indirectly received any proceeds or other
      benefit from such redemption; or

(3)   Any Voice-initiated Redemption from any account, where the proceeds of
      such redemption were requested to be sent (a) to any address other than
      the record address for such account, or (b) to a record address for such
      account which was either (i) designated over the telephone fewer than
      thirty (30) days prior to such redemption, or (ii) designated in writing
      less than on (1) day prior to such redemption; or

(4)   The intentional failure to adhere to one or more Designated Procedures; or

(5)   The failure to pay for shares attempted to be purchased; or

(6)   Any Voice-initiated Transaction requested by voice over the telephone and
      received by an automated system which receives and converts such request
      to executable instructions.


4.    The total liability of the Underwriter under Insuring Agreement L is
      limited to the sum of Eighteen Million Four Hundred Seventy Fifty Thousand
      Dollars ($18,475,000), it being understood, however, that such liability
      shall be part of and not in addition to the Limit of Liability stated in
      Item 3 of the Declarations of the attached bond or amendment thereof.

5.    With respect to coverage afforded under this Rider the applicable
      Deductible Amount is Twenty Five Thousand Dollars ($25,000).



Nothing herein contained shall be held to vary, alter, waive, or extend any
of the terms, conditions, provisions, agreements or limitations of the above
mentioned Bond or Policy, other than as above stated.





By
Authorized Representative
INSURED





ENDORSEMENT OR RIDER NO.
THIS ENDORSEMENT CHANGES THE POLICY.  PLEASE READ IT CAREFULLY.

The following spaces preceded by an (*) need not be completed
if this endorsement or rider and the Bond or Policy have the
same inception date.

ATTACHED TO AND FORMING PART OF
BOND OR POLICY NO.

DATE ENDORSEMENT
OR RIDER EXECUTED

* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M. STANDARD  TIME AS
SPECIFIED IN THE BOND OR POLICY

ZBN-15S09040-14-N2	03/06/14	03/01/14

* ISSUED TO
JPMORGAN FUNDS



Amend Definition of Employee
(Exclude EDP Coverage for Computer Software or Programs)

It is agreed that:

1. 	Sub-section 7 of Section 1(a) in the Definition of Employee,
        is deleted and replaced by the following:

(7)   "each  natural  person,  partnership  or  corporation  authorized
       by  written agreement  with  the Insured to perform services as
       electronic data processor of checks or other accounting records
       of the Insured (does not include  the creating, preparing, modifying
       or maintaining the Insured's computer  software  or programs), but
       excluding any  such processor who  acts as transfer agent or in any
       other agency  capacity in issuing checks, drafts or securities for
       the Insured, unless included under sub-section (9) hereof, and"



Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, provisions, agreements or limitations of
the above mentioned Bond or Policy, other than as above stated.

By
Authorized Representative
INSURED



ENDORSEMENT OR RIDER NO.
THIS ENDORSEMENT CHANGES THE POLICY.  PLEASE READ IT CAREFULLY.

The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.

ATTACHED TO AND FORMING  PART OF
BOND OR POLICY NO.

DATE ENDORSEMENT
OR RIDER EXECUTED

* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M. STANDARD  TIME AS
SPECIFIED IN THE BOND OR POLICY


ZBN-15S09040-14-N2	03/06/14	03/01/14

* ISSUED TO
JPMORGAN FUNDS



DEFINITION OF INVESTMENT COMPANY

It is agreed that:

1. 	Section 1, Definitions, under General Agreements is amended to
        include the following paragraph:

(f)    Investment Company means an investment company registered under the
       Investment Company Act of 1940 and as listed under the names of
       Insureds on the Declarations.


Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, provisions, agreements or limitations of
the above mentioned Bond or Policy, other than as above stated.

By
Authorized Representative
INSURED



ENDORSEMENT OR RIDER NO.
THIS ENDORSEMENT CHANGES THE POLICY.  PLEASE READ IT CAREFULLY.

The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.

ATTACHED TO AND FORMING  PART OF
BOND OR POLICY NO.

