# EDGAR Filing Document

**Accession Number:** 0002056164
**File Stem:** 0001193125-25-317650
**Filing Date:** 2025-12
**Character Count:** 1579687
**Document Hash:** 8219d5ad5e67b84892f66777dec3d455
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-317650.hdr.sgml**: 20251212

**ACCESSION NUMBER**: 0001193125-25-317650

**CONFORMED SUBMISSION TYPE**: N-2/A

**PUBLIC DOCUMENT COUNT**: 40

**FILED AS OF DATE**: 20251212

**DATE AS OF CHANGE**: 20251212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMorgan Credit Markets Fund
- **CENTRAL INDEX KEY:** 0002056164

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24055
- **FILM NUMBER:** 251568616

**BUSINESS ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **STREET 2:** 21ST FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172
- **BUSINESS PHONE:** (202) 648-2828

**MAIL ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **STREET 2:** 21ST FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMorgan Credit Markets Fund
- **CENTRAL INDEX KEY:** 0002056164

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-284935
- **FILM NUMBER:** 251568615

**BUSINESS ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **STREET 2:** 21ST FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172
- **BUSINESS PHONE:** (202) 648-2828

**MAIL ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **STREET 2:** 21ST FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172

?xml version='1.0' encoding='ASCII'? JPMorgan Credit Markets Fund

As filed with the Securities and Exchange Commission on December 12, 2025

#### Securities Act File No. 333-284935

#### Investment Company Act File No. 811-24055

### U.S. SECURITIES AND EXCHANGE

### COMMISSION

#### Washington, D.C. 20549

### FORM N-2

### REGISTRATION STATEMENT

#### UNDER
THE SECURITIES ACT OF 1933 ☒

Pre-Effective Amendment No. 2 ☒

Post-Effective Amendment No. ☐

### REGISTRATION STATEMENT

#### UNDER
THE INVESTMENT COMPANY ACT OF 1940 ☒

Amendment No. 2 ☒

## JPMORGAN CREDIT MARKETS FUND

#### (Exact name of Registrant as specified in Charter)

#### 277 Park Avenue

#### New York, New York 10172

#### (Address of principal executive offices)

#### 1-800-480-4111

#### (Registrant's telephone number)

#### Glenn Hill

#### 277 Park Avenue

#### New York, New York 10172

#### (Name and address of agent for service)

#### Copy to:

#### Rajib Chanda

#### Ryan P. Brizek

#### Neesa Patel Sood

#### Simpson Thacher & Bartlett LLP

#### 900 G Street, N.W.

#### Washington, DC 20001
Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of this Registration Statement.

☐ Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.

☒ Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan.

☐ Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto. 

☐ Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act. 

☐ Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act. 

It is proposed that this filing will become effective (check appropriate box)

☐ when declared effective pursuant to section 8(c), or as follows:

If appropriate, check the following box:

☐ This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].

☐ This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: .

☐ This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: .

☐ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: .

Check each box that appropriately characterizes the Registrant:

☒ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("1940 Act")).

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the 1940 Act).

☒ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the 1940 Act).

☐ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form). 

☐ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934).

☐ If an Emerging Growth Company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.

☒ New Registrant (registered or regulated under the 1940 Act for less than 12 calendar months preceding this filing).

**THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THE REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(a) OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), MAY DETERMINE.** 

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The information in this Prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

Preliminary Prospectus

Subject to Completion, dated December 12, 2025

#### JPMORGAN CREDIT MARKETS FUND

#### Class S Shares

#### Class A Shares

#### Class I Shares
JPMorgan Credit Markets Fund (the "Fund") is a newly organized Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company with no operating history. The Fund operates as an "interval fund." J.P. Morgan Investment Management Inc. serves as the Fund's investment adviser (the "Adviser") and is responsible for making investment decisions for the Fund's portfolio.

The Fund's investment objective is to provide income and capital appreciation over the long term. In pursuing its investment objective, the Fund intends to invest in an actively managed portfolio of credit investments, including but not limited to loans, bonds, other credit instruments, collateralized debt obligations, collateralized loan obligations, asset-backed securities, credit-linked notes or other structured finance securities ("credit investments").

The Fund's investment exposure to credit investments is implemented via a variety of investment types that include: (i) investments in credit funds or pools of credit assets managed by various unaffiliated asset managers ("Portfolio Funds") acquired in privately negotiated transactions (a) from investors in these Portfolio Funds, and/or (b) in connection with a restructuring transaction of a Portfolio Fund (together, "Secondary Investments"); (ii) credit investments, either directly or indirectly via special purpose or other vehicles sponsored and controlled by various unaffiliated asset managers ("Co-Investments"); (iii) primary investments in Portfolio Funds ("Primary Investments"); and (iv) structured finance securities. The allocation among those types of investments and other investments may vary from time to time.

To manage the liquidity of its investment portfolio, the Fund also invests a portion of its assets in a portfolio of investment grade bonds, high yield bonds, short-term debt securities, leveraged loans, U.S. Government securities, affiliated and unaffiliated money market securities, mutual funds and/or exchange-traded funds ("ETFs"), cash and/or cash equivalents ("Liquid Assets").

This prospectus (the "Prospectus") applies to the offering on a continuous basis of three separate classes of shares of beneficial interest in the Fund ("Shares") designated as Class S, Class A and Class I Shares. The share classes have different ongoing shareholder servicing and/or distribution fees. The purchase price per share for each class of Shares equals our daily net asset value ("NAV") per share. No person who is admitted as a shareholder of the Fund (a "Shareholder") will have the right to require the Fund to redeem its Shares.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Per Class S<br>Share | Per Class A<br>Share | Per Class I<br>Share | Total |
| Public Offering Price(1) | Current NAV | Current NAV<br>plus sales load | Current NAV | Unlimited |
| Maximum Sales Load(2) |  | 2.25% |  |  |
| Proceeds to the Fund | Current NAV | Current NAV<br>less sales load | Current NAV | Unlimited |

---

(continued on inside of front cover)

#### The date of this prospectus is [ ], 2025

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(1) J.P. Morgan Institutional Investments Inc. ("JPMII"), an affiliate of the Adviser, acts as principal underwriter for the Fund's Shares and serves in that capacity on a reasonable best efforts basis, subject to various conditions. JPMII is not obligated to sell any specific number of shares, nor have arrangements been made to place shareholders' funds in escrow, trust, or similar arrangement. Class S Shares and Class I Shares are continuously offered on a daily basis at a price per share equal to the NAV per share for such class. Class A Shares are continuously offered on a daily basis at a price per share equal to the NAV per share plus any applicable sales load. The NAV of each class within the Fund varies, primarily because each class has different class-specific expenses such as distribution fees. Generally, the stated minimum investment by a Shareholder in the Fund is $2,500 with respect to Class S Shares and Class A Shares and, except as otherwise noted, $1,000,000 with respect to Class I Shares. Specific to registered investment advisors and other eligible financial intermediary fee-based accounts, the minimum initial investment for Class I Shares is $100,000. The stated minimum investment for Class I Shares may be reduced for certain Shareholders as described under "Purchasing Shares." The minimum additional investment in the Fund is $100 for Class S Shares and Class A Shares and $2,500 for Class I Shares. The Fund may, in its sole discretion, accept investments below these minimums. Shareholders subscribing through a given broker/dealer or registered investment adviser may have shares aggregated to meet these minimums, so long as initial investments are not less than the applicable minimum and incremental contributions are not less than the applicable minimum. Financial intermediaries may impose higher minimums.

(2) For Class A Shares, an upfront sales load charge of 2.25% will be applied to purchases in the amount of $100,000 or less. For purchases from $100,000.01 to $249,999.99 there will be an upfront sales load charge of 1.75%. For purchases $250,000 and above, there will not be an upfront sales charge, however, there will be a contingent deferred sales charge of 1.00% in instances where the Shareholder redeems such Class A Shares within eighteen (18) months after purchase. Class S Shares and Class I Shares are not subject to a sales load at the time of purchase. However, if you buy Class S Shares through certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that financial intermediaries limit such charges to a 3.50% cap on NAV for Class S Shares. Financial intermediaries will not charge such fees on Class I Shares. Your financial intermediary may impose additional charges when you purchase Shares of the Fund. Please consult your financial intermediary for additional information.

The Fund relies upon an exemptive order from the Securities and Exchange Commission (the "SEC") that permits the Fund to offer multiple classes of shares. The Fund offers three separate classes of Shares designated as Class S, Class A and Class I Shares. Each class of Shares is subject to different fees and expenses. The Fund may offer additional classes of Shares in the future.

Interval Fund/Repurchase Offers. The Fund is a closed-end interval fund. The Fund has adopted, pursuant to Rule 23c-3 under the 1940 Act, a fundamental policy, which cannot be changed without shareholder approval, requiring the Fund to offer to repurchase at least 5% and up to 25% of its Shares at NAV on a quarterly basis. Although the policy permits repurchases of between 5% and 25% of the Fund's outstanding Shares, for each quarterly repurchase offer, the Fund currently expects to offer to repurchase 5% of the Fund's outstanding Shares (in the aggregate across all share classes) at NAV (either by number of shares or aggregate NAV) subject to the approval of the Board of Trustees (the "Board"). The Adviser currently expects to recommend to the Board that the Fund conduct its first repurchase offer following the later of the second full quarter after (i) the date the Fund first accepts third party capital or (ii) the effective date of the Fund's registration statement (or such earlier or later date as the Board may determine).

The date on which the repurchase price for Shares is determined shall occur no later than the 14<sup>th</sup> day after the "Repurchase Request Deadline" (i.e., the date by which Shareholders can tender their Shares in response to a repurchase offer), or the next business day, if the 14<sup>th</sup> day is not a business day. The date by which shareholders wishing to tender Shares for repurchase must respond to the repurchase offer will be no more than seven days before the Repurchase Pricing Date (defined herein). See "Repurchase of Shares."

**An investment in the Fund is speculative with a substantial risk of loss. The Fund and the Adviser do not guarantee any level of return or risk on investments and there can be no assurance that the Fund's investment objective will be achieved. You should carefully consider these risks together with all of the other information contained in this Prospectus before making a decision to invest in the Fund.** 

• The Fund has no operating history.

• Shares are not listed on any securities exchange, and it is not anticipated that a secondary market for Shares will develop. Shares are subject to limitations on transferability, and liquidity will be provided only through limited repurchase offers. Although the Fund will offer to repurchase Shares on a quarterly basis of between 5% and 25% of the Fund's Shares, Shares will not be redeemable at

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a Shareholder's option. As a result, a Shareholder may not be able to sell or otherwise liquidate their Shares.

• The Fund has elected to operate as an "interval fund" and will make periodic repurchase offers, but only a limited number of Shares will be eligible for repurchase in each periodic repurchase offer. The need to fund repurchase obligations may affect the Fund's ability to be fully invested or force the Fund to maintain a higher percentage of assets in liquid investments, which may harm the Fund's investment performance.

• An investment in the Fund may not be suitable for investors who may need the money they invested in a specified timeframe.

• Shares are subject to substantial restrictions on transferability and resale and may not be transferred or resold except as permitted under the Fund's agreement and declaration of trust, as amended from time to time.

• The amount of distributions that the Fund may pay, if any, is uncertain.

• The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund's performance, such as the sale of assets, borrowings, return of capital, offering proceeds or from temporary waivers or expense reimbursements borne by the Adviser or its affiliates that may be subject to reimbursement to the Adviser or its affiliates.

**You should rely only on the information contained in this Prospectus and the Fund's Statement of Additional Information. The Fund has not authorized anyone to provide you with different information. You should not assume that the information provided by this Prospectus is accurate as of any date other than the date shown below. Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

You should read this Prospectus, which concisely sets forth information about the Fund, before deciding whether to invest in the Shares and retain it for future reference. A Statement of Additional Information (the "SAI"), dated [ ], 2025, containing additional information about the Fund, has been filed with the SEC and, as amended from time to time, is incorporated by reference in its entirety into this Prospectus. You may request a free copy of the SAI, as well as free copies of the Fund's Annual and Semi-Annual Reports to Shareholders ("Shareholder Reports"), when available, and other information about the Fund by calling 1-800-480-4111, by writing to the Fund at 277 Park Avenue, New York, New York 10172 or by visiting www.jpmorganfunds.com. You can get the same information for free from the SEC's website, https://www.sec.gov, which contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

**You should not construe the contents of this Prospectus as legal, tax or financial advice. You should consult with your own professional advisors as to the legal, tax, financial or other matters relevant to the suitability of an investment in the Fund.** 

**This Prospectus does not constitute an offer to sell, or a solicitation of an offer to buy, a security in any jurisdiction or to any person to whom it is unlawful to make such an offer or solicitation in that jurisdiction.** 

**The Fund's Shares do not represent a deposit or an obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.** 

JPMII, an affiliate of the Fund and the Adviser, acts as principal underwriter for the Fund's Shares and serves in that capacity on a reasonable best efforts basis, subject to various conditions. The principal business address of JPMII is 383 Madison Avenue, New York, NY 10179.

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
| [SUMMARY OF OFFERING TERMS](#pro930911_1) | 1 |
| [SUMMARY OF FEES AND EXPENSES](#pro930911_2) | 32 |
| [FINANCIAL HIGHLIGHTS](#pro930911_3) | 34 |
| [THE FUND](#pro930911_4) | 34 |
| [USE OF PROCEEDS](#pro930911_5) | 34 |
| [INVESTMENT OBJECTIVE AND STRATEGY](#pro930911_6) | 34 |
| [LEVERAGE](#pro930911_7) | 39 |
| [RISKS](#pro930911_8) | 40 |
| [POTENTIAL CONFLICTS OF INTEREST](#pro930911_9) | 71 |
| [MANAGEMENT OF THE FUND](#pro930911_10) | 80 |
| [INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT](#pro930911_11) | 83 |
| [NET ASSET VALUATION](#pro930911_12) | 84 |
| [ELIGIBLE INVESTORS](#pro930911_13) | 88 |
| [PLAN OF DISTRIBUTION](#pro930911_14) | 88 |
| [PURCHASING SHARES](#pro930911_15) | 90 |
| [CLOSED-END FUND STRUCTURE; NO RIGHT OF REDEMPTION](#pro930911_16) | 101 |
| [TRANSFER RESTRICTIONS](#pro930911_17) | 101 |
| [REPURCHASE OF SHARES](#pro930911_18) | 102 |
| [CERTAIN ERISA CONSIDERATIONS](#pro930911_19) | 104 |
| [DISTRIBUTIONS](#pro930911_20) | 105 |
| [DIVIDEND REINVESTMENT PLAN](#pro930911_21) | 105 |
| [DESCRIPTION OF SHARES](#pro930911_22) | 107 |
| [CERTAIN PROVISIONS IN THE DECLARATION OF TRUST](#pro930911_23) | 107 |
| [MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS](#pro930911_24) | 111 |
| [CUSTODIAN](#pro930911_25) | 125 |
| [ADMINISTRATION SERVICES](#pro930911_26) | 125 |
| [TRANSFER AGENT AND DIVIDEND PAYING AGENT](#pro930911_27) | 126 |
| [FISCAL YEAR; REPORTS TO SHAREHOLDERS](#pro930911_28) | 127 |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#pro930911_29) | 128 |
| [LEGAL COUNSEL](#pro930911_30) | 129 |

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#### SUMMARY OF OFFERING TERMS
The following information is only a summary and does not contain all of the information that you should consider before investing in JPMorgan Credit Markets Fund (the "Fund"). You should carefully read the more detailed information appearing elsewhere in this Prospectus, the Statement of Additional Information and the agreement and declaration of trust of the Fund (the "Declaration of Trust"), each as amended from time to time.

The Fund The Fund is a newly organized Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company with no operating history. The Fund operates as an "interval fund".

The Fund relies upon an exemptive order from the Securities and Exchange Commission (the "SEC") that permits the Fund to offer multiple classes of shares. The Fund offers three separate classes of shares of beneficial interest ("Shares") designated as Class S, Class A and Class I Shares. Each class of Shares is subject to different fees and expenses. The Fund may offer additional classes of Shares in the future. <br>

The business operations of the Fund are managed and supervised under the direction of the Fund's Board of Trustees (the "Board"), subject to the laws of the State of Delaware and the Fund's Declaration of Trust. The Board is comprised of four trustees ("Trustees"), three of whom are not "interested persons" (as defined in the 1940 Act) of the Fund ("Independent Trustees"). The Board is responsible for overseeing the overall management of the Fund, including supervision of the duties performed by the Adviser. <br>

The Investment Adviser J.P. Morgan Investment Management Inc., an investment adviser registered with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), serves as the Fund's investment adviser (the "Adviser").

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Objective and Strategy  | The Fund's investment objective is to provide income and capital appreciation over the long term. In pursuing its investment objective, the Fund intends to invest in an actively managed portfolio of credit investments, including but not limited to loans, bonds, other credit instruments, collateralized debt obligations, collateralized loan obligations, asset-backed securities, credit-linked notes or other structured finance securities ("credit investments").  |

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The Fund's investment exposure to credit investments is implemented via a variety of investment types that include: (i) investments in credit funds or pools of credit assets managed by various unaffiliated asset managers ("Portfolio Funds") acquired in privately negotiated transactions (a) from investors in these Portfolio Funds, and/or (b) in connection with a restructuring transaction of a Portfolio Fund (together, <br>

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"Secondary Investments"); (ii) credit investments, either directly or indirectly via special purpose or other vehicles sponsored and controlled by various unaffiliated asset managers ("Co-Investments"); (iii) primary investments in Portfolio Funds ("Primary Investments"); and (iv) structured finance securities. The allocation among those types of investments and other investments may vary from time to time. <br>

The Adviser believes that the credit secondaries market is still relatively nascent compared to other private capital asset classes, which provides unique opportunities for investors in credit secondaries. When selecting investments, the Adviser may consider, among other opportunities, the potential for alpha generation, J-curve mitigation, duration, diversification, structural protections, market volatility, blind pool risk, and interest rate protection. See "Summary of Offering Terms—Investment Objective and Strategy" below for additional information on these considerations. The Fund's strategy may involve investments in what the Adviser believes are "undervalued" assets. <br>

The Fund may also have exposure to other privately placed debt securities and other yield-oriented investments, including without limitation 144A securities, syndicated and other floating rate senior secured loans issued in private placements by U.S. and foreign corporations, partnerships and other business entities, privately placed bank loans, restricted securities, and other securities and instruments issued in transactions exempt from the registration requirements of the Securities Act or 1933, as amended (the "Securities Act"). <br>

The Fund may have exposure to companies and funds that are organized or headquartered or have substantial sales or operations outside of the United States, its territories, and possessions, including emerging market countries.

The Fund intends to establish one or more credit lines to borrow money for a range of purposes, including to provide liquidity for capital calls by Portfolio Funds and Co-Investments, to satisfy repurchase requests, to manage timing issues in connection with the inflows of additional capital and the acquisition of Fund investments and to otherwise satisfy Fund obligations. There is no assurance, however, that the Fund will be able to enter into a credit line or that it will be able to timely repay any borrowings under such credit line, which may result in the Fund incurring leverage on its portfolio investments from time to time. The Fund is permitted to borrow money or issue debt securities in an amount up to 33 1/3% of its total assets in accordance with the 1940 Act. The Board may modify the borrowing policies of the Fund, including the purposes for which borrowings may <br>

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be made, and the length of time that the Fund may hold portfolio securities purchased with borrowed money. The rights of any lenders to the Fund to receive payments of interest or repayments of principal will be senior to those of the shareholders of the Fund ("Shareholders") and the terms of any borrowings may contain provisions that limit certain activities of the Fund. The Fund also may borrow money from banks or other lenders for temporary purposes. <br>

To manage the liquidity of its investment portfolio, the Fund also invests a portion of its assets in a portfolio of investment grade bonds, high yield bonds, short-term debt securities, leveraged loans, U.S. Government securities, affiliated and unaffiliated money market securities, affiliated and unaffiliated mutual funds and/or ETFs, cash and/or cash equivalents as further described below in "Types of Portfolio Investments – Liquid Assets" ("Liquid Assets"). The Fund may invest in one or more money market funds advised by the Adviser or its affiliates ("affiliated money market funds"). To enhance the Fund's liquidity, particularly in times of possible net outflows through the repurchase of Shares by periodic repurchase offers to Shareholders, the Fund may sell certain of its assets. The Fund seeks to hold an amount of Liquid Assets consistent with prudent liquidity management. For temporary defensive purposes, liquidity management or in connection with implementing changes in the asset allocation, the Fund may hold a substantially higher amount of Liquid Assets. <br>

Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in credit investments. The Fund may invest in credit investments indirectly through investment vehicles, including but not limited to Portfolio Funds, Co-Investments and affiliated or unaffiliated mutual funds and ETFs. The Fund intends to count the value of any money market funds, cash, other cash equivalents or U.S. Treasury securities with remaining maturities of one year or less that cover unfunded commitments to invest in Portfolio Funds or special purpose vehicles controlled by unaffiliated general partners that will acquire a private credit investment, in each case that the Fund reasonably expects to be called in the future, as qualifying investments for purposes of its 80% policy. <br>

The Fund may make investments directly or indirectly and may form one or more subsidiaries in the future in order to pursue its investment objective and strategies in a potentially tax-efficient manner or for the purpose of facilitating its use of permitted borrowings (each, a "Subsidiary" and collectively, the "Subsidiaries"). Except as otherwise provided, references to the Fund's investments also will refer to any Subsidiary's investments. In determining which investments should be bought and sold for a Subsidiary, the Adviser will treat the <br>

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assets of the Subsidiary as if the assets were held directly by the Fund. The financial statements of each Subsidiary will be consolidated with those of the Fund.

The Fund's asset allocation and amount of credit investments may be based, in part, on anticipated future capital calls and distributions from such investments. This may result in the Fund making commitments to credit investments in an aggregate amount that exceeds the total amounts invested by Shareholders in the Fund at the time of such commitment (i.e., to "over-commit"). To the extent that the Fund engages in an "over-commitment" strategy, the risk associated with the Fund defaulting on a commitment to a Portfolio Fund will increase. <br>

Secondary Investments may include illiquid direct or indirect non-controlling interests in, or interests in the revenue or profits of, management companies of a Portfolio Fund. The Fund does not intend to take on management responsibilities with respect to these investments nor does it intend to control or otherwise hold an amount of interests in the management company such that the Fund becomes an affiliated person of the management company. <br>

There can be no assurance that the Fund's investment objective will be achieved or that the Fund's investment program will be successful.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Risk Factors  | The following are certain principal risk factors that relate to the operations and terms of the Fund. These considerations, which do not purport to be a complete description of any of the particular risks referred to or a complete list of all risks involved in an investment in the Fund, should be carefully evaluated before determining whether to invest in the Fund. The Fund's investment program is speculative and entails substantial risks. The following risks may be directly applicable to the Fund or may be indirectly applicable through the Fund's credit investments. In considering participation in the Fund, prospective investors should be aware of certain principal risk factors, including the following:  |

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Risks of Investing in Credit Investments

Risks of Credit Strategies. The Fund's investment portfolio will include Secondary Investments, Co-Investments and Primary Investments. The Portfolio Funds and special purpose vehicles that the Fund invests in hold securities issued primarily by private companies. Operating results for private companies in a specified period may be difficult to determine. Such investments involve a high degree of business and financial risk that can result in substantial losses. <br>

Risks Associated with Credit Investments. The Fund may invest in debt securities and other yield-oriented investments

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issued by private companies acquired in privately negotiated transactions and/or in connection with a restructuring transaction. Credit strategies involve a variety of debt investing, which is subject to a high degree of financial risk. Credit investments may be adversely affected by tax, legislative, regulatory, credit, political or government changes, interest rate increases and the financial conditions of issuers, which may pose significant credit risks (i.e., the risk that an issuer of a security will fail to pay principal and interest in a timely manner, reducing the associated total return) that result in issuer default. <br>

Less information may be available with respect to private company investments and such investments offer limited liquidity. Private companies are generally not subject to SEC reporting requirements, are not required to maintain their accounting records in accordance with generally accepted accounting principles, and are not required to maintain effective internal controls over financial reporting. As a result, there is risk that the Fund may invest on the basis of incomplete or inaccurate information, which may adversely affect the Fund's investment performance. Private companies in which the Fund may invest also may have limited financial resources, shorter operating histories, more asset concentration risk, narrower product lines and smaller market shares than larger businesses, which tend to render such private companies more vulnerable to competitors' actions and market conditions, as well as general economic downturns. These companies generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. In addition, investments in private companies generally are in restricted securities that are not traded in public markets and subject to substantial holding periods. There can be no assurance that the Fund will be able to realize the value of such investments in a timely manner. <br>

Competition for access to credit investment opportunities. There can be no assurance that the Adviser will be able to secure interests on behalf of the Fund in all of the investment opportunities that it identifies for the Fund, or that the size of the interests available to the Fund will be as large as the Adviser would desire. <br>

In addition, certain provisions of the 1940 Act prohibit the Fund from engaging in transactions with the Adviser and its affiliates; however, unregistered funds also managed by the Adviser are not prohibited from the same transactions. The 1940 Act also imposes significant limits on investments in certain privately placed securities in aggregated transactions <br>

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with affiliates of the Fund. The 1940 Act prohibits the Adviser from causing the Fund to engage in investments alongside affiliates in private placement securities that involve the negotiation of certain terms of the private placement securities to be purchased (other than price-related terms) unless such investments are not prohibited by Section 17(d) of the 1940 Act or interpretations of Section 17(d) as expressed in SEC no-action letters or other available guidance or unless made in accordance with an exemptive order the Adviser, the Fund and certain funds advised by the Adviser have received from the SEC that permits the Fund to, among other things and subject to the conditions of the order, invest in certain privately placed securities in aggregated transactions alongside certain funds advised by the Adviser, where the Adviser negotiates certain terms of the private placement securities to be purchased (in addition to price-related terms). The conditions contained in the exemptive order may limit or restrict the Fund's ability to participate in such negotiated investments or participate in such negotiated investments to a lesser extent. An inability to receive the desired allocation to potential investments may affect the Fund's ability to achieve the desired investment returns. <br>

The Fund is subject to the risks of its Portfolio Funds. The Fund's investments in Portfolio Funds are subject to a number of risks. Portfolio Fund interests are expected to be illiquid, their marketability may be restricted and the realization of investments from them may take considerable time and/or be costly. Although the Adviser seeks to receive detailed information from each Portfolio Fund regarding its business strategy and any performance history, in most cases the Adviser will have little or no means of independently verifying this information. In addition, Portfolio Funds may have little or no near-term cash flow available to distribute to investors, including the Fund. <br>

Portfolio Fund interests are ordinarily valued based upon valuations provided by the manager or general partner of a Portfolio Fund (a "Portfolio Fund Manager"), which may be received on a delayed basis. Certain securities in which the Portfolio Funds invest may not have a readily ascertainable market price and are fair valued by the Portfolio Fund Managers. The Adviser reviews and performs due diligence on the valuation procedures used by each Portfolio Fund Manager and monitors performance information provided by the Portfolio Funds. However, neither the Adviser nor the Board is able to confirm the accuracy of valuations provided by Portfolio Fund Managers. <br>

The Fund pays asset-based fees, and, in most cases, is subject to performance-based fees in respect of its interests in Portfolio Funds. Such fees and performance-based compensation are in addition to the Advisory Fee. Moreover, a

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Shareholder in the Fund will indirectly bear a proportionate share of the fees and expenses of the Portfolio Funds, in addition to its proportionate share of the expenses of the Fund.

The Fund is subject to the risks associated with its Portfolio Funds' underlying investments. The investments made by the Portfolio Funds entail a high degree of risk and in most cases are highly illiquid and difficult to value. The Fund will not obtain or seek to obtain any control over the management of any portfolio company in which any Portfolio Fund may invest. The success of each investment made by a Portfolio Fund will largely depend on the ability and success of the management of the portfolio companies in addition to economic and market factors. <br>

The Fund may have limited Secondary Investment opportunities. The Fund may make Secondary Investments in Portfolio Funds by acquiring the interests in the Portfolio Funds from existing investors in such Portfolio Funds. In such instances, it is generally not expected that the Fund will have the opportunity to negotiate the terms of the interests being acquired, other than the purchase price, or other special rights or privileges. Moreover, there is no assurance that the Fund will be able to purchase interests at attractive discounts to net asset value, or at all. The overall performance of the Fund will depend in large part on the acquisition price paid by the Fund for its Secondary Investments, the structure of such acquisitions and the overall success of the Portfolio Fund. The acquisition of Secondary Investments generally requires the consent of the Portfolio Fund Manager of such Secondary Investment, and there can be no assurance that the Fund will be able to obtain such consent. When the Fund acquires Secondary Investments, it is expected that the Fund will not have had the opportunity to negotiate the terms of the investment or other special rights or privileges, and the Fund may acquire an interest in a Secondary Investment that contains terms that are disadvantageous for legal, tax, regulatory, or other reasons. <br>

There is significant competition for Secondary Investments. No assurance can be given that the Fund will be able to identify Secondary Investments that satisfy the Fund's investment objective or, if the Fund is successful in identifying such Secondary Investments, that the Fund will be permitted to invest, or invest in the amounts desired, in such Secondary Investments. <br>

Credit investments are subject to a variety of special risks.

• Acquisition Transactions Risk. Credit investments made in connection with acquisition transactions are subject to a variety of special risks, including that the acquiring

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company has paid too much for the acquired investment or has overestimated the acquired company's ability to meet its debt obligations due to, among other factors, overleveraging of the acquired company, an insufficient understanding of the acquired company's business model or unforeseen interest rates fluctuations. Acquisition transactions are also subject to the risks associated with new or unproven management or new strategies. These risks may affect the acquired company's ability to repay its debt through refinancing other means and could impair the value of any investment made or held by the Fund in connection with the acquisition transaction. <br>

• Senior Secured Loans. When a Portfolio Fund makes a unitranche loan or standalone first or second lien loan to a portfolio company, the Portfolio Fund generally takes a security interest in the available assets of the portfolio company, including the equity interests of its subsidiaries, which the Portfolio Fund expects to help mitigate the risk that the Portfolio Fund will not be repaid. However, there is a risk that the collateral securing the Portfolio Fund's loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise, and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital. In addition, deterioration in a portfolio company's financial condition and prospects, including its inability to raise additional capital, may be accompanied by deterioration in the value of the collateral for the loan. Consequently, the fact that a loan is secured does not guarantee that a Portfolio Fund will receive principal and interest payments according to the loan's terms, or at all, or that the Portfolio Fund will be able to collect on the loan should it be forced to enforce its remedies. In addition, senior secured credit facilities are generally syndicated to a number of different financial market participants. The documentation governing the facilities typically requires either a majority consent or, in certain cases, unanimous approval for certain actions in respect of the facility, such as waivers, amendments, or the exercise of remedies. In addition, voting to accept or reject the terms of a restructuring of a facility pursuant to a court-ordered plan of reorganization in an insolvency proceeding may be done on a class basis. As a result of these voting regimes, the Portfolio Fund may not have the ability to control any decision in respect of any amendment, waiver, exercise of remedies, restructuring or reorganization of debts owed to the Portfolio Fund.

