JP Morgan Investment Management Inc

Fees and Compensation

A. Advisory Fees and Compensation

Separately Managed Accounts

Clients generally pay an advisory fee based on a percentage of the market value of the assets managed by
the Adviser. Such fee is referred to as an asset-based fee. To the extent permitted under the Advisers Act, the
Adviser also charges performance-based compensation with respect to certain strategies and products or as
otherwise agreed with specific clients. For an additional discussion of performance-based compensation,
please refer to Item 6. A, Performance-Based Fees, which addresses how performance-based compensation
is calculated.

The Adviser’s standard fee schedules for Global Equities, GFICC, Global Liquidity, and MAS SMAs are
included in Appendix A. Fee schedules are available upon request for other investment products and
strategies. Fees for products and strategies may be higher or lower than the standard fee schedules.

In certain circumstances fees may be negotiable. The Adviser generally agrees to charge clients fees for
advisory services that are lower than those set forth in Appendix A or other fee schedules. In certain
circumstances in which the Adviser or its Affiliates provide customized investment advisory services or other
services in addition to investment advisory services, a higher fee schedule may apply. In circumstances where
an unaffiliated client serves as a seed investor for a JPMorgan Affiliated Fund ("Seed Investor"), the Adviser
may offer a discount on its SMA fees as compensation and/or the Adviser or its Affiliates may make payments
to one or more Seed Investors. For certain strategies, the Adviser charges a minimum annual asset-based fee
or requires a minimum AUM for managing an account. Accordingly, higher fees may also apply if an account’s
assets are below the minimum investment level indicated in the standard fee schedule. Variations in fees
charged to clients can occur as a result of numerous factors including, negotiations and/or discussions that
may include the particular circumstances of the investor, account size, investment strategy, account servicing
requirements, the size and scope of the overall relationship with the Adviser and its Affiliates or certain
consultants, or as may be otherwise agreed with specific clients on a case-by-case basis.

For alternative investment strategies, the Adviser typically charges asset-based fees. Additionally, certain
clients, as part of the Adviser’s pre-negotiated terms, may also be charged performance-based compensation,
including to SMAs. Standard fee schedules are not available for such strategies.

J.P. Morgan Investment Management Inc.                                               Form ADV | June 30, 2026

Wrap and Unbundled Programs, and Model Delivery

Except as noted below, the Adviser is paid an asset-based fee in connection with the advisory services
provided. The Adviser’s advisory fee is generally calculated by the Sponsor based on a percentage of the
assets under management. Such compensation ranges from 0.035%-2.00% annually, based on the
investment mandate and the terms and conditions negotiated with the Sponsor or client.

For the MLCD strategies, in addition to the Adviser's asset-based fee, the issuer's offering document(s) of
each MLCD (which are available upon request) sets forth additional information regarding applicable fees and
expenses of the underlying MLCD.

For Advisory Portfolio Solutions model portfolios offered in Wrap and Unbundled Programs, the Adviser
typically does not receive a fee for its asset allocation services of the model portfolio from the Sponsor based
on client assets invested in the strategy but will receive fees from the underlying advisory fees of the
JPMorgan Funds utilized in the client's portfolio. See Item 4.D, Wrap Fee Programs and Unbundled Advisory
Programs, for more information regarding Advisory Portfolio Solutions model portfolios. For certain Advisory
Portfolio Solutions model portfolios offered outside of a Wrap or Unbundled Program, the Adviser will charge a
fee for its asset allocation services of the model portfolio in addition to receiving the underlying advisory fees
of the JPMorgan Funds utilized in the portfolio. See the prospectus of each underlying mutual fund or ETF for
the applicable fees and expenses.

The Tax-Smart Index strategies will include JPMC stock when the applicable index includes JPMC stock as
an underlying holding. The Adviser will receive advisory fees on the portion of client holdings invested in
JPMC stock.

Where a component of individual stocks is incorporated within a model (an "SMA Component"), a separate,
additional advisory fee is typically charged for the implementation of that SMA Component (the "SMA
Component Fee"). How the SMA Component Fee is calculated may differ depending on the contractual
arrangement between the Adviser and client.

In certain cases, the Adviser may negotiate discounted fees on certain services in exchange for exclusivity
arrangements for the Adviser’s products or services on third-party investment advisers' and/or
Sponsors' (each, a "Third-Party Platform Provider") advisory platforms. For example, certain exclusivity
arrangements require a Third-Party Platform Provider to offer to their and their affiliates' end-clients the
Adviser’s SMA strategies and model portfolios as the only third-party offerings, with limited exceptions (such
as strategies not offered by the Adviser).

Investment Companies and Other Pooled Investment Vehicles

JPMorgan Funds and Other Investment Companies Advised or Sub-Advised by the Adviser

The prospectus or other offering document of each JPMorgan Fund or investment company advised or sub-
advised by the Adviser sets forth the applicable fees and expenses. For certain MAS portfolios (e.g., where
the Adviser provides asset allocation services to unaffiliated investment companies that are fund of funds), the
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Types of Clients

The Adviser primarily provides investment advisory services to institutional and retail clients, both U.S. and
non-U.S. clients, including:
    •   Charitable and/or religious organizations
    •   Corporations
    •   Defined contribution and defined benefit pension plans
    •   Endowments and foundations
    •   Financial institutions (including registered investment advisers)
    •   Individuals
    •   Insurance companies and insurance dedicated funds
    •   Investment companies (including mutual funds, closed-end funds, and ETFs)
    •   Other pooled investment vehicles (including private funds and REITs)
    •   Sovereigns and central banks
    •   State and local governments
    •   Supranational organizations
    •   Taft-Hartley plans
    •   Trusts and Estates

The Adviser also provides investment advisory services to the Wealth Management division of JPMAWM.

Account Requirements

The Adviser has established minimum account requirements for certain client accounts, which vary based on
the investment vehicle (SMA or fund), investment strategy, and asset class. In addition, a larger minimum
account balance may be required for certain types of accounts that require extensive administrative effort.
Minimums are subject to waiver in the Adviser's discretion and are waived for client accounts from time to
time. To open or maintain an account, clients are required to sign an investment advisory agreement with the
Adviser that stipulates the terms under which the Adviser is authorized to act on behalf of the client to manage
the assets listed in the agreement. In certain instances, the Adviser may also manage the assets of its
Affiliate’s clients and will receive from the Affiliate a portion of the fee or other compensation paid by the end
client for such services. Under these circumstances, the client enters into an investment advisory agreement
with the Affiliate and, in turn, the Affiliate delegates authority to the Adviser.

For certain types of pooled investment vehicles offered or managed by the Adviser, U.S. investors must
generally satisfy certain investor sophistication requirements, including that the investor qualifies as an
"accredited investor" under Rule 501(a) of Regulation D under the Securities Act of 1933, as amended, a
"qualified purchaser" within the meaning of section 2(a)(51) of the 1940 Act, and/or a "qualified eligible
person" under Rule 4.7 of the Commodity Exchange Act. The Adviser may also permit investments by certain
employees that qualify as “knowledgeable employees” within the meaning of Rule 3c-5 of the 1940 Act in lieu
of satisfying the client qualification requirements associated with being a “qualified purchaser”. For certain
other types of pooled investment vehicles the account requirements are set out in such vehicle's prospectus.

J.P. Morgan Investment Management Inc.                                               Form ADV | June 30, 2026