POLICY COVER SHEET
Job Name: XP3310D5 Print Date and Time: 04/08/10 21:01
File Number: O617O
Business Center/
Original Business Unit: FINANCIAL AND PROFESSIONAL SERVICES
Policy Number: 490PB2554
Name of insured: JPMORGAN FUNDS
Agency Number: 3180284
Department or Expense Center: 001
Underwriter: 1470873 Underwriting Team:
Data Entry Person: R. BARNETT
Date and Time: 04/08/10 10:02 001
Special Instructions
Policy Commencement Date: 03/01/10
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THIS POLICY CONTAINS FORMS SELECTED THROUGH DOCUMENT SELECT
THE FOLLOWING SELECTED FORMS ARE NOT APPROVED ON THE FORMS STATUS TABLE
FORM NBR EDITION CO STATE TRANS DATE
* MEL3724 11.05 1 NY 2010-03-01*
* MEL4734 11.06 1 NY 2010-03-01*
* MLABL 09.85 1 NY 2010-03-01*
* ND059 11.06 1 NY 2010-03-01*
IMPORTANT NOTICE -INDEPENDENT AGENT AND BROKER
COMPENSATION
NO COVERAGE IS PROVIDED BY THIS NOTICE. THIS NOTICE DOES NOT AMEND ANY
PROVISION OF YOUR POLICY. YOU SHOULD REVIEW YOUR ENTIRE POLICY CAREFULLY FOR
COMPLETE INFORMATION ON THE COVERAGES PROVIDED AND TO DETERMINE YOUR RIGHTS
AND DUTIES UNDER YOUR POLICY. PLEASE CONTACT YOUR AGENT OR BROKER IF YOU
HAVE ANY QUESTIONS ABOUT THIS NOTICE OR ITS CONTENTS. IF THERE IS ANY
CONFLICT
BETWEEN YOUR POLICY AND THIS NOTICE, THE PROVISIONS
OF YOUR POLICY PREVAIL.
For information about how Travelers compensates independent agents and
brokers, please visit www.travelers.com, call our toll-free telephone
number, 1-866-904-8348, or you may request a written copy from Marketing
at One Tower Square, 2GSA, Hartford, CT 06183.
HOW TO REPORT LOSSES, CLAIMS, OR POTENTIAL CLAIMS TO TRAVELERS
Reporting new losses, claims, or potential claims promptly can be
critical. It helps to resolve covered losses or claims as quickly as possible
and often reduces the overall cost.
Prompt reporting:
better protects the interests of all parties;
helps Travelers to try to resolve losses or claims more quickly; and
often reduces the overall cost of a loss or claim -losses or claims
reported more than five days after they happen cost on average 35% more than
those reported earlier.
Report losses, claims, or potential claims to Travelers easily and
quickly by fax, U S mail, or email.
FAX
Use this number to report a loss, claim, or potential claim by fax toll
free.
1-888-460-6622
US MAIL
Use this address to report a loss, claim, or potential claim by U S Mail.
Bond-FPS Claims Department
Travelers
Mail Code NB08F
385 Washington Street
Saint Paul,Minnesota 55102
EMAIL
Use this address to report a loss, claim, or potential claim by email.
Pro.E&O.Claim.Reporting@SPT.com
This is a general description of how to report a loss, claim, or
potential claim under this policy or bond. This description does not replace
or add to the terms of this policy or bond. The policy or bond alone determines
the scope of coverage. Please read it carefully
for complete information on coverage. Contact your agent or broker if you
have any questions about coverage.
INVESTMENT COMPANY BLANKET BOND
St. Paul Fire and Marine Insurance Company
St. Paul, Minnesota 55102-1396
(A Stock Insurance Company, herein called Underwriter)
DECLARATIONS BOND NO. 490PB2554
Item 1.
Name of Insured (herein called Insured):
JPMORGAN FUNDS
Principal Address:
245 PARK AVENUE -2ND FLOOR Y
NY1-Q205 NEW YORK, NY 10167
Item 2. Bond Period from 12:01 a.m. on 03/01/10 to 12:01 a.m. on 03/01/2011 the
effective date of the termination or cancellation of the bond, standard time
at the Principal Address as to each of said dates.