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• Subordinated Debt. Portfolio Funds generally may make investment in subordinated debt, which is subordinated to senior secured loans on a payment basis and typically is unsecured and ranks pari passu with other unsecured creditors. As such, other creditors may rank senior to a Portfolio Fund in the event of an insolvency. This may result in an increased risk of default as well as recovery values being lower than other more senior sources of capital. In addition, many of the obligors are highly leveraged and many of the investments will be in securities which are unrated or rated below investment grade. The Fund considers debt securities to be below investment grade if, at the time of investment, they are rated below the four highest categories by at least one independent credit rating agency or, if unrated, are determined by the Adviser to be of comparable quality. Such investments are subject to additional risks, including an increased risk of default during periods of economic downturn, the possibility that the obligor may not be able to meet its debt payments and limited secondary market support, among other risks.

• Bank Loans and Participations . The Fund may invest a portion of its assets indirectly in bank loans and participations. These obligations are subject to unique risks, including, without limitation: (a) the possible invalidation of an investment transaction as a fraudulent conveyance under relevant creditors' rights laws, (b) so-called lender liability claims by the issuer of the obligations, (c) environmental liabilities that may arise with respect to collateral securing the obligations, (d) adverse consequences resulting from participating in such instruments with other institutions with lower credit quality and (e) limitations on the ability of the Fund to directly enforce its rights with respect to participations. The loans indirectly invested in by the Fund may include term loans and revolving loans, may pay interest at a fixed or floating rate, and may be senior or subordinated. Successful claims by third parties arising from these and other risks, absent bad faith, may be borne by the Fund. Bank loans are frequently traded on the basis of standardized documentation which is used in order to facilitate trading and market liquidity. There can be no assurance, however, that future levels of supply and demand in bank loan trading will provide an adequate degree of liquidity, that the current level of liquidity will continue, or that the same documentation will be used in the future. The settlement of trading in bank loans often requires the involvement of third parties, such as administrative or syndication agents, and there

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presently is no central clearinghouse or authority which monitors or facilitates the trading or settlement of all bank loan trades. Often, settlement may be delayed based on the actions of any third party or counterparty, and adverse price movements may occur in the time between trade and settlement, which could result in adverse consequences for the Fund. Portfolio Funds may invest in bank loans either directly (by way of sale or assignment) or indirectly (by way of participation). The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a contracting party under the credit agreement with respect to the debt obligation; however, its rights can be more restricted than those of the assigning institution. In addition, if the Fund invests in loans pursuant to an assignment, it is possible that the Fund's claims may be subject to attack (i.e., equitable subordination or disallowance) on account of the conduct of the transferee. Participation interests in a portion of a debt obligation typically result in a contractual relationship only with the institution participating in the interest and not with the borrower. In purchasing participations, the Fund may have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of set-off against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund may assume the credit risk of both the borrower and the institution selling the participation to the Fund. In certain circumstances, investing in the form of a participation may be the most advantageous or only route for the Fund to make or hold any such investment, including in light of limitations relating to affiliated transaction restrictions, local laws or the willingness of administrative agents or borrowers to allow the Fund to become a direct lender. Some of the bank loans acquired by the Fund may be below investment grade. In terms of liquidity with respect to such investments, there can be no assurance that levels of supply and demand in bank loan trading will provide an adequate degree of liquidity for the Fund's investments therein. In addition, the Fund may make investments in stressed or distressed bank loans which are often less liquid than performing bank loans. <br>

• High-Yield Debt . The Fund may invest directly or indirectly in debt securities that may be classified as "higher-yielding" (and, therefore, higher-risk) debt securities. In most cases, such debt will be rated below "investment grade" or will be unrated and face ongoing uncertainties and exposure to adverse business,

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financial or economic conditions and the issuer's failure to make timely interest and principal payments. The market for high-yield securities has experienced periods of volatility and reduced liquidity. High-yield securities may or may not be subordinated to certain other outstanding securities and obligations of the issuer, which may be secured by substantially all of the issuer's assets. High-yield securities may also not be protected by financial covenants or limitations on additional indebtedness. The market values of certain of these debt securities may reflect individual corporate developments. General economic recession or a major decline in the demand for products and services in the industry in which the borrower operates would likely have a materially adverse impact on the value of such securities or could adversely affect the ability of the issuers of such securities to repay principal and pay interest thereon and increase the incidence of default of such securities. In addition, adverse publicity and investor perceptions, whether or not based on fundamental analysis, may also decrease the value and liquidity of these high-yield debt securities. <br>

• Bonds and Other Fixed Income Securities . The Fund and/or Portfolio Funds may invest in bonds and other fixed income securities, both U.S. and non-U.S., and may take short positions in these securities. The Fund and/or Portfolio Funds will invest in these securities when they offer opportunities for capital appreciation (or capital depreciation in the case of short positions) and may also invest in these securities for temporary defensive purposes and to maintain liquidity. Fixed income securities include, among other securities: bonds, notes and debentures issued by U.S. and non-U.S. corporations; U.S. Government securities or debt securities issued or guaranteed by a non-U.S. government; municipal securities; and mortgage-backed and asset-backed securities. These securities may pay fixed, variable or floating rates of interest, and may include zero coupon obligations. Fixed income securities are subject to the risk of the issuer's inability to meet principal and interest payments on its obligations (i.e. , credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (i.e. , market risk).

• Equity Investments. When the Fund, through a Portfolio Fund, invests in unitranche loans, standalone first and second lien loans or subordinated debt, such Portfolio Fund may acquire equity securities in a portfolio

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company. In addition, Portfolio Funds may invest directly in the equity securities of portfolio companies. The Portfolio Fund's goal is ultimately to dispose of such equity interests and realize gains upon the Portfolio Fund's disposition of such interests. However, the equity interests a Portfolio Fund receives may not appreciate in value and, in fact, may decline in value. Accordingly, a Portfolio Fund may not be able to realize gains from its equity interests, and any gains that the Portfolio Fund does realize on the disposition of any equity interests may not be sufficient to offset any other losses the Portfolio Fund experiences. The timing of ultimate realization is highly uncertain and these securities will have no readily available market for liquidity. As a result, the holding period for these securities may be lengthy. In addition, underlying investments are likely to be in lower-grade obligations. The lower-grade underlying investments may be rated below investment grade by one or more nationally recognized statistical rating agencies at the time of investment, or may be unrated but determined by the Portfolio Funds to be of comparable quality. Loans or debt securities rated below investment grade are considered speculative with respect to the issuer's capacity to pay interest and repay principal. Further, in the event of a bankruptcy, liquidation or reorganization or similar proceeding relating to a Portfolio Fund, the Fund or the Portfolio Fund (as applicable) will participate with all other equity holders of such Portfolio Fund in the assets remaining after the Portfolio Fund has paid all of its indebtedness, including subordinated indebtedness. <br>

Regulatory changes may adversely affect credit funds. The legal, tax and regulatory environment for credit funds is evolving, and it is possible that any future changes may have a materially adverse effect on the ability of Portfolio Funds to pursue their investment strategies. Any regulatory changes that adversely affect a Portfolio Fund's ability to implement its investment strategies could have a material adverse impact on the Portfolio Fund's performance, and thus on the Fund's performance. <br>

In-kind distributions from Portfolio Funds or Co-Investments may be held for an indefinite period. The Fund may receive in-kind distributions of securities from Portfolio Funds or Co-Investments. There can be no assurance that securities distributed in kind by Portfolio Funds or Co-Investments to the Fund will be readily marketable or saleable. The Fund may be required to, or the Adviser, in its sole investment discretion, may determine to, hold such securities for an indefinite period. Timing of sales is subject to position size considerations, market liquidity, and other <br>

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factors considered in the sole investment discretion of the Adviser. The Fund may incur additional expense in connection with any disposition of such securities.

There are additional risks associated with Co-Investments. There can be no assurance that the Fund will be given Co-Investment opportunities, or that any specific Co-Investment offered to the Fund would be appropriate or attractive to the Fund in the Adviser's judgment. Many entities compete with the Fund in pursuing Co-Investments. Furthermore, many competitors are not subject to the regulatory restrictions that the 1940 Act imposes on the Fund. As a result of this competition and regulatory restrictions, the Fund may not be able to pursue attractive Co-Investment opportunities from time to time. In addition, the Fund's ability to dispose of Co-Investments may be more limited than the Fund's ability to dispose of Secondary Investments or Primary Investments. <br>

The Fund's credit investments may be subject to risks associated with a lead investor. The Fund's ability to realize a profit on such credit investments will be particularly reliant on the expertise of the lead investor in the transaction. While due diligence will be conducted on private investment opportunities, where the Fund invests alongside an unaffiliated lead investor, the Adviser may be more reliant on the lead investor's diligence. In addition, the Adviser may have little to no opportunity to negotiate the terms of such private investments. The Fund generally will rely on the lead investor offering such private investment opportunity to perform certain due diligence on the relevant investment and to negotiate certain terms of the investment. <br>

The Fund is subject to additional risks associated with different investments, including its investments in Liquid Assets. For information about those risks, see "Other Investment Risks" and "Other Risks" under the "Risks" section starting on page [37] of the Prospectus.

General Risks of Investing in the Fund

The Fund and the Portfolio Funds are subject to general investment risks. There is no assurance that the investments held by the Fund will be profitable, that there will be proceeds from such investments available for distribution to Shareholders, or that the Fund will achieve its investment objective. An investment in the Fund is speculative and involves a high degree of risk. <br>

The Fund and the Portfolio Funds are subject to risks associated with market and economic downturns and movements. Investments made by the Fund may be materially

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affected by market, economic and political conditions in the United States and in the non-U.S. jurisdictions in which its investments operate, including factors affecting interest rates, the availability of credit, currency exchange rates and trade barriers. These factors are outside the control of the Adviser and could adversely affect the liquidity and value of the Fund's investments and reduce the ability of the Fund to make new investments. <br>

The Fund is subject to conflicts of interest. An investment in the Fund is subject to a number of actual or potential conflicts of interest. For example, the Adviser and/or its affiliates provide a variety of different services to the Fund, for which the Fund compensates them. As a result, the Adviser and/or its affiliates have an incentive to enter into arrangements with the Fund, and face conflicts of interest when balancing that incentive against the best interests of the Fund. The Adviser and/or its affiliates also face conflicts of interest in their service as investment adviser to other clients, and, from time to time, make investment decisions that differ from and/or negatively impact those made by the Adviser on behalf of the Fund. In addition, affiliates of the Adviser provide a broad range of services and products to their clients and are major participants in the global currency, equity, commodity, fixed-income and other markets. In certain circumstances, by providing services and products to their clients, these affiliates' activities will disadvantage or restrict the Fund and/or benefit these affiliates and may result in the Fund forgoing certain investments that it would otherwise make. Furthermore, from time to time, the investment activities of the Fund will be restricted because of regulatory requirements applicable to the Adviser (or its affiliates) or its internal policies designed to comply with, limit the applicability of, or that otherwise relate to such requirements. There may be periods when the Adviser could preclude the Fund from purchasing particular securities or financial instruments (or limit the amount the Fund may invest), even if such securities or financial instruments would otherwise meet the Fund's objectives. For example, the Fund's ability to participate in credit investments may be limited or precluded due to internal restrictions in place at the Adviser designed to avoid affiliation under the 1940 Act between the Fund and/or the Adviser and its affiliates and an issuer. These same restrictions may not apply to other accounts or pooled investment vehicles managed by the Adviser that are not subject to the 1940 Act. An inability to receive the desired allocation to potential investments may affect the Fund's ability to achieve the desired investment returns. The Adviser may also acquire material non-public information which would negatively affect the Adviser's ability to transact in securities for the Fund. See "Potential Conflicts of Interest" below. <br>

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The Board may change the Fund's investment objective and strategies without Shareholder approval. The Board has the authority to modify or waive certain of the Fund's operating policies and strategies without prior notice and without Shareholder approval (except as required by the 1940 Act or other applicable laws). The Fund cannot predict the effects that any changes to its current operating policies and strategies would have on the Fund's business, operating results and value of its Shares. Nevertheless, the effects may adversely affect the Fund's business and impact its ability to make distributions. <br>

The Fund is actively managed and subject to management risk. The Fund is subject to management risk because it is an actively managed investment portfolio. The Adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. The Fund may be subject to a relatively high level of management risk because the Fund invests in credit investments. The Fund's allocation of its investments across Portfolio Funds, Co-Investments and other portfolio investments representing various strategies, geographic regions, asset classes and sectors may vary significantly over time based on the Adviser's analysis and judgment. It is possible that the Fund will focus on an investment that performs poorly or underperforms other investments under various market conditions. <br>

The Fund's performance depends on the Adviser and key personnel. The Fund does not and will not have any internal management capacity or employees and depends on the experience, diligence, skill and network of business contacts of the investment professionals of the Adviser and the investment team currently employ, or may subsequently retain, to identify, evaluate, negotiate, structure, close, monitor and manage the Fund's investments. In addition, the Fund cannot assure investors that the Adviser will remain the Fund's investment adviser. The Fund may not be able to find a suitable replacement within that time, resulting in a disruption in its operations that could adversely affect its financial condition, business and results of operations. This could have a material adverse effect on the Fund's financial conditions, results of operations and cash flow. <br>

The Fund's strategy may involve investments in "undervalued" assets. The Fund's investment strategy may be based, in part, upon the premise that certain potential investments may be available for purchase by the Fund at what the Adviser believes are "undervalued" prices. However, purchasing interests at what may appear to be "undervalued" or "discounted" levels is no guarantee that these investments <br>

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will generate attractive risk-adjusted returns to the Fund, and such investments may be subject to further reductions in value. No assurance can be given that investments can be acquired at favorable prices or that the market for such interests will continue to improve.

The Fund may be subject to leverage risk. The use of leverage creates an opportunity for increased Share gains, but also creates risks for Shareholders. The Fund cannot assure Shareholders that the use of leverage, if employed, will benefit the common shares. Leveraging is a speculative technique that may expose the Fund to greater risk and increased costs. Any leveraging strategy the Fund employs may not be successful. <br>

The Adviser's due diligence process may entail evaluation of important and complex issues and may require outside consultants. The Adviser's due diligence process may not reveal all facts that may be relevant in connection with an investment made by the Fund. In some cases, only limited information is available about a Portfolio Fund or Co-Investment opportunity in which the Adviser is considering an investment. There can be no assurance that the due diligence investigations undertaken by the Adviser will reveal or highlight all relevant facts (including fraud) that may be necessary or helpful in evaluating a particular investment opportunity, or that the Adviser's due diligence will result in an investment being successful. In the event of fraud by any Portfolio Fund or Co-Investment vehicle or any of its general partners, managers or affiliates, the Fund may suffer a partial or total loss of capital invested in that investment. There can be no assurance that any such losses will be offset by gains (if any) realized on the Fund's other investments. An additional concern is the possibility of material misrepresentation or omission on the part of the investment or the seller. Such inaccuracy or incompleteness may adversely affect the value of that investment. The Fund will rely upon the accuracy and completeness of representations made by Portfolio Funds or Co-Investment vehicles and/or their current or former owners in the due diligence process to the extent the Fund deems reasonable when it makes its investments, but cannot guarantee such accuracy or completeness. <br>

Investments in the Fund will be primarily illiquid. An investment in the Fund, unlike an investment in a traditional listed closed-end fund, should be considered illiquid. The Shares are appropriate only for investors who are comfortable with investment in less liquid or illiquid portfolio investments within an illiquid fund. Unlike open-end funds (commonly known as mutual funds), which generally permit redemptions on a daily basis, the Shares will not be redeemable at a Shareholder's option. Unlike stocks of listed closed-end funds, the Shares are not listed, and are not expected to be listed, for <br>

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trading on any securities exchange, and the Fund does not expect any secondary market to develop for the Shares in the foreseeable future.

No Operating History. The Fund is a non-diversified, closed-end management investment company with no operating history. While members of the Adviser who are active in managing the Fund's investments have substantial experience in credit investments, the Fund was recently formed, does not yet have any operating history and has not made any investments. <br>

Repurchase Offers Risk. The Fund is an "interval fund" and, in order to provide liquidity to shareholders, the Fund, subject to applicable law, will conduct quarterly repurchase offers of the Fund's outstanding Shares at NAV, with the size of the repurchase offer subject to approval of the Board. In all cases, such repurchase offers will be for at least 5% and not more than 25% of its outstanding Shares at NAV, pursuant to Rule 23c-3 under the 1940 Act. The Fund currently expects to conduct quarterly repurchase offers for 5% of its outstanding Shares under ordinary circumstances. The Fund believes that these repurchase offers are generally beneficial to the Fund's Shareholders, and repurchases may be funded from available cash, borrowings, subscription proceeds or sales of portfolio securities. However, repurchase offers and the need to fund repurchase obligations may affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of its assets in liquid investments, which may harm the Fund's investment performance. Moreover, diminution in the size of the Fund through repurchases may result in increased portfolio turnover and untimely sales of portfolio securities (with associated imputed transaction costs, which may be significant), and may limit the ability of the Fund to participate in new investment opportunities or to achieve its investment objective. The Fund may accumulate cash by holding back (i.e., not reinvesting) payments received in connection with the Fund's investments. If at any time cash and other cash equivalents held by the Fund are not sufficient to meet the Fund's repurchase obligations, the Fund intends, if necessary, to sell investments, including liquid investments. If, as expected, the Fund employs investment leverage, repurchases of Shares would compound the adverse effects of leverage in a declining market. In addition, if the Fund borrows to finance repurchases, interest on that borrowing will negatively affect Shareholders who do not tender their Shares by increasing the Fund's expenses and reducing any net investment income. If a repurchase offer is oversubscribed, the Fund may, but is not required to, determine to increase the amount repurchased by up to 2% of the Fund's outstanding shares as of the date of the Repurchase Request Deadline. In the event that the Fund determines not to repurchase more <br>

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than the repurchase offer amount, or if Shareholders tender more than the repurchase offer amount plus 2% of the Fund's outstanding shares as of the date of the Repurchase Request Deadline, the Fund will repurchase the Shares tendered on a pro rata basis, and Shareholders will have to wait until the next repurchase offer to make another repurchase request. As a result, Shareholders may be unable to liquidate all or a given percentage of their investment in the Fund during a particular repurchase offer. Some Shareholders, in anticipation of proration, may tender more Shares than they wish to have repurchased in a particular quarter, thereby increasing the likelihood that proration will occur. A Shareholder may be subject to market, foreign currency and other risks, and the NAV of Shares tendered in a repurchase offer may decline between the Repurchase Request Deadline and the date on which the NAV for tendered Shares is determined. In addition, the repurchase of Shares by the Fund may be a taxable event to Shareholders. <br>

The Fund will have access to confidential information. The Fund will likely have access to or acquire confidential information relating to its investments. The Fund will likely limit the information reported to its investors with respect to such investments.

Shares are not freely transferable. Transfers of Shares may be made only by operation of law pursuant to the death, divorce, insolvency, bankruptcy, or adjudicated incompetence of the Shareholder or with the prior written consent of the Board, which may be withheld in the Board's sole discretion. Notice to the Fund of any proposed transfer must include evidence satisfactory to the Board that the proposed transferee, at the time of transfer, meets any requirements imposed by the Fund with respect to investor eligibility and suitability. <br>

The Fund is classified as non-diversified for purposes of the 1940 Act. The Fund is classified as a "non-diversified" investment company for purposes of the 1940 Act, which means it is not subject to percentage limitations under the 1940 Act on assets that may be invested in the securities of any one issuer. Having a larger percentage of assets in a smaller number of issuers makes a non-diversified fund, like the Fund, more susceptible to the risk that one single event or occurrence can have a significant adverse impact upon the Fund. However, the Fund is subject to the diversification requirements applicable to regulated investment companies ("RICs") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). <br>

The Fund's investments may be difficult to value. The Fund is subject to valuation risk, which is the risk that one or more

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of the securities in which the Fund invests are valued at prices that the Fund is unable to obtain upon sale due to factors such as incomplete data, market instability, human error, or, with respect to securities for which there are no readily available market quotations, the inherent difficulty in determining the fair value of certain types of investments. The Adviser may, but is not required to, use an independent pricing service or prices provided by dealers to value securities at their market value. Because the secondary markets for certain investments may be limited, such instruments may be difficult to value. <br>

A substantial portion of the Fund's assets are expected to consist of Portfolio Funds and Co-Investments for which there are no readily available market quotations. The information available in the marketplace for such companies, their securities and the status of their businesses and financial conditions is often extremely limited, outdated and difficult to confirm. Such securities are valued by the Adviser, as valuation designee pursuant to Rule 2a-5 under the 1940 Act, at fair value based on input from the sponsor or general partner of such investment as determined pursuant to policies and procedures approved by the Board. In some instances, returns on Secondary Investments will be higher than returns on Primary Investments as a result of such Secondary Investments being purchased at a discount, and then revalued based on the practical expedient next reported for such Secondary Investment. <br>

The value at which the Fund's investments can be liquidated may differ, sometimes significantly, from the valuations assigned by the Fund. In addition, the timing of liquidations may also affect the values obtained on liquidation. The Fund will invest a significant amount of its assets in credit investments for which no public market exists. There can be no guarantee that the Fund's investments could ultimately be realized at the Fund's valuation of such investments. <br>

The Fund's net asset value is a critical component in several operational matters including computation of the Advisory Fee, the Distribution Fee and the Servicing Fee (each, as defined below), and determination of the price at which the Shares will be offered and at which a repurchase offer will be made. Consequently, variance in the valuation of the Fund's investments will impact, positively or negatively, the fees and expenses Shareholders will pay, the price a Shareholder will receive in connection with a repurchase offer and the number of Shares an investor will receive upon investing in the Fund. <br>

The Fund cannot guarantee the amount or frequency of distributions. The Fund expects to pay distributions out of assets legally available for distribution from time to time, at the sole discretion of the Board, and otherwise in a manner to <br>

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comply with the distribution requirements necessary for the Fund to qualify to be treated as a RIC. See "Distributions." Nevertheless, the Fund cannot assure Shareholders that the Fund will achieve investment results that will allow the Fund to make a specified level of cash distributions or year-to-year increases in cash distributions. All distributions will depend on the Fund's earnings, its net investment income, its financial condition, and such other factors as the Board may deem relevant from time to time. <br>

Additional subscriptions will dilute the voting interest of existing Shareholders. The Fund intends to accept additional subscriptions for Shares, and such subscriptions will dilute the voting interest of existing Shareholders in the Fund. Additional subscriptions will also dilute the indirect interests of existing Shareholders in the Fund investments made prior to such purchases, which could have an adverse impact on the existing Shareholders' interests in the Fund if subsequent Fund investments underperform the prior investments. <br>

The Fund and certain service providers may have access to Shareholders' personal information. The Adviser, the auditors, the custodian and the other service providers to the Fund may receive and have access to personal data relating to Shareholders, including information arising from a Shareholder's business relationship with the Fund and/or the Adviser. Such information may be stored, modified, processed or used in any other way, subject to applicable laws, by the Adviser and by the Fund's other service providers and their agents, delegates, sub-delegates and certain third parties in any country in which such person conducts business. Subject to applicable law, Shareholders may have rights in respect of their personal data, including a right to access and rectification of their personal data and may in some circumstances have a right to object to the processing of their personal data. <br>

The Adviser and its affiliates manage funds and accounts with similar strategies and objectives to the Fund. The Adviser and its affiliates are investment advisers to various clients for whom they make credit investments of the same type as the Fund. The Adviser and its affiliates also may agree to act as investment adviser to additional clients that make credit investments of the same type as the Fund. In addition, the Adviser will be permitted to organize other pooled investment vehicles with principal investment objectives different from those of the Fund. It is possible that a particular investment opportunity would be a suitable investment for the Fund and such clients or pooled investment vehicles. Such investments will be allocated in accordance with the allocation policies and procedures of the Adviser. See "Potential Conflicts of Interest" below. <br>

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The Fund is subject to inflation risk. Inflation may adversely affect the business, results of operations and financial condition of the portfolio companies in which Portfolio Funds may invest.

Inflationary pressures have increased the costs of labor, energy and raw materials, have adversely affected consumer spending and economic growth, and may adversely affect portfolio companies' operations. If portfolio companies are unable to pass increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on their loans, particularly as interest rates rise in response to inflation. In addition, any projected future decreases in portfolio companies' operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of those investments could result in future realized or unrealized losses and therefore reduce the Fund's net asset value. <br>

Distributor and Shareholder Servicing Agent J.P. Morgan Institutional Investments Inc. ("JPMII"), an affiliate of the Fund and the Adviser, acts as distributor for the Shares and serves in that capacity on a reasonable best-efforts basis, subject to various conditions.

JPMII may retain additional selling agents or other financial intermediaries to place Shares in the Fund. Such selling agents or other financial intermediaries may impose terms and conditions on Shareholder accounts and investments in the Fund that are in addition to the terms and conditions set forth in this Prospectus. For Class A Shares, an upfront sales load charge of 2.25% will be applied to purchases in the amount of $100,000 or less. For purchases from $100,000.01 to $249,999.99, there will be an upfront sales load charge of 1.75%. For purchases $250,000 and above, there will not be an upfront sales charge, however, there will be a contingent deferred sales charge of 1.00% in instances where the Shareholder redeems such Class A Shares within eighteen (18) months after purchase. Class S Shares and Class I Shares are not subject to a sales load at the time of purchase. However, if a Shareholder buys Class S Shares through certain financial intermediaries, they may directly charge Shareholders transaction or other fees in such amount as they may determine. Financial intermediaries will not charge such fees on Class I Shares. Investors should consult their financial intermediary for additional information. <br>

JPMII also serves as shareholder servicing agent pursuant to an agreement with the Fund, under which JPMII has agreed to provide certain support services to Shareholders. For performing these services, JPMII, as shareholder servicing agent, receives an annual fee of 0.25% of the average daily net <br>

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assets of the Class A, Class S and Class I Shares of the Fund, payable monthly in arrears (the "Servicing Fee"). JPMII may enter into service agreements with financial intermediaries under which it will pay all or a portion of the annual fee to such financial intermediaries for performing some or all of shareholder, sub-transfer agent, administrative and other related services. <br>

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Share Classes; Minimum Investments; Exchanging Shares  | The Fund relies upon an exemptive order from the SEC that permits the Fund to offer multiple classes of shares. The Fund offers three separate classes of Shares designated as Class S, Class A and Class I Shares. Each class of Shares has differing characteristics, particularly in terms of the sales charges that Shareholders in that class may bear, and the Distribution Fee (as defined herein) that each class may be charged. The Fund may offer additional classes of Shares in the future.  |

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The minimum initial investment in the Fund by any investor is $2,500 with respect to Class S Shares and Class A Shares, and except as otherwise noted, $1,000,000 with respect to Class I Shares. Specific to registered investment advisers and other eligible financial intermediary fee-based accounts, the minimum initial investment for Class I Shares is $100,000. The minimum additional investment in the Fund by any investor is $100 for Class S and Class A and $2,500 for Class I, except for additional purchases pursuant to the dividend reinvestment plan. Investors subscribing through a given broker/dealer or registered investment adviser may have shares aggregated to meet these minimums, so long as initial investments are not less than the applicable minimum and incremental contributions are not less than the applicable minimum. Financial intermediaries may impose higher minimums. <br>

The stated minimum investment for Class I Shares may be reduced for certain investors as described under "Purchasing Shares." In addition, the Board and/or JPMII reserves the right to accept lesser amounts below these minimums for Trustees of the Fund and employees of JPMorgan Chase Bank, N.A. and its affiliates ("JPM Employees") and vehicles controlled by such JPM Employees. <br>

Shares are not listed on any securities exchange, and it is not anticipated that a secondary market for Shares will develop. Shares are subject to limitations on transferability, and liquidity will be provided only through limited repurchase offers.

The minimum initial and additional investments may be reduced by the Fund and/or JPMII for certain investors (including, but not limited to registered investment advisers and other eligible financial intermediary fee-based accounts)

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based on consideration of various factors, including the investor's overall relationship with the Adviser or JPMII, the type of distribution channel offered by the intermediary, the investor's holdings in other funds affiliated with the Adviser or JPMII, and such other matters as the Adviser or JPMII may consider relevant at the time. <br>

In addition, the Fund may, in the discretion of the Adviser or JPMII, aggregate the accounts of clients of registered investment advisers and other financial intermediaries whose clients invest in the Fund for purposes of determining satisfaction of minimum investment amounts. At the discretion of the Adviser or JPMII, the Fund may also aggregate the accounts of clients of certain registered investment advisers and other financial intermediaries across Share classes for purposes of determining satisfaction of minimum investment amounts for a specific Share class. The aggregation of accounts of clients of registered investment advisers and other financial intermediaries for purposes of determining satisfaction of minimum investment amounts for the Fund or for a specific Share class may be based on consideration of various factors, including the registered investment adviser or other financial intermediary's overall relationship with the Adviser or JPMII, the type of distribution channels offered by the intermediary and such other factors as the Adviser or JPMII may consider relevant at the time. <br>

A Shareholder may exchange their Shares of the Fund for another J.P. Morgan Fund (as defined herein) of the same share class, or a Shareholder may exchange Shares for another Share class of the Fund, provided such Shareholder meets any investment minimum or eligibility requirements for the Share class it is exchanging into. See "Exchanging Shares of the Fund" below for additional information on exchange privileges. <br>

Eligible Investors Shares are being offered to investors that are U.S. persons for U.S. federal income tax purposes. In addition, the Fund may offer Shares to non-U.S. persons subject to appropriate diligence by the Adviser and in compliance with applicable law.

