Advisory Business A. General Description of Advisory Firm This Brochure relates to the investment advisory services offered by J.P. Morgan Alternative Asset Management, Inc. (“JPMAAM” or the “Adviser”). JPMAAM is registered with the U.S. Securities and Exchange Commission (“SEC”) as an investment adviser pursuant to the Investment Advisers Act of 1940, as amended (the “Advisers Act”). JPMAAM, together with Bear Stearns Asset Management Inc., Campbell Global, LLC, 55I, LLC, Highbridge Capital Management, LLC, J.P. Morgan Investment Management, Inc., JPMorgan Asset Management (Asia Pacific) Limited, JPMorgan Asset Management (UK) Limited, JPMorgan Funds Limited, Security Capital Research & Management Inc., 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. JPMorgan Asset Management Holdings Inc., which is a subsidiary of JPMC, owns all the common stock of JPMAAM. JPMAAM was incorporated in Delaware on July 2, 1987. B. Description of Advisory Services JPMAAM 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. JPMAAM provides discretionary and non-discretionary investment management services to institutional and individual investors. JPMAAM acts as investment manager to various domestic and foreign private pooled investment vehicles as well as investment manager to foreign registered funds, including, but not limited to, UCITS funds (each, a “Fund”), and to certain separately managed accounts (each, a “Managed Account”). It also acts as sub-adviser to certain accounts. In its capacity as investment manager or sub-adviser, JPMAAM’s principal services consist of providing investment advice regarding the investment of the assets of each Fund or Managed Account among professionally selected investment vehicles or accounts (the “Investment Vehicles”) that are managed by portfolio managers (the “Portfolio Managers”) which are selected through a due diligence process. These Portfolio

Managers employ, as a group, a variety of investment techniques and strategies. JPMAAM also may provide investment advice regarding JPM Affiliated Funds as described in Item 5E. To a limited extent, JPMAAM, on behalf of certain Funds and Managed Accounts, makes, or, with respect to its non-discretionary clients, may recommend direct investments (“Direct Investments”) in a broad range of securities, markets and instruments other than through Investment Vehicles, including without limitation, for portfolio hedging and to temporarily adjust a Fund’s or Managed Account’s overall market exposure. C. Availability of Customized Services for Individual Clients JPMAAM typically makes or recommends investments for clients in accordance with written investment guidelines or other investment specific documentation agreed with clients for each 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, strategies, industries or regions of the world, and client accounts have varying business terms, including but not limited to fees charged, investment minimums, redemption rights, information rights and reporting requirements. JPMAAM has procedures and controls to monitor compliance with each client’s specific investment guidelines. JPMAAM also provides investment advice related to the liquidation of assets of Managed Accounts in accordance with written guidelines agreed with clients for each liquidation mandate. Liquidation services may be provided with respect to new or existing client relationships. Where JPMAAM is the investment adviser to a Fund, investment objectives, guidelines and any investment restrictions of the Fund 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 J.P. Morgan Alternative Asset Management, Inc. Not applicable. E. Assets Under Management As of December 31, 2021, JPMAAM had assets under management in the amounts set forth below: Assets Under Management U.S. Dollar Amount Assets Managed on a Discretionary Basis $10,843,513,658 Assets Managed on a Non-Discretionary Basis $ 7,271,286,661 Total Assets Under Management $18,114,800,319