Advisory Business A. General Description of Advisory Firm J.P. Morgan Private Investments Inc. (“JPMPI”), a Delaware corporation, is a registered investment adviser that provides advisory services to open-end and closed-end Registered Investment Companies (“RICs”) under the Investment Company Act of 1940, as amended (the “1940 Act”); provides investment advice and/or administrative functions for private investment funds organized as limited partnerships, limited liability companies, or offshore companies (“Private Funds”); and provides discretionary and non- discretionary investment management services in various wrap fee programs offered through an affiliate, J.P. Morgan Securities LLC (“JPMS”). This Brochure describes the investment advisory services JPMPI provides to RICs and the Private Funds. (For the purposes of this Brochure, such RICs and Private Funds are collectively referred to as the “Funds.”) JPMPI was incorporated on November 25, 1991. JPMPI is a wholly-owned subsidiary of J.P. Morgan Chase & Co., which, together with its affiliates (collectively, “J.P. Morgan” or "JPMC"), is engaged in a large number of financial businesses worldwide, including banking, asset management, securities brokerage, and investment advisory services. As relevant to this Brochure, JPMPI is also affiliated with the following entities, which are also affiliates of each other as well as J.P. Morgan: JPMS, J.P. Morgan Investment Management Inc. (“JPMIM”) and J.P. Morgan Chase Bank, N.A. (“JPMCB”). B. Description of Advisory Service This Brochure describes the investment advisory services that JPMPI provides to the Funds. Where JPMPI provides investment advisory services to a Fund, JPMPI deems the Fund, and not the investors in such Fund, as its advisory client. The description of the Funds in this Brochure does not contain all of the information a prospective investor should consider before investing in such Funds. A prospective investor should carefully read the entire prospectus or other offering documents of a Fund before deciding whether to invest in such Fund. Investment Advisory Services to Private Funds The Private Funds to which JPMPI provides investment advisory services include hedge funds (“Hedge Funds”), private equity funds (“Private Equity Funds”) and certain private equity funds serving as conduit vehicles (“Conduits”), and real estate funds (“Real Estate Funds”), each as described more fully below. Hedge Funds With respect to Hedge Funds (except the ISS Funds (defined below) and the insurance-dedicated funds (“IDF”)), JPMPI identifies certain investment strategies and retains an unaffiliated sub-adviser to implement such investment strategies through investments in underlying hedge funds advised by unaffiliated investment advisers. In this capacity, JPMPI does not make day-to-day investment decisions. In addition, JPMPI acts as sub-adviser and makes the investment decisions with respect to a series of IDFs. A portion of the assets will be invested in hedge funds and other pooled investment vehicles advised by affiliated and/or unaffiliated investment advisers across asset classes of equities, fixed income and alternative investments. IDFs also may invest in separately managed accounts, funds of one, mutual funds, exchange-traded funds (“ETFs”) or other pooled investment vehicles or derivatives, each of which can be managed by, issued by, sponsored by, controlled by, advised by or otherwise affiliated with JPMPI, its affiliates or a third-party. Investment Strategy Selection Fund JPMPI is the investment adviser for the Investment Strategy Selection Fund (“ISS Fund”), an investment vehicle that offers equity and fixed income separately managed account strategies, including model delivery strategies (“separately managed account strategies”), and mutual funds generally for non-U.S. persons to invest in. JPMPI is responsible for determining which investment strategies that are available on J.P. Morgan’s Private Bank platform will be offered through the ISS Fund and for determining the specific mandate elections for each strategy investment. The investment strategies can be managed by affiliates of JPMPI or unaffiliated advisers. JPMPI does not provide advice or recommendations on asset allocation. It will be the responsibility of the client to determine the appropriate asset allocation and monitor for deviations from its allocation targets in accordance with such client’s investment objectives and risk tolerance. Private Equity Funds and Conduits JPMPI, as the investment adviser, provides advisory services to, and makes the investment decisions for certain Private Equity Funds that invest in underlying funds including core private equity, growth equity and venture capital, private credit and real asset funds (the “Vintage Funds”) and for certain other Private Equity Funds that invest in underlying funds that have a sector-specific or other thematic focus (the “Thematic Funds”). In each case, the underlying funds are advised by affiliated and/or unaffiliated investment advisers. Certain Vintage and Thematic Funds may also participate in co-investment and secondary investment opportunities (“opportunistic investments”) at the discretion of JPMPI. JPMPI also acts as investment adviser to certain Private Equity Funds for which JPMIM acts as sub-adviser and for which JPMIM, and not JPMPI, makes the investment decisions. Certain Private Equity Funds are organized as Conduits where JPMPI is the investment adviser. Each Conduit is a special purpose entity (typically, a Delaware limited liability company or a non-U.S. company or limited partnership) formed for the sole purpose of aggregating investor assets into a single entity and investing such assets into a designated underlying fund, which is typically a private equity fund managed by an unaffiliated third party. Administrative Services to Private Funds In addition to the advisory services described above, JPMPI acts, solely, in an administrative capacity on behalf of certain other Conduits (the “Administered Conduits”) formed solely to invest into a designated underlying private equity fund, hedge fund or real estate fund. Unlike the Conduits described above, JPMPI does not provide investment advice to the Administered