Each prospective investor in the Fund should obtain the advice of his, her or its own legal, accounting, tax and other advisers in reviewing documents pertaining to an investment in the Fund, including, but not limited to, this Prospectus, the SAI and the Declaration of Trust before deciding to invest in the Fund. <br>

Purchasing Shares Shares are generally offered for purchase on a daily basis at the NAV per Share on that date. Fractions of Shares are issued to one one-hundredth of a Share. Shares will be offered for

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purchase daily on any day the New York Stock Exchange ("NYSE") is open for business at a price based upon the Fund's then-current NAV.

For Class A Shares, an upfront sales load charge of 2.25% will be applied to purchases in the amount of $100,000 or less. For purchases from $100,000.01 to $249,999.99, there will be an upfront sales load charge of 1.75%. For purchases $250,000 and above, there will not be an upfront sales charge, however, there will be a contingent deferred sales charge of 1.00% in instances where the Shareholder redeems such Class A Shares within eighteen (18) months after purchase. No upfront sales load will be paid with respect to Class S Shares or Class I Shares, if you buy Class S Shares through certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that financial intermediaries limit such charges to a 3.50% cap on NAV for Class S Shares. <br>

Subscriptions are generally subject to the receipt of cleared funds on or prior to the acceptance date set by the Fund and notified to prospective investors. An investor who misses the acceptance date will have the effectiveness of his, her or its investment in the Fund delayed until the following business day. <br>

The Fund reserves the right to accept or reject, in its sole discretion, any request to purchase Shares at any time. The Fund also reserves the right to suspend or terminate offerings of Shares at any time. Unless otherwise required by applicable law, any amount received in advance of a purchase ultimately rejected by the Fund will be returned promptly to the prospective investor without the deduction of any fees or expenses and without the payment of any interest. <br>

Prospective investors who purchase Shares through financial intermediaries will be subject to the procedures of those intermediaries through which they purchase Shares, which may include charges, investment minimums, cutoff times and other restrictions in addition to, or different from, those listed herein. Prospective investors purchasing shares of the Fund through financial intermediaries should acquaint themselves with their financial intermediary's procedures and should read this Prospectus in conjunction with any materials and information provided by their financial intermediary. <br>

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions  | The Fund expects to pay distributions out of assets legally available for distribution from time to time, at the sole discretion of the Board, and otherwise in a manner to comply with the distribution requirements necessary for the Fund to qualify to be treated as a RIC. Any distributions we make will  |

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be at the discretion of our Board, considering factors such as our earnings, cash flow, capital and liquidity needs and general financial condition and the requirements of Delaware law. As a result, our distribution rates and payment frequency may vary from time to time. Distributions cannot be assured, and the amount of each distribution is likely to vary. Distributions will be paid at least annually in amounts representing substantially all of the net investment income not previously distributed in a quarterly distribution and net capital gains, if any, earned each year. In connection with the Adviser's management of distributions, the Fund may carry over a portion of undistributed income from one calendar year to the next, which may be subject to an excise tax in accordance with the Code. The Fund reserves the right to pay an excise tax in certain circumstances. <br>

The Fund will elect to be treated, and intends to qualify annually as, a RIC under the Code and intends to distribute at least 90% of its annual "investment company taxable income" (as such term is defined in the Code) to its Shareholders . Nevertheless, there can be no assurance that the Fund will pay distributions to Shareholders at any particular rate. Each year, a statement on Internal Revenue Service ("IRS") Form 1099-DIV identifying the amount and character (e.g., as ordinary income, qualified dividend income or long-term capital gain) of the Fund's distributions will be reported to Shareholders by their financial intermediary. See "Taxes, RIC Status" below and "Material U.S. Federal Income Tax Considerations." <br>

The Fund cannot guarantee that it will make distributions. The Fund may finance its cash distributions to Shareholders from any sources of funds available to the Fund, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets (including fund investments), non-capital gains proceeds from the sale of assets (including fund investments), dividends or other distributions paid to the Fund on account of preferred and common equity investments by the Fund in Portfolio Funds and/or Co-Investments and expense reimbursements from the Adviser. The Fund has not established limits on the amount of funds the Fund may use from available sources to make distributions. The repayment of any amounts owed to the Adviser or its affiliates will reduce future distributions to which you would otherwise be entitled. <br>

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend Reinvestment Plan  | The Fund operates under a dividend reinvestment plan (the "DRIP") administered by SS&C GIDS, Inc. Pursuant to the DRIP, the Fund's income dividends or capital gains or other distributions, net of any applicable U.S. federal withholding tax, are reinvested in the same class of Shares of the Fund.  |

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Shareholders automatically participate in the DRIP, unless and until an election is made to withdraw from the DRIP on behalf of such participating Shareholder. A Shareholder who does not wish to have distributions automatically reinvested may terminate participation in the DRIP at any time by written instructions to that effect to SS&C GIDS, Inc. Shareholders who elect not to participate in the DRIP will receive all distributions in cash paid to the Shareholder of record (or, if the Shares are held in street or other nominee name, then to such nominee). Such written instructions must be received by SS&C GIDS, Inc. thirty (30) days prior to the record date of the distribution or the Shareholder will receive such distribution in Shares through the DRIP. Under the DRIP, the Fund's distributions to Shareholders are reinvested in full and fractional Shares. <br>

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; No Redemption; Restrictions on Transfer  | No Shareholder has the right to require the Fund to redeem Shares. With very limited exceptions, Shares are not transferable, and liquidity for investments in Shares may be provided only through periodic offers by the Fund to repurchase Shares from Shareholders. See "Repurchase of Shares."  |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase of Shares  | The Fund is an "interval fund," a type of fund which, in order to provide liquidity to Shareholders, has adopted a fundamental policy to make quarterly offers to repurchase between 5% and 25% of its outstanding Shares at NAV. Subject to applicable law and approval of the Fund's Board, for each quarterly repurchase offer, the Fund currently expects to offer to repurchase 5% of the Fund's outstanding Shares at NAV, which is the minimum amount permitted.  |

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Written notification of each quarterly repurchase offer (the "Repurchase Offer Notice") will be sent to shareholders at least 21 calendar days before the repurchase request deadline (i.e., the date by which shareholders can tender their Shares in response to a repurchase offer) (the "Repurchase Request Deadline"). <br>

Shares are not listed on any securities exchange, and the Fund anticipates that no secondary market will develop for its Shares. Accordingly, you may not be able to sell Shares when and/or in the amount that you desire. Thus, the Shares are appropriate only as a long-term investment. In addition, the Fund's repurchase offers may subject the Fund and Shareholders to special risks. See "Risks – Repurchase Offers Risk." <br>

Fees and Expenses The Fund will bear its own operating expenses (including, without limitation, its ongoing offering expenses). A more detailed discussion of the Fund's expenses can be found below under "Advisory Fee," "Administrator" and "Distribution Fee and Servicing Fee".

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The Fund will bear certain of its organizational and initial offering costs in connection with this offering. The Fund's initial offering costs, whether borne by the Adviser or the Fund, are being capitalized and amortized over a 12-month period. The Fund's organizational costs are expensed as incurred. <br>

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory Fee  | In consideration of the advisory services provided by the Adviser, the Fund will pay the Adviser a monthly advisory fee at an annual rate of 1.00% based on the value of the Fund's net assets calculated and accrued daily (the "Advisory Fee").  |

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For purposes of determining the Advisory Fee payable to the Adviser, the value of the Fund's net assets will be calculated prior to the inclusion of the Advisory Fee, payable to the Adviser or to any purchases or repurchases of Shares of the Fund or any distributions by the Fund. The Advisory Fee will be payable monthly in arrears within five (5) business days after the completion of the net asset value computation for the month. The Advisory Fee is paid to the Adviser out of the Fund's assets, and therefore decreases the net profits or increases the net losses of the Fund. <br>

The services of all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory and management services, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Adviser. The Fund bears all other costs and expenses of its operations and transactions as set forth in its Investment Advisory and Management Agreement with the Adviser (the "Investment Advisory and Management Agreement"). <br>

In addition to the fees and expenses to be paid by the Fund under the Investment Advisory and Management Agreement, the Adviser and its affiliates will be entitled to reimbursement by the Fund of the Adviser's and its affiliates' cost of providing the Fund with certain non-advisory services. If persons associated with the Adviser or any of its affiliates, including persons who are officers of the Fund, provide accounting, legal, clerical, compliance or administrative and similar oversight services to the Fund at the request of the Fund, the Fund will reimburse the Adviser and its affiliates for their costs in providing such accounting, legal, clerical, compliance or administrative and similar oversight services to the Fund (which costs may include an allocation of overhead including rent and the allocable portion of the salaries and benefits of the relevant persons and their respective staffs, including travel expenses), using a methodology for determining costs approved by the Board. <br>

Distribution Fee and Servicing Fee Class S and Class A Shares are subject to an ongoing distribution fee (the "Distribution Fee") to compensate

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financial industry professionals for distribution-related expenses, if applicable, and providing ongoing distribution services in respect of Shareholders who own Class S Shares or Class A Shares of the Fund. Although the Fund is not an open-end investment company, it will comply with the terms of Rule 12b-1 as a condition of the SEC exemptive relief, which permits the Fund to have, among other things, a multi-class structure and distribution and shareholder servicing fees. Accordingly, the Fund has adopted a distribution plan for its Class S Shares and Class A Shares (the "Distribution Plan") and pays the Distribution Fee with respect to its Class S Shares and Class A Shares. The Distribution Plan operates in a manner consistent with Rule 12b-1 under the 1940 Act. <br>

Class S Shares and Class A Shares pay a Distribution Fee to JPMII at an annual rate of 0.75% and 0.50%, respectively, based on the aggregate net assets of the Fund attributable to such class. For purposes of determining the Distribution Fee, NAV will be calculated prior to any reduction for any fees and expenses, including, without limitation, the Distribution Fee payable. <br>

Class I Shares are not subject to a Distribution Fee.

Such payments on Class A (except where a finder's fee is paid) and Class S Shares will be paid to broker-dealers promptly after the shares are purchased. With respect to Class A Shares transactions, for purchases at NAV where JPMII paid a finder's fee at the time of the purchase, the selling financial intermediary will start to receive the applicable Distribution Fee in the 13th month after the sale and JPMII will retain the Distribution Fees during such period, except certain broker-dealers who have sold Class A Shares to certain defined contribution plans and who have waived the 1.00% sales commission shall be paid Distribution Fees promptly after the Shares are purchased. <br>

Class A, Class S and Class I Shares are subject to an ongoing Servicing Fee. JPMII serves as shareholder servicing agent pursuant to an agreement with the Fund, under which JPMII has agreed to provide certain support services to the Fund's shareholders. For performing these services, JPMII, as shareholder servicing agent, receives a Servicing Fee at an annual rate of 0.25% of the average daily net assets of the Class A, Class S and Class I Shares of the Fund, payable monthly in arrears. JPMII may enter into service agreements with financial intermediaries under which it will pay all or a portion of the Servicing Fee to such financial intermediaries for performing some or all of shareholder, sub-transfer agent, administrative and other related services. <br>

The Adviser, or its affiliates, including JPMII, may pay additional compensation out of its own resources (i.e., not

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Fund assets) to certain selling agents or financial intermediaries in connection with the sale of the Shares. The additional compensation may differ among brokers or dealers in amount or in the method of calculation. Payments of additional compensation may be fixed dollar amounts or, based on the aggregate value of outstanding Shares held by Shareholders introduced by the broker or dealer, or determined in some other manner. The receipt of the additional compensation by a selling broker or dealer may create potential conflicts of interest between an investor and its broker or dealer who is recommending the Fund over other potential investments. <br>

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Administrator  | The Fund has retained J.P.Morgan Investment Management Inc. (the "Administrator") to provide it with administrative services, including fund administration. The Fund compensates the Administrator for these services and reimburses the Administrator for certain reasonable out-of-pocket expenses (the "Administration Fee"). The Administration Fee is paid to the Administrator out of the assets of the Fund and therefore decreases the net profits or increases the net losses of the Fund. See "Administration Services."  |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Restrictions  | A Shareholder may assign, transfer, sell, encumber, pledge or otherwise dispose of (each, a "transfer") Shares only (i) by operation of law pursuant to the death, divorce, insolvency, bankruptcy, or adjudicated incompetence of the Shareholder; or (ii) under other limited circumstances, with the consent of the Board (which may be withheld in its sole discretion and is expected to be granted, if at all, only under extenuating circumstances).  |

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Notice of a proposed transfer of Shares must be accompanied by properly completed transfer information documents in respect of the proposed transferee and must include evidence satisfactory to the Board that the proposed transferee, at the time of the transfer, meets any requirements imposed by the Fund with respect to investor eligibility and suitability. Each transferring Shareholder and transferee may be charged reasonable expenses, including attorneys' and accountants' fees, incurred by the Fund in connection with the transfer. <br>

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Unlisted Closed-End Structure; Limited Liquidity  | Shares are not listed on any securities exchange, and it is not anticipated that a secondary market for Shares will develop. In addition, Shares are subject to limitations on transferability and liquidity will be provided only through limited repurchase offers described below. An investment in the Fund is suitable only for Shareholders who can bear the risks associated with the limited liquidity of the Shares and should be viewed as a long-term investment. See "General Risks of Investing in the  |

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Fund—Closed-End Fund Structure; Liquidity Limited to Periodic Repurchases of Shares."

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Taxes; RIC Status  | The Fund will elect to be treated, and intends to operate in a manner so as to qualify each taxable year thereafter, as a RIC under Subchapter M of the Code. During any period that it qualifies as a RIC, the Fund generally does not expect to be subject to corporate-level U.S. federal income tax on income that it distributes to Shareholders. It is anticipated that the Fund will principally recognize capital gains and dividends and therefore dividends paid to Shareholders in respect of such income generally will be taxable to Shareholders at the reduced rates of U.S. federal income tax that are applicable to individuals for "qualified dividends" and long-term capital gains.  |

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In addition, because the Fund intends to qualify as a RIC, it expects to have certain attributes that are not generally found in traditional unregistered credit funds. These include providing simpler tax reports to Shareholders on Form 1099-DIV and the avoidance of unrelated business taxable income for benefit plan investors and other investors that are exempt from payments of U.S. federal income tax. <br>

For a discussion of certain tax risks and considerations relating to an investment in the Fund, see "Material U.S. Federal Income Tax Considerations."

Prospective investors should consult their own tax advisers with respect to the specific U.S. federal, state, local and non-U.S. tax consequences, including applicable tax reporting requirements.

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Reports  | The Fund will distribute to its Shareholders, as soon as practicable after the end of each calendar year, IRS Forms 1099-DIV detailing the amounts includible in such Shareholder's taxable income for such year as ordinary income, qualified dividend income and long-term capital gains. Your financial intermediary will report this information to you.  |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to Shareholders  | The Fund will provide Shareholders with an audited annual report and an unaudited semi-annual report within 60 days after the close of the reporting period for which the report is being made, or as otherwise required by 1940 Act. Shareholders will also receive periodic commentary regarding the Fund's operations and investments.  |

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Fiscal and Tax Year The Fund's fiscal year is the 12-month period ending on March 31. The Fund's taxable year is the 12-month period ending on September 30.

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Term The Fund's term is perpetual unless the Fund is otherwise terminated under the terms of the Declaration of Trust.

Custodian and Transfer Agent JPMorgan Chase Bank, N.A. serves as the Fund's custodian, and SS&C GIDS, Inc. serves as the Fund's transfer agent ("Transfer Agent").

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ERISA  | Investors subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA") or section 4975 of the Code, including employee benefit plans and individual retirement accounts, may purchase Shares. Because the Fund is registered as an investment company under the 1940 Act, the underlying assets of the Fund will not be considered to be "plan assets" subject to the fiduciary responsibility and prohibited transaction rules of ERISA or Section 4975 of the Code. Thus, the Adviser will not be a "fiduciary" within the meaning of ERISA and the Code with respect to the assets of any "benefit plan investor" within the meaning of ERISA that becomes a Shareholder, solely as a result of the Shareholder's investment in the Fund.  |

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#### SUMMARY OF FEES AND EXPENSES
The fee table below is intended to assist Shareholders in understanding the various costs and expenses that the Fund expects to incur, and that Shareholders can expect to bear, by investing in the Fund. This fee table is based on estimated expenses of the Fund as of December 31, 2026, and assumes that the Fund has net assets of $1 billion as of such date.

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| | | | |
|:---|:---|:---|:---|
| Shareholder Transaction Expenses <br>(fees paid directly from your investment) | Class S<br>Shares | Class A<br>Shares | Class I<br>Shares |
|  Maximum Sales Load (as a percentage of purchase amount)<sup>(1)</sup> | – | 2.25% |  |

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| | | | |
|:---|:---|:---|:---|
| Estimated Annual Operating Expenses <br>(as a percentage of net assets attributable to Shares) | Class S<br>Shares | Class A<br>Shares | Class I<br>Shares |
|  Advisory Fee<sup>(2)(5)</sup> | 1.00% | 1.00% | 1.00% |
|  Interest Payments on Borrowed Funds<sup>(3)</sup> | 0.11% | 0.11% | 0.11% |
|  Other Expenses<sup>(4)</sup> | 0.88% | 0.88% | 0.88% |
|  Distribution Fee | 0.75% | 0.50% |  |
|  Acquired Fund Fees and Expenses<sup>(5)</sup> | 0.85% | 0.85% | 0.85% |
|  Total Annual Expenses | 3.59% | 3.34% | 2.84% |
|  Fee Waiver and/or Expense Reimbursement<sup>(6)(7)</sup> | (0.75)% | (0.75)% | (0.75)% |
|  Total Annual Expenses (After Fee Waiver and/or Expense Reimbursement) | 2.84% | 2.59% | 2.09% |

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(1) For Class A Shares, an upfront sales load charge of 2.25% will be applied to purchases in the amount of $100,000 or less. For purchases from $100,000.01 to $249,999.99 there will be an upfront sales load charge of 1.75%. For purchases $250,000 and above, there will not be an upfront sales charge, however, there will be a contingent deferred sales charge of 1.00% in instances where the Shareholder redeems such Class A Shares within eighteen (18) months after purchase. No upfront sales load will be paid with respect to Class S Shares or Class I Shares, however, if you buy Class S Shares through certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 3.50% cap on NAV for Class S Shares. Financial intermediaries will not charge such fees on Class I Shares. Please consult your financial intermediary for additional information.

(2) The Fund pays the Adviser a monthly Advisory Fee at an annual rate of 1.00% based on value of the Fund's net assets, calculated and accrued daily. For purposes of determining the Advisory Fee payable to the Adviser, the value of the Fund's net assets will be calculated prior to the inclusion of the Advisory Fee, payable to the Adviser or to any purchases or repurchases of Shares of the Fund or any distributions by the Fund. The Adviser has contractually agreed to reduce its Advisory Fee to an annual rate of 0.25% for a one-year term from the date the Fund commences operations (the "Fee Waiver Agreement"). Unless otherwise extended by agreement between the Fund and the Adviser, the Advisory Fee payable by the Fund after the conclusion of the first year of operations will be at the annual rate of 1.00%. The reduction of the Advisory Fee under the Fee Waiver Agreement is not subject to recoupment by the Adviser under the Expense Limitation Agreement described below.

(3) In addition to estimated interest payments, includes estimated fees payable under the Fund's anticipated line of credit. If the Fund were to incur higher levels of leverage or pay higher interest rates, interest payments on borrowed funds as a percentage of net assets would be higher.

(4) The Other Expenses include, among other things, the Servicing Fee, professional fees, and other expenses that the Fund will bear, including initial and ongoing offering costs and fees and expenses of the Administrator, transfer agent and custodian. The Other Expenses are based on estimated amounts for the Fund's current fiscal year.

(5) The Acquired Fund Fees and Expenses include the fees and expenses of the Portfolio Funds in which the Fund intends to invest. Some or all of the Portfolio Funds in which the Fund intends to invest generally charge asset-based management fees. The managers of the Portfolio Funds may also receive performance-based compensation if the Portfolio Funds achieve certain profit levels, generally in the form of "carried interest" allocations of profits from the Portfolio Funds, which effectively will reduce the investment returns of the Portfolio Funds. The Portfolio Funds in which the Fund intends to invest generally charge a management fee of 1.00% to 1.50%, and generally charge between 10% and 20% of net profits as a carried interest allocation, subject to a clawback. The "Acquired Fund Fees and Expenses" disclosed above are based on historic fees and expenses of the Portfolio Funds in which the Fund anticipate investing, which may change substantially over time and, therefore, significantly affect "Acquired Fund Fees and Expenses." The Acquired Fund Fees and Expenses are based on estimated amounts for the Fund's current fiscal year.

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(6) Pursuant to an expense limitation agreement (the "Expense Limitation Agreement") with the Fund, the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund, if required to ensure certain annual operating expenses (excluding the Advisory Fee, any Distribution Fee, Servicing Fee, interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, borrowing costs, merger or reorganization expenses, shareholder meetings expenses, litigation expenses, reasonable research and due diligence expenses, investment-related software and database expenses, expenses associated with the acquisition and disposition of investments (including interest and structuring costs for borrowings and line(s) of credit) and extraordinary expenses, if any; collectively, the "Excluded Expenses") do not exceed 1.10% per annum (excluding Excluded Expenses) of the Fund's average daily net assets of each class of Shares. With respect to each class of Shares, the Fund agrees to repay the Adviser any fees waived or expenses assumed under the Expense Limitation Agreement for such class of Shares, provided the repayments do not cause the Fund's annual operating expenses (excluding Excluded Expenses) for that class of Shares to exceed the expense limitation in place at the time the fees were waived and/or the expenses were reimbursed, or the expense limitation in place at the time the Fund repays the Adviser, whichever is lower. Any such repayments must be made within thirty-six months after the month in which the Adviser waived the fee or reimbursed the expense. The Expense Limitation Agreement will have a term until July 1, 2027, and the Adviser may extend the term for a period of one year on an annual basis. The Adviser may not terminate the Expense Limitation Agreement during its term. As a result of the reduction of the Advisory Fee under the Fee Waiver Agreement, no additional fee waivers or expense reimbursements are expected from the Adviser under the Expense Limitation Agreement based on the estimated Other Expenses for the Fund's current fiscal year.

(7) The Fund may invest in one or more mutual funds and/or ETFs advised by the Adviser or its affiliates ("affiliated funds"). The Adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net advisory fees it collects from the affiliated funds on the Fund's investment in such affiliated funds.

The purpose of the table above and the examples below is to assist prospective investors in understanding the various costs and expenses Shareholders will bear.

The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The examples assume that all distributions are reinvested at net asset value and that the percentage amounts listed under Annual Expenses remain the same (except that the examples incorporate the fee waiver and expense reimbursement arrangements from the Expense Limitation Agreement for only the one-year example and the first year of the three-, five- and ten-year examples). The assumption in the hypothetical example of a 5% annual return is required by regulation of the SEC and is applicable to all registered investment companies. The assumed 5% annual return is not a prediction of, and does not represent, the projected or actual performance of the Fund.

#### Example 1

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
|  You would pay the following expenses on a $1,000 Class S Shares investment, assuming a 5% annual return: | $29 | $102 | $179 | $380 |
|  You would pay the following expenses on a $1,000 Class A Shares investment, assuming a 5% annual return: | $48 | $115 | $186 | $372 |
|  You would pay the following expenses on a $1,000 Class I Shares investment, assuming a 5% annual return: | $21 | $80 | $143 | $311 |

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#### Example 2

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
|  You would pay the following expenses on a $25,000 Class S Shares investment, assuming a 5% annual return: | $718 | $2562 | $4476 | $9501 |
|  You would pay the following expenses on a $25,000 Class A Shares investment, assuming a 5% annual return: | $1203 | $2887 | $4645 | $9301 |
|  You would pay the following expenses on a $25,000 Class I Shares investment, assuming a 5% annual return: | $530 | $2008 | $3567 | $7769 |

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**The Examples above are based on the annual fees and expenses as of December 31, 2026 and assumes that the Fund has net assets of $1 billion as of such date. They should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown, and the Fund's actual rate of return may be greater or less than the hypothetical 5.0% return assumed in the examples.** 

#### FINANCIAL HIGHLIGHTS
Financial highlights have not been included in this prospectus, as the Fund has not yet commenced operations.

#### THE FUND
The Fund is a newly organized Delaware statutory trust formed on February 3, 2025 and is registered under the 1940 Act as a closed-end, non-diversified, management investment company. The Fund has no operating history and operates as an "interval fund". The Fund's term is perpetual unless the Fund is otherwise terminated under the terms of the Declaration of Trust.

Investment advisory services are provided to the Fund by the Adviser pursuant to the Advisory Agreement. Responsibility for monitoring and overseeing the Fund's investment program and its management and operation is vested in the Board.

Additional information about the Fund's investments will be available in the Fund's Annual and Semi-Annual Reports when they are prepared.

#### USE OF PROCEEDS
The proceeds from the sale of Shares of the Fund, not including the amount of the Fund's fees and expenses (including, without limitation, offering expenses), will be invested by the Fund in accordance with the Fund's investment objective and strategies within three months after receipt of such proceeds, which may be delayed up to an additional three months depending on market conditions and the availability of suitable investments. The Fund anticipates that it will take a longer period of time to allocate proceeds of its continuous offering to certain investments, principally certain Secondary Investments, Co-Investments, and Primary Investments, due to the nature of those investments. Such proceeds will be invested together with any interest earned in the Fund's account with the Fund's custodian prior to the closing of the applicable offering. See "Purchasing Shares." Delays in investing the Fund's assets may occur (i) because of the time typically required to complete credit markets transactions (which may be considerable), (ii) because certain Portfolio Funds selected by the Adviser may provide infrequent opportunities to purchase their securities, and/or (iii) because of the time required for Portfolio Fund Managers to invest the amounts committed by the Fund. Accordingly, during this period, the Fund may not achieve its investment objective or be able to fully pursue its investment strategies and policies.

Pending the investment of the proceeds pursuant to the Fund's investment objective and policies, the Fund may invest a portion of the proceeds of the offering, which may be a substantial portion, in short-term debt securities, affiliated and unaffiliated money market securities, mutual funds and/or ETFs, cash and/or cash equivalents. In addition, the Fund may maintain a portion of the proceeds of the continuous offering in cash to meet operational needs. The Fund may not achieve its investment objective, or otherwise fully satisfy its investment policies, during such periods in which the Fund's assets are not able to be substantially invested in accordance with its investment strategies.

#### INVESTMENT OBJECTIVE AND STRATEGY
The Fund's investment objective is to provide income and capital appreciation over the long term.

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In pursuing its investment objective, the Fund intends to invest in an actively managed portfolio of credit investments, including but not limited to loans, bonds, other credit instruments, collateralized debt obligations, collateralized loan obligations, asset-backed securities, credit-linked notes or other structured finance securities ("credit investments").

The Fund's investment exposure to credit investments is implemented via a variety of investment types that include: (i) investments in credit funds or pools of credit assets managed by various unaffiliated asset managers ("Portfolio Funds") acquired in privately negotiated transactions (a) from investors in these Portfolio Funds, and/or (b) in connection with a restructuring transaction of a Portfolio Fund (together, "Secondary Investments"); (ii) credit investments, either directly or indirectly via special purpose or other vehicles sponsored and controlled by various unaffiliated asset managers ("Co-Investments"); (iii) primary investments in Portfolio Funds ("Primary Investments"); and (iv) structured finance securities. The allocation among those types of investments and other investments may vary from time to time.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in credit investments. The Fund may invest in credit investments indirectly through investment vehicles, including but not limited to affiliated or unaffiliated mutual funds and ETFs. This policy may be changed by the Fund's Board, upon 60 days' prior written notice to Shareholders. The Fund intends to count the value of any money market funds, cash, other cash equivalents or U.S. Treasury securities with remaining maturities of one year or less that cover unfunded commitments to invest in Portfolio Funds or special purpose vehicles controlled by unaffiliated general partners that will acquire a private credit investment, in each case that the Fund reasonably expects to be called in the future, as qualifying investments for purposes of its 80% policy. This test is applied at the time of investment; later percentage changes caused by a change in the value of the Fund's assets, including as a result in the change in the value of the Fund's investments or due to the issuance or redemption of Shares, will not require the Fund to dispose of an investment.

The Fund may have exposure to companies and funds that are organized or headquartered or have substantial sales or operations outside of the United States, its territories, and possessions, including emerging market countries.

The Fund intends to establish one or more credit lines to borrow money for a range of purposes, including to provide liquidity for capital calls by Portfolio Funds and Co-Investments, to satisfy repurchase requests, to manage timing issues in connection with the inflows of additional capital and the acquisition of Fund investments and to otherwise satisfy Fund obligations. There is no assurance, however, that the Fund will be able to enter into a credit line or that it will be able to timely repay any borrowings under such credit line, which may result in the Fund incurring leverage on its portfolio investments from time to time. The Fund is permitted to borrow money or issue debt securities in an amount up to 33 1/3% of its total assets in accordance with the 1940 Act. The Fund's Board may modify the borrowing policies of the Fund, including the purposes for which borrowings may be made, and the length of time that the Fund may hold portfolio securities purchased with borrowed money. The rights of any lenders to the Fund to receive payments of interest or repayments of principal will be senior to those of the Shareholders and the terms of any borrowings may contain provisions that limit certain activities of the Fund. The Fund also may borrow money from banks or other lenders for temporary purposes in an amount not to exceed 5% of the Fund's assets. Such temporary borrowings are not subject to the asset coverage requirements discussed above.

To manage the liquidity of its investment portfolio, the Fund also invests a portion of its assets in a portfolio of investment grade bonds, high yield bonds, short-term debt securities, leveraged loans, U.S. Government securities, affiliated and unaffiliated money market securities, mutual funds and/or ETFs, cash and/or cash equivalents as further described below in "Types of Portfolio Investments – Liquid Assets" ("Liquid Assets"). The Fund may invest in one or more money market funds advised by the Adviser or its affiliates ("affiliated money market funds"). To enhance the Fund's liquidity, particularly in times of possible net outflows through the repurchase of Shares by periodic repurchase offers to Shareholders, the Fund may sell certain of its assets. The Fund seeks to hold an amount of Liquid Assets consistent with prudent liquidity management. For temporary

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defensive purposes, liquidity management or in connection with implementing changes in the asset allocation, the Fund may hold a substantially higher amount of Liquid Assets.