DATE ENDORSEMENT
OR RIDER EXECUTED

* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M. STANDARD  TIME AS
SPECIFIED IN THE BOND OR POLICY


ZBN-15S09040-14-N2	03/06/14	03/01/14

* ISSUED TO
JPMORGAN FUNDS



AMEND GENERAL AGREEMENT A - NEWLY CREATED INVESTMENT COMPANIES

It is agreed that:

1. 	General Agreement A.  (Additional  Offices or Employees -
        Consolidation or Merger - Notice) is amended  by inserting
        the following:

(3)  	Item 1. of the Declarations shall include any Newly Created Investment
     	Company or portfolio provided that the Insured shall submit to the
     	Underwriter following the end of the Bond Period, a list of all Newly
     	Created Investment Companies or portfolios, the estimated assets of each
     	Newly Created portfolio and copies of any prospectuses and statements of
     	additional information relating to such Newly Created Investment
        Companies or portfolios unless said prospectuses and statements of
        additional information have been previously submitted.

	Following the end of the Bond Period, any Newly Created Investment Company
	or portfolio created during the period, will continue to be an Insured only
	if the Underwriter is notified as set forth in this paragraph and the
	information required herein is provided to the Underwriter, and the
	Underwriter acknowledges  the addition of such Newly Created Investment
	Company or portfolio to the Bond by a Rider to this Bond.

2. 	It is further agreed that the following definition is added to
        Section 1. DEFINITIONS.

(f )    Newly Created Investment  Company or portfolio shall mean any
        Investment  Company or portfolio for which registration with
        the SEC has been declared.


Nothing herein contained shall be held to vary, alter, waive, or extend any
of the terms, conditions, provisions, agreements or limitations of the above
mentioned Bond or Policy, other than as above stated.

By
Authorized Representative
INSURED



ENDORSEMENT OR RIDER NO.
THIS ENDORSEMENT CHANGES THE POLICY.  PLEASE READ IT CAREFULLY.

The following spaces preceded by an (*) need not be completed if
this endorsement or rider and the Bond or Policy have the
same inception date.

ATTACHED TO AND FORMING  PART OF
BOND OR POLICY NO.

DATE ENDORSEMENT
OR RIDER EXECUTED

* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M. STANDARD  TIME AS
SPECIFIED IN THE BOND OR POLICY


ZBN-15S09040-14-N2	03/06/14	03/01/14

* ISSUED TO
JPMORGAN FUNDS



ADD EXCLUSIONS (N) & (O)

It is agreed that:

1. 	Section 2, Exclusions, under General Agreements, is amended to
        include the following sub-sections:

(n)  loss from  the use of credit, debit, charge, access,  convenience,
     identification,  cash  management or other cards, whether such cards
     were issued or purport to have been issued by the Insured or by
     anyone else, unless such loss is otherwise covered under Insuring
     Agreement A.

(o)  the underwriter shall not be liable under the attached  bond for
     loss due to liability imposed upon  the Insured as a result of the
     unlawful disclosure of non-public material information by the
     Insured or any Employee, or as a result of any Employee acting upon
     such information, whether authorized or unauthorized.




Nothing herein contained shall be held to vary, alter, waive, or extend
any of the terms, conditions, provisions, agreements or limitations of
the above mentioned Bond or Policy, other than as above stated.

By
Authorized Representative
INSURED



The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.

ATTACHED TO AND FORMING  PART OF
BOND OR POLICY NO.

DATE ENDORSEMENT OR
RIDER EXECUTED

* EFFECTIVE DATE OF ENDORSEMENT OR RIDER

12:01 A.M. LOCAL TIME AS


ZBN-15S09040-14-N2	03/06/14	03/01/14

SPECIFIED IN THE BOND OR POLICY


* ISSUED TO
JPMORGAN FUNDS




ADD THEFT AND FALSE PRETENSES TO INSURING AGREEMENT C - IN TRANSIT
For use with Form 25
MEL3724 Ed. 11/05

It is agreed that:

1. 	Insuring Agreement C - In Transit - is deleted and replaced by
        the following:

IN TRANSIT

(C)  Loss of Property resulting directly from robbery, common-law or statutory
     larceny, theft, false pretenses, misplacement, mysterious unexplainable
     disappearance, being lost or made away with, and damage thereto or
     destruction thereof, while the Property is in transit anywhere in the
     custody of:

(a)   a natural person acting as a messenger of the Insured (or another natural
      person acting as messenger or custodian during an emergency arising from
      the incapacity of the original messenger), or
(b)   a Transportation Company and being transported in an armored motor
      vehicle, or
(c)   a Transportation Company and being transported in a conveyance other
      than a armored motor vehicle provided that covered Property transported
      in such manner is limited to the following:

	(i)   records, whether recorded in writing or electronically, and
	(ii)  Certificated Securities issued in registered form and not
	      endorsed, or with restrictive endorsements, and
	(iii)  Negotiable Instruments not payable to bearer, or not endorsed,
	       or with restrictive endorsements.

Coverage under this Insuring Agreement begins immediately upon the receipt
of such Property by the natural person or Transportation Company and ends
immediately upon delivery to the designated recipient or its agent.



Nothing herein contained shall be held to vary, alter, waive, or extend any
of the terms, conditions, provisions, agreements or limitations of the above
mentioned Bond or Policy, other than as above stated.


By
Authorized Representative
INSURED



The following spaces preceded by an (*) need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.

ATTACHED TO AND FORMING  PART OF
BOND OR POLICY NO.

DATE ENDORSEMENT OR
RIDER EXECUTED

* EFFECTIVE DATE OF ENDORSEMENT OR RIDER

12:01 A.M. LOCAL TIME AS


ZBN-15S09040-14-N2	03/06/14	03/01/14

SPECIFIED IN THE BOND OR POLICY


* ISSUED TO
JPMORGAN FUNDS


AUTOMATIC INCREASE IN LIMITS
MEL4734 Ed. 11-06 - For use with ICB005 Ed. 7-04

It is agreed that:

1. 	Section 10., Limit of Liability, is amended to include the
        following paragraph:

If the Insured shall, while this bond is in force, require an increase in
limits to comply with SEC Reg. 17g-1, due to an increase in asset size of
current Investment Companies insured under the bond or the addition of new
Investment Companies, the Limit of Liability of this Bond shall automatically
be increased to comply with this regulation without the payment of additional
premium for the remainder of the premium period.



Nothing herein contained shall be held to vary, alter, waive, or extend any
of the terms, conditions, provisions, agreements or limitations of the above
mentioned Bond or Policy, other than as above stated.

By
Authorized Representative
INSURED

EX-1

JPMORGAN TRUST I
JPMORGAN TRUST II
JPMORGAN TRUST III
UNDISCOVERED MANAGERS FUNDS
JPMORGAN INSURANCE TRUST
J.P. MORGAN FLEMING MUTUAL FUND GROUP, INC.
J.P. MORGAN MUTUAL FUND GROUP
J.P. MORGAN MUTUAL FUND INVESTMENT TRUST
JPMORGAN INSTITUTIONAL TRUST
PACHOLDER HIGH YIELD FUND, INC.
J.P. MORGAN ACCESS MULTI-STRATEGY FUND, L.L.C.
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,
Undiscovered Managers Funds, JPMorgan Insurance Trust, J.P. Morgan
Fleming Mutual Fund Group, Inc., J.P. Morgan Mutual Fund Group,
J.P. Morgan Mutual Fund Investment Trust, JPMorgan Institutional Trust,
Pacholder High Yield Fund, Inc., J.P. Morgan Access Multi-Strategy
Fund, L.L.C. and J.P. Morgan Access Multi-Strategy Fund II (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 12th day of February 2014 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, Undiscovered Managers Funds,
JPMorgan Insurance Trust, J.P. Morgan Fleming Mutual Fund Group, Inc.,
J.P. Morgan Mutual Fund Group, J.P. Morgan Mutual Fund Investment Trust,
JPMorgan Institutional Trust, Pacholder High Yield Fund, Inc. J.P. Morgan
Access Multi-Strategy Fund, L.L.C. and J.P. Morgan Access Multi-Strategy
Fund II (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
$18,475,000, 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


Page 1 of 2


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 27 day of March, 2014



/s/ Frank J Nasta
Frank J. Nasta
Secretary


Page 2 of 2

EX-2

JOINT FIDELITY BOND AGREEMENT

AGREEMENT made effective this 1st day of March, 2014,
by and among each of the Registrants listed on Schedule A
to this Agreement (each a "Registrant" and collectively, the
"Registrants") and each an "Insured" and collectively, the
"Insureds").

	WHEREAS, each Registrant is a management investment company
	registered under the Investment Company Act of 1940, as amended
	(the "1940 Act"); and

	WHEREAS, pursuant to the requirements of Rule 17g-1 under the 1940
	Act, each Registrant is required to maintain a fidelity bond against
	larceny and embezzlement covering certain of its officers and
	employees; and

       	WHEREAS, Rule 17g-1 provides that a registered management investment
	company may obtain a joint insured bond covering itself and other
	persons, as specified in Rule 17g-1(b) under the 1940 Act, including
	other registered investment companies that are managed and/or whose
	shares are distributed by the same entities (or affiliates of such
	entities); and

	WHEREAS, each series of the Registrants is managed by subsidiaries or
	affiliates of JPMorgan Chase & Co. ("JPMorgan"); and

	WHEREAS, the Insureds have entered into a Registered Management
	Investment Company Bond issued by St. Paul Fire and Marine Insurance
	Company ("Bond"); and

	WHEREAS, the Insureds desire to provide for: (1) the method by which
	the amount of coverage provided under the Bond will be determined from
	time to time; and (2) an equitable and proportionate allocation of any
	proceeds received under the Bond in the event that one or more Insureds
	suffer loss and consequently are entitled to recover under the Bond;

      	NOW THEREFORE, it is hereby agreed among the parties hereto as follows:

	1. 	Amount of Coverage Maintained.  The amount of fidelity bond
		coverage under the Bond shall at all times be at least equal
		in amount to the total amount of coverage which each Registrant
		would have been required to provide and maintain individually
		pursuant to the schedule set forth in paragraph (d) of Rule 17g-1
		under the 1940 Act had each Registrant not been a named Insured
		under the Bond.
       2. 	Allocation of Recovery.  In the event recovery is received under
		the Bond as a result of loss sustained by more than one of the
		Insureds, each such Registrant shall receive an equitable and
		proportionate share of the recovery which shall be at least equal
		to the amount which that Registrant would have received had it
		provided and maintained a single insured bond with the minimum
		coverage required by Rule 17g-1(d)(1).
       3. 	Allocation of Premiums.  No premium shall be paid by a Registrant
		under the Bond unless that Registrant's Board of Trustees, including
		majority of those Trustees who are not "interested persons" of the
		Registrant as defined by Section 2(a)(19) of the 1940 Act, shall
		approve the portion of the premium to be paid by that Registrant.
		The premium payable on the Bond shall be allocated among the
		Insureds as determined by the Registrants' Boards of Trustees.
       4. 	Amendment.  This Agreement may not be amended or modified in any
		manner except by a written agreement executed by the parties.
       5. 	Applicable Law. This Agreement shall be construed and the provisions
		thereof interpreted under and in accordance with the laws of the
		State of New York.
       6. 	Term.  The term of this Agreement shall commence on the date hereof
		and shall terminate upon the termination or cancellation of the
		Bond.

       	IN WITNESS WHEREOF, each of the parties has caused this Agreement to be
	executed in its name and behalf by its authorized representative effective
	as of the day and year first above written.


JPMorgan Trust I
JPMorgan Trust II
JPMorgan Trust III
Undiscovered Managers Funds
JPMorgan Insurance Trust
J.P. Morgan Fleming Mutual Fund Group, Inc.
J.P. Morgan Mutual Fund Group
J.P. Morgan Mutual Fund Investment Trust
JPMorgan Institutional Trust
Pacholder High Yield Fund, Inc.
J.P. Morgan Access Multi-Strategy Fund, L.L.C.
J.P. Morgan Access Multi-Strategy Fund II



/s/ Michael D'Ambrosio
Michael D'Ambrosio
Assistant Treasurer


Schedule A: Registrants


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


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