Item 3. Limit of Liability
Subject to Sections 9, 10, and 12 hereof:
Limit of Deductible
Liability Amount
Insuring Agreement A -FIDELITY $13,850,000 $0
Insuring Agreement B -AUDIT EXPENSE $50,000 $0
Insuring Agreement C -PREMISES $13,850,000 $25,000
Insuring Agreement D -TRANSIT $13,850,000 $25,000
Insuring Agreement E -FORGERY OR ALTERATION $13,850,000 $25,000
Insuring Agreement F -SECURITIES $13,850,000 $25,000
Insuring Agreement G -COUNTERFEIT CURRENCY $13,850,000 $25,000
Insuring Agreement H -STOP PAYMENT $50,000 $5,000
Insuring Agreement I -UNCOLLECTIBLE ITEMS OF $50,000 $5,000
DEPOSIT
OPTIONAL COVERAGES ADDED BY RIDER:
INSURING AGREEMENT (J) UNAUTHORIZED SIGNATURES $50,000 $2,500
INSURING AGREEMENT (K) COMPUTER SYSTEMS $13,850,000 $25,000
INSURING AGREEMENT (L) VOICE-INITIATED TRANSFER $25,000 $13,850,000
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INSURING AGREEMENT (M) TELEFACIMILE TRANSACTIONS $13,850,000 $25,000
If "Not Covered" is inserted above opposite any specified Insuring
Agreement or Coverage, such Insuring Agreement or Coverage and any other
reference thereto in this bond shall be deemed to be deleted therefrom.
Item 4. Offices or Premises Covered -Offices acquired or established
subsequent to theeffective date of this bond are covered according to the
terms of GeneralAgreement A. All the Insured's offices or premises in
existence at the time this bond becomes effective are covered under this
bond except the offices or premises located as follows: N/A
ICB001 Rev. 7/04
2004 The Travelers Companies, Inc. Page 1 of 2
Item 5. The liability of the Underwriter is subject to the terms of the
following endorsements or riders attached hereto: Endorsements or Riders
No. 1 through
ICB001 Rev. 07/04,
ICB010 Ed. 07/04
ICB011 Ed. 07-04
ICB012 Ed. 07-04
ICB013 Ed. 07-04
ICB014 Ed. 07-04
ICB015 Ed. 07-04
ICB016 Ed. 07-04
ICB017 Ed. 07-04
ICB026 Ed. 07-04
ICB037 Ed. 07-04
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MEL3724 Ed. 11-05
MEL4734 Ed. 11-06
Item 6. The Insured by the acceptance of this bond gives notice to the
Underwriterterminating or canceling prior bonds or policy(ies) No.(s)
490PB2216 such termination or cancellation to be effective as of the time
this bond becomes effective.
IN WITNESS WHEREOF, the Company has caused this bond to be signed by its
President and Secretary and countersigned by a duly authorized
representative of the Company.
Countersigned:
ST. PAUL FIRE AND MARINE INSURANCE COMPANY
/s/Bruce Backberg,
Secretary
/s/Brian MacLean,
President Authorized Representative Countersigned At
Countersignature Date
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INVESTMENT COMPANY BLANKET BOND
The Underwriter, in consideration of an agreed premium, and subject to
the Declarations made apart 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) hereof.
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 andemployees, and
(2) any of the officers or employees of any predecessor of the
Insured whose the principal assets are 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
(6) 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 valueof 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 NONACCUMULATION
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. The following
spaces preceded by an (*) need not be completed if this endorsement or rider
and the Bond or Policy have the same inception date.
The hard copy of the bond issued by Underwriter will be referenced in the
event of a loss
ATTACHED TO AND FORMING
PART OF BOND OR POLICY NO.
490PB2554
DATE ENDORSEMENT OR
RIDER EXECUTED
04/08/10
RIDER
* EFFECTIVE DATE OF ENDORSEMENT OR ORDER
12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
03/01/10
* ISSUED TO JPMORGAN FUNDS
Computer Systems It is agreed that:
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
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
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
All systems utilized by the Insured 2. As used in this Rider, Computer System
means (a) computers with related peripheral components, including storage
components, wherever located, systems and applications software, terminal
devices, and 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 this 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.
4. The following portions of the attached bond are not applicable to this
Rider: (a) the portion preceding the Insuring Agreements which reads "at any
time but discovered during the Bond Period";
(b)Section 9 NONREDUCTION AND NON-ACCUMULATION OF LIABILITY of the Conditions
and Limitations; and
(c) Section 10 LIMIT OF LIABILITY of the Conditions and Limitations.