The Fund may make investments directly or indirectly and may form one or more subsidiaries in the future in order to pursue its investment objective and strategies in a potentially tax-efficient manner or for the purpose of facilitating its use of permitted borrowings (each, a "Subsidiary" and collectively, the "Subsidiaries"). Except as otherwise provided, references to the Fund's investments also will refer to any Subsidiary's investments. In determining which investments should be bought and sold for a Subsidiary, the Adviser will treat the assets of the Subsidiary as if the assets were held directly by the Fund. The financial statements of each Subsidiary will be consolidated with those of the Fund.

The Fund's asset allocation and amount of credit investments may be based, in part, on anticipated future capital calls and distributions from such investments. This may result in the Fund making commitments to credit investments in an aggregate amount that exceeds the total amounts invested by Shareholders in the Fund at the time of such commitment (i.e., to "over-commit"). To the extent that the Fund engages in an "over-commitment" strategy, the risk associated with the Fund defaulting on a commitment to a Portfolio Fund will increase.

If the Fund uses one or more Subsidiaries to make investments they will bear their respective organizational and operating fees, costs, expenses and liabilities and, as a result, the Fund will indirectly bear these fees, costs, expenses and liabilities. As the Subsidiaries will be wholly owned, they would have the same investment strategies as the Fund. The Fund and its Subsidiaries will be subject to the same investment restrictions and limitations on a consolidated basis. In addition, the Subsidiaries would be consolidated subsidiaries of the Fund and the Fund will comply with the provisions of the 1940 Act governing capital structure and leverage on an aggregate basis with any Subsidiaries. The Adviser will serve as investment adviser to the Fund and any Subsidiary. Any Subsidiaries will comply with the provisions relating to affiliated transactions and custody of the 1940 Act. JPMorgan Chase, N.A. will serve as the custodian to any Subsidiaries. The Fund does not intend to create or acquire primary control of any entity which engages in investment activities in securities or other assets other than entities wholly owned by the Fund.

Secondary Investments may include illiquid direct or indirect non-controlling interests in, or interests in the revenue or profits of, management companies of a Portfolio Fund. The Fund does not intend to take on management responsibilities with respect to these investments, and the Fund will not control or otherwise hold an amount of interests in the management company such that the Fund becomes an affiliated person of the management company. There can be no assurance that the Fund's investment objective will be achieved or that the Fund's investment program will be successful.

#### Investment Strategies
In pursuing the Fund's investment objective, the Adviser will seek to invest in Secondary Investments, Co-Investments and Primary Investments that represent a broad spectrum of credit.

Credit

Over the past 15 years a combination of factors has helped to reshape the financial landscape and led private credit to take on more prominence. Following the 2008 financial crisis regulatory changes such as the Dodd-Frank Act in the United States and Basel III internationally have imposed stricter capital requirements on banks. This has made traditional bank lending more costly and less attractive, leading to a reduction in bank lending, especially to small and medium-sized enterprises (SMEs) and other higher-risk borrowers. Credit funds have stepped in to fill this gap.

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Credit covers a wide spectrum of strategies and collateral types. Some of the main areas where the Advisor will focus include:

Direct Lending: Many middle market companies struggle to access traditional banks loans or public debt markets. Direct lending offers customized financing solutions with flexible terms at higher yields and includes various loan types such as senior secured loans, unitranche loans, and subordinated debt.

Asset Based Finance: Asset-based finance is a type of lending where a loan is secured by specific collateral. This collateral can include accounts receivable, inventory, machinery, equipment, and real estate.

Distressed debt strategies: Investors in distressed debt often engage in active management, working to restructure the company's debt and operations to facilitate a turnaround. The focus is on investing in the debt of financially troubled companies, purchasing these securities at a significant discount with the expectation of substantial returns as the company's situation improves.

#### Types of Portfolio Investments
Secondary Investments

The Adviser believes that the credit secondaries market is still relatively nascent compared to other private capital asset classes, which provides unique opportunities for investors in credit secondaries. When selecting investments, the Adviser may consider the following opportunities, among others.

J-curve mitigation / current yield: Offers rapid deployment, while still being selective, into cashflow positive vehicles, both due to the assets' current income as well as their expected repayments. The J-curve refers to the fact that the net internal rate of return in the early years of a fund are generally negative, dominated by the drawdowns for fees and investments, and as investments accrete in values and are gradually liquidated, returning capital and profits, the fund works through the J-curve and begins to show positive internal rates of return and multiples of investors' capital. Because the Fund generally intends to make Secondary Investments in deployed, seasoned, and cash-flowing assets, near term cash outflows are expected to be offset by near term inflows, which the Fund expects to mitigate the J-curve.

Limited duration: Assets have significantly shorter expected lives than other credit alternatives due to the fact that they are typically being acquired well into their lifecycle.

Diversification: Strong pipeline of opportunities allows for diversification by geography, manager, fund, fund type, vintage, obligor, security type and industry.

Market volatility capitalization: Sellers often approach the market in periods of volatility to liquidate assets. Buyers are able to reprice these assets to more accurately reflect appropriate risk return dynamics that exist within the market.

Limited blind pool risk: Acquired assets are typically highly funded with transparency into their underlying portfolio positions' performance, which is then subject to another level of due diligence conducted by the Adviser prior to acquisition.

Interest rate protection: Assets are typically floating rate and provide for incremental yield in times of volatility and higher interest rates.

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The Adviser intends to invest opportunistically based on the Adviser's perception of the best risk-adjusted returns within the credit secondaries landscape of opportunities. The Fund's assets may be deployed in whatever credit-related investment strategies are deemed appropriate under prevailing economic and market conditions to attempt to achieve the Fund's investment objective. The Fund's strategy may involve investments in "undervalued" assets.

Significant Secondaries Acquisition Transactions. From time to time, the Fund may enter into acquisition transactions to acquire significant amounts of Secondary Investments ("Acquisition Transactions"). The consummation of these types of transactions, given their size and complexity, is uncertain. Most of these types of transactions will be subject to certain closing conditions, including, among others, counterparty consent (which may include consent of both the selling general and limited partners) as well as the consents of the general partners of the limited partnerships comprising the Secondary Investments. See "Risks - Risks Relating to Significant Secondaries Acquisition Transactions" for a description of the risks relating to Acquisition Transactions. The Adviser may use a combination of available cash and borrowings under the Fund's credit line to complete Acquisition Transactions over time.

Co-Investments

The Adviser intends to pursue co-investment opportunities, including with third-party private credit funds that have demonstrated success. In structuring co-investments, the Adviser's objectives will be (i) to achieve attractive risk-adjusted returns, (ii) to maintain diversification, and (iii) to protect the investor's capital on the downside.

The Adviser plans to leverage its experience and relationships with third party managers of investment funds, as well as its global network and internal sourcing capabilities, to attract and generate co-investment opportunities.

Throughout the due diligence process, the Adviser will consult both internal and external resources to develop a comprehensive understanding of the investment.

Primary Investments

In the view of the Adviser, it is critical that an investor partner with a team that has long standing relationships with successful managers, a due diligence process to identify top performing emerging managers, and the selectivity and discipline to rule out those groups that are not able to maintain their premier performance. Identifying and gaining access to high quality private credit managers and building an appropriately diversified portfolio are essential elements to consistently realizing the return enhancing benefits of private credit.

The Adviser believes it has successfully established long-term relationships with established, leading private credit general partners or managers. The Adviser seeks to add value to private credit funds in a variety of ways including maintaining a dialogue with fund general partners or managers regarding their strategies and investment decisions. This value-added approach is intended to align the interests of the Fund with those of the general partner or manager, to encourage the general partner or manager to engage in early discussions with the Adviser about new fund-raising activities, and, importantly, to generate investment opportunities for secondary investments and co-investments.

Liquid Assets

The Fund intends to invest a portion of its assets in a portfolio of Liquid Assets, including investment grade bonds, high yield bonds, short-term debt securities, leveraged loans, U.S. Government securities, affiliated and unaffiliated money market securities, mutual funds and/or ETFs, cash and/or cash equivalents. The Fund may invest in investment grade fixed-income securities as well as below investment grade fixed-income securities that are expected to focus on floating rate senior secured loans issued by U.S. and foreign corporations, partnerships and other business entities, including private equity backed companies.

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Other Credit Investments

The Fund may invest in other credit investments, including CLOs, Securitization Vehicles and bank loans and participations.

Modifications

The Adviser may modify the implementation of the Fund's investment strategies, portfolio allocations, investment processes and investment techniques based on market conditions, changes in personnel or as the Adviser otherwise deems appropriate.

**No guarantee or representation is made that the investment strategy of the Fund will be successful or that the Fund will achieve its investment objective.** 

#### LEVERAGE
The Fund intends to use leverage to seek to achieve its investment objective or for liquidity (i.e., to finance the repurchase of Shares and/or bridge the financing of Fund investments pending the acceptance of funds from investor subscriptions). The Fund's use of leverage may increase or decrease from time to time in its discretion and the Fund may, in the future, determine not to use leverage. Under the 1940 Act, the Fund may borrow in an aggregate amount of up to approximately 33 1/3% of the Fund's total assets less all liabilities and indebtedness not represented by senior securities (for these purposes, "total net assets") immediately after such borrowings. Furthermore, the Fund may use leverage through the issuance of preferred shares in an aggregate amount of liquidation preference attributable to the preferred shares combined with the aggregate amount of any borrowings of up to approximately 50% of the Fund's total net assets immediately after such issuance. Currently, the Fund has no intention to issue preferred shares. The use of leverage creates an opportunity for increased investment returns, but also creates risks for the holders of Shares. See "Risks—The Fund may be subject to leverage risk."

Certain types of leverage used by the Fund may result in the Fund being subject to covenants relating to asset coverage and portfolio composition requirements. The Fund may be subject to certain restrictions on investments imposed by one or more lenders or by guidelines of one or more rating agencies, which may issue ratings for any short-term debt securities or preferred shares issued by the Fund. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act.

#### Credit Facility
The Fund intends to establish one or more credit lines to borrow money for a range of purposes, including to provide liquidity for capital calls by Portfolio Funds and Co-Investments, to satisfy repurchase requests, to manage timing issues in connection with the inflows of additional capital and to otherwise satisfy Fund obligations, or for investment purposes.

The 1940 Act requires a registered investment company to satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed, measured at the time the investment company incurs the indebtedness (the "Asset Coverage Requirement"). This requirement means that the value of the investment company's total indebtedness may not exceed one third the value of its total assets (including the indebtedness). The 1940 Act also requires that dividends may not be declared if this Asset Coverage Requirement is breached. The Fund's borrowings will at all times be subject to the Asset Coverage Requirement.

The Fund's assets may also utilize leverage in their investment activities. Borrowings at the individual investment level are not subject to the Asset Coverage Requirement. Accordingly, the Fund's portfolio may be exposed to the risk of highly leveraged investment programs of certain assets and the volatility of the value of Shares may be great, especially during times of a "credit crunch" and/or general market turmoil, such as that

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experienced during late 2008 or the 2020 COVID-19 global pandemic. In general, the use of leverage by the Fund's assets may increase the volatility of their values and of the value of the Shares. See "Risks – The Fund may be subject to leverage risk."

Effects of Leverage

Assuming that leverage will represent approximately 10% of the Fund's total assets and that the Fund will bear expenses relating to that leverage at an average annual rate of 6.6%, the income generated by the Fund's portfolio (net of estimated expenses) must exceed $7 million, assuming total assets under management of $1 billion in order to cover the expenses specifically related to the Fund's use of leverage. Of course, these numbers are merely estimates used for illustration. Actual leverage expenses will vary frequently and may be significantly higher or lower than the rate estimated above.

The following table is designed to illustrate the effect of leverage on returns from an investment in the Fund's Shares, assuming investment portfolio returns (comprised of income and changes in the value of securities held in the Fund's portfolio) of (10)%, (5)%, 0%, 5% and 10%. In order to compute the "Corresponding Return to Shareholders," the "Assumed Portfolio Return (Net of Expenses)" is multiplied by the assumed average total assets to obtain an assumed return to the Fund. From this amount, the interest expense is calculated by multiplying the assumed weighted average cost of funds by the assumed borrowings outstanding, and the product is subtracted from the assumed return to the Fund in order to determine the return available to Shareholders. The return available to Shareholders is then divided by Shareholders' equity to determine the "Corresponding Return to Shareholders." Actual interest payments may be different. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Assumed Portfolio Return (Net of Expenses) | (10.00)% | (5.00)% | 0.0% | 5.0% | 10.0% |
| Corresponding Return to Shareholders | (11)% | (5.5)% | 1.0% | 5.5% | 11.0% |

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#### RISKS
**AN INVESTMENT IN THE FUND INVOLVES A HIGH DEGREE OF RISK AND THEREFORE SHOULD ONLY BE UNDERTAKEN BY QUALIFIED INVESTORS WHOSE FINANCIAL RESOURCES ARE SUFFICIENT TO ENABLE THEM TO ASSUME THESE RISKS AND TO BEAR THE LOSS OF ALL OR PART OF THEIR INVESTMENT. THE FOLLOWING RISK FACTORS SHOULD BE CONSIDERED CAREFULLY, BUT ARE NOT MEANT TO BE AN EXHAUSTIVE LISTING OF ALL OF THE POTENTIAL RISKS ASSOCIATED WITH AN INVESTMENT IN THE FUND. INVESTORS SHOULD CONSULT WITH THEIR OWN FINANCIAL, LEGAL, INVESTMENT AND TAX ADVISERS PRIOR TO INVESTING IN THE FUND.** 

Investment in the Fund is suitable only for those persons who have such knowledge and experience in financial and business matters that they are capable of evaluating the merits and risks of their proposed investment, who can afford to bear the economic risk of their investment, who are able to withstand a total loss of their investment and who have no need for liquidity in their investment and no need to dispose of their Shares to satisfy current financial needs and contingencies or existing or contemplated undertakings or indebtedness. The following risks may be directly applicable to the Fund or may be indirectly applicable through the Fund's investments in Portfolio Funds. Potential investors with questions as to the suitability of an investment in the Fund should consult their professional advisers to assist them in making their own legal, tax, accounting and financial evaluation of the merits and risks of investment in the Fund in light of their own circumstances and financial condition.

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The Fund's investment program is speculative and entails substantial risks. In considering participation in the Fund, prospective investors should be aware of certain risk factors, which include the following:

#### Risks of Investing in Credit Investments
Risks of Credit Strategies

The Fund's investment portfolio will include Secondary Investments, Co-Investments and Primary Investments. The Portfolio Funds and special purpose vehicles that the Fund invests in hold securities issued primarily by private companies. Operating results for private companies in a specified period may be difficult to determine. Such investments involve a high degree of business and financial risk that can result in substantial losses.

Credit Investment Risks

The Fund may invest in debt securities and other yield-oriented investments issued by private companies acquired in privately negotiated transactions and/or in connection with a restructuring transaction. Credit strategies involve a variety of debt investing, which is subject to a high degree of financial risk. Credit investments may be adversely affected by tax, legislative, regulatory, credit, political or government changes, interest rate increases and the financial conditions of issuers, which may pose significant credit risks (i.e., the risk that an issuer of a security will fail to pay principal and interest in a timely manner, reducing the associated total return) that result in issuer default.

Less information may be available with respect to private company investments and such investments offer limited liquidity.

Private companies are generally not subject to SEC reporting requirements, are not required to maintain their accounting records in accordance with generally accepted accounting principles, and are not required to maintain effective internal controls over financial reporting. As a result, the Adviser may not have timely or accurate information about the business, financial condition and results of operations of the private companies in which the Fund invests. There is risk that the Fund may invest on the basis of incomplete or inaccurate information, which may adversely affect the Fund's investment performance. Private companies in which the Fund may invest may have limited financial resources, shorter operating histories, more asset concentration risk, narrower product lines and smaller market shares than larger businesses, which tend to render such private companies more vulnerable to competitors' actions and market conditions, as well as general economic downturns. These companies generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. These companies may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity.

Typically, investments in private companies are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that the Fund may not be able to resell some of its holdings for extended periods, which may be several years. There can be no assurance that the Fund will be able to realize the value of private company investments in a timely manner.

Access to credit investment opportunities is limited.

The Adviser and its affiliates seek to maintain excellent relationships with sponsors, general partners and managers with which they have previously invested. However, because of the increased demand for private credit and the number of investors seeking to gain access to the top performing investment funds, direct investments, secondary investments and other vehicles that provide exposure to such investments, there can be no assurance that the Adviser will be able to secure interests on behalf of the Fund in all of the investment opportunities that it identifies

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for the Fund, or that the size of the interests available to the Fund will be as large as the Adviser would desire, both of which could reduce the Fund's returns. The growth of the private credit market could result in an oversupply of credit and the degradation of loan underwriting standards. Lower loan underwriting standards could result in lower yields and greater credit risk in the private credit markets. Such loans could lack certain financial maintenance covenants and, even if they contain other collateral protections, the covenant-lite loan may carry more risk than a covenant-heavy loan made to the same borrower, as it does not require the borrower to provide affirmation that certain specific financial tests have been satisfied on a routine basis as is required under a covenant-heavy loan agreement. If such a loan begins to deteriorate in quality, the Fund's ability to negotiate with the borrower may be delayed under a covenant-lite loan compared to a loan with full maintenance covenants. This may in turn delay the Fund's ability to seek to recover the investment. Moreover, as a registered investment company, the Fund will be required to make certain public disclosures and regulatory filings regarding its operations, financial status, portfolio holdings, etc. While these filings are designed to enhance investor protections, Portfolio Fund Managers and certain private companies may view such filings as contrary to their business interests and deny access to the Fund; but may permit other, non-registered funds or accounts, managed by the Adviser or its affiliates, to invest. As a result, the Fund may not be invested in certain Co-Investments or Portfolio Funds that are held by other unregistered funds or accounts managed by the Adviser or its affiliates, even though those investments would be consistent with the Fund's investment objective. The Fund may also invest in certain Primary Investments in anticipation of obtaining access to one or more potential Co-Investments, but there is generally no guarantee that those potential Co-Investments will be made available to the Fund.

The Adviser will not cause the Fund to engage in investments alongside affiliates in private placement securities that involve the negotiation of certain terms of the private placement securities to be purchased (other than price-related terms) unless such investments are not prohibited by Section 17(d) of the 1940 Act or interpretations of Section 17(d) as expressed in SEC no-action letters or other available guidance or unless made in accordance with an exemptive order the Adviser, the Fund and certain funds advised by the Adviser have received from the SEC that permits the Fund to, among other things and subject to the conditions of the order, invest in certain privately placed securities in aggregated transactions alongside certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, where the Adviser negotiates certain terms of the private placement securities to be purchased (in addition to price-related terms). The conditions contained in the exemptive order may limit or restrict the Fund's ability to participate in such negotiated investments or participate in such negotiated investments to a lesser extent. An inability to receive the desired allocation to potential investments may affect Fund's ability to achieve the desired investment returns.

The Fund is subject to the risks of its Portfolio Funds.

The Fund's investments in Portfolio Funds are subject to a number of risks. Portfolio Fund interests are expected to be illiquid, their marketability may be restricted and the realization of investments from them may take considerable time and/or be costly. Some of the Portfolio Funds in which the Fund invests may have only limited operating histories. Although the Adviser seeks to receive detailed information from each Portfolio Fund regarding its business strategy and any performance history, in most cases the Adviser will have little or no means of independently verifying this information. In addition, Portfolio Funds may have little or no near-term cash flow available to distribute to investors, including the Fund. Due to the pattern of cash flows in Portfolio Funds and the illiquid nature of their investments, investors typically will see negative returns in the early stages of Portfolio Funds. This is often referred to as the J-curve.

Portfolio Fund interests are ordinarily valued based upon valuations provided by the Portfolio Fund Managers, which may be received on a delayed basis. Certain securities in which the Portfolio Funds invest may not have a readily ascertainable market price and are fair valued by the Portfolio Fund Managers. A Portfolio Fund Manager may face a conflict of interest in valuing such securities because their values may have an impact on the Portfolio Fund Manager's compensation. The Adviser reviews and performs due diligence on the valuation procedures used by each Portfolio Fund Manager and monitors performance information provided by the Portfolio Funds.

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However, neither the Adviser nor the Board is able to confirm the accuracy of valuations provided by Portfolio Fund Managers. Inaccurate valuations provided by Portfolio Funds could materially adversely affect the value of Shares.

The Fund pays asset-based fees, and, in most cases, is subject to performance-based fees in respect of its interests in Portfolio Funds. Such fees and performance-based compensation are in addition to the Advisory Fee. In addition, performance-based fees charged by Portfolio Fund Managers may create incentives for the Portfolio Fund Managers to make risky investments, and may be payable by the Fund to a Portfolio Fund Manager based on a Portfolio Fund's positive returns even if the Fund's overall returns are negative.

Moreover, a Shareholder in the Fund will indirectly bear a proportionate share of the fees and expenses of the Portfolio Funds, in addition to its proportionate share of the expenses of the Fund. Thus, a Shareholder in the Fund may be subject to higher operating expenses than if the Shareholder invested in the Portfolio Funds directly. In addition, because of the deduction of the fees payable by the Fund to the Adviser and other expenses payable directly by the Fund from amounts distributed to the Fund by the Portfolio Funds, the returns to a Shareholder in the Fund will be lower than the returns to a direct investor in the Portfolio Funds. Fees and expenses of the Fund and the Portfolio Funds are generally paid regardless of whether the Fund or Portfolio Funds produce positive investment returns. Shareholders could avoid the additional level of fees and expenses of the Fund by investing directly with the Portfolio Funds, although access to many Portfolio Funds may be limited or unavailable, and may not be permitted for investors who do not meet the substantial minimum net worth and other criteria for direct investment in Portfolio Funds.

There is a risk that the Fund may be precluded from acquiring an interest in certain Portfolio Funds due to regulatory implications under the 1940 Act or other laws, rules and regulations or may be limited in the amount it can invest in voting securities of Portfolio Funds. The Adviser also may refrain from including a Portfolio Fund in the Fund's portfolio in order to address adverse regulatory implications that would arise under the 1940 Act for the Fund if such an investment was made. In addition, the SEC has adopted Rule 18f-4 under the 1940 Act, which, among other things, may impact the ability of the Fund to enter into unfunded commitment agreements, such as a capital commitment to a Portfolio Fund or as part of a Co-Investment. In addition, the Fund's ability to invest may be affected by considerations under other laws, rules or regulations. Such regulatory restrictions, including those arising under the 1940 Act, may cause the Fund to invest in different Portfolio Funds or Co-Investments than other clients of the Adviser.

If the Fund fails to satisfy capital calls to a Portfolio Fund in a timely manner then, generally, it will be subject to significant penalties, including the complete forfeiture of the Fund's investment in the Portfolio Fund. Any failure by the Fund to make timely capital contributions may impair the ability of the Fund to pursue its investment program, cause the Fund to be subject to certain penalties from the Portfolio Funds or otherwise impair the value of the Fund's investments.

The governing documents of a Portfolio Fund generally are expected to include provisions that would enable the general partner, the manager, or a majority in interest (or higher percentage) of its limited partners or members, under certain circumstances, to terminate the Portfolio Fund prior to the end of its stated term. Early termination of a Portfolio Fund in which the Fund is invested may result in the Fund having distributed to it a portfolio of immature and illiquid securities, or the Fund's inability to invest all of its capital as anticipated, either of which could have a material adverse effect on the performance of the Fund.

Although the Fund will be an investor in a Portfolio Fund, Shareholders will not themselves be equity holders of that Portfolio Fund and will not be entitled to enforce any rights directly against the Portfolio Fund or the Portfolio Fund Manager or assert claims directly against any Portfolio Funds, the Portfolio Fund Managers or their respective affiliates. Shareholders will have no right to receive the information issued by the Portfolio Funds that may be available to the Fund as an investor in the Portfolio Funds. In addition, Portfolio Funds generally are not registered as investment companies under the 1940 Act; therefore, the Fund, as an investor in

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Portfolio Funds, does not have the benefit of the protections afforded by 1940 Act. Portfolio Fund Managers may not be registered as investment advisers under the Advisers Act, in which case the Fund, as an investor in Portfolio Funds managed by such Portfolio Fund Managers, does not have the benefit of certain of the protections afforded by the Advisers Act.

Commitments to Portfolio Funds generally are not immediately invested. Instead, committed amounts are drawn down by Portfolio Funds and invested over time, as underlying investments are identified—a process that may take a period of several years, with limited ability to predict with precision the timing and amount of each Portfolio Fund's drawdowns. During this period, investments made early in a Portfolio Fund's life are often realized (generating distributions) even before the committed capital has been fully drawn. In addition, many Portfolio Funds do not draw down 100% of committed capital, and historic trends and practices can inform the Adviser as to when it can expect to no longer need to fund capital calls for a particular Portfolio Fund. Accordingly, the Adviser may make investments and commitments based, in part, on anticipated future capital calls and distributions from Portfolio Funds. This may result in the Fund making commitments to Portfolio Funds in an aggregate amount that exceeds the total amounts invested by Shareholders in the Fund at the time of such commitment (i.e., to "over-commit"). To the extent that the Fund engages in an "over-commitment" strategy, the risk associated with the Fund defaulting on a commitment to a Portfolio Fund will increase. The Fund will maintain cash, cash equivalents, borrowings or other liquid assets in sufficient amounts, in the Adviser's judgment, to satisfy capital calls from Portfolio Funds.

The Fund is subject to the risks associated with its Portfolio Funds' underlying investments.

The investments made by the Portfolio Funds entail a high degree of risk and in most cases are highly illiquid and difficult to value. As a general matter, companies in which the Portfolio Fund invests or lends to may face intense competition, including competition from companies with far greater financial resources; more extensive research, development, technological, marketing and other capabilities; and a larger number of qualified managerial and technical personnel.

A Portfolio Fund Manager may focus on a particular industry or sector, which may subject the Portfolio Fund, and thus the Fund, to greater risk and volatility than if investments had been made in issuers in a broader range of industries. Likewise, a Portfolio Fund Manager may focus on a particular country or geographic region, which may subject the Portfolio Fund, and thus the Fund, to greater risk and volatility than if investments had been made in issuers in a broader range of geographic regions. In addition, Portfolio Funds may establish positions in different geographic regions or industries that, depending on market conditions, could experience offsetting returns.

The Fund will not obtain or seek to obtain any control over the management of any portfolio company in which any Portfolio Fund may invest. The success of each investment made by a Portfolio Fund will largely depend on the ability and success of the management of the portfolio companies in addition to economic and market factors.

The valuations of Portfolio Funds in which the Fund invests may be based on imperfect information and are subject to inherent uncertainties.

There is no established market for Secondary Investments or for the privately-held portfolio companies of Portfolio Fund Managers, and there are not likely to be any comparable companies for which public market valuations exist. In addition, under limited circumstances, the Adviser may not have access to all material information relevant to a Portfolio Fund Manager's valuation analysis. For example, Portfolio Fund Managers generally are not obligated to update any valuations in connection with a transfer of interests on a secondary basis, and such valuations may not be indicative of current or ultimate realizable values. As a result, the valuation of Portfolio Funds in which the Fund invests may be based on imperfect information and is subject to inherent uncertainties. The Fund's carrying value of a Primary Investment or Secondary Investment in a Portfolio Fund or Co-Investment therefore may not accurately reflect the amount the Fund could realize upon disposition of the

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asset and, in the case of a Secondary Investment, is not expected to reflect the Fund's cost to purchase the asset if it is acquired at a discount to the net asset value reported by the Portfolio Fund or its Portfolio Fund Manager.

The Fund may have limited Secondary Investment opportunities.

The Fund may make Secondary Investments in Portfolio Funds by acquiring the interests in the Portfolio Funds from existing investors in such Portfolio Funds (and not from the issuers of such investments). In such instances, as the Fund will not be acquiring such interests directly from the Portfolio Fund, it is generally not expected that the Fund will have the opportunity to negotiate the terms of the interests being acquired, other than the purchase price, or other special rights or privileges. There can be no assurance as to the number of Secondary Investment opportunities that will be presented to the Fund.

In addition, valuation of Secondary Investments in Portfolio Funds may be difficult, as there generally will be no established market for such investments or for the privately-held portfolio companies in which such Portfolio Funds may own securities. Moreover, the purchase price of Secondary Investments in such Portfolio Funds generally will be subject to negotiation with the sellers of the interests and there is no assurance that the Fund will be able to purchase interests at attractive discounts to net asset value, or at all. The overall performance of the Fund will depend in large part on the acquisition price paid by the Fund for its Secondary Investments, the structure of such acquisitions and the overall success of the Portfolio Fund. The acquisition of Secondary Investments generally requires the consent of the Portfolio Fund Manager of such Secondary Investment, and there can be no assurance that the Fund will be able to obtain such consent. When the Fund acquires Secondary Investments, it is expected that the Fund will not have had the opportunity to negotiate the terms of the investment or other special rights or privileges, and the Fund may acquire an interest in a Secondary Investment that contains terms that are disadvantageous for legal, tax, regulatory, or other reasons.

There is significant competition for Secondary Investments. Many institutional investors, including fund-of-funds entities, as well as existing investors of Portfolio Funds may seek to purchase Secondary Investments of the same Portfolio Fund which the Fund may also seek to purchase. In addition, some Portfolio Fund Managers have become more selective by adopting policies or practices that exclude certain types of investors, such as fund-of-funds. These Portfolio Fund Managers also may be partial to Secondary Investments being purchased by existing investors of their Portfolio Funds. In addition, some secondary opportunities may be conducted pursuant to a specified methodology (such as a right of first refusal granted to existing investors or a so-called "Dutch auction," where the price of the investment is lowered until a bidder bids and that first bidder purchases the investment, thereby limiting a bidder's ability to compete for price) which can restrict the availability of those opportunities for the Fund. No assurance can be given that the Fund will be able to identify Secondary Investments that satisfy the Fund's investment objective or, if the Fund is successful in identifying such Secondary Investments, that the Fund will be permitted to invest, or invest in the amounts desired, in such Secondary Investments.

At times, the Fund may have the opportunity to acquire a portfolio of Portfolio Fund interests from a seller, on an "all or nothing" basis. In some such cases, certain of the Portfolio Fund interests may be less attractive than others, and certain of the Portfolio Fund Managers may be more familiar to the Adviser than others or may be more experienced or highly regarded than others. In such cases, it may not be possible for the Fund to carve out from such purchases those Secondary Investments which the Adviser considers (for commercial, tax legal or other reasons) less attractive.