Conduits, and the description in this Brochure of JPMPI’s advisory services does not apply to the Administered Conduits. Real Estate Funds JPMPI is the investment adviser to Real Estate Funds referred to as the “Junius Funds.” The Junius Funds were previously managed by a boutique real estate investment team within JPMPI specializing in the acquisition, development, financing, ownership and operation of special situation real estate opportunities involving commercial, hotel and residential properties (“Junius”). On March 20, 2022, the investment personnel and certain other members of the Junius team departed J.P. Morgan to form and join a new registered investment adviser, which is unaffiliated with JPMPI, operating under the name JRE Advisors LLC (“JRE”). JPMPI continues to serve as investment adviser to the Junius Funds and has retained JRE pursuant to a sub-advisory agreement to assist JPMPI with its continuing management and operation responsibilities of the Junius Funds from and after March 20, 2022 pursuant to the investment advisory agreements with each of the Junius funds. Under this arrangement, the former members of the Junius team now employed at JRE continue to actively manage the Junius Funds, subject to review and oversight by JPMPI. See Item 8 below for more information regarding the Private Funds. Investment Advisory Services to RICs JPMPI provides investment advisory services to various RICs registered under the 1940 Act, acting either as an investment adviser or sub-adviser to the RICs. Below is a list of the RICs managed by JPMPI as of the date of this Brochure. Six Circles Funds JPMPI acts as the investment adviser to the Six Circles Trust, a series of registered open-end RICs (the “Six Circles Funds”). The Six Circles Funds are specifically designed and used by JPMPI and its affiliates in discretionary accounts as completion funds to align with JPMPI's core portfolio views. JPMPI engages unaffiliated investment managers as sub-advisers to manage or co-manage with JPMPI the Six Circles Funds' investment portfolios. In addition, certain Funds may invest in wholly-owned subsidiaries organized under the laws of the Cayman Islands. Access Multi-Strategy Funds JPMPI serves as the investment adviser to two closed-end RICs (the “Access Multi-Strategy Funds”). In its capacity as investment adviser, JPMPI makes the day-to-day investment decisions for the Access Multi- Strategy Funds, which includes the selection of primarily hedge funds, advised by unaffiliated investment advisers. JPMPI also serves as the administrator to the Access Multi-Strategy Funds, and, in turn, contracts with a third party sub-administrator, to provide oversight and administrative services to the Access Multi-Strategy Funds. Access Funds JPMPI provides sub-advisory services to two open-end RICs (the “Access Funds”) for which JPMIM, an affiliate of JPMPI, acts as the investment adviser. In its capacity as sub-adviser, JPMPI makes the day-to- day investment decisions for the Access Funds, which includes the selection of mutual funds and ETFs, including funds managed by JPMPI and J.P. Morgan affiliated funds. The Access Funds invest in a combination of domestic and international equity, fixed income, and alternative assets. The Board of Trustees of the Access Funds approved the liquidation and dissolution of each Access Fund effective on or about May 15, 2024. See Item 8 below for more information regarding the RICs. Other Advisory Services In addition to the advisory services JPMPI provides to the Funds, JPMPI provides advisory services to certain wrap fee programs sponsored by JPMS. Information about the services JPMPI provides to such programs is described in a separate JPMPI Form ADV brochure, which is available at the SEC’s website at https://www.adviserinfo.sec.gov. In addition, for more information on the wrap fee programs, please see the applicable JPMS Form ADV, Part 2A Appendix 1, SEC File No. 801-3702, for those programs. C. Availability of Customized Services for Clients Investment objectives, guidelines and any investment restrictions generally are not tailored to the needs of individual investors in a Fund, but rather are described in the prospectus or other relevant offering document for the Fund. Investors in the Funds cannot impose restrictions on investments in certain securities or types of securities in the Funds. D. Wrap Fee Programs Information about the services JPMPI provides in certain wrap fee programs sponsored by JPMS is described in a separate brochure as described above. See Items 10 and 11 for more information on material conflicts of interest relating to JPMPI’s advisory services. E. Assets under Management JPMPI manages and sub-advises assets on a discretionary and non-discretionary basis. As of December 31, 2023, assets advised by JPMPI on a discretionary basis in Private Equity Funds and Conduits were approximately $13,986,954,236 (cash adjusted to December 31, 2023). As of December 31, 2023, assets advised and sub-advised by JPMPI on a discretionary basis in Hedge Funds were approximately $551,933,252. As of December 31, 2023, assets advised by JPMPI on a discretionary basis in Real Estate Funds were approximately $315,043,672. As of December 31, 2023, assets advised by JPMPI (or its designated sub-advisers) on a discretionary basis in the Six Circles Funds were approximately $73,695,952,717. As of December 31, 2023, assets advised and sub-advised by JPMPI on a discretionary basis in the Access Funds and Access Multi-Strategy Funds were approximately $1,043,799,172. Outside of the Funds advised by JPMPI, as of December 31, 2023, JPMPI managed approximately $156,718,102,537 in assets on a discretionary basis and approximately $46,600,762,187 in assets on a non-discretionary basis. Certain separately managed account clients’ assets are invested in the Six Circles Funds. These assets are included in both the regulatory assets under management reported for the Six Circles Funds, as well as the regulatory assets under management reported by JPMPI for accounts managed on a discretionary basis that invest in Six Circles Funds.