1. The coverage afforded by this Rider applies only to loss discovered by the
Insured during the period this Rider is in force.
2.All loss or series of losses involving the fraudulent activity of one
individual, or involving fraudulent activity, in which one individual is
implicated, whether or not that individual is specifically identified, shall
be treated as one loss. A series of losses involving unidentified individuals
but arising from the same method of operation may be deemed by the Underwriter
to involve the same individual and in that event shall be treated as one loss.
3.The Limit of Liability for the coverage provided by this Rider shall be
Thirteen Million Eight Hundred Fifty Thousand Dollars ($13,850,000 ), it
being understood, however, that such liability shall be a part of and not in
addition to the Limit of Liability stated in Item 3 of the Declarations of the
attached bond or any amendment thereof.
1.The Underwriter shall be liable hereunder for the amount by which one loss
exceeds the Deductible Amount applicable to the attached bond, but not in
excess of the Limit of Liability stated above.
2.If any loss is covered under this Insuring Agreement and any other Insuring
Agreement orCoverage, the maximum amount payable for such loss shall not exceed
the largest amountavailable under any one Insuring Agreement or Coverage.
1.Coverage under this Rider shall terminate upon termination or cancellation of
the bond to which this Rider is attached. Coverage under this Rider may also be
terminated or canceled without canceling the bond as an entirety
1.60 days after receipt by the Insured of written notice from the Underwriter
of its desire to terminate or cancel coverage under this Rider, or
2.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 /s/Emily Rehwinkel
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.
The hard copy of the bond issued by Underwriter will be referenced in the
event of a loss
ATTACHED TO AND FORMING
PART OF BOND OR POLICY NO.
490PB2554
DATE ENDORSEMENT OR
EXECUTED
04/08/10
* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
03/01/10
* ISSUED TO JPMORGAN FUNDS
Unauthorized Signatures It is agreed that:
1. The attached bond is amended by inserting an additional Insuring
Agreement as follows: INSURING AGREEMENT J UNAUTHORIZED SIGNATURE
(A) Loss resulting directly from the Insured having accepted, paid or
cashed any check or withdrawal order, draft, made or drawn on a
customer's account which bears the signature or endorsement of one
other than a person whose name and signature is on the application on
file with the Insured as a signatory on such account.
(B) It shall be a condition precedent to the Insured's right of
recovery under this Rider that the Insured shall have on file signatures
of all persons who are authorized signatories on such account.
2. The total liability of the Underwriter under Insuring Agreement L is
limited to the sum of Fifty Thousand Dollars ($50,000 ), it being
understood, however, that such liability shall be part of and not in
addition to the Limit of Liability stated in Item 3 of the Declarations
of the attached bond or amendment thereof.
3.With respect to coverage afforded under this Rider, the Deductible
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 abovestated.
By /s/Emily Rehwinkel
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.
The hard copy of the bond issued by Underwriter will be referenced in
the event of a loss
ATTACHED TO AND FORMING
PART OF BOND OR POLICY NO.
490PB2554
DATE ENDORSEMENT OR
RIDEREXECUTED
04/08/10
* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
03/01/10
* 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 shallbe 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 Thirteen Million Eight Hundred Fifty
Thousand Dollars ($13,850,000 ) 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 abovestated.
By /s/Emily Rehwinkel
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.
The hard copy of the bond issued by Underwriter will be referenced in
the event of a loss
ATTACHED TO AND FORMING
PART OF BOND OR POLICY NO.
490PB2554
DATE ENDORSEMENT OR
RIDER EXECUTED
04/08/10
* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
03/01/10
* 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.
(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.
e."Voice-initiated any purchase shares issued Investment Company means an
Purchase" of by which is requested by voice over the telephone.
f. "Designated Procedures" means the following procedures:
g. "Investment Company" or "Fund" means an investment company registered under
the Investment
The hard copy of the bond issued by Underwriter will be referenced in
the event of a loss 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 Thirteen Million Eight Hundred Fifty Thousand
Dollars ($13,850,000 ), 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 abovestated.
By /s/Emily Rehwinkel
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.
The hard copy of the bond issued by Underwriter will be
referenced in the event of a loss.
ATTACHED TO AND FORMING
PART OF BOND OR POLICY NO.