In the cases where the Fund acquires an interest in a Portfolio Fund through a Secondary Investment, the Fund may acquire contingent liabilities of the seller of such interest. More specifically, where the seller has received distributions from the Portfolio Fund and, subsequently, that Portfolio Fund recalls one or more of these distributions, the Fund (as the purchaser of the interest to which such distributions are attributable and not the seller) may be obligated to return the monies equivalent to such distribution to the Portfolio Fund. While the

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Fund may, in turn, make a claim against the seller for any such monies so paid, there can be no assurance that the Fund would prevail on such claim.

Credit investments are subject to a variety of special risks.

Acquisition Transactions Risk. Credit investments made in connection with acquisition transactions are subject to a variety of special risks, including that the acquiring company has paid too much for the acquired investment or has overestimated the acquired company's ability to meet its debt obligations due to, among other factors, overleveraging of the acquired company, an insufficient understanding of the acquired company's business model or unforeseen interest rates fluctuations. Acquisition transactions are also subject to the risks associated with new or unproven management or new strategies. These risks may affect the acquired company's ability to repay its debt through refinancing other means and could impair the value of any investment made or held by the Fund in connection with the acquisition transaction.

Senior Secured Loans. When a Portfolio Fund makes a unitranche loan or standalone first or second lien loan to a portfolio company, the Portfolio Fund generally takes a security interest in the available assets of the portfolio company, including the equity interests of its subsidiaries, which the Portfolio Fund expects to help mitigate the risk that the Portfolio Fund will not be repaid. However, there is a risk that the collateral securing the Portfolio Fund's loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise, and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital. In addition, deterioration in a portfolio company's financial condition and prospects, including its inability to raise additional capital, may be accompanied by deterioration in the value of the collateral for the loan. Consequently, the fact that a loan is secured does not guarantee that a Portfolio Fund will receive principal and interest payments according to the loan's terms, or at all, or that the Portfolio Fund will be able to collect on the loan should it be forced to enforce its remedies.

In addition, senior secured credit facilities may be syndicated to a number of different financial market participants. The documentation governing the facilities typically requires either a majority consent or, in certain cases, unanimous approval for certain actions in respect of the facility, such as waivers, amendments, or the exercise of remedies. In addition, voting to accept or reject the terms of a restructuring of a facility pursuant to a court-ordered plan of reorganization in an insolvency proceeding may be done on a class basis. As a result of these voting regimes, the Portfolio Fund may not have the ability to control any decision in respect of any amendment, waiver, exercise of remedies, restructuring or reorganization of debts owed to the Portfolio Fund.

Subordinated Debt. Portfolio Funds generally may make investment in subordinated debt which is subordinated to senior secured loans on a payment basis and typically is unsecured and ranks pari passu with other unsecured creditors. As such, other creditors may rank senior to a Portfolio Fund in the event of an insolvency. This may result in an increased risk of default as well as recovery values being lower than other more senior sources of capital. In addition, many of the obligors are highly leveraged and many of the investments will be in securities which are unrated or rated below investment grade. Such investments are subject to additional risks, including an increased risk of default during periods of economic downturn, the possibility that the obligor may not be able to meet its debt payments and limited secondary market support, among other risks.

Bank Loans and Participations. The Fund may invest a portion of its assets indirectly in bank loans and participations. These obligations are subject to unique risks, including, without limitation: (a) the possible invalidation of an investment transaction as a fraudulent conveyance under relevant creditors' rights laws, (b) so-called lender liability claims by the issuer of the obligations, (c) environmental liabilities that may arise with respect to collateral securing the obligations, (d) adverse consequences resulting from participating in such instruments with other institutions with lower credit quality and (e) limitations on the ability of the Fund to directly enforce its rights with respect to participations. The loans indirectly invested in by the Fund may include term loans and revolving loans, may pay interest at a fixed or floating rate, and may be senior or subordinated.

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Successful claims by third parties arising from these and other risks, absent bad faith, may be borne by the Fund. Bank loans are frequently traded on the basis of standardized documentation which is used in order to facilitate trading and market liquidity. There can be no assurance, however, that future levels of supply and demand in bank loan trading will provide an adequate degree of liquidity, that the current level of liquidity will continue, or that the same documentation will be used in the future. The settlement of trading in bank loans often requires the involvement of third parties, such as administrative or syndication agents, and there presently is no central clearinghouse or authority which monitors or facilitates the trading or settlement of all bank loan trades. Often, settlement may be delayed based on the actions of any third party or counterparty, and adverse price movements may occur in the time between trade and settlement, which could result in adverse consequences for the Fund.

Portfolio Funds may invest in bank loans either directly (by way of sale or assignment) or indirectly (by way of participation). The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a contracting party under the credit agreement with respect to the debt obligation; however, its rights can be more restricted than those of the assigning institution. In addition, if the Fund invests in loans pursuant to an assignment, it is possible that the Fund's claims may be subject to attack (i.e., equitable subordination or disallowance) on account of the conduct of the transferee. Participation interests in a portion of a debt obligation typically result in a contractual relationship only with the institution participating in the interest and not with the borrower. In purchasing participations, the Fund may have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of set-off against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund may assume the credit risk of both the borrower and the institution selling the participation to the Fund. In certain circumstances, investing in the form of a participation may be the most advantageous or only route for the Fund to make or hold any such Investment, including in light of limitations relating to local laws or the willingness of administrative agents or borrowers to allow the Fund to become a direct lender. Some of the bank loans acquired by the Fund may be below investment grade. In terms of liquidity with respect to such Investments, there can be no assurance that levels of supply and demand in bank loan trading will provide an adequate degree of liquidity for the Fund's Investments therein. In addition, the Fund may make investments in stressed or distressed bank loans which are often less liquid than performing bank loans.

High-Yield Debt. The Fund may invest directly or indirectly in debt securities that may be classified as "higher-yielding" (and, therefore, higher-risk) debt securities. In most cases, such debt will be rated below "investment grade" or will be unrated and face ongoing uncertainties and exposure to adverse business, financial or economic conditions and the issuer's failure to make timely interest and principal payments. The market for high-yield securities has experienced periods of volatility and reduced liquidity. High-yield securities may or may not be subordinated to certain other outstanding securities and obligations of the issuer, which may be secured by substantially all of the issuer's assets. High-yield securities may also not be protected by financial covenants or limitations on additional indebtedness. The market values of certain of these debt securities may reflect individual corporate developments. General economic recession or a major decline in the demand for products and services in the industry in which the borrower operates would likely have a materially adverse impact on the value of such securities or could adversely affect the ability of the issuers of such securities to repay principal and pay interest thereon and increase the incidence of default of such securities. In addition, adverse publicity and investor perceptions, whether or not based on fundamental analysis, may also decrease the value and liquidity of these high-yield debt securities.

Bonds and Other Fixed Income Securities. Portfolio Funds may invest in bonds and other fixed income securities, both U.S. and non-U.S., and may take short positions in these securities. Portfolio Funds will invest in these securities when they offer opportunities for capital appreciation (or capital depreciation in the case of short positions) and may also invest in these securities for temporary defensive purposes and to maintain liquidity. Fixed income securities include, among other securities: bonds, notes and debentures issued by U.S. and non-U.S. corporations; U.S. Government securities or debt securities issued or guaranteed by a non-U.S. government; municipal securities; and mortgage-backed and asset-backed securities. These securities may pay fixed, variable or floating rates of interest, and may include zero coupon obligations. Fixed income securities are

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subject to the risk of the issuer's inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk).

Asset-Backed Securities. The Fund may invest directly or indirectly in asset-backed securities and other securitizations (including in "equity" or residual tranches), which are generally limited recourse obligations of a special purpose vehicle issuer of such instruments ("Securitization Vehicles") payable solely from the underlying assets ("Securitization Assets") of the issuer or proceeds thereof. Consequently, holders of equity or other securities issued by Securitization Vehicles must rely solely on distributions on the Securitization Assets or proceeds thereof for payment in respect thereof. The Securitization Assets may include, without limitation, broadly-syndicated leveraged loans, middle-market bank loans, collateralized debt obligation debt tranches, trust preferred securities, insurance surplus notes, asset-backed securities, consumer loans, other receivables, mortgages, REITs, high yield bonds, mezzanine debt, second-lien leverage loans, credit default swaps and emerging market debt and corporate bonds, which are subject to liquidity, market value, credit, interest rate, reinvestment and certain other risks.

The investment characteristics of asset-backed securities differ from traditional debt securities. Among the major differences are that interest and principal payments are made more frequently, usually monthly, and that the principal can generally be prepaid at any time because the underlying loans or other assets generally can be prepaid at any time.

The collateral supporting asset-backed securities is generally of shorter maturity than certain other types of loans and is less likely to experience substantial prepayments. Asset-backed securities are often backed by pools of any variety of assets, including, for example, leases, mobile home loans and aircraft leases, which represent the obligations of a number of different parties and use credit enhancement techniques such as letters of credit, guarantees or preference rights. The market value of an asset-backed security is affected by changes in the market's perception of the asset backing the asset-backed securities and the creditworthiness of the servicer for the loan pool, the originator of the loans or the financial institution providing any credit enhancement, as well as by the expiration or removal of any credit enhancement.

The value of asset-backed securities, like that of traditional fixed income securities, typically increases when interest rates fall and decreases when interest rates rise. The price paid by the Fund for such securities, the yield the Fund expects to receive from such securities and the average life of such securities are based on a number of unpredictable factors, including the anticipated rate of prepayment of the underlying assets, and are therefore subject to the risk that the asset-backed security will lose value. Asset-backed securities are also subject to the general risks associated with investing in physical assets such as real estate; that is, they could lose value if the value of the underlying asset declines.

Holders of asset-backed securities bear various other risks, including credit risks, liquidity risks, interest rate risks, market risks, operations risks, structural risks and legal risks.

Credit risk arises from (i) losses due to defaults by obligors under the underlying collateral and (ii) the issuing vehicle's or servicer's failure to perform their respective obligations under the transaction documents governing the asset-backed security. These two risks can be related, as, for example, in the case of a servicer that does not provide adequate credit-review scrutiny to the underlying collateral, leading to a higher incidence of defaults.

Market risk arises from the cash flow characteristics of the asset-backed securities, which for most asset-backed securities tend to be predictable. The greatest variability in cash flows comes from credit performance, including the presence of wind-down or acceleration features designed to protect the investor in the event that credit losses in the portfolio rise well above expected levels.

Interest rate risk arises for the issuer from (x) the pricing terms on the underlying collateral, (y) the terms of the interest rate paid to holders of the asset-backed securities and (z) the need to mark to market the excess servicing

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or spread account proceeds carried on the issuing vehicle's balance sheet. For the holder of the security, interest rate risk depends on the expected life of the asset-backed security, which can depend on prepayments on the underlying assets or the occurrence of wind-down or termination events. If the servicer becomes subject to financial difficulty or otherwise ceases to be able to carry out its functions, it could be difficult to find other acceptable substitute servicers and cash flow disruptions or losses can occur, particularly with underlying collateral comprised of non-standard receivables or receivables originated by private retailers who collect many of the payments at their stores.

Structural and legal risks include the possibility that, in a bankruptcy or similar proceeding involving the originator or the servicer (often the same entity or affiliates), a court having jurisdiction over the proceeding could determine that, because of the degree to which cash flows on the assets of the issuing vehicle potentially have been commingled with cash flows on the originator's other assets (or similar reasons), (a) the assets of the issuing vehicle could be treated as never having been truly sold by the originator to the issuing vehicle and could be substantively consolidated with those of the originator, or (b) the transfer of such assets to the issuer could be voided as a fraudulent transfer. The time and expense related to a challenge of such a determination also could result in losses and/or delayed cash flows.

In addition, investments in subordinated asset-backed securities involve greater credit risk of default than the senior classes of the issue or series. Default risks can be further pronounced in the case of asset-backed securities secured by, or evidencing an interest in, a relatively small or less diverse pool of underlying loans. Certain subordinated securities in an asset-backed securities issue generally absorb all losses from default before any other class of securities in such issue is at risk, particularly if such securities have been issued with little or no credit enhancement equity. Such securities, therefore, possess some of the attributes typically associated with equity investments.

Another risk associated with asset-backed securities is that the collateral that secures an asset-backed security, such as credit card receivables, could be unsecured. In the case of credit card receivables, debtors are additionally entitled to the protection of a number of state and federal consumer loan laws, many of which give such debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. For asset-backed securities that are backed by automobile receivables, such asset-backed securities pose a risk because most issuers of such asset-backed securities permit the servicers to retain possession of the underlying obligations. Because of the large number of vehicles involved in a typical issuance and technical requirements under state laws, the trustee for the holders of the asset-backed securities potentially will not have a proper security interest in all of the obligations backing such asset-backed securities. Therefore, there is a possibility that recoveries on repossessed collateral will not, in some cases, be available to support payments on these securities. As the foregoing shows, an underlying risk of investing in asset-backed securities is the dependence on debtors to timely pay their consumer loans.

In the case of asset-backed securities structured using Securitization Vehicles, Securitization Assets are typically actively managed by an investment manager, which may be the Adviser or its affiliates, and as a result, the Securitization Assets will be traded, subject to rating agency and other constraints, by such investment manager. The aggregate return on these equity securities will depend in part upon the ability of each such investment manager to actively manage the related portfolio of Securitization Assets.

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installments of interest, with principal payable at maturity or upon specified call dates, and other tranches only entitled to receive payments of principal and accrued interest at maturity or upon specified call dates. Different tranches of securities will bear different interest rates, which may be fixed or floating.

Investors in CLOs and CDOs bear the credit risk of the assets/collateral. Tranches are categorized as senior, mezzanine, and subordinated/equity, according to their degree of credit risk. If there are defaults or the CDO's collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. Senior and mezzanine tranches are typically rated, with the former receiving S&P Global Ratings ("S&P") ratings of A to AAA and the latter receiving ratings of B to BBB. The ratings reflect both the credit quality of underlying collateral as well as how much protection a given tranche is afforded by tranches that are subordinate to it.

Because the loans held in the pool often may be prepaid without penalty or premium, CLOs and CDOs can be subject to higher prepayment risks than most other types of debt instruments. Prepayments may result in a capital loss to the Fund to the extent that the prepaid securities purchased at a market discount from their stated principal amount will have accelerated the recognition of interest income by the Fund, which would be taxed as ordinary income when distributed to the Shareholders. The credit characteristics of CLOs and CDOs also differ in a number of respects from those of traditional debt securities. The credit quality of most CLOs and CDOs depends primarily upon the credit quality of the assets/collateral underlying such securities, how well the entity issuing the securities is insulated from the credit risk of the originator or any other affiliated entities, and the amount and quality of any credit enhancement to such securities.

CLOs and CDOs are typically privately offered and sold, and thus, are not registered under the securities laws, which means less information about the security may be available as compared to publicly offered securities and only certain institutions may buy and sell them. As a result, investments in CLOs and CDOs may be characterized by the Fund as illiquid securities. An active dealer market may exist for CLOs and CDOs that can be resold in Rule 144A transactions, but there can be no assurance that such a market will exist or will be active enough for the Fund to sell such securities.

In addition to the typical risks associated with fixed-income securities and asset-backed securities, CLOs and CDOs carry other risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default, decline in value or quality, or be downgraded by a rating agency; (iii) the Fund may invest in tranches of CLOs and CDOs that are subordinate to other tranches, diminishing the likelihood of payment; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes with the issuer or unexpected investment results; (v) risk of forced "fire sale" liquidation due to technical defaults such as coverage test failures; and (vi) the manager of the CLO or CDO may perform poorly.

Structured Finance Securities. The CLOs and other CDOs in which the Fund may invest are structured finance securities. Holders of structured finance securities bear risks of the underlying assets and are subject to counterparty risk.

The Fund may have the right to receive payments only from the structured finance security and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured finance securities enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured finance securities generally pay their share of the structured finance security's administrative and other expenses. Although it is difficult to predict whether the prices of assets underlying structured finance securities will rise or fall, these prices (and, therefore, the prices of structured finance securities) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured finance security uses shorter-term financing to purchase longer-term securities, the issuer may be forced to sell its

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securities at below-market prices if it experiences difficulty in obtaining short-term financing, which may adversely affect the value of the structured finance securities owned by the Fund.

Certain structured finance securities may be thinly traded or have a limited trading market. CLOs, CDOs and credit-linked notes are typically privately offered and sold. As a result, investments in structured finance securities may be characterized by the Fund as illiquid securities. In addition to the general risks associated with fixed-income securities, structured finance securities carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the investments in structured finance securities are subordinate to other classes or tranches thereof; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Equity Investments. When the Fund, through a Portfolio Fund, invests in unitranche loans, standalone first and second lien loans or subordinated debt, such Portfolio Fund may acquire equity securities in a portfolio company. In addition, Portfolio Funds may invest directly in the equity securities of portfolio companies. The Portfolio Fund's goal is ultimately to dispose of such equity interests and realize gains upon the Portfolio Fund's disposition of such interests. However, the equity interests a Portfolio Fund receives may not appreciate in value and, in fact, may decline in value. Accordingly, a Portfolio Fund may not be able to realize gains from its equity interests, and any gains that the Portfolio Fund does realize on the disposition of any equity interests may not be sufficient to offset any other losses the Portfolio Fund experiences. The timing of ultimate realization is highly uncertain and these securities will have no readily available market for liquidity. As a result, the holding period for these securities may be lengthy.

In addition, underlying investments are likely to be in lower-grade obligations. The lower-grade underlying investments may be rated below investment grade by one or more nationally recognized statistical rating agencies at the time of investment, or may be unrated but determined by the Portfolio Funds to be of comparable quality. Loans or debt securities rated below investment grade are considered speculative with respect to the issuer's capacity to pay interest and repay principal. Further, in the event of a bankruptcy, liquidation or reorganization or similar proceeding relating to a Portfolio Fund, the Fund or the Portfolio Fund (as applicable) will participate with all other equity holders of such Portfolio Fund in the assets remaining after the Portfolio Fund has paid all of its indebtedness, including subordinated indebtedness.

Risks Relating to Significant Secondaries Acquisition Transactions

Failure to Consummate Significant Secondaries Acquisition Transactions. The Fund may enter into Acquisition Transactions to acquire significant amounts of Secondary Investments. The consummation of Acquisition Transactions is subject to certain conditions, including, among others, consent of the general partners and limited partners of the sellers. The conditions required to consummate the transactions may not be satisfied or waived on schedule, or at all. If such transactions are not consummated, the Fund will have incurred substantial expenses, including out-of-pocket legal and accounting expenses and other related charges, for which no ultimate benefit will have been received. There can be no assurances as to the exact timing, or that an Acquisition Transaction will be completed at all.

Inability to Obtain Approvals. The inability to obtain certain approvals and consents could delay or prevent the completion of Acquisition Transactions. For instance, the obligation to complete an Acquisition Transaction may be subject to the receipt of consents required to be obtained from certain parties, including the general and limited partners of the seller. The Fund expects that similar consents would be required in connection with similar transactions to acquire portfolios of Secondary Investments. If all approvals and consents, and conditions to such approvals and consents, are not satisfied, the closing of Acquisition Transactions could be significantly delayed, or the transaction may not occur at all.

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Regulatory changes may adversely affect credit funds.

Legal, tax and regulatory changes could occur that may adversely affect or impact the Fund at any time. The legal, tax and regulatory environment for credit funds is evolving, and changes in the regulation and market perception of such funds, including changes to existing laws and regulations and increased criticism of the credit and alternative asset industry by regulators and politicians and market commentators, may materially adversely affect the ability of Portfolio Funds to pursue their investment strategies. In recent years, market disruptions and the dramatic increase in capital allocated to alternative investment strategies have led to increased governmental, regulatory and self-regulatory scrutiny of the credit and alternative investment fund industry in general, and certain legislation proposing greater regulation of the credit and alternative investment fund management industry periodically is being and may in the future be considered or acted upon by governmental or self-regulatory bodies of both U.S. and in non-U.S. jurisdictions. It is impossible to predict what, if any, changes might be made in the future to the regulations affecting: credit funds generally; the Portfolio Funds; the Portfolio Fund Managers; the markets in which they operate and invest; and/or the counterparties with which they do business. It is also impossible to predict what the effect of any such legislative or regulatory changes might be. Any regulatory changes that adversely affect a Portfolio Fund's ability to implement its investment strategies could have a material adverse impact on the Portfolio Fund's performance, and thus on the Fund's performance.

In-kind distributions from Portfolio Funds or Co-Investments may be held for an indefinite period.

The Fund may receive in-kind distributions of securities from Portfolio Funds or Co-Investments. There can be no assurance that securities distributed in kind by Portfolio Funds or Co-Investments to the Fund will be readily marketable or saleable. The Fund may be required to, or the Adviser, in its sole investment discretion, may determine to, hold such securities for an indefinite period. Timing of sales is subject to position size considerations, market liquidity, and other factors considered in the sole investment discretion of the Adviser. The Fund may incur additional expense in connection with any disposition of such securities.

There are additional risks associated with Co-Investments.

There can be no assurance that the Fund will be given Co-Investment opportunities, or that any specific Co-Investment offered to the Fund would be appropriate or attractive to the Fund in the Adviser's judgment. Many entities compete with the Fund in pursuing Co-Investments. Some competitors may have a lower cost of funds and access to funding sources that are not available to the Fund. In addition, some competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of, or different structures for, private investments than the Fund. Furthermore, many competitors are not subject to the regulatory restrictions that the 1940 Act imposes on the Fund. As a result of this competition and regulatory restrictions, the Fund may not be able to pursue attractive Co-Investment opportunities from time to time. The market for Co-Investment opportunities is competitive and may be limited, and the Co-Investment opportunities to which the Fund wishes to allocate assets may not be available at any given time.

In addition, the Fund's ability to dispose of Co-Investments may be more limited than the Fund's ability to dispose of Secondary Investments or Primary Investments, both by the fact that the securities are expected to be unregistered and illiquid and by contractual restrictions that may limit, preclude or require certain approvals for the Fund to sell such investment. Co-Investments may be heavily negotiated and, therefore, the Fund may incur additional legal and transaction costs in connection therewith.

The Fund may be subject to risks related to its Co-Investments alongside other parties.

Co-Investing alongside one or more other parties in an investment (i.e., as a co-investor) involves risks that may not be present in investments made by lead or sponsoring private credit investors. As a co-investor, the Fund may have interests or objectives that are inconsistent with those of the lead private credit investors that generally have a greater degree of control over such investments.

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In addition, in order to take advantage of Co-Investment opportunities as a co-investor, the Fund generally will be required to hold a non-controlling interest, for example, by becoming a limited partner in a partnership that is controlled by the general partner or manager of the private credit fund offering the Co-Investment, on a co-investor basis, to the Fund. In this event, the Fund would have less control over the investment and may be adversely affected by actions taken by such general partner or manager with respect to the portfolio company and the Fund's investment in it. The Fund may not have the opportunity to participate in structuring investments or to determine the terms under which such investments will be made.

The Fund's credit investments may be subject to risks associated with a lead investor.

The Fund's ability to realize a profit on such credit investments will be particularly reliant on the expertise of the lead investor in the transaction. While due diligence will be conducted on private investment opportunities, where the Fund invests alongside an unaffiliated lead investor, the Adviser may be more reliant on the lead investor's diligence. In addition, the Adviser may have little to no opportunity to negotiate the terms of such private investments. The Fund generally will rely on the lead investor or sponsor offering such private investment opportunity to perform certain due diligence on the relevant investment and to negotiate certain terms of the investment.

Fixed-income securities in which the Fund may invest are generally subject to the following risks:

<u>Interest Rate Risk</u>. The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments. The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Fund's investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund's net asset value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by the Adviser. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate debt securities.

The Fund may invest in variable and floating rate debt instruments, which generally are less sensitive to interest rate changes than longer duration fixed rate instruments, but may decline in value in response to rising interest rates if, for example, the rates at which they pay interest do not rise as much, or as quickly, as market interest rates in general. Conversely, variable and floating rate instruments generally will not increase in value if interest rates decline. To the extent the Fund holds variable or floating rate instruments, a decrease in market interest rates will adversely affect the income received from such securities, which may adversely affect the net asset value of the Fund's Shares.

<u>Issuer and Spread Risk</u>. The value of fixed-income securities may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage, reduced demand for the issuer's goods and services, historical and prospective earnings of the issuer and the value of the assets of the issuer. In addition, wider credit spreads and decreasing market values typically represent a deterioration of a debt security's credit soundness and a perceived greater likelihood of risk or default by the issuer.

<u>Credit Risk</u>. Credit risk is the risk that one or more fixed-income securities in the Fund's portfolio will decline in price or fail to pay interest or principal when due because the issuer of the security experiences a decline in its financial status. Credit risk is increased when a portfolio security is downgraded or the perceived

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creditworthiness of the issuer deteriorates. To the extent the Fund invests in below investment grade securities, it will be exposed to a greater amount of credit risk than a fund that only invests in investment grade securities. In addition, to the extent the Fund uses credit derivatives, such use will expose it to additional risk in the event that the bonds underlying the derivatives default. The degree of credit risk depends on the issuer's financial condition and on the terms of the securities.

<u>Prepayment or "Call" Risk</u>. During periods of declining interest rates, borrowers may exercise their option to prepay principal earlier than scheduled. For fixed rate securities, such payments often occur during periods of declining interest rates, forcing the Fund to reinvest in lower yielding securities, resulting in a possible decline in the Fund's income and distributions to shareholders. This is known as prepayment or "call" risk. Below investment grade securities frequently have call features that allow the issuer to redeem the security at dates prior to its stated maturity at a specified price (typically greater than par) only if certain prescribed conditions are met (i.e., "call protection"). For premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be increased.

<u>Reinvestment Risk</u>. Reinvestment risk is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio's current earnings rate.

<u>Duration and Maturity Risk</u>. The Fund has no set policy regarding the duration or maturity of the fixed-income securities it may hold. In general, the longer the duration of any fixed-income securities in the Fund's portfolio, the more exposure the Fund will have to the interest rate risks described above. The Adviser may seek to adjust the portfolio's duration or maturity based on its assessment of current and projected market conditions and any other factors that the Adviser deems relevant. There can be no assurance that the Adviser's assessment of current and projected market conditions will be correct or that any strategy to adjust the portfolio's duration or maturity will be successful at any given time.

#### General Risks of Investing in the Fund
The Fund and the Portfolio Funds are subject to general investment risks.

There is no assurance that the investments held by the Fund will be profitable, that there will be proceeds from such investments available for distribution to Shareholders, or that the Fund will achieve its investment objective. An investment in the Fund is speculative and involves a high degree of risk. Fund performance may be volatile and a Shareholder could incur a total or substantial loss of its investment. There can be no assurance that projected or targeted returns for the Fund will be achieved.

The Fund and the Portfolio Funds are subject to risks associated with market and economic downturns and movements.

Investments made by the Fund may be materially affected by market, economic and political conditions in the United States and in the non-U.S. jurisdictions in which its investments operate, including factors affecting interest rates, the availability of credit, currency exchange rates and trade barriers. These factors are outside the control of the Adviser and could adversely affect the liquidity and value of the Fund's investments and reduce the ability of the Fund to make new investments.

The Fund and the Portfolio Funds are subject to risks associated with financial market developments.

Volatile conditions in the capital markets may cause limitations on the ability of companies in which the Portfolio Funds will invest to obtain capital, or subject such companies to higher costs of capital for financing. This lack of available credit could impede the ability of such companies to complete investments and higher costs of capital could reduce the returns of the Fund or Portfolio Funds.

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Changes in interest rates may adversely affect the investments held by the Fund. Changes in the general level of interest rates can affect the value of the Fund's investments. Interest rates are highly sensitive to many factors, including governmental, monetary and tax policies, domestic and international economic and political considerations, fiscal deficits, trade surpluses or deficits, regulatory requirements and other factors beyond the control of the Fund and the companies in which the Portfolio Funds invest. Although it is expected that the Fund's borrowings, if any, will be short-term in nature, the companies in which the Portfolio Funds invest may finance a significant portion of their activities with both fixed and floating rate debt. By financing the acquisition and development of an investment with floating rate debt, such companies and Portfolio Funds, and indirectly the Fund, will bear the risk that in the event of rising interest rates and a lack of concomitant growth in income, or any increase in underwriting standards that might limit the availability of credit, it could become difficult for such companies and Portfolio Funds to obtain refinancing. Any rise in interest rates may also significantly increase the interest expense of the companies in which the Fund and Portfolio Funds invest, causing losses and/or the inability to service debt levels. If a company in which a Portfolio Funds invests cannot generate adequate cash flow to meet debt obligations, the Fund may suffer a partial or total loss of capital invested in the Portfolio Funds. Given current market conditions following a historically low interest rate environment, risks associated with rising interest rates are heightened.

In addition, there is potential for new governmental initiatives, including regulations regarding lending and funding practices, liquidity standards and hedging transactions. Moreover, bank regulatory agencies are expected to be very aggressive in responding to concerns and trends identified in examinations and/or in the marketplace generally, including the expected issuance of formal enforcement orders. Negative developments in the financial industry and the impact of new legislation in response to those developments could restrict the Fund's business operations and adversely impact the Fund's results of operations and financial condition.

Furthermore, the current U.S. political environment is volatile and has increased uncertainty regarding future political, legislative, regulatory or administrative changes that may impact the Adviser, the Fund or its investors or the Fund's investments. Any such changes could impact the laws and regulations applicable to the Adviser, the Fund or the Fund's investments. Significant uncertainty remains in the market regarding the consequences of the current U.S. political environment, and the range and potential implications of possible political, regulatory, economic and market outcomes are difficult to predict. Uncertainty regarding the consequences of the current U.S. political environment may have an adverse effect or may cause volatility in the U.S. or global economies and currency and financial markets in the short or long term, as well as the values of the Fund's investments and the Fund's ability to execute its investment strategy or the financial prospects of its investments. While certain of such changes could beneficially impact the Fund or certain investments, other changes could adversely impact the Adviser, the Fund or its investors or the Fund's investments.

The Fund is subject to conflicts of interest.

