A. Description of Advisory Firm This Brochure relates to the investment advisory services offered by JPMorgan Asset Management (Asia Pacific) Limited (“JPMAM(AP)” or the “Adviser”). JPMAM(AP) is registered with the United States Securities and Exchange Commission (“SEC”) as an investment adviser pursuant to the Investment Advisers Act of 1940, as amended (the “Advisers Act”). JPMAM(AP) is also registered with the Securities and Futures Commission in Hong Kong with the license number AAA121 to conduct Type 1 (Dealing in Securities), Type 2 (Dealing in Futures Contracts), Type 4 (Advising on Securities), Type 5 (Advising on Futures Contracts) and Type 9 (Asset Management) activities.
The Adviser, together with 55I, LLC, Bear Stearns Asset Management Inc., Campbell Global, LLC, Highbridge Capital Management, LLC, J.P. Morgan Alternative Asset Management, Inc., J.P. Morgan Investment Management Inc., JPMorgan Asset Management (UK) Limited, JPMorgan Funds Limited, Security Capital Research & Management Incorporated, each an SEC registered investment adviser, various affiliated foreign investment advisers and the asset management division of JPMorgan Chase Bank, N.A. comprise the Asset Management ("AM") business of J.P. Morgan Asset & Wealth Management ("JPMAWM"). J.P. Morgan Asset Management ("JPMAM") is the marketing name for the AM businesses of JPMorgan Chase & Co. and its affiliates worldwide (“JPMC”). JPMC is a publicly traded global financial services firm.
JPMAM(AP) is a wholly-owned subsidiary of JPMorgan Asset Management (Asia) Inc., which is a subsidiary of JPMC. JPMAM(AP) was incorporated in Hong Kong on November 26, 1974.
B. Description of Advisory Services JPMAM(AP) and its "Affiliates" (as defined in Key Terms) in JPMAM provide a broad range of investment strategies to meet the diverse requirements of their clients' investment needs. Information in this Brochure pertains to products and services offered to U.S. clients or marketed to U.S. investors.
JPMAM(AP)’s advisory services are offered on both a discretionary and non-discretionary basis through a variety of investment vehicles and arrangements, depending on the strategy as further described below.
Institutional Separately Managed Accounts The Adviser offers investment advisory services across various asset classes to institutional clients through separately managed accounts ("SMAs"). Institutional clients typically retain the Adviser pursuant to an investment advisory agreement between the Adviser and the institutional client. The Adviser offers SMAs in many of its investment strategies listed below, including equities and fixed income strategies. The Adviser also offers SMAs in multi-asset strategies to institutional clients. The Adviser offers SMA strategies on both a discretionary and non-discretionary basis. When the Adviser contracts with a client for a discretionary SMA the Adviser generally has the authority to execute trades for the client's account. An institutional client typically consults with the Adviser during the negotiation of the investment advisory agreement, prior to funding its account, to create investment guidelines for the client's account. Investment guidelines for SMAs are typically customized to each specific client account and

such guidelines often vary significantly among institutional SMAs within the same strategy or with the same investment objective.
Sub-Advisory Accounts Sub-advisory services are offered to institutional clients (including third-party mutual funds and exchange-traded funds ("ETFs") where the Adviser contracts with an affiliated or unaffiliated investment adviser to provide investment advice on a discretionary or non-discretionary basis. Sub-advisory services can also be provided through a variety of vehicles and arrangements, including pooled investment vehicles, model portfolios, wrap fee programs, and separately managed accounts.
Investment Companies and Other Pooled Investment Vehicles The Adviser offers investment advisory services to a variety of investment companies and other pooled investment vehicles across its various strategies. These investment companies and other pooled investment vehicles can include mutual funds, ETFs, and private funds. Depending on the vehicle, Investors generally can invest in a pooled investment vehicle directly, through an intermediary, or through a subscription agreement and, in certain instances, can contract with the Adviser or its Affiliates for an investment. Pooled investment vehicles managed by the Adviser are managed in accordance with each vehicle's investment guidelines and restrictions and are generally not tailored to the individual needs of any particular investor.
Investment Strategies Below is a brief description of the investment strategies offered by the Adviser. The investment process for certain products may have an investment process that is ESG integrated (as described in Item 8.A.). Major asset classes offered by the Adviser include:
•Equities ("Equity" or "Equities"), including Emerging Markets Equity, and Asia Pacific Equity.

•Global Fixed Income, Currency & Commodities ("GFICC"), including Emerging Market Debt C. Availability of Customized Services for Individual Clients The Adviser typically makes investments for clients in accordance with written investment guidelines or other documentation provided to clients in connection with an advisory mandate. Investment services may be tailored for each client’s specific needs and objectives, including restrictions on investing in certain securities or types of securities. The Adviser has procedures and controls to monitor compliance with each client’s specific investment guidelines.
Where JPMAM(AP) is the investment adviser to a pooled investment vehicle, investment objectives, guidelines and any investment restrictions generally are not tailored to the needs of individual investors in those vehicles, but rather are described in the prospectus or other relevant offering document for the vehicle.
D. Wrap Fee Programs JPMAM(AP) does not participate in Wrap Fee Programs.
E. Assets Under Management As of December 31, 2023, the Adviser had assets under management in the amounts set forth below: Assets Under ManagementU.S. Dollar Amount Assets Managed on a Discretionary Basis$85,542,409,747 Assets Managed on a Non-Discretionary Basis$0 Total Regulatory Assets Under Management$85,542,409,747 Other Advisory Assets not included in Regulatory Assets Under Management$4,013,935,855 Total Assets Under Management$89,556,345,602