490PB2554
DATE ENDORSEMENT OR
RIDER EXECUTED
04/08/10
* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
03/01/10
* 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 /s/Emily Rehwinkel
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.
The hard copy of the bond issued by Underwriter will be referenced in the
event of a loss
ATTACHED TO FORMING
PART OF BOND OR POLICY NO.
490PB2554
DATE ENDORSEMENT OR
RIDER EXECUTED
04/08/10
* EFFECTIVE DATE OF ENDORSMENT
OR RIDER 12:01 A.M.
STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
03/01/10
* 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 abovestated.
By/s/Emily Rehwinkel
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.
The hard copy of the bond issued by Underwriter will be referenced
in the event of a loss
ATTACHED TO FORMING
PART OF BOND OR POLICY NO.
490PB2554
DATE ENDORSEMENT OR
RIDER EXECUTED
04/08/10
* EFFECTIVE DATE OF ENDORSEMENT
OR RIDER 12:01 A.M.
STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
03/01/10
* ISSUED TO JPMORGAN FUNDS
Amend Section 2. -Exclusions -Loss reporting after termination of Bond It
is agreed that:
1. Section 2. Exclusions, of the CONDITIONS AND LIMITATIONS is amended to
include the following subsection: loss not reported to the Company in
writing within thirty (30) days after the termination of this bond as an
entirety 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 /s/Emily Rehwinkel
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.
The hard copy of the bond issued by Underwriter will be referenced in
the event of a loss
ATTACHED TO FORMING
PART OF BOND OR POLICY NO.
490PB2554
DATE ENDORSEMENT OR
RIDER EXECUTED
04/08/10
* EFFECTIVE DATE OF ENDORSEMENT
OR RIDER 12:01 A.M.
STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
03/01/10
* 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 theInsured 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 /s/Emily Rehwinkel
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 FORMING
PART OF BOND OR POLICY NO.
490PB2554
DATE ENDORSEMENT OR
RIDER EXECUTED
04/08/10
* EFFECTIVE DATE OF ENDORSEMENT
OR RIDER 12:01 A.M.
STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
03/01/10
* ISSUED TO JPMORGAN FUNDS
Uncollectible Items of Deposit -Aggregate Limit of Liability It is agreed
that:
1. The attached bond is amended by deleting Insuring Agreement I -Uncollectible
Items of Deposit in its
entirety and replacing it with the following:
INSURING AGREEMENT I -UNCOLLECTIBLE ITEMS OF DEPOSIT
Loss resulting from payment of dividends or issuance of Fund shares or
withdrawals permitted from any customer's, shareholder's or subscriber's
account based upon Uncollectible Items of Deposit of a customer, shareholder or
subscriber credited by the Insured or the Insured's agent of such customer's,
shareholder's or subscriber's Fund Account; or loss resulting from any Item of
Deposit processed through an Automated Clearing House which is reversed by the
customer, shareholder or subscriber and deemed uncollectible by the Insured.
Loss includes dividends and interest accrued not to exceed 15 % of the
Uncollectible Items which are deposited. This Insuring Agreement applies to all
Funds, with "exchange privileges" if all funds in the exchange program are
insured by the Underwriter for Uncollectible Items of Deposit. Regardless of
the number of transactions between Funds, the minimum number of days of deposit
with the Funds before withdrawal as declared in each Fund's prospectus shall
begin from the date a deposit was first credited to any Insured Fund(s).
2. The Single Loss Limit of Liability/Aggregate Limit of Liability under
Insuring Agreement I is limited to be sum of Fifty Thousand Dollars ($50,000 )
Single Loss Limit of Liability Fifty Thousand Dollars ($50,000 ) Aggregate
Limit of Liability,it being understood, however, that such Limits of Liability
shall be partof 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 /s/Emily Rehwinkel
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 FORMING
PART OF BOND OR POLICY NO.
490PB2554
DATE ENDORSEMENT OR
RIDER EXECUTED
04/08/10
* EFFECTIVE DATE OF ENDORSEMENT
OR RIDER 12:01 A.M.
LOCAL TIME AS SPECIFIED IN THE BOND OR POLICY
03/01/10
* ISSUED TO
JPMORGAN FUNDS
The hard copy of the bond issued by Underwriter will be referenced in the
event of a loss 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) record, 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 /s/Emily Rehwinkel
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 FORMING
PART OF BOND OR POLICY NO.
490PB2554
DATE ENDORSEMENT OR
RIDER EXECUTED
04/08/10
* EFFECTIVE DATE OF ENDORSEMENT
OR RIDER 12:01 A.M.
LOCAL TIME AS SPECIFIED IN THE BOND OR POLICY
03/01/10
* ISSUED TO JPMORGAN FUNDS
The hard copy of the bond issued by Underwriter will be referenced in the event
of a loss 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 tocomply 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 /s/Emily Rehwinkel
Authorized Representative
INSURED
|
POLICY COVER SHEET
Job Name: XP3310D5 Print Date and Time: 04/13/10 21:01
File Number: O617O
Business Center/
Original Business Unit: FINANCIAL AND PROFESSIONAL SERVICES
Policy Number: 490PB2554
Name of insured: JPMORGAN FUNDS
Agency Number: 3180284
Department or Expense Center: 001
Underwriter: 1470873 Underwriting Team:
Data Entry Person: R. BARNETT
Date and Time: 04/13/10 14:29 002
Special Instructions
Policy Commencement Date: 03/01/10
|
THIS POLICY CONTAINS FORMS SELECTED THROUGH DOCUMENT SELECT
THE FOLLOWING SELECTED FORMS ARE NOT APPROVED ON THE FORMS STATUS TABLE
FORM NBR EDITION CO STATE TRANS DATE
* MLABL 09.85 1 NY 2010-03-01*
INVESTMENT COMPANY BLANKET BOND St. Paul Fire and Marine Insurance Company
St. Paul, Minnesota 55102-1396 (A Stock Insurance Company, herein called
Underwriter)
DECLARATIONS BOND NO. 490PB2554
Item 1. Name of Insured (herein called Insured):
JPMORGAN FUNDS
Principal Address:
245 PARK AVENUE -2ND FLOOR NY1-Q205 NEW YORK, NY 10167
Item 2. Bond Period from 12:01 a.m. on 03/01/10 to 12:01 a.m. on 03/01/2011
the effective date of the termination or cancellation of the bond, standard
time at the Principal Address as to
each of said dates.
Item 3. Limit of Liability
Subject to Sections 9, 10, and 12 hereof:
Deductible
Limit of Liability Amount
Insuring Agreement A -FIDELITY $13,850,000 $0
Insuring Agreement B -AUDIT EXPENSE $50,000 $0
Insuring Agreement C -PREMISES $13,850,000 $25,000
Insuring Agreement D -TRANSIT $13,850,000 $25,000
Insuring Agreement E -FORGERY OR ALTERATION $13,850,000 $25,000
Insuring Agreement F -SECURITIES $13,850,000 $25,000
Insuring Agreement G -COUNTERFEIT CURRENCY $13,850,000 $25,000
Insuring Agreement H -STOP PAYMENT $50,000 $5,000
Insuring Agreement I -UNCOLLECTIBLE ITEMS $50,000 $5,000
OF DEPOSIT
OPTIONAL COVERAGES ADDED BY RIDER:
INSURING AGREEMENT (J) UNAUTHORIZED SIGNATURES $50,000 $2,500
INSURING AGREEMENT (K) COMPUTER SYSTEMS $13,850,000 $25,000
INSURING AGREEMENT (L) VOICE-INITIATED TRANSFER $13,850,000 $25,000
INSURING AGREEMENT (M) TELEFACIMILE TRANSACTIONS $13,850,000 $25,000
|
If "Not Covered" is inserted above opposite any specified Insuring Agreement or
Coverage, such Insuring Agreement or Coverage and any other reference thereto
in this bond shall be deemed to be deleted therefrom. Item 4. Offices or
Premises Covered -Offices acquired or established subsequent to theeffective
date of this bond are covered according to the terms of 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 Companies, Inc.
Page 1 of 2 Item 5. The liability of the Underwriter is subject to the terms
of the following endorsements or riders attached hereto: Endorsements or
Riders No. 1 through
ICB001 Rev. 7/04, ICB010 Ed 7/04, ICB011 Ed. 7-04, ICB012 Ed. 7-04,
ICB013 Ed. 7-04, ICB014 Ed. 7-04, ICB015 Ed. 7-04, ICB016 Ed. 7-04, ICB017 Ed.
7-04, ICB026 Ed. 7-04, ICB037 Ed. 7-04, MEL3724 Ed. 11-05, MEL4734 Ed. 11-06
Item 6. The Insured by the acceptance of this bond gives notice to the
Underwriterterminating or canceling prior bonds or policy(ies) No.(s) 490PB2216
such termination or cancellation to be effective as of the time this bond
becomes effective. IN WITNESS WHEREOF, the Company has caused this bond to be
signed by its President and Secretary and countersigned by a duly authorized
representative of the Company. Countersigned: ST. PAUL FIRE AND MARINE
INSURANCE COMPANY /s/Bruce Backberg, Secretary /s/Brian MacLean, President
Authorized Representative Countersigned At Countersignature Date ICB001
Rev. 7/04 2004 The Travelers Companies, Inc. Page 2 of 2 ENDORSEMENT OR
RIDER NO. THIS ENDORSEMENT CHANGES THE POLICY. PLEASE
READ IT CAREFULLY.
The following spaces preceded by an need not be completed if this
endorsement or rider and the Bond or Policy have the same inception date.
|
The hard copy of the bond issued by the Underwriter will be referenced in the
event of a loss
ATTACHED TO AND FORMING
PART OF BOND OR POLICY NO.
490PB2554
DATE ENDORSEMENT OR
RIDER EXECUTED
04/13/10
* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M. STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
03/01/10
* ISSUED TO
JPMORGAN FUNDS
Unauthorized Signatures It is agreed that:
1. The attached bond is amended by inserting an additional Insuring Agreement
as follows:
INSURING AGREEMENT J UNAUTHORIZED SIGNATURE
(A) Loss resulting directly from the Insured having accepted, paid or cashed
any check or withdrawal order, draft, made or drawn on a customer's account
which bears the signature or endorsement of one other than a person whose name
and signature is on the application on file
(B) It shall be a condition precedent to the Insured's right of recovery under
this Rider that the Insured shall have on file signatures of all persons who
are authorized signatories on such account.
2. The total liability of the Underwriter under Insuring Agreement L is limited
to the sum of Fifty Thousand Dollars ($50,000 ), it being understood, however,
that such liability shall be part of and not in addition to the Limit of
Liability stated in Item 3 of the Declarations of the attached bond or
amendment thereof. 3.With respect to coverage afforded under this Rider, the
Deductible Amount shall be Two Thousand Five Hundred Dollars ($2,500 ).Nothing
herein contained shall be held to vary, alter, waive, or extend any of the
terms, conditions,provisions,agreements or limitations of the above mentioned
Bond or Policy, other than as abovestated.
By/s/Emily Rehwinkel
Authorized Representative
INSURED
|
ICB012 Ed. 7-04 2004 The St. Paul Travelers Companies, Inc. All Rights
Reserved ENDORSEMENT OR RIDER NO. THIS ENDORSEMENT CHANGES THE POLICY.
PLEASE READ IT CAREFULLY.
The following spaces preceded by an (*) need not be completed if
this endorsement or rider and the Bond or Policy have the same
inception date.
ATTACHED TO AND FORMING
PART OF BOND OR POLICY NO.
490PB2554
DATE ENDORSEMENT OR
RIDER EXECUTED
04/13/10
* EFFECTIVE DATE OF ENDORSEMENT OR RIDER
12:01 A.M.STANDARD TIME AS
SPECIFIED IN THE BOND OR POLICY
03/01/10
* ISSUED TO
JPMORGAN FUNDS
Uncollectible Items of Deposit -Aggregate Limit of Liability It is agreed
that:
1. The attached bond is amended by deleting Insuring Agreement I -
Uncollectible Items of Deposit in its entirety and replacing it with the
following: INSURING AGREEMENT I -UNCOLLECTIBLE ITEMS OF DEPOSIT
Loss resulting from payment of dividends or issuance of Fund shares or
withdrawals permitted from any customer's, shareholder's or subscriber's
account based upon Uncollectible Items of Deposit of a customer, shareholder
or subscriber credited by the Insured or the Insured's agent of such
customer's, shareholder's or subscriber's Fund Account; or loss resulting
from any Item of Deposit processed through an Automated Clearing House
which is reversed by the customer, shareholder or subscriber and deemed
uncollectible by the Insured. Loss includes dividends and interest
accrued not to exceed 15 % of the Uncollectible Itemswhich are
deposited. This Insuring Agreement applies to all Funds, with
"exchange privileges" if all funds in the exchange program are insured
by the Underwriter for Uncollectible Items of Deposit. Regardless
of the number of transactions between Funds, the minimum number of
days of deposit with the Funds before withdrawal as declared in each
Fund's prospectus shall begin from the date a deposit was first
credited to any Insured Fund(s). 2. The Single Loss Limit of
Liability/Aggregate Limit of Liability under Insuring
Agreement I is limited to be sum of Fifty Thousand Dollars
($50,000 ) Single Loss Limit of Liability / Dollars ($ ) Aggregate
Limit of Liability, it being understood, however, that such Limits of
Liability shall be part of and not in addition to the Limit of Liability
stated in Item 3 of the Declarations of the attached bond or amendment
thereof.
3. With respect to coverage afforded under this Rider, the Deductible
Amount shall be Five Thousand Dollars ($5,000 ) Nothing herein contained shall
be held to vary, alter, waive, or extend any of the terms, conditions,
provisions, agreements or limitations of the above mentioned Bond or Policy,
other than as above stated.
By/s/Emily Rehwinkel
Authorized Representative
INSURED
|
ICB037 Ed. 7-04
2004 The St. Paul Travelers Companies, Inc. All Rights Reserved
Page 1 of 3
ENDORSEMENT OR RIDER THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ
IT CAREFULLY. The following spaces proceeded 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.
490PB2554
Date Endorsement or
Rider Executed
04/08/10
* Effective Date of Endorsement or Rider
12:01 A.M. Standard Time as
Specified in the Bond or Policy
03/01/2010
*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 Trust I including: Highbridge Statistical Market Neutral Fund
JPMorgan 100% U.S. Treasury Securities Money Market Fund
JPMorgan Access Balanced Fund
JPMorgan Access Growth Fund
JPMorgan Asia Equity Fund
JPMorgan California Municipal Money Market Fund
JPMorgan California Tax Free Bond Fund
JPMorgan China Region Fund
JPMorgan Disciplined Equity Fund
JPMorgan Diversified Fund
JPMorgan Dynamic Growth Fund
JPMorgan Dynamic Small Cap Growth Fund
JPMorgan Emerging Economics Fund
JPMorgan Emerging Markets Debt Fund
JPMorgan Emerging Markets Equity Fund
JPMorgan Federal Money Market Fund
JPMorgan Global Focus Fund
JPMorgan Growth and Income Fund
JPMorgan Income Builder Fund
JPMorgan India Fund
JPMorgan Intermediate Tax Free Bond Fund
JPMorgan International Currency Income Fund
JPMorgan International Equity Fund
JPMorgan International Opportunities Fund
JPMorgan International Opportunities Plus Fund
JPMorgan International Realty Fund
JPMorgan International Value Fund
JPMorgan International Value SMA Fund
JPMorgan Intrepid America Fund
JPMorgan Intrepid European Fund
JPMorgan Intrepid Growth Fund
JPMorgan Intrepid International Fund
JPMorgan Intrepid Japan Fund
JPMorgan Intrepid Multi Cap Fund
JPMorgan Intrepid Plus Fund
JPMorgan Intrepid Value Fund
JPMorgan Latin America Fund
JPMorgan Market Neutral Fund
JPMorgan Mid Cap Equity Fund
JPMorgan New York Municipal Money Market Fund
JPMorgan New York Tax Free Bond Fund
JPMorgan Prime Money Market Fund
JPMorgan Real Return Fund
JPMorgan Russia Fund
JPMorgan Small Cap Core Fund
JPMorgan Small Cap Equity Fund
JPMorgan SmartRetirement 2010 Fund
JPMorgan SmartRetirement 2015 Fund
JPMorgan SmartRetirement 2020 Fund
JPMorgan SmartRetirement 2025 Fund
JPMorgan SmartRetirement 2030 Fund
JPMorgan SmartRetirement 2035 Fund
JPMorgan SmartRetirement 2040 Fund
JPMorgan SmartRetirement 2045 Fund
JPMorgan SmartRetirement 2050 Fund
JPMorgan SmartRetirement Income Fund
JPMorgan Strategic Income Opportunities Fund
JPMorgan Strategic Preservation Fund
JPMorgan Tax Aware Disciplined Equity Fund
JPMorgan Tax Aware High Income Fund
JPMorgan Tax Aware Real Return Fund
JPMorgan Tax Aware Real Return SMA Fund
JPMorgan Tax Aware U.S. Equity Fund
JPMorgan Tax Free Money Market Fund
JPMorgan Total Return Fund
JPMorgan U.S. Equity Fund
JPMorgan U.S Large Cap Core Plus Fund
JPMorgan U.S. Large Cap Value Plus Fund
JPMorgan U.S. Small Company Fund
JPMorgan Value Advantage Fund
JPMorgan Value Discovery Fund
Highbridge Dynamic Commodities Strategy Fund
HCM Commodities Strategy Fund, Ltd.
JPMorgan Trust II including:
JPMorgan Arizona Municipal Bond Fund
JPMorgan Core Bond Fund
JPMorgan Core Plus Bond Fund
JPMorgan Mid Cap Growth Fund
JPMorgan Equity Income Fund
JPMorgan Equity Index Fund
JPMorgan Government Bond Fund
JPMorgan High Yield Fund
JPMorgan International Equity Index Fund
JPMorgan Intrepid Mid Cap Fund
JPMorgan Investor Balanced Fund
JPMorgan Investor Conservative Growth Fund
JPMorgan Investor Growth & Income Fund
JPMorgan Investor Growth Fund
JPMorgan Large Cap Growth Fund
JPMorgan Large Cap Value Fund
JPMorgan Liquid Assets Money Market Fund
JPMorgan Market Expansion Index Fund
JPMorgan Michigan Municipal Bond Fund
JPMorgan Michigan Municipal Money Market Fund
JPMorgan Mortgage-Backed Securities Fund
JPMorgan Multi-Cap Market Neutral Fund
JPMorgan Municipal Income Fund
JPMorgan Municipal Money Market Fund
JPMorgan Ohio Municipal Bond Fund
JPMorgan Ohio Municipal Money Market Fund
JPMorgan Short Duration Bond Fund
JPMorgan Short-Intermediate Municipal Bond Fund
JPMorgan Small Cap Growth Fund
JPMorgan Small Cap Value Fund
JPMorgan Tax Free Bond Fund
JPMorgan Treasury & Agency Fund
JPMorgan U.S. Government Money Market Fund
JPMorgan U.S. Real Estate Fund
JPMorgan U.S. Treasury Plus Money Market Fund
JPMorgan Limited Duration Bond Fund
Undiscovered Managers Funds
including: JPMorgan Realty Income Fund
Undiscovered Managers Behavioral Growth Fund
Undiscovered Managers Behavioral Value Fund
UM Investment Trust including:
Undiscovered Managers Multi-Strategy Fund
J.P. Morgan Mutual Fund Group, Inc. including:
JPMorgan Short Term Bond Fund II
J.P.Morgan Fleming Mutual Fund Group including:
JPMorgan Mid Cap Value Fund
J.P. Morgan Mutual Fund Investment Trust including:
JPMorgan Growth Advantage Fund
JPMorgan Insurance Trust including:
JPMorgan Insurance Trust Balanced Portfolio
JPMorgan Insurance Trust Core Bond Portfolio
JPMorgan Insurance Trust Diversified Mid Cap Growth Portfolio
JPMorgan Insurance Mid Cap Value Portfolio
JPMorgan Insurance Trust Equity Index Portfolio
JPMorgan Insurance Trust International Equity Portfolio
JPMorgan Insurance Trust Intrepid Growth Portfolio
JPMorgan Insurance Trust Intrepid Mid Cap Portfolio
JPMorgan Insurance Trust Small Cap Core Portfolio
JPMorgan Insurance Trust U.S. Equity Portfolio
JPMorgan Institutional Trust including:
JPMorgan Core Bond Trust
JPMorgan Equity Index Trust
JPMorgan Intermediate Bond Trust Pacholder High Yield Bond Fund, Inc.
including: Pacholder High Yield Fund, Inc.
1.The first named Insured shall act for itself and for each and all
of the Insured for all the purposes of the attached bond.
2.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.
3.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.
4.The liability of the Underwriter for loss or losses sustained by any
or all of the Insured shall notexceed the amount for which the
Underwriter would be liable had all such loss or losses beensustained
by any one of the Insured. Payment by the Underwriter to the first named
Insured of losssustained by any Insured shall fully release the Underwriter
on account of such loss.
5.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 /s/Emily Rehwinkel
Authorized Representative
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