An investment in the Fund is subject to a number of actual or potential conflicts of interest. For example, the Adviser and/or its affiliates provide a variety of different services to the Fund, for which the Fund compensates them. As a result, the Adviser and/or its affiliates have an incentive to enter into arrangements with the Fund, and face conflicts of interest when balancing that incentive against the best interests of the Fund. The Adviser and/or its affiliates also face conflicts of interest in their service as investment adviser to other clients, and, from time to time, make investment decisions that differ from and/or negatively impact those made by the Adviser on behalf of the Fund. In addition, affiliates of the Adviser provide a broad range of services and products to their clients and are major participants in the global currency, equity, commodity, fixed-income and other markets. In certain circumstances, by providing services and products to their clients, these affiliates' activities will disadvantage or restrict the Fund and/or benefit these affiliates and may result in the Fund forgoing certain investments that it would otherwise make. Furthermore, from time to time, the investment activities of the Fund will be restricted because of regulatory requirements applicable to the Adviser (or its affiliates) or its internal policies designed to comply with, limit the applicability of, or that otherwise relate to such requirements. There may be periods when the Adviser could preclude the Fund from purchasing particular securities or financial instruments (or limit the

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amount the Fund may invest), even if such securities or financial instruments would otherwise meet the Fund's objectives. For example, the Fund's ability to participate in credit investments may be limited or precluded due to internal restrictions in place at the Adviser designed to avoid affiliation under the 1940 Act between the Fund and/or the Adviser and its affiliates and an issuer. These same restrictions may not apply to other accounts or pooled investment vehicles managed by the Adviser that are not subject to the 1940 Act. An inability to receive the desired allocation to potential investments may affect the Fund's ability to achieve the desired investment returns. The Adviser may also acquire material non-public information which would negatively affect the Adviser's ability to transact in securities for the Fund. See "Potential Conflicts of Interest" below.

The Board may change the Fund's investment objective and strategies without Shareholder approval.

The Board has the authority to modify or waive certain of the Fund's operating policies and strategies without prior notice and without Shareholder approval (except as required by the 1940 Act or other applicable laws). The Fund cannot predict the effects that any changes to its current operating policies and strategies would have on the Fund's business, operating results and value of its Shares. Nevertheless, the effects may adversely affect the Fund's business and impact its ability to make distributions.

The Fund is actively managed and subject to management risk.

The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's ability to achieve its investment objective depends upon the Adviser's skill in determining the Fund's allocation of its assets and in selecting the best mix of investments. There is a risk that the Adviser's evaluation and assumptions regarding asset classes or investments may be incorrect in view of actual market conditions. The Adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. The Fund may be subject to a relatively high level of management risk because the Fund invests in credit investments, which are highly specialized instruments that require investment techniques and risk analyses different from those associated with investing in public equities and bonds. The Fund's allocation of its investments across Portfolio Funds, Co-Investments and other portfolio investments representing various strategies, geographic regions, asset classes and sectors may vary significantly over time based on the Adviser's analysis and judgment. As a result, the particular risks most relevant to an investment in the Fund, as well as the overall risk profile of the Fund's portfolio, may vary over time. It is possible that the Fund will focus on an investment that performs poorly or underperforms other investments under various market conditions.

The Fund's performance depends on the Adviser and key personnel.

The Fund does not and will not have any internal management capacity or employees and depends on the experience, diligence, skill and network of business contacts of the investment professionals of the Adviser and the investment team currently employ, or may subsequently retain, to identify, evaluate, negotiate, structure, close, monitor and manage the Fund's investments. The Adviser will evaluate, negotiate, structure, close and monitor the Fund's investments in accordance with the terms of the Investment Advisory and Management Agreement. The Fund's future success will depend to a significant extent on the continued service and coordination of the Adviser's senior investment professionals. The departure of any of the Adviser's key personnel, including the portfolio managers, or of a significant number of the investment professionals of the Adviser or of the investment team, could have a material adverse effect on the Fund's business, financial condition or results of operations. Under the terms of the Investment Advisory and Management Agreement, the Adviser may also enter into one or more sub-advisory agreements with other investment advisers pursuant to which the Adviser may obtain sub-advisory services from such other investment advisers to assist the Adviser in fulfilling its responsibilities. The Fund can offer no assurance that the investment professionals, resources, relationships and expertise of JPMorgan Chase & Co. ("JPMorgan Chase") will be available for every transaction. In addition, the Fund cannot assure investors that the Adviser will remain the Fund's investment adviser. The Fund may not be able to find a suitable replacement within that time, resulting in a disruption in its

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operations that could adversely affect its financial condition, business and results of operations. This could have a material adverse effect on the Fund's financial conditions, results of operations and cash flow.

The Fund's strategy may involve investments in "undervalued" assets.

The Fund's investment strategy may be based, in part, upon the premise that certain potential investments may be available for purchase by the Fund at "undervalued" prices. However, purchasing interests at what may appear to be "undervalued" or "discounted" levels is no guarantee that these investments will generate attractive risk-adjusted returns to the Fund, and such investments may be subject to further reductions in value. No assurance can be given that investments can be acquired at favorable prices or that the market for such interests will continue to improve.

The Adviser's due diligence process may entail evaluation of important and complex issues and may require outside consultants.

The Adviser's due diligence process may not reveal all facts that may be relevant in connection with an investment made by the Fund. In some cases, only limited information is available about a Portfolio Fund or Co-Investment opportunity in which the Adviser is considering an investment. There can be no assurance that the due diligence investigations undertaken by the Adviser will reveal or highlight all relevant facts (including fraud) that may be necessary or helpful in evaluating a particular investment opportunity, or that the Adviser's due diligence will result in an investment being successful. In the event of fraud by any Portfolio Fund or Co-Investment vehicle or any of its general partners, managers or affiliates, the Fund may suffer a partial or total loss of capital invested in that investment. There can be no assurance that any such losses will be offset by gains (if any) realized on the Fund's other investments. An additional concern is the possibility of material misrepresentation or omission on the part of the investment or the seller. Such inaccuracy or incompleteness may adversely affect the value of that investment. The Fund will rely upon the accuracy and completeness of representations made by Portfolio Funds or Co-Investment vehicles and/or their current or former owners in the due diligence process to the extent the Fund deems reasonable when it makes its investments, but cannot guarantee such accuracy or completeness.

Investments in the Fund will be primarily Illiquid.

The Fund is designed primarily for long-term investors. An investment in the Fund, unlike an investment in a traditional listed closed-end fund, should be considered illiquid. The Shares are appropriate only for investors who are comfortable with investment in less liquid or illiquid portfolio investments within an illiquid fund. An investment in the Shares is not suitable for investors who need access to the money they invest. Unlike open-end funds (commonly known as mutual funds), which generally permit redemptions on a daily basis, the Shares will not be redeemable at a Shareholder's option. Unlike stocks of listed closed-end funds, the Shares are not listed, and are not expected to be listed, for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the Shares in the foreseeable future. The Fund's credit investments will be illiquid and typically cannot be transferred or redeemed for a substantial period of time. The Shares are designed for long-term investors, and the Fund should not be treated as a trading vehicle.

The Fund has no operating history.

The Fund is a newly organized, non-diversified, closed-end management investment company with no operating history. While members of the investment team who will be active in managing the Fund's investments have substantial experience in credit investments, the Fund was recently formed, does not yet have any operating history and has not made any investments.

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Repurchase Offers Risk.

The Fund is an "interval fund" and, in order to provide liquidity to shareholders, the Fund, subject to applicable law, will conduct quarterly repurchase offers of the Fund's outstanding Shares at NAV, with the size of the repurchase offer subject to approval of the Board. In all cases, such repurchase offers will be for at least 5% and not more than 25% of its outstanding Shares at NAV, pursuant to Rule 23c-3 under the 1940 Act. The Fund currently expects to conduct quarterly repurchase offers for 5% of its outstanding Shares under ordinary circumstances. The Fund believes that these repurchase offers are generally beneficial to the Fund's Shareholders, and repurchases may be funded from available cash, borrowings, subscription proceeds or sales of portfolio securities. However, repurchase offers and the need to fund repurchase obligations may affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of its assets in liquid investments, which may harm the Fund's investment performance. Moreover, diminution in the size of the Fund through repurchases may result in increased portfolio turnover and untimely sales of portfolio securities (with associated imputed transaction costs, which may be significant), and may limit the ability of the Fund to participate in new investment opportunities or to achieve its investment objective. The Fund may accumulate cash by holding back (i.e., not reinvesting) payments received in connection with the Fund's investments. If at any time cash and other cash equivalents held by the Fund are not sufficient to meet the Fund's repurchase obligations, the Fund intends, if necessary, to sell investments, including liquid investments. If, as expected, the Fund employs investment leverage, repurchases of Shares would compound the adverse effects of leverage in a declining market. In addition, if the Fund borrows to finance repurchases, interest on that borrowing will negatively affect Shareholders who do not tender their Shares by increasing the Fund's expenses and reducing any net investment income. If a repurchase offer is oversubscribed, the Fund may, but is not required to, determine to increase the amount repurchased by up to 2% of the Fund's outstanding shares as of the date of the Repurchase Request Deadline. In the event that the Fund determines not to repurchase more than the repurchase offer amount, or if Shareholders tender more than the repurchase offer amount plus 2% of the Fund's outstanding shares as of the date of the Repurchase Request Deadline, the Fund will repurchase the Shares tendered on a pro rata basis, and Shareholders will have to wait until the next repurchase offer to make another repurchase request. As a result, Shareholders may be unable to liquidate all or a given percentage of their investment in the Fund during a particular repurchase offer. Some Shareholders, in anticipation of proration, may tender more Shares than they wish to have repurchased in a particular quarter, thereby increasing the likelihood that proration will occur. A Shareholder may be subject to market, foreign currency and other risks, and the NAV of Shares tendered in a repurchase offer may decline between the Repurchase Request Deadline and the date on which the NAV for tendered Shares is determined. In addition, the repurchase of Shares by the Fund may be a taxable event to shareholders.

Seed Investor Risk.

The Adviser and/or its affiliates may make payments, and/or offer fee adjustments for other services provided by the Adviser, to one or more investors that contribute seed capital to the Fund. Such payments and fee adjustments may continue for a specified period of time and/or until a specified dollar amount is reached. Any such payments will be made from the assets of the Adviser and/or its affiliates (and not the Fund), and any such fee adjustments will be made to services by the Adviser that are unrelated to the Fund (and not to any Fund fees or expenses). Seed investors may contribute all or a majority of the assets in the Fund and may hold a significant portion of the Fund 's outstanding Shares for some period of time. There is a risk that such seed investors may request the repurchase of all or part of their Shares, particularly after payments from the Adviser and/or its affiliates have ceased. As with repurchase requests by other large Shareholders, such repurchase requests could have a significant negative impact on the Fund including by reducing the Fund 's liquidity, causing the Fund to realize gains that will be distributed and taxable to remaining Shareholders and increasing the Fund 's transaction costs. A large repurchase request may also use up capacity under the caps of our quarterly share repurchase offers and may result in repurchase requests being fulfilled on pro rata basis.

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The Fund will have access to confidential information.

The Fund will likely have access to or acquire confidential information relating to its investments. The Fund will likely limit the information reported to its investors with respect to such investments.

Shares are not freely transferable.

Transfers of Shares may be made only by operation of law pursuant to the death, divorce, insolvency, bankruptcy, or adjudicated incompetence of the Shareholder or with the prior written consent of the Board, which may be withheld in the Board's sole discretion. Notice to the Fund of any proposed transfer must include evidence satisfactory to the Board that the proposed transferee, at the time of transfer, meets any requirements imposed by the Fund with respect to investor eligibility and suitability.

The Fund is classified as non-diversified for purposes of the 1940 Act.

The Fund is classified as a "non-diversified" investment company for purposes of the 1940 Act, which means it is not subject to percentage limitations under the 1940 Act on assets that may be invested in the securities of any one issuer. Having a larger percentage of assets in a smaller number of issuers makes a non-diversified fund, like the Fund, more susceptible to the risk that one single event or occurrence can have a significant adverse impact upon the Fund. However, the Fund will be subject to the diversification requirements applicable to RICs under Subchapter M of the Code.

The Fund's investments may be difficult to value.

The Fund is subject to valuation risk, which is the risk that one or more of the securities in which the Fund invests are valued at prices that the Fund is unable to obtain upon sale due to factors such as incomplete data, market instability, human error, or, with respect to securities for which there are no readily available market quotations, the inherent difficulty in determining the fair value of certain types of investments. The Adviser may, but is not required to, use an independent pricing service or prices provided by dealers to value securities at their market value. Because the secondary markets for certain investments may be limited, such instruments may be difficult to value.

A substantial portion of the Fund's assets are expected to consist of Portfolio Funds and Co-Investments for which there are no readily available market quotations. The information available in the marketplace for such companies, their securities and the status of their businesses and financial conditions is often extremely limited, outdated and difficult to confirm. Such securities are valued by the Adviser, as valuation designee pursuant to Rule 2a-5 under the 1940 Act, at fair value based on input from the sponsor or general partner of such investment as determined pursuant to policies and procedures approved by the Board. In determining fair value, the Adviser is required to consider all appropriate factors relevant to value and all indicators of value available to the Fund. The determination of fair value necessarily involves judgment in evaluating this information in order to determine the price that the Fund might reasonably expect to receive for the security upon its current sale. The most relevant information may often be provided by the issuer of the securities. Given the nature, timeliness, amount and reliability of information provided by the issuer, fair valuations may become more difficult and uncertain as such information is unavailable or becomes outdated. In some instances, returns on Secondary Investments will be higher than returns on Primary Investments as a result of such Secondary Investments being purchased at a discount, and then revalued based on the practical expedient next reported for such Secondary Investment.

The value at which the Fund's investments can be liquidated may differ, sometimes significantly, from the valuations assigned by the Fund. In addition, the timing of liquidations may also affect the values obtained on liquidation. The Fund will invest a significant amount of its assets in credit investments for which no public market exists. There can be no guarantee that the Fund's investments could ultimately be realized at the Fund's valuation of such investments. In addition, the Fund's compliance with the asset diversification tests under the Code depends on the fair market values of the Fund's assets, and, accordingly, a challenge to the valuations

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ascribed by the Fund could affect its ability to comply with those tests or require it to pay penalty taxes in order to cure a violation thereof.

The Fund's net asset value is a critical component in several operational matters including computation of the Advisory Fee, the Distribution Fee and the Servicing Fee, and determination of the price at which the Shares will be offered and at which a repurchase offer will be made. Consequently, variance in the valuation of the Fund's investments will impact, positively or negatively, the fees and expenses Shareholders will pay, the price a Shareholder will receive in connection with a repurchase offer and the number of Shares an investor will receive upon investing in the Fund. It is expected that the Fund will accept purchases of Shares on any day the NYSE is open for business. The number of Shares a Shareholder will receive will be based on the NAV per share next determined following receipt of a purchase order in good order by the Fund, see "Purchasing Shares."

The Adviser generally expects to receive information for the Fund's credit investments, including Portfolio Funds and Co-Investments, on which it will base the Fund's net asset value only as of each calendar quarter end and on a significant delay. The Adviser generally does not expect to receive updated information intra quarter for such investments. As a result, the Fund's net asset value for periods other than calendar quarter end will likely be based on information from the prior quarter. The Fund may need to liquidate certain investments, including its credit investments, in order to repurchase Shares in connection with a repurchase offer. A subsequent decrease in the valuation of the Fund's investments after a repurchase offer could potentially disadvantage remaining Shareholders to the benefit of Shareholders whose Shares were accepted for repurchase. Alternatively, a subsequent increase in the valuation of the Fund's investments could potentially disadvantage Shareholders whose Shares were accepted for repurchase to the benefit of remaining Shareholders. Similarly, a subsequent decrease in the valuation of the Fund's investments after a subscription could potentially disadvantage subscribing investors to the benefit of pre-existing Shareholders, and a subsequent increase in the valuation of the Fund's investments after a subscription could potentially disadvantage pre-existing Shareholders to the benefit of subscribing investors. For more information regarding the Fund's calculation of its net asset value, see "Net Asset Valuation."

The Fund cannot guarantee the amount or frequency of distributions.

The amount of distributions that the Fund may pay is uncertain. The Fund expects to pay distributions out of assets legally available for distribution from time to time, at the sole discretion of the Board, and otherwise in a manner to comply with the distribution requirements necessary for the Fund to qualify to be treated as a RIC. See "Distributions." Nevertheless, the Fund cannot assure Shareholders that the Fund will achieve investment results that will allow the Fund to make a specified level of cash distributions or year-to-year increases in cash distributions. The Fund's ability to pay distributions may be adversely affected by the impact of the risks described in this Prospectus. All distributions will depend on the Fund's earnings, its net investment income, its financial condition, and such other factors as the Board may deem relevant from time to time.

The Fund cannot guarantee that it will make distributions. The Fund may finance its cash distributions to Shareholders from any sources of funds available to the Fund, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets (including fund investments), non-capital gains proceeds from the sale of assets (including fund investments), dividends or other distributions paid to the Fund on account of preferred and common equity investments by the Fund in Portfolio Funds and/or Co-Investments and expense reimbursements from the Adviser. The Fund has not established limits on the amount of funds the Fund may use from available sources to make distributions. The repayment of any amounts owed to the Adviser or its affiliates will reduce future distributions to which you would otherwise be entitled.

Additional subscriptions will dilute the voting interest of existing Shareholders.

The Fund intends to accept additional subscriptions for Shares, and such subscriptions will dilute the voting interest of existing Shareholders in the Fund. Additional subscriptions will also dilute the indirect interests of

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existing Shareholders in the Fund investments prior to such purchases, which could have an adverse impact on the existing Shareholders' interests in the Fund if subsequent Fund investments underperform the prior investments.

The Fund and certain service providers may have access to Shareholders' personal information.

The Adviser, the auditors, the custodian and the other service providers to the Fund may receive and have access to personal data relating to Shareholders and arising from a Shareholder's business relationship with the Fund and/or the Adviser. Such information may be stored, modified, processed or used in any other way, subject to applicable laws, by the Adviser and by the Fund's other service providers and their agents, delegates, sub-delegates and certain third parties in any country in which such person conducts business. Subject to applicable law, Shareholders may have rights in respect of their personal data, including a right to access and rectification of their personal data and may in some circumstances have a right to object to the processing of their personal data.

The Adviser and its affiliates manage funds and accounts with similar strategies and objectives to the Fund.

The Adviser and its affiliates are investment advisers to various clients for whom they make credit investments of the same type as the Fund. The Adviser and its affiliates also may agree to act as investment adviser to additional clients that make credit investments of the same type as the Fund. In addition, the Adviser and the investment team will be permitted to organize other pooled investment vehicles with principal investment objectives different from those of the Fund. It is possible that a particular investment opportunity would be a suitable investment for the Fund and such clients or pooled investment vehicles. Such investments will be allocated in accordance with the allocation policies and procedures of the Adviser's investment team. See "Potential Conflicts of Interest" below.

The Fund is subject to inflation risk.

Inflation may adversely affect the business, results of operations and financial condition of the portfolio companies to which Portfolio Funds may lend.

Inflationary pressures have increased the costs of labor, energy and raw materials, have adversely affected consumer spending and economic growth, and may adversely affect portfolio companies' operations. If portfolio companies are unable to pass increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on their loans, particularly as interest rates rise in response to inflation. In addition, any projected future decreases in portfolio companies' operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of those investments could result in future realized or unrealized losses and therefore reduce the Fund's net asset value.

While the U.S. and other developed economies have experienced higher-than-normal inflation rates, it remains uncertain whether substantial inflation in the U.S. and other developed economies will be sustained over an extended period of time or have a significant effect on the U.S. or other economies. Inflation may affect the Fund's investments adversely in a number of ways, including those noted above. During periods of rising inflation, interest and dividend rates of any instruments the Fund or entities related to portfolio investments may have issued could increase. Inflationary expectations or periods of rising inflation could also be accompanied by the rising prices of commodities which may be critical to the operation of certain portfolio companies. Some of the Fund's investments may have income linked to inflation through contractual rights or other means. However, as inflation may affect both income and expenses, any increase in income may not be sufficient to cover increases in expenses.

Governmental efforts to curb inflation often have negative effects on the level of economic activity. In an attempt to stabilize inflation, certain countries have imposed wage and price controls at times. Past governmental efforts

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to curb inflation have also involved more drastic economic measures that have had a materially adverse effect on the level of economic activity in the countries where such measures were employed. There can be no assurance that continued and more wide-spread inflation in the U.S. and/or other economies will not become a serious problem in the future and have a material adverse impact on the Fund's returns.

The Fund may be subject to leverage risk.

The use of leverage creates an opportunity for increased Share gains, but also creates risks for Shareholders. The Fund cannot assure Shareholders that the use of leverage, if employed, will benefit the common shares. Leveraging is a speculative technique that may expose the Fund to greater risk and increased costs. Any leveraging strategy the Fund employs may not be successful.

Leverage involves risks and special considerations for Shareholders, including:

• the likelihood of greater volatility of NAV of the Shares than a comparable portfolio without leverage;

• the risk that fluctuations in interest rates or dividend rates on any leverage that the Fund must pay will reduce the return to Shareholders;

• the effect of leverage in a declining market, which is likely to cause a greater decline in the NAV of the Shares than if the Fund were not leveraged; and

• leverage may increase operating costs, which may reduce total return.

Any decline in the NAV of the Fund's investments will be borne entirely by Shareholders. Therefore, if the market value of the Fund's portfolio declines, leverage will result in a greater decrease in NAV to Shareholders than if the Fund were not leveraged. While the Fund may from time to time consider reducing any outstanding leverage in response to actual or anticipated changes in interest rates in an effort to mitigate the increased volatility of current income and NAV associated with leverage, there can be no assurance that the Fund will actually reduce any outstanding leverage in the future or that any reduction, if undertaken, will benefit Shareholders. Changes in the future direction of interest rates are very difficult to predict accurately. If the Fund were to reduce any outstanding leverage based on a prediction about future changes to interest rates, and that prediction turned out to be incorrect, the reduction in any outstanding leverage may reduce the income and/or total returns to Shareholders relative to the circumstance where the Fund had not reduced any of its outstanding leverage.

Certain types of leverage used by the Fund may result in the Fund being subject to covenants relating to asset coverage and portfolio composition requirements. The Fund may be subject to certain restrictions on investments imposed by guidelines of one or more rating agencies, which may issue ratings for the short-term corporate debt securities or preferred shares issued by the Fund. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act. The Adviser does not believe that these covenants or guidelines will impede it from managing the Fund's portfolio in accordance with the Fund's investment objective and policies.

In addition to the foregoing, the use of leverage treated as indebtedness of the Fund for U.S. federal income tax purposes may reduce the amount of Fund dividends that are otherwise eligible for the dividends received deduction in the hands of corporate Shareholders.

#### Other Investment Risks
The Fund's Liquid Assets investments are expected to yield lower returns than the Fund's other credit investments, which may lower the Fund's performance. To manage the liquidity of its investment portfolio, the

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Fund also invests a portion of its assets in a portfolio of Liquid Assets. The Fund may invest in one or more money market funds advised by the Adviser or its affiliates ("affiliated money market funds"). The Fund's Liquid Assets investments are expected to yield lower returns than the Fund's other credit investments, which may lower the Fund's performance. Further, Liquid Assets that provide the most immediate liquidity (e.g., money market securities or cash and/or cash equivalents) are expected to yield lower returns than other Liquid Assets (e.g., investment grade or below investment grade fixed-income securities), and to the extent a large portion of the Fund's Liquid Assets investments is comprised of such assets (whether in order to fund repurchase obligations or to meet immediate liquidity needs or otherwise), the Fund's yield is expected to be lower than the yield it could have obtained with less exposure to Liquid AssetsThese positions may also subject the Fund to additional risks and costs.

In addition, the Fund and the Portfolio Funds may maintain substantially all of their respective cash and cash equivalents in accounts with major U.S. and multi-national financial institutions, and their respective deposits at certain of these institutions may exceed insured limits, where applicable. Volatility in the banking system may impact the viability of such banking and financial services institutions. In the event of failure of any of the financial institutions where the Fund or a Portfolio Fund maintains its respective cash and cash equivalents, there can be no assurance that the Fund or such Portfolio Fund would be able to access uninsured funds in a timely manner or at all. Any inability to access, or delay in accessing, these funds could adversely affect the business and financial position of the Fund and the Portfolio Fund.

The Fund may make non-U.S. Investments, which are subject to additional risks.

The Fund, either directly through Co-Investments or indirectly through Portfolio Funds, may lend in companies that are organized or headquartered or have substantial sales or operations outside of the United States, its territories, and possessions. Such investments may be subject to certain additional risk due to, among other things, potentially unsettled points of applicable governing law, the risks associated with fluctuating currency exchange rates, capital repatriation regulations (as such regulations may be given effect during the term of the Fund or client portfolio), the application of complex U.S. and non-U.S. tax rules to cross-border investments, possible imposition of non-U.S. taxes on investors with respect to the income, and possible non-U.S. tax return filing requirements. The foregoing factors may increase transaction costs and adversely affect the value of the Fund's portfolio investments.

Additional risks of non-U.S. investments include but are not limited to: (a) economic dislocations in the host country; (b) less publicly available information; (c) less well-developed regulatory institutions; (d) greater difficulty of enforcing legal rights in a non-U.S. jurisdiction, (e) economic, social and political risks, including potential exchange control regulations and restrictions on foreign investment and repatriation of capital, the risks of political, economic or social instability and the possibility of expropriation or confiscatory taxation, and (e) the possible imposition of foreign taxes on income and gains recognized with respect to such securities. Moreover, non-U.S. portfolio investments and companies may not be subject to uniform accounting, auditing and financial reporting standards, practices and disclosure requirements comparable to those that apply to U.S. portfolio investments and companies. In addition, laws and regulations of foreign countries may impose restrictions that would not exist in the United States and may require financing and structuring alternatives that differ significantly from those customarily used in the United States. No assurance can be given that a change in political or economic climate, or particular legal or regulatory risks, including changes in regulations regarding foreign ownership of assets or repatriation of funds or changes in taxation might not adversely affect an investment by the Fund.

The Fund may be subject to risks related to changes in foreign currency exchange rates.

Because the Fund may have exposure to securities denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the value of securities held by the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and

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therefore may affect the value of securities denominated in such currencies, which means that the Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. The Adviser may, but is not required to, elect for the Fund to seek to protect itself from changes in currency exchange rates through hedging transactions depending on market conditions. In addition, certain countries, particularly emerging market countries, may impose foreign currency exchange controls or other restrictions on the transferability, repatriation or convertibility of currency.

#### Other Risks
The Fund is subject to limitations under the Volcker Rule.

Pursuant to section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and certain rules promulgated thereunder known as the Volcker Rule, if the adviser and/or its affiliates own 25% or more of the outstanding ownership interests of the Fund after the permitted seeding period from the implementation of the Fund's investment strategy, the Fund could be subject to restrictions on trading that would adversely impact the Fund's ability to execute its investment strategy. Generally, the permitted seeding period is three years from the implementation of the Fund's investment strategy, with permissible extensions under certain circumstances. As a result, the Adviser and/or its affiliates may be required to reduce their ownership interests in the Fund at a time that is sooner than would otherwise be desirable, which may result in the Fund's liquidation or, if the Fund is able to continue operating, may result in losses, increased transaction costs and adverse tax consequences as a result of the sale of portfolio securities.

The Fund may be deemed to be controlled by a Bank Holding Company under the Bank Holding Company Act.

The Fund's activities may be limited as a result of potentially being deemed to be controlled by a bank holding company. JPMorgan Chase is a bank holding company ("BHC") under the Bank Holding Company Act ("BHCA") and is therefore subject to supervision and regulation by the Federal Reserve. In addition, JPMorgan Chase is a financial holding company ("FHC") under the BHCA, which is a status available to BHCs that meet certain criteria. FHCs may engage in a broader range of activities than BHCs that are not FHCs. However, the activities of FHCs and their affiliates re-main subject to certain restrictions imposed by the BHCA and related regulations. JPMorgan may be deemed to "control" the Fund within the meaning of the BHCA if, among other things, JPMorgan Chase owns more than a certain percentage of the Fund's outstanding shares or a certain number of JPMorgan Chase employees serve on the Fund's board. It is expected that JPMorgan Chase will be deemed to control the Fund for a certain period of time and therefore, the restrictions under the BHCA and related regulations will apply to the Fund as well. Accordingly, the BHCA and other applicable banking laws, rules, regulations and guide-lines, and their interpretation and administration by the appropriate regulatory agencies, including the Federal Reserve, may restrict the Fund's investments, transactions and operations and may restrict the transactions and relationships between the Adviser, JPMorgan Chase and their affiliates, on the one hand, and the Fund on the other hand. For example, the BHCA regulations applicable to JPMorgan Chase and the Fund may, among other things, restrict the Fund's ability to make certain investments or the size of certain investments, impose a maximum holding period on some or all of the Fund's investments and restrict the Fund's and the Adviser's ability to participate in the management and operations of the companies in which the Fund holds an equity investment. In addition, certain BHCA regulations may require aggregation of equity positions owned, held or controlled by related entities. Thus, in certain circumstances, positions held by JPMorgan Chase and its affiliates (including the Adviser) for client and proprietary accounts may need to be aggregated with positions held by the Fund. In this case, where BHCA regulations impose a cap on the amount of a position that may be held, JPMorgan Chase may utilize available capacity to make investments for its proprietary accounts or for the accounts of other clients, which may require the Fund to limit and/or liquidate certain investments.

These restrictions may materially adversely affect the Fund by, among other things, affecting the Adviser's ability to pursue certain strategies within the Fund's investment program or trade in certain securities. In

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addition, JPMorgan Chase may cease in the future to qualify as an FHC, which may subject the Fund to additional restrictions. Moreover, there can be no assurance that the bank regulatory requirements applicable to JPMorgan Chase and the Fund, or the interpretation thereof, will not change, or that any such change will not have a material adverse effect on the Fund.

JPMorgan Chase may in the future, in its sole discretion and without notice to investors, engage in activities impacting the Fund and/or the Adviser in order to comply with the BHCA or other legal requirements applicable to, or reduce or eliminate the impact or applicability of any bank regulatory or other restrictions on, JPMorgan Chase, the Fund or Applicable JPM Accounts (as defined below). JPMorgan Chase may seek to accomplish this result by causing the Adviser to resign as the Fund's investment adviser, voting for changes to the Board, causing JPMorgan Chase personnel to resign from the Board, reducing the amount of JPMorgan Chase's investment in the Fund (if any), revoking the Fund's right to use the JPMorgan Chase name or any combination of the foregoing, or by such other means as it determines in its sole discretion. Any replacement investment adviser appointed by the Fund may be unaffiliated with JPMorgan Chase.

The Board may make decisions on behalf of the Fund without Shareholder approval.

Shareholders have no authority to make decisions or to exercise business discretion on behalf of the Fund, except as set forth in the Fund's governing documents. The authority for all such decisions is generally delegated to the Board, which in turn, has delegated the day-to-day management of the Fund's investment activities to the Adviser, subject to oversight by the Board.

Recent market fluctuations and changes may adversely affect the Fund.

General fluctuations in the market prices of securities may affect the value of the Fund's investments. Instability in the securities markets also may increase the risks inherent in the Fund's investments. Stresses associated with the 2008 financial crisis in the United States and global economies peaked approximately a decade ago, but periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to a particular sector or a geography, continue to recur. Some countries, including the United States, have adopted and/or are considering the adoption of more protectionist trade policies, a move away from the tighter financial industry regulations that followed the financial crisis, and/or substantially reducing corporate taxes. The exact shape of these policies is still being considered, but the equity and debt markets may react strongly to expectations of change, which could increase volatility, especially if the market's expectations are not borne out. A rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical and other risks, including environmental and public health, may add to instability in world economies and markets generally. Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund's investments may be negatively affected by such events.

The Fund is subject to market disruptions and geopolitical risks.

The occurrence of events similar to those in recent years, such as localized wars, instability, new and ongoing epidemics and pandemics of infectious diseases and other global health events, natural/environmental disasters, terrorist attacks in the U.S. and around the world, social and political discord, debt crises, sovereign debt downgrades, increasingly strained relations between the United States and a number of foreign countries, new and continued political unrest in various countries, the exit or potential exit of one or more countries from the European Union ("EU"), continued changes in the balance of political power among and within the branches of the U.S. government, government shutdowns and other factors, may result in market volatility, may have long term effects on the U.S. and worldwide financial markets, and may cause further economic uncertainties in the U.S. and worldwide.

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China and the United States have each imposed tariffs on the other country's products, and the United States has also adopted certain targeted measures such as export controls or sanctions implicating Chinese companies and officials. These actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China's export industry, which could have a negative impact on the Fund's performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions. There remains much uncertainty as to whether the trade negotiations between the United States and China will be successful and how trade tensions between the United States and China will evolve. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. Increased trade tensions could have a material adverse effect on the global economy, and the Fund and its portfolio investments could be materially and adversely affected.

Investments by the Fund, as well as by the Portfolio Funds in which the Fund invests, are materially affected by conditions in the global financial markets and economic and political conditions throughout the world, such as interest rates, the availability and cost of credit, inflation rates, economic uncertainty, changes in laws, trade policies, commodity prices, tariffs, currency exchange rates and controls and national and international political circumstances (including wars and other forms of conflict, terrorist acts, and security operations) and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and pandemics could materially affect the Fund's investments to the extent it materially affects global economies or global financial markets. The occurrence of any of these above events could have a significant adverse impact on the value and risk profile of the Fund's portfolio. These factors are outside of the Fund's control and may affect the level and volatility of securities prices and the liquidity and value of the Fund's portfolio investments, and the Fund may not be able to successfully manage its exposure to these conditions, which may result in substantial losses to Shareholders.

Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of this military action, resulting sanctions and future local, regional or global market disruptions, are impossible to predict, but could be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on Russian entities or individuals, including politicians, could have a severe adverse effect on the region, including significant negative economic impacts. How long such military action and related events will last cannot be predicted.

The Fund is subject to risks associated with instability in the banking sector.

U.S. and global markets recently have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks, which could be harmful to the Fund and issuers in which it directly or indirectly invests. For example, if a bank in which the Fund or issuer has an account fails, any cash or other assets in bank accounts may be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer fails, the issuer could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms. Even if banks used by issuers in which the Fund invests remain solvent, continued volatility in the banking sector could cause or intensify an economic recession, increase the costs of banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Fund and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking industry or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Fund and issuers in which it invests.

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Global developments may negatively impact Asian economies.

Many countries in Asia are heavily dependent upon international trade, and the United States and Europe remain important export markets for many economies in the region. Consequently, countries in the region may be adversely impacted by economic and political developments in other parts of the world, particularly in the case of significant contractions and weakening in demand in primary export markets or enactment of trade barriers by key trading partners. The global financial crisis in 2009 caused significant dislocations, illiquidity and volatility in the wider global credit and financial markets, including markets in Asia. While the volatility of global financial markets has largely subsided, there are rising political tensions within the region and globally, leaders in the United States and several European nations have risen to power on protectionist economic policies, and there are growing doubts about the future of global free trade. There can be no certainty that economies in the region may not be impacted by future shocks to the global economy. Further, the U.S. presidential administration and certain members of the U.S. congress have previously expressed and continue to actively express support for renegotiating international trade agreements and imposing a "border tax adjustment." In addition, both the United States and China are currently engaged in sometimes hostile negotiations regarding their intentional trade arrangements, and each side has engaged or threaten to engage in an escalation of domestic protective measures such as the imposition of tariffs. Commonly referred to as a "trade war", the ongoing negotiations between the United States and China has led to significant uncertainty and volatility in the financial markets. The future of the relationship between the United States and China is uncertain, and the failure of those countries to resolve their current disputes could have materially adverse effects on the global economy. This, and/or future downturns in the global economy, significant introductions of barriers to trade or even bilateral trade frictions between the region's major trading partners and the United States or countries representing key export markets in Europe could adversely affect the financial performance of an underlying fund's investment and such underlying fund could lose invested capital from the affected investments.

The Fund is subject to cyber security risk.

As the use of technology has become more prevalent in the course of business, the Fund has become more susceptible to operational and financial risks associated with cyber security, including: theft, loss, misuse, improper release, corruption and destruction of, or unauthorized access to, confidential or highly restricted data relating to the Fund and its investors; and compromises or failures to systems, networks, devices and applications relating to the operations of the Fund and its service providers. Cyber security risks may result in financial losses to the Fund and its investors; the inability of the Fund to transact business with its investors; delays or mistakes in the calculation of the financial data or other materials provided to investors; the inability to process transactions with investors or other parties; violations of privacy and other laws; regulatory fines, penalties and reputational damage; and compliance and remediation costs, legal fees and other expenses. The Fund's service providers (including, but not limited to, its investment adviser, administrator, transfer agent, and custodian or their agents), financial intermediaries, entities in which the Fund invests and parties with which the Fund engages in portfolio or other transactions also may be adversely impacted by cyber security risks in their own businesses, which could result in losses to the Fund or its investors. While measures have been developed which are designed to reduce the risks associated with cyber security, there is no guarantee that those measures will be effective, particularly since the Fund does not directly control the cyber security defenses or plans of their service providers, financial intermediaries and companies in which they invest or with which they do business.

There may be a trademark risk, as the Fund does not own the JPMorgan name.

The Fund does not own the JPMorgan name, but it is permitted to use it as part of its corporate name pursuant to the Advisory Agreement. Use of the name by other parties or the termination of the Advisory Agreement may harm the Fund's business.

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The Fund may fail to qualify as a RIC under Subchapter M of the Code.

The Fund will elect to be treated as, and intends to operate in a manner so as to qualify in each taxable year thereafter, as a RIC under Subchapter M of the Code.

As such, the Fund must satisfy, among other requirements, certain ongoing asset diversification, source-of-income and annual distribution requirements. If the Fund fails to qualify as a RIC it will become subject to corporate-level income tax, and the resulting corporate taxes could substantially reduce the Fund's net assets, the amount of income available for distributions to Shareholders, the amount of distributions and the amount of funds available for new investments. Such a failure would have a material adverse effect on the Fund and Shareholders. See "Material U.S. Federal Income Tax Considerations."

Each of the aforementioned ongoing requirements for qualification of the Fund as a RIC requires that the Adviser obtain information from or about the underlying investments in which the Fund is invested. Portfolio Funds, Co-Investments and Portfolio Fund Managers may not provide information sufficient to ensure that the Fund qualifies as a RIC under the Code. If the Fund does not receive sufficient information from Portfolio Funds or Portfolio Fund Managers, the Fund risks failing to satisfy the Subchapter M qualification tests and/or incurring an excise tax on undistributed income.

If, before the end of any quarter of its taxable year, the Fund believes that it may fail the Diversification Tests (as defined below in "Material U.S. Federal Income Tax Considerations—Qualification and Taxation as a RIC"), the Fund may seek to take certain actions to avert such a failure. However, the action frequently taken by RICs to avert such a failure, the disposition of non-diversified assets, may be difficult to pursue because of the limited liquidity of the Fund's investments. While relevant tax provisions afford a RIC a 30-day period after the end of the relevant quarter in which to cure a diversification failure by disposing of non-diversified assets, the constraints on the Fund's ability to effect a sale of an investment may limit the Fund's use of this cure period. In certain cases, the Fund may be afforded a longer cure period under applicable savings provisions, but the Fund may be subject to a penalty tax in connection with its use of those savings provisions. If the Fund fails to satisfy the Diversification Tests or other RIC requirements, the Fund may fail to qualify as a RIC under the Code. If the Fund fails to qualify as a RIC, it would become subject to a corporate-level U.S. federal income tax (and any applicable U.S. state and local taxes) and distributions to the Shareholders generally would be treated as corporate dividends to the extent of the Fund's current or accumulated earnings and profits. See "Material U.S. Federal Income Tax Considerations — Failure to Qualify as a RIC." In addition, the Fund is required each December to make certain "excise tax" calculations based on income and gain information that must be obtained from the Portfolio Funds or Portfolio Fund Managers. If the Fund does not receive sufficient information from the Portfolio Funds or Portfolio Fund Managers, it risks failing to satisfy the Subchapter M qualification tests and/or incurring an excise tax on undistributed income (in addition to the corporate income tax). The Fund may, however, attempt to avoid such outcomes by paying a distribution that is or is considered to be in excess of its current and accumulated earnings and profits for the relevant period (i.e., a return of capital).

The Fund may have investments, either directly or through an entity or arrangement treated as a partnership for U.S. federal income tax purposes (such as the Portfolio Funds or Co-Investments), that require income to be included in investment company taxable income in a year prior to the year in which the Fund (or the Portfolio Funds or the Co-Investments) actually receives a corresponding amount of cash in respect of such income. The Fund may be required to make a distribution to our shareholders in order to satisfy the annual distribution requirement, even though we will not have received any corresponding cash amount. As a result, we may have difficulty meeting the annual distribution requirement necessary to qualify for and maintain RIC tax treatment under Subchapter M of the Code. We may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may not qualify for or maintain RIC tax treatment and thus become subject to corporate-level income tax.

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In order to comply with the RIC rules or for other reasons, the Fund may structure its investments in a way that could increase the taxes imposed thereon or in respect thereof. For example, the Fund may be required to hold such investments through a U.S. or non-U.S. corporation (or other entity treated as such for U.S. tax purposes), and the Fund would indirectly bear any U.S. or non-U.S. taxes imposed on such corporation. The Fund may also be unable to make investments that it would otherwise determine to make as a result of the desire to qualify for the RIC rules.

In addition, the Fund may directly or indirectly invest in Portfolio Funds located outside the United States. Such Portfolio Funds may be subject to withholding taxes and other taxes in such jurisdictions with respect to their investments. In general, a U.S. person will not be able to claim a foreign tax credit or deduction for foreign taxes paid by the Fund. Further, adverse United States tax consequences can be associated with certain foreign investments, including potential United States withholding taxes on foreign investment entities with respect to their United States investments and potential adverse tax consequences associated with investments in any foreign corporations that are characterized for U.S. federal income tax purposes as "controlled foreign corporations" or "passive foreign investment companies."

The Fund may retain some income and capital gains in the future, including for purposes of providing the Fund with additional liquidity, which amounts would be subject to the 4% U.S. federal excise tax to the extent they exceed the Excise Tax Distribution Requirement (as defined below), in addition to the corporate income tax. In that event, the Fund will be liable for the tax on the amount by which the Fund does not meet the foregoing distribution requirement. See "Material U.S. Federal Income Tax Considerations — Qualification and Taxation as a RIC."

Tax laws are subject to changes which may adversely affect the Fund.

It is possible that the current U.S. federal, state, local or non-U.S. income tax treatment accorded an investment in the Fund will be modified by legislative, administrative or judicial action in the future, possibly with retroactive effect. The nature of changes in tax law, if any, cannot be determined prior to enactment of any new tax legislation. However, such legislation could significantly alter the tax consequences and decrease the after-tax rate of return of an investment in the Fund. Potential investors therefore should seek, and must rely on, the advice of their own tax advisers with respect to the possible impact on their investments of recent legislation, as well as any future proposed tax legislation or administrative or judicial action.

Withholding Risk Applicable to Secondaries Funds.

As a secondaries investment fund, the Fund may have a withholding obligation with respect to interests the Fund purchases in Portfolio Funds from foreign sellers. This withholding requirement may reduce the number of foreign sellers willing to sell interests in Portfolio Funds and therefore reduce the number of investment opportunities available to the Fund. Additionally, if the Fund does not properly withhold from such foreign sellers, the Portfolio Fund would be required to withhold on future distributions to the Fund, which would negatively impact the Fund's returns.

Trustees and Officers are subject to limitations on liability and the Fund may indemnify and advance expenses to Trustees and Officers to the extent permitted by law and the Fund's Declaration of Trust.

Delaware law permits a Delaware statutory trust to include in its declaration of trust a provision to indemnify and hold harmless any trustee or beneficial owner or other person from and against any and all claims and demands whatsoever. The Fund's Declaration of Trust provides that the Trustees will not be liable to the Fund or shareholders for monetary damages for breach of fiduciary duty as a trustee to the fullest extent permitted by Delaware law. The Fund's Declaration of Trust provides for the indemnification of any person to the full extent permitted, and in the manner provided, by Delaware law. In accordance with the 1940 Act, The Fund will not

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indemnify certain persons for any liability to which such persons would be subject by reason of such person's willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.

Pursuant to the Declaration of Trust and subject to certain exceptions described therein, the Fund will indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to (i) any individual who is a present or former Trustee or officer of the Fund and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity or (ii) any individual who, while a Trustee or officer of the Fund and at the request of the Fund, serves or has served as a trustee, officer, partner or trustee of any corporation, partnership, joint venture, trust, employee benefit plan or other enterprise and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity (each such person, an "Indemnitee"), in each case to the fullest extent permitted by Delaware law. Notwithstanding the foregoing, the Fund will not provide indemnification for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by an Indemnitee unless (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations, (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction, or (iii) a court of competent jurisdiction approves a settlement of the claims against the Indemnitee and finds that indemnification of the settlement and the related costs should be made and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities were offered or sold as to indemnification for violations of securities laws.

The Fund will not indemnify an Indemnitee against any liability or loss suffered by such Indemnitee unless (i) the Fund determines in good faith that the course of conduct that caused the loss or liability was in the best interest of the Fund, (ii) the Indemnitee was acting on behalf of or performing services for the Fund, (iii) such liability or loss was not the result of (A) negligence or misconduct, in the case that the party seeking indemnification is a Trustee (other than an independent Trustee), officer, employee, controlling person or agent of the Fund, or (B) gross negligence or willful misconduct, in the case that the party seeking indemnification is an independent Trustee, and (iv) such indemnification or agreement to hold harmless is recoverable only out of assets of the Fund and not from the shareholders.

In addition, the Declaration of Trust permits the Fund to advance reasonable expenses to an Indemnitee, and we will do so in advance of final disposition of a proceeding (a) if the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Fund, (b) the legal proceeding was initiated by a third party who is not a shareholder or, if by a shareholder of the Fund acting in his or her capacity as such, a court of competent jurisdiction approves such advancement and (c) upon the Fund's receipt of (i) a written affirmation by the trustee or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the Fund and (ii) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the Fund, together with the applicable legal rate of interest thereon, if it is ultimately determined that the standard of conduct was not met.

The Fund and the Adviser are subject to ongoing regulatory scrutiny and reporting obligations.

The Fund and the Adviser may be subject to increased scrutiny by government regulators, investigators, auditors and law enforcement officials regarding the identities and sources of funds of investors. In that connection, in the future the Fund may become subject to additional obligations that may affect its investment program, the manner in which it operates and, reporting requirements regarding its investments and investors. Each Shareholder will be required to provide to the Fund such information as may be required to enable the Fund to comply with all applicable legal or regulatory requirements, and each Shareholder will be required to acknowledge and agree that the Fund may disclose such information to governmental and/or regulatory or self-regulatory authorities to the extent required by applicable law or regulation and may file such reports with such authorities as may be required by applicable law or regulation.

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This offering is being made on a reasonable best-efforts basis by JPMII.

This offering is being made on a reasonable best efforts basis, whereby JPMII is only required to use its reasonable best efforts to sell the Shares and neither it nor any selling agent has a firm commitment or obligation to purchase any of the Shares. To the extent that less than the maximum number of Shares is subscribed for, the opportunity for the allocation of the Fund's investments among various issuers and industries may be decreased, and the returns achieved on those investments may be reduced as a result of allocating all of the Fund's expenses over a smaller capital base. As a result, the Fund may be unable to achieve its investment objective and a Shareholder could lose some or all of the value of his, her or its investment in the Shares. JPMII is an affiliate of the Fund and the Adviser. As a result, JPMII's due diligence review and investigation of the Fund and this Prospectus cannot be considered to be an independent review.

#### POTENTIAL CONFLICTS OF INTEREST
The following actual or potential conflicts of interest should be considered by prospective holders of our Shares before making an investment in the Shares. As further described below, conflicts of interest will arise whenever JPMorgan Chase has an actual or perceived economic or other incentive in its management of client assets, including the Fund, to act in a way that benefits JPMorgan Chase. Conflicts will result, for example (to the extent permitted under applicable law, the Fund's organizational documents and the Prospectus): (i) when the Adviser causes the Fund to purchase an investment product, such as interests in a mutual fund, a structured product, a separately managed account or interests in investment vehicles, issued or managed by JPMorgan Chase; (ii) when a JPMorgan Chase entity is engaged to provide services, including, but not limited to, trade execution and trading clearing, on behalf of the Fund; or (iii) when JPMorgan Chase receives payment or a benefit as a result of the Adviser investing the assets of the Fund in a company or an investment product. Other conflicts will result because of the relationship that JPMorgan Chase has with other clients or when JPMorgan Chase acts for its own account, as further described in detail below. As the Fund's investment program develops over time, an investment in the Fund will likely be subject to additional and different risks and potential conflicts of interest. JPMorgan Chase and the Fund have adopted policies and procedures reasonably designed to appropriately prevent, limit or mitigate conflicts of interest. In addition, many of the activities that create these conflicts of interest are limited and/or prohibited by law, unless an exception is available.

The matters considered in this "Potential Conflicts of Interest" section should be considered along with other matters discussed elsewhere in the Prospectus, including the Risks set forth above.

#### Relationship Among the Fund, Adviser and the Investment Team
The Adviser faces a conflict of interest between its responsibility to act in the best interests of the Fund, on the one hand, and any benefit, monetary or otherwise, that could result to it or its affiliates from the operation of the Fund, on the other hand. For example, the Adviser receives an Advisory Fee based on the net assets of the Fund. Consequently, the Adviser has an interest in engaging in relatively safe investments in order to receive the Advisory Fee. In addition, there is an inherent conflict of interest where the Adviser values, or provides assistance in connection with the valuation of, assets of the Fund and is receiving a fee based on the value of such assets. Overvaluing certain positions held by the Fund could inflate the value of the Fund's assets as well as the Fund's performance record which would likely increase the fees payable to the Adviser.

The Adviser has rendered in the past and will continue to render in the future various services to others (including investment vehicles and accounts which have the ability to participate in similar types of investments as those of the Fund) and perform a variety of other functions that are unrelated to the management of the Fund and the selection, acquisition, management and disposition of the Fund's investments. The officers and employees of the Adviser are not required to devote all or any specific portion of their working time to the affairs of the Fund and actual or potential conflicts of interest arise in allocating management time, services or functions among such clients, including clients that may have the same or similar type of investment strategy as the Fund.

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#### Relationship Among the Fund, the Adviser and JPMorgan Chase
The Adviser is a subsidiary of JPMorgan Chase. While certain types of transactions between the Fund and JPMorgan Chase may be prohibited under the 1940 Act, including transactions where JPMorgan Chase is acting for its account purchases assets from, or sells assets to, the Fund, the Fund may engage in certain transactions with the Adviser or engage JPMorgan Chase to provide certain services.

It is expected JPMorgan Chase will from time to time refer potential investors to the Fund. The Fund will not compensate JPMorgan Chase for such referrals, however, the Adviser may pay JPMorgan Chase for the referral. The Adviser faces conflicts of interest when such introduction or referral is made by an affiliate because the decision to transact with the referred client will likely benefit JPMorgan Chase.

Where an affiliate of JPMorgan Chase is appointed by the Adviser to render a service to the Fund which could have otherwise been provided by a third party, the Adviser will enforce (to the extent it is in their respective powers) the rights of the Fund or the relevant entity against any such JPMorgan Chase affiliate for the benefit of the investors of the Fund as a whole, unless the Adviser determines it is not in the best interest of the Fund.

JPMorgan Chase may also execute agency cross transactions between the Fund and other persons and will receive commissions from both parties to such transactions, in all cases subject to applicable law, including the 1940 Act, the Advisers Act and Dodd-Frank. Moreover, the Adviser may cause the Fund to execute the purchase or the sale of investments through JPMorgan Chase as agent or select JPMorgan Chase as executing broker in transactions for the Fund, and JPMorgan Chase will receive fees or commissions in connection with such transactions subject to applicable law. These agency cross transactions create a conflict of interest between the Adviser's interest in assuring that the Fund receives best execution on all transactions and in limiting or reducing the fees paid by the Fund, and its interest in generating additional profits and fees for JPMorgan Chase.

JPMII serves as principal underwriter for the Fund. JPMII may receive fees directly from the Adviser and from certain investors making an investment in Shares of the Fund. The fees paid by investors will be borne by such investors in addition to their investment in Shares of the Fund. JPMorgan Chase, by virtue of its indirect interest in the Adviser, will indirectly benefit from the services of JPMII which increase the assets upon which the Adviser receives fees from the Fund. In addition, the potential for JPMII, and for JPMorgan Chase itself, to receive (directly or indirectly) compensation in connection with certain investors' making an investment in the Shares of the Fund creates a conflict of interest in JPMorgan Chase recommending that the potential investors purchase such Shares of the Fund. The remuneration relating to sales of Shares of the Fund from time to time will be greater than that of other products that JPMII might offer on behalf of JPMorgan Chase or other sponsors, and, in such case, JPMorgan Chase will have an incentive to offer Shares of the Fund to their clients.

#### JPMorgan Chase's Investment Banking, Trading, Advisory and Other Activities

#### Banking Services
JPMorgan Chase is a diversified financial services firm that provides a broad range of services, including, but not limited to, financial, consulting, investment banking, advisory, brokerage and other services, and products to its clients and is a major participant in the global currency, equity, commodity, fixed-income and other markets in which the Fund invests. In providing services and products to its clients other than the Fund, affiliates of the Adviser, and at times the Adviser itself, face conflicts of interest with respect to activities recommended to or performed for the Fund, on one hand, and for JPMorgan Chase's other clients, on the other hand. For example, JPMorgan Chase has, and continues to seek to develop, banking and other financial and advisory relationships with numerous US and non-US persons and governments. JPMorgan Chase also advises and represents potential buyers and sellers of businesses worldwide. The Fund could have invested in, or could wish to invest in, such an entity represented by JPMorgan Chase or with which JPMorgan Chase has a banking or other financial relationship. In addition, certain clients of JPMorgan Chase could invest in entities in which JPMorgan Chase

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holds an interest, including the Fund, and in providing services to its clients, JPMorgan Chase will from time to time recommend activities that would compete with or otherwise adversely affect the Fund or the Fund's investments. It should be recognized that such relationships at times will impact or impair the Fund's ability to engage in certain transactions and constrain the Fund's investment flexibility. For example, if the Fund and JPMorgan Chase or another client of JPMorgan Chase are invested in the same company and there is a restructuring of the company, the Fund may not be able to dispose of its investments at the same time as JPMorgan Chase or such client because such transaction could be deemed a "joint transaction" with an affiliate which is prohibited under the 1940 Act without the prior approval of the SEC.

Where JPMorgan Chase offers financing, investment banking, investment advisory, investment management, portfolio management, transaction arrangement, depositary, accounting or administrative services or other products or services to the Fund, or any entity comprising the Fund, such services will be offered on an arm's length basis, at market rates and on terms similar to those offered by third-party financing sources or third-party service providers, as appropriate. Notwithstanding the fact that the Adviser will use commercially reasonable efforts to achieve terms for the relevant transaction or services that are no less favorable to the Fund than would be obtained on an arm's length basis as determined by the Adviser acting in good faith, it is possible that the resulting terms could nevertheless be less favorable from the Fund's perspective than if the counterparty had been an independent third party.

Subject to applicable law, including the 1940 Act, JPMorgan Chase may receive certain fees for transactions with or services performed for or on behalf of the Fund or any other person in which the Fund holds (directly or indirectly) investments, including fees relating to: (A) the investments, directly or indirectly, for advisory, sale, development, redevelopment, construction, leasing or financing services performed by JPMorgan Chase; and (B) financing, investment banking, investment advisory, investment management, portfolio management, transaction arrangement, depositary, accounting or administrative services or other products or services provided, directly or indirectly, to the Fund or any other person in which the Fund holds (directly or indirectly) investments.

The Advisory Fee (or any other fee, charge, or payment due under any of the Fund's organizational documents or such other agreement relating to the Fund, as applicable) will not be reduced or set-off by any portion of any such fees and all fees that JPMorgan Chase receives for transactions with, or services performed for or on behalf of, the Fund or any other person in which the Fund holds (directly or indirectly) such investments will be retained by JPMorgan Chase for its own account, except as may otherwise be agreed to by the Adviser or any other JPMorgan Chase affiliate in their absolute discretion or as may be required under the applicable law, including the 1940 Act.

JPMorgan Chase derives ancillary benefits from providing investment advisory, distribution, administrative and other services to the Fund. For example, providing such services to the Fund or fees paid to third party service providers engaged by the Adviser on behalf of the Fund generally help JPMorgan Chase enhance its relationships with various parties, facilitate additional business development and enable JPMorgan to obtain additional business and generate additional revenue. In addition, although the Adviser will make decisions for the Fund in accordance with its obligations to manage the Fund in a manner consistent with the Adviser's fiduciary duties, the fees, allocations, compensation and other benefits to JPMorgan Chase (including benefits relating to business relationships of JPMorgan Chase) arising from those decisions will at times be greater as a result of certain portfolio, investment, service provider or other decisions (including decisions to either in-source or outsource certain processes or functions in connection with a variety of services that the Adviser provides to the Fund) made by the Adviser for the Fund than they would have been had other decisions been made which also might have been appropriate for the Fund.

In the ordinary course of its business, JPMorgan Chase and its representatives also generate, or receive from third parties, information regarding potential investment opportunities or other information that could be useful to someone such as the Adviser in the performance of its advisory services to the Fund. However, while such

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information may be shared with other JPMorgan Chase clients and their affiliates (to the extent JPMorgan Chase is not prohibited by law or contract from doing so), it might not be made available to the Adviser or JPMorgan Chase may otherwise act on such information in ways that may have an adverse effect on the Fund. JPMorgan Chase will not be under any obligation to disseminate such information.

JPMorgan Chase includes a number of entities that act as broker-dealers. Such broker-dealers may from time to time participate in underwriting syndicates with respect to portfolio companies or may otherwise be involved in the private placement of debt or equity securities issued by portfolio companies or otherwise in arranging financing for portfolio companies. Subject to applicable law, such broker-dealers may receive underwriting fees, placement commissions or other compensation with respect to such activities, which are not required to be shared with the Fund or other clients of JPMorgan Chase. Where a JPMorgan Chase broker-dealer serves as underwriter with respect to a portfolio company's securities, in such capacity, it may require certain equity holders, which may include the Fund, to be subject to a lock-up period following the offering under applicable regulations, during which time such equity holders' ability to sell any securities that they continue to hold is restricted. This may prejudice the Fund's ability to dispose of such securities at an opportune time and thereby adversely affect the Fund's performance. In addition, in certain instances, the Fund may be prohibited under the 1940 Act from making investments in entities where JPMorgan Chase is acting as underwriter.

#### Relationship with the Fund and Portfolio Companies
From time to time JPMorgan Chase also has relationships with, and represents, investors that have invested in or wish to invest in companies in which the Fund invests or will invest, or lends to or will lend to. In addition, JPMorgan Chase will from time to time represent, or provide financing to, a client competing with the Fund for an investment in a company or a client competing with the Fund to provide financing to a company. In providing services to its clients, JPMorgan Chase from time to time recommends activities that compete with or otherwise adversely affect the Fund or the Fund's investments. In addition, as a result of JPMorgan Chase's various other businesses and clients, JPMorgan Chase from time to time comes into possession of information about certain markets and investments, some of which is material, non-public or confidential information of particular issuers or the securities of such issuers, which, at times, will limit the Adviser's ability to dispose of or retain or increase interests in investments held by the Fund or acquire certain investments on behalf of the Fund until the information has been publicly disclosed or is no longer deemed material. JPMorgan Chase also from time to time becomes subject to contractual "stand-still" obligations and/or confidentiality obligations that restrict the Adviser's ability to trade in certain investments on behalf of the Fund. These limited abilities to trade investments could materially adversely affect the investment results of the Fund. In addition, JPMorgan Chase's internal information barriers that are designed to prevent the flow of certain types of information, including material, non-public, confidential information, from one area or part of JPMorgan Chase to another area or group thereof, restrict the Adviser's ability to access information even when such information would be relevant to its management of the Fund and/or its management of the Fund's investments or potential investments. Therefore, affiliates of the Adviser can trade differently from the Fund potentially based on information not available to the Investment Adviser. It should be also recognized that, under certain circumstances, JPMorgan Chase internal policies or identified actual or potential conflicts arising from such relationships will preclude the Fund from engaging in certain transactions, constrain the Fund's investment flexibility and/or require the Fund to dispose of an investment sooner or later than desired.

For the foregoing reasons, among others, the Adviser will from time to time have a conflict of interest between acting in the best interests of the Fund and such other accounts managed by the JPMorgan Chase and/or the Adviser or their affiliates, principals or employees.

#### Other Accounts of the Investment Team and Allocation of Investments
The Adviser currently manages additional investment vehicles, funds and accounts using overlapping, similar and potentially identical strategies to the Fund (collectively, including any future accounts, "Applicable JPM

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Accounts"). In addition, the investment team is expected to sponsor or manage collective investment vehicles or managed accounts with investment strategies that are overlapping with or similar to the Fund. As a result, the Adviser will from time to time have a conflict of interest between acting in the best interests of the Fund and other Applicable JPM Accounts. In particular with respect to allocation of investment opportunities, the types of investments made by the Fund will generally also be appropriate for other Applicable JPM Accounts and there is no assurance that the Fund will be allocated those investments. The Fund does not have priority in allocation of investments over other Applicable JPM Accounts, while certain other Applicable JPM Accounts have priority in allocation of certain investments. The investment team is permitted to allocate investment opportunities to specific clients on an individualized basis in response to a particular mandate or size, which would result in certain other Applicable JPM Accounts receiving a larger (including potentially exclusive) allocation of certain investments. The Adviser does not anticipate recommending an allocation of these exclusive investment opportunities to the Fund. In addition, the Adviser will have a conflict with respect to allocating opportunities to larger Applicable JPM Accounts, clients with which the Adviser would like to develop a new relationship, affiliated Applicable JPM Accounts or Applicable JPM Accounts that share a common consultant. Further, the Adviser's Global Fixed Income Currency & Commodities team (GFICC) will manage the Fund's investments in Liquid Assets, CLOs and Securitization Vehicles, which could lead to conflicts within the Adviser itself in respect of allocation of investment opportunities within the Fund.

The Adviser has developed policies and procedures to seek to allocate investment opportunities and make purchase and sale decisions among the Fund and the other accounts managed by the Adviser in a manner that it determines to be fair and equitable over time, subject to compliance with applicable 1940 Act rules and regulations and exemptive relief. In many cases these policies result in the pro rata allocation of limited opportunities across accounts, but in other cases investment allocations will be adjusted as the Adviser determines to be appropriate in order to reflect numerous other factors based upon the investment team's good faith assessment of the best use of such limited opportunities relative to the objectives, limitations and requirements of each of the investment team's accounts and apply a variety of factors. In addition, regulatory requirements and certain limitations on co-investments may cause the Adviser to allocate on a random or rotational basis. The Adviser's allocation policy and process seeks to take into account all relevant facts and circumstances for allocations of investments with constrained capacity, including specific requirements, investment guidelines, objectives, size, geographical limitations, risk profile, timing issues and capital available for investment of each client; diversification needs and prudent concentration levels, including exposure of the applicable client to a specific portfolio company; the ability to allocate the interests to more than one client; in the case of an investment in a Portfolio Fund, the specific investment objectives and restrictions of the Portfolio Fund, and the level of unfunded commitments of the applicable Portfolio Fund; legal, tax, regulatory and contractual restrictions; potential conflicts of interest, including whether a client has an existing investment in the security in question or the issuer of such security and whether any "right of first refusal" or similar right exists with respect to a specific client; the nature of the investment opportunity, including minimum investment amounts and the source of the opportunity; and such other considerations as the Adviser deems relevant in good faith. The Adviser will seek to treat all clients fairly and equitably in light of all factors relevant to managing an investment fund or account, and in some cases the application of the factors described herein will result in allocations in which certain other of the accounts managed by the Adviser receive an allocation when other accounts managed by the Adviser (including the Fund) do not. As a result of such allocation decisions made by the Adviser, there will be instances where the Fund will not be able to participate (or will receive a reduced position) in an investment that would otherwise be appropriate for the Fund. Such allocation determinations require a significant amount of discretion by the Adviser, including with respect to weighing and balancing various important factors in determining what is fair and equitable over time with respect to all other accounts managed by the Adviser. Similarly, the Adviser will cause the liquidation or sale of such positions for the Fund and its other clients in its discretion in accordance with the foregoing principles. While the Adviser will seek to be fair and equitable over time with respect to its allocation decisions on a whole, any particular allocation decision may benefit another account managed by the Adviser instead of the Fund or may be detrimental to the Fund.

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In addition, the terms of the Fund's direct or indirect investment in a Portfolio Fund may be different from the terms of the investment in such Portfolio Fund by other Applicable JPM Accounts. In such cases, conflicts could arise between the Fund and other Applicable JPM Accounts with respect to the relevant issuer's strategy, growth and financing alternatives and with respect to the manner and timing of the Fund's exit from the investment compared to another client's exit. For example, subject to applicable 1940 Act rules and regulations, the Fund may invest in an entity in which one or more Applicable JPM Accounts has an existing investment (e.g., in a secondary purchase from an unaffiliated investor in a private credit fund where the only terms of the private credit fund interests to be purchased that are negotiated are price related). Any such investment made by the Fund may be at a price or valuation higher than the price or valuation paid by such other clients and may be made on terms and conditions less favorable than those available to such other Applicable JPM Account. One or more Applicable JPM Accounts (or other investment vehicles, funds and accounts managed by JPMorgan Chase) may make an investment in an entity in which the Fund has already invested. Any such investment made by such clients may be at a price or valuation lower than the price or valuation paid by the Fund and may be made on terms and conditions more favorable to such clients than those available to the Fund. Such investments may also negatively impact the ability of the Fund to participate in follow-on investments and dispositions. The Fund will in certain circumstances have interests and objectives with respect to investments which conflict with those of other Applicable JPM Accounts.

In addition, investors should note that other Applicable JPM Accounts will be subject to different fee structures, be subject to different constraints, have more frequent or different investor reporting, be subject to different regulatory restrictions and focus on different investments than the Fund and, therefore, the strategies employed by such other client accounts and the Fund will likely diverge. The Adviser may also make a different investment recommendation to another Applicable JPM Account as compared to the Fund with respect to any particular investment as a result of such considerations. Therefore, the performance of the investment activities of the Fund may differ significantly from the results achieved by the other Applicable JPM Accounts that implement the same or a similar investment strategy as the Fund. There is no specific limit as to the number of accounts which may be managed or advised by the Adviser, the investment team or their affiliates.

As a result of the above and regulatory restrictions, in certain cases the Fund will not be afforded the chance to participate in attractive investment opportunities in which other Applicable JPM Accounts are given the opportunity to participate. The Fund may also at times be prohibited (due to, for example, exclusivity rights granted to other Applicable JPM Accounts, regulatory limitations, or a limit placed by an underlying manager on the number of clients of the investment team which are allowed to participate in an opportunity) from pursuing certain investment opportunities, or the ability of the Fund to participate in any particular opportunity may be substantially limited.

If permitted by applicable law, including the 1940 Act, the Fund and any entity comprising the Fund may make investments in mutual funds, ETFs, money-market funds and other instruments sponsored and/or managed by JPMorgan Chase or its affiliates. In connection with any of these investments, the Fund and/or portfolio companies, as the case may be, will pay all fees pertaining to investments in such mutual funds, ETFs or money-market funds, and, in such event, advisory fees payable to the Adviser by the Fund will be waived to avoid any "double fees" paid to JPMorgan Chase involved in making any of these investments. In other circumstances in which JPMorgan Chase receives any fees or other compensation in any form relating to the provision of services to the Fund, no accounting or repayment to the Fund will be required unless required under applicable law.

JPMorgan Chase provides financing, consulting, investment banking, management, custodial, transfer agency, stockholder servicing, treasury oversight, administration, distribution, underwriting, including participating in underwriting syndicates, brokerage (including prime brokerage) or other services to its clients, including companies in which the Adviser invests or may invest on behalf of the Fund, and receives customary compensation from, such entity which is the issuer of a debt or equity security purchased or held by the Fund or the portfolio companies in which the Fund invests. These relationships generate revenue to JPMorgan Chase and could influence the Adviser in deciding whether to select or recommend such companies for investments by the

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Fund, in deciding how to manage such investments, and in deciding when to realize such investments. For example, JPMorgan Chase earns compensation from companies for providing certain services, and the Adviser has an incentive to favor such companies over other companies with which JPMorgan Chase has no relationship when investing on behalf of, or recommending investments to, the Fund because such investments potentially increase JPMorgan Chase's overall revenue. In addition, JPMorgan Chase derives ancillary benefits from providing these services. For example, allocating the Fund assets to a company, strengthens JPMorgan's relationship with such company and their affiliates and could facilitate additional business development or enable JPMorgan Chase or the Adviser to obtain additional business and generate additional revenue. In providing these services, JPMorgan Chase could also act in a manner that is detrimental to the Fund, such as when JPMorgan Chase is providing financing services and it determines to close a line of credit to, to not extend credit to, or to foreclose on the assets of, a company in which the Fund invests, or when JPMorgan Chase advises a client, and such advice is adverse to the Fund. In addition, when a JPMorgan Chase broker-dealer serves as underwriter with respect to securities of a company in which the Fund invests, in such capacity, it may require certain equity holders, which may include the Fund, to be subject to a lock-up period following the offering under applicable regulations, during which time such equity holders' ability to sell any securities is restricted. This would prejudice the Fund's ability to dispose of such securities at an opportune time and thereby adversely affect the Fund. In addition, in certain instances, the Fund may be prohibited under the 1940 Act from making investments in entities where JPMorgan Chase is acting as underwriter. Any fees or other compensation received by JPMorgan Chase, excluding the Adviser, in connection with such activities will not be shared with the Fund or any investor in the Fund. Such compensation could include financial advisory fees, monitoring fees, Adviser fees or fees in connection with restructurings or mergers and acquisitions, as well as underwriting or placement fees, financing or commitment fees, trustee fees and brokerage fees. Moreover, when JPMorgan Chase provides or arranges financing to a company in which the Fund has invested or provided capital to, the holder of the senior securities (including JPMorgan and its clients) may have, interests substantially divergent from those of the Fund. There can be no assurance that JPMorgan Chase will be able to accommodate the interests of the Fund or that of its investors.

In addition, the Adviser's management of the Fund benefits JPMorgan Chase in other ways. For example, the Fund may, subject to applicable law, invest directly or indirectly in the securities or other obligations of companies in which Applicable JPM Accounts have an equity, debt or other interest. In addition, the Fund may engage in investment transactions that result in other Applicable JPM Accounts being relieved of obligations or otherwise divesting of investments or transactions that cause the Fund to have to divest certain investments due to its affiliation with such other account, in all cases subject to applicable law, including the 1940 Act. The purchase, holding and sale of investments by the Fund at times will likely enhance the profitability of JPMorgan Chase's or other Applicable JPM Accounts' own investments in and its activities with respect to such companies.

#### Investments in Different Classes and Issuer's Capital Structure
A conflict could arise when another Applicable JPM Account, or one or more other accounts managed by JPMorgan Chase, the Adviser or their affiliates (collectively, the "J.P. Morgan Accounts") directly or indirectly invest in different instruments or classes of securities of the same issuer than those in which the Fund invests. In addition, the Fund, along with other Applicable JPM Accounts and J.P. Morgan Accounts, may pursue or enforce rights with respect to a particular issuer, or the Adviser, the investment team and/or JPMorgan Chase may pursue or enforce rights with respect to a particular issuer on behalf of the Fund, other Applicable JPM Accounts or other J.P. Morgan Accounts. The Fund could be negatively impacted by the activities by or on behalf of such other Applicable JPM Accounts or J.P. Morgan Accounts, and transactions for the Fund could be impaired or effected at prices or terms that are less favorable than would otherwise have been the case had a particular course of action with respect to the issuer of the securities not been pursued with respect to such other Applicable JPM Accounts or J.P. Morgan Accounts. These conflicts are magnified with respect to issuers that become insolvent. Furthermore, it is possible that in connection with an insolvency, bankruptcy, reorganization, or similar proceeding the Fund will be limited (by internal JPMorgan policies or restrictions, applicable law, courts or otherwise) in the positions or actions it will be permitted to take due to other interests held or actions or positions

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taken by JP Morgan Chase, J.P. Morgan Accounts or the other Applicable JPM Accounts. Finally, in certain instances, personnel of JPMorgan Chase may obtain information about the issuer that is material to the management of other Applicable JPM Accounts or J.P. Morgan Accounts and that will at times limit the ability of personnel of the Adviser to buy or sell securities of the issuer on behalf of the Fund.

The results of the investment activities of the Fund may differ significantly from the results achieved by JP Morgan Chase for the other Applicable JPM Accounts, the J.P. Morgan Accounts or for its own account. The Adviser will manage the Fund and the other Applicable JPM Accounts in accordance with their respective investment objectives and guidelines; however, JPMorgan Chase advisers outside of the investment team will from time to time give advice and take action with respect to any current or future J.P. Morgan Accounts that competes or conflicts with the advice the Adviser gives to the Fund or its other clients, including with respect to the timing or nature of actions relating to certain investments (including, without limitation, advising or having J.P. Morgan Accounts engage in short sales of securities or instruments issued by companies in which the Fund has invested). The Adviser may also make different investment recommendations or decisions among its clients depending on specific requirements or factors applicable to such clients, including investment guidelines, objectives, size, geographical limitations, risk profile and capital available. Future investment activities by the Adviser on behalf of other Applicable JPM Accounts, or by JPMorgan Chase on behalf of other J.P. Morgan Accounts, will likely give rise to additional conflicts of interest and demands on the Adviser's time and resources.

#### Regulatory Restrictions and Overall Position Limits
From time to time, the activities of the Fund will be restricted because of regulatory requirements applicable to JPMorgan Chase or its internal policies designed to comply with, limit the applicability of, or that otherwise relate to such requirements. There may be periods when the Adviser could preclude the Fund from purchasing particular securities or financial instruments (or limit the amount the Fund may invest), even if such securities or financial instruments would otherwise meet the Fund's objectives. For example, the Fund's ability to participate in credit investments may be limited or precluded due to internal restrictions in place at the Adviser designed to avoid affiliation under the 1940 Act between the Fund and/or the Adviser and its affiliates and an issuer. These same restrictions may not apply to other accounts or pooled investment vehicles managed by the Adviser that are not subject to the 1940 Act. An inability to receive the desired allocation to potential investments may affect the Fund's ability to achieve the desired investment returns. The Adviser will not cause the Fund to engage in investments alongside affiliates in private placement securities that involve the negotiation of certain terms of the private placement securities to be purchased (other than price-related terms) unless such investments are not prohibited by Section 17(d) of the 1940 Act or interpretations of Section 17(d) as expressed in SEC no-action letters or other available guidance or unless made in accordance with an exemptive order the Adviser, the Fund and certain of their affiliates have received from the SEC that permits the Fund to, among other things and subject to the conditions of the order, invest in certain privately placed securities in aggregated transactions alongside certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, where the Adviser negotiates certain terms of the private placement securities to be purchased (in addition to price-related terms). The conditions contained in the exemptive order may limit or restrict the Fund's ability to participate in such negotiated investments or participate in such negotiated investments to a lesser extent. An inability to receive the desired allocation to potential investments may affect Fund's ability to achieve the desired investment returns.

The Fund may participate in other aggregated transactions alongside affiliates of the Adviser and funds and accounts managed by the Adviser and its affiliates that qualify for another 1940 Act exemption or are entered into in accordance with interpretations of Section 17(d) of the 1940 Act and Rule 17d-1 thereunder as expressed in no-action letters or other available guidance from the SEC or its staff, including aggregated transactions where only price-related terms of the private placement security to be purchased are negotiated by the Adviser.

The Adviser seeks to limit the Fund, together with interests held by other clients of the Adviser, from owning or controlling, directly or indirectly, interests in Portfolio Funds or other issuers that equal or exceed 5% of such

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issuer's outstanding voting securities. In addition, the Adviser may either seek to waive voting rights or cause the Fund to invest in a Portfolio Fund's non-voting securities and, together with interests held by other clients of the Adviser, may be limited in the amount it can invest. Such limitations are intended to ensure that an underlying Portfolio Fund is not deemed an "affiliated person" of the Fund for purposes of the 1940 Act, which may impose limits on the Fund's dealings with the Portfolio Fund and its affiliated persons. As a general matter, however, the Portfolio Funds in which the Fund will invest do not typically provide their shareholders with an ability to vote to appoint, remove or replace the general partner of the Portfolio Fund (except under quite limited circumstances that are not presently exercisable). Notwithstanding these limitations, under certain circumstances the Fund could become an affiliated person of a Portfolio Fund or another issuer. In such circumstances, the Fund may be restricted from transacting with the Portfolio Fund or its portfolio companies absent an applicable exemption (whether by rule or otherwise).

#### Restrictions on the Adviser with respect to Managing Registered Securities
The Fund may invest directly or indirectly in securities of non-public companies that may subsequently register their equity securities and list them for public trading while the Fund owns such securities. The Adviser, on behalf of the Fund, as a holder of securities of a non-public company, may also determine that it is in the Fund's interest to encourage such a company to register its equity securities and to list them for public trading as part of the Fund's investment or exit strategy.

#### Director Independence
The 1940 Act requires that at least a majority of our directors not be "interested persons" (as defined in the 1940 Act) of the Fund. On an annual basis, each member of our Board is required to complete an independence questionnaire designed to provide information to assist our Board in determining whether the director is independent under the 1940 Act and our corporate governance guidelines. Our Board has determined that each of our directors, other than Glenn Hill, is not an "interested person" of the Fund under the 1940 Act. Our governance guidelines require any director who has previously been determined to be independent to inform the Chair of the Board, the Chair of the Nominating and Governance Committee and our corporate secretary of any change in circumstance that may cause his or her status as an independent director to change. Our Board limits membership on the Audit Committee and the Nominating and Governance Committee to independent directors.

#### Adviser Proxy Voting
The Adviser has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy voting decisions made on behalf of advisory clients, including the Fund, and to help ensure that such decisions are made in accordance with its fiduciary obligations to clients. Nevertheless, notwithstanding such proxy voting policies and procedures, actual proxy voting decisions may have the effect of favoring the interests of other clients, provided that the Adviser believes such voting decisions to be in accordance with its fiduciary obligations.

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#### MANAGEMENT OF THE FUND

#### Board of Trustees
The Role of the Board

The Board is responsible for overseeing the overall management of the Fund, including supervision of the duties performed by the Adviser. As is the case with virtually all investment companies (as distinguished from operating companies), service providers to the Fund, primarily the Adviser, have responsibility for the day-to-day management and operation of the Fund. The Board does not have responsibility for the day-to-day management of the Fund, and its oversight role does not make the Board a guarantor of the Fund's investments or activities. The Board has appointed various individuals of the Adviser as officers of the Fund with responsibility to monitor and report to the Board on the Fund's operations. In conducting its oversight, the Board receives regular reports from these officers and from other senior officers of the Adviser regarding the Fund's operations.

Board Structure and Committees

As required by the 1940 Act, a majority of the Fund's Trustees are Independent Trustees and are not affiliated with the Adviser. The Board has established two standing committees: an Audit Committee and a Nominating and Governance Committee.

The Board has formed an Audit Committee composed of all of the Independent Trustees, the function of which is to: (1) handle the appointment, retention, compensation, and oversight of the Fund's independent registered accounting firm (the "independent accountants"); (2) oversee the performance of the Fund's audit, accounting and financial reporting policies, practices and internal controls; (3) review and approve non-audit services, as required by the statutes and regulations administered by the Commission, including the 1940 Act and Sarbanes-Oxley; (4) assist the Board in oversight of the valuation process in accordance with policies adopted by the Board; and (5) conduct such other business and/or attention to such other matters as the Board or Nominating and Governance Committee may specifically assign to the Audit Committee from time to time.

The Board has formed a Nominating and Governance Committee composed of all of the Independent Trustees, which is responsible for, among other things, oversight of matters relating to the Fund's governance obligations, selecting and nominating persons to serve as Trustees, Fund service providers and litigation. The Fund does not hold annual shareholder meetings. As such, the Nominating and Governance Committee will not typically consider nominees recommended by security holders.

Board Oversight of Risk Management

As part of its oversight function, the Board receives and reviews various reports relating to risk management. Because risk management is a broad concept comprised of many different elements (including, among other things, investment risk, valuation risk, credit risk, compliance and regulatory risk, business continuity risk and operational risk), Board oversight of different types of risks is handled in different ways. For example, the full Board could receive and review reports from senior personnel of the Adviser (including senior compliance, financial reporting and investment personnel) or their affiliates regarding various types of risks, such as operational, compliance and investment risk, and how they are being managed. The Audit Committee may participate in the oversight of risk management in certain areas, including meeting with the Fund's financial officers and with the Fund's independent accountants to discuss, among other things, annual audits of the Fund's financial statements and the auditor's report thereon and the independent accountant's annual report on internal control.

#### Board of Trustees and Officers
Any vacancy on the Board of Trustees may be filled by the remaining Trustees, except to the extent the 1940 Act requires the election of Trustees by Shareholders. The Fund's officers are appointed by the Trustees and oversee

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the management of the day-to-day operations of the Fund under the supervision of the Board. All of the officers of the Fund are directors, officers or employees of the Adviser or its affiliates. Certain of the Trustees and officers of the Fund are also directors and officers of other investment companies managed or advised by the Adviser. To the fullest extent allowed by applicable law, including the 1940 Act, the Declaration of Trust indemnifies the Trustees and officers for all costs, liabilities and expenses that they may experience as a result of their service as such.

The name and business address of the Trustees and officers of the Fund and their principal occupations and other affiliations during the past five years are set forth under "Management of the Fund" in the SAI.

#### Portfolio Management
Adviser

J.P. Morgan Investment Management Inc., 383 Madison Avenue, New York, New York 10179, serves as the investment adviser to the Fund. The Adviser is registered as an investment adviser under the Advisers Act, and is an indirect, wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc., which is an indirect, wholly-owned subsidiary of JPMorgan Chase, a bank holding company.

#### J.P. Morgan Private Credit Solutions Group History and Experience
Within J.P. Morgan, the Private Credit Solutions Group of the Adviser (J.P. Morgan Investment Management Inc.) is a dedicated team of professionals located in New York, London, and Mumbai, focused on the management of private credit assets. As of September 1, 2025, the Private Credit Solutions Group managed approximately $30 billion on behalf of its clients. With nearly two decades of private credit investing, the Private Credit Solutions Group has committed over $46 billion to private credit strategies, delivering what it believes are strong results and deep market expertise. The Private Credit Solutions Group's extensive relationships and insights across the private credit market provide what we believe are advantages in sourcing and diligence. The Private Credit Solutions Group's team of experienced investment professionals provides expertise in market knowledge, investment origination, underwriting and structuring, accounting, reporting and operational management.

#### The Private Credit Solutions Group's Investment Program and Processes
The Private Credit Solutions Group's investment philosophy centers on three pillars: identifying inefficiencies in the credit market, focusing on downside resilience, and diversifying across asset types, geographies, strategies, and loan status. By seeking dislocated opportunities, prioritizing capital structure strength and short investment durations, the Private Credit Solutions Group aims to deliver robust risk-adjusted returns and protect client portfolios through changing market environments. This disciplined approach is designed to help clients achieve their investment objectives while navigating evolving market cycles.

#### Established Investment Process
Sourcing Investments: Accessing a broad set of investment opportunities begins with deep market knowledge and relationships. Proposals are sourced directly from fund managers, placement agents, the Private Credit Solutions Group's network, and other intermediaries. The Private Credit Solutions Group's professionals develop individual relationships across private credit to identify managers and strategies relevant to our clients.

Due Diligence and Evaluation Procedures: After screening followed by an initial meeting, if the Private Credit Solutions Group believes a proposal warrants further review, the team conducts comprehensive due diligence. This includes multiple meetings with managers, reference calls, and leveraging both internal and external resources to understand all aspects of the potential investment. The team seeks to identify strengths and weaknesses and ensure robust risk management and strong operational controls and processes.

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Monitoring: The Private Credit Solutions Group monitors its investments using both formal and informal channels. This includes maintaining ongoing dialogue with fund managers and cross-referencing with other industry participants, general partners, and service providers, analyzing underlying investments at loan level, particularly for secondaries and co-investments. Monitoring is conducted across the entirety of a general partner's business from the investment process through to operational and risk due diligence. The range of issues that may be considered on the operational and risk side include valuation methodologies, service provider relationships, cash movement controls, risk exposures, leverage, and adherence to investment guidelines. Monitoring is also important for considering additional investments or exit opportunities. This process may differ depending on the circumstances of each investment.

#### Primary Portfolio Managers
The personnel of the Adviser who have primary responsibility for management of the Fund are Brian Coleman, Mary Roone and Lynnette Ferguson. The Fund's primary portfolio managers, along with other members of the investment team, are responsible for overseeing the Fund. The investment team will formulate investment guidelines for the Fund and approve all financing decisions, allocation of assets between the private credit portion of the portfolio and public credit portion of the portfolio, and acquisitions and dispositions of private credit investments, including investments in Secondary Investments, Co-Investments, Primary Investments and structured finance. The Adviser's Global Fixed Income Currency & Commodities team (GFICC) will manage the Fund's investments in Liquid Assets, CLOs and Securitization Vehicles.

Brian Coleman, CFA, Managing Director, Portfolio Manager, is a Managing Director and Co-Head of Investments for J.P. Morgan Private Credit Solutions and holds a seat on the Investment Committee. Mr. Coleman joined in October 2004 and has subsequently covered a range of strategies across Europe, Asia and the U.S. including credit managers since 2007. Prior to joining J.P. Morgan, Mr. Coleman worked as an equity analyst at J.P. Morgan covering European telecom beginning in 2001. Prior to that role, he was an equity analyst based in Moscow and also served two years in the Peace Corps in Central Africa. Mr. Coleman received a B.A. from William & Mary, an M.A. from Johns Hopkins SAIS, and an MBA from the University of Chicago. He holds the Chartered Financial Analyst<sup>®</sup> (CFA) designation.

Mary Rooney, Managing Director, Portfolio Manager, is a Managing Director and Co-Head of Investments for J.P. Morgan Private Credit Solutions and holds a seat on the Investment Committee. Prior to joining J.P. Morgan in 2012, she was the Investment Strategist for Annaly Capital. Mary spent 14 years at Merrill Lynch, working at the Investment Bank as a specialist for credit, derivative and interest rates markets. She ran the Global Credit Strategy team which focused on investment grade, high yield, hybrid capital and credit derivative products. She was a successive member of Institutional Investor's All-American Research Team for both Derivatives and Agency Products. Prior to joining Merrill Lynch, she was the Credit Strategist at J.P. Morgan, where she built-up the corporate bond strategy effort. She has contributed to professional books on both fixed income portfolio management and credit risk management. Mary has a M.A. in Economics from the University of Missouri.

Lynnette Ferguson, CFA, Managing Director, Portfolio Manager, is the Head of Strategy & Business Development for J.P. Morgan Private Credit Solutions and holds a seat on the Investment Committee. Previously, she was a Partner and CEO at Blantyre Capital, a special situations Private Credit manager, from 2016 to 2017. At Blantyre she was an Investment Committee member and ran the non-investment side of the business. Prior to Blantyre, she spent 5 years as the Head of Marketing & Investor Relations for the JPS Credit Opportunities Fund, a relative value credit hedge fund owned by J.P. Morgan Asset Management. Before JPS, she spent 9 years in Manager Research at Financial Risk Management where she focused on underwriting credit managers. Ms. Ferguson holds a Master's Degree from the University of Cambridge (United Kingdom) and holds the Chartered Financial Analyst<sup>®</sup> (CFA) designation.

The SAI provides additional information about the Fund's primary portfolio managers' compensation, other accounts managed by them and their ownership of any Shares of the Fund.

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#### INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT
The Adviser, subject to supervision by the Board, provides certain investment advisory, management and administrative services to the Fund pursuant to an Investment Advisory and Management Agreement between the Fund and the Adviser.

#### Advisory Fee
In consideration of the advisory services provided by the Adviser, the Fund pays the Adviser a monthly Advisory Fee at an annual rate of 1.00% based on the value of the Fund's net assets calculated and accrued daily. For purposes of determining the Advisory Fee payable to the Adviser, the value of the Fund's net assets will be calculated prior to the inclusion of the Advisory Fee, payable to the Adviser or to any purchases or repurchases of Shares of the Fund or any distributions by the Fund. The Advisory Fee is payable monthly in arrears within five (5) business days after the completion of the net asset value computation for the month. The Advisory Fee is paid to the Adviser out of the Fund's assets, and therefore decreases the net profits or increases the net losses of the Fund.

Purchased Shares are incorporated into the next daily net asset value and included in the computation of the Advisory Fee payable. Share repurchases are included in the computation of the Advisory Fee payable through the Repurchase Pricing Date as described in "Repurchase of Shares." The Advisory Fee is paid to the Adviser out of the Fund's assets, and therefore decreases the net profits or increases the net losses of the Fund. The Advisory Fee is payable in cash. The Fund could apply for exemptive relief from the SEC in the future that if granted would permit the Fund to pay the Adviser all or a portion of its Advisory Fee in Shares in lieu of paying the Adviser an equivalent amount of such fees in cash. As a condition of any such exemptive relief, the Adviser would have to commit not to sell any such Shares received in lieu of a cash payment of its Advisory Fee for at least 12 months from the date of issuance, except in exceptional circumstances. As of the date of this Prospectus, the Fund has not applied for such exemptive relief.

#### Investment Advisory and Management Agreement and Reimbursement Arrangements
The services of all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory and management services, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Adviser. The Fund bears all other costs and expenses of its operations and transactions as set forth in the Investment Advisory and Management Agreement.

In addition to the fees and expenses to be paid by the Fund under the Investment Advisory and Management Agreement, the Adviser and its affiliates are entitled to reimbursement by the Fund of the Adviser's and its affiliates' cost of providing the Fund with certain non-advisory services. If persons associated with the Adviser or any of its affiliates, including persons who are officers of the Fund, provide accounting, legal, clerical, compliance or administrative and similar oversight services to the Fund at the request of the Fund, the Fund reimburses the Adviser and its affiliates for their costs in providing such accounting, legal, clerical, compliance or administrative and similar oversight services to the Fund (which costs may include an allocation of overhead including rent and the allocable portion of the salaries and benefits of the relevant persons and their respective staffs, including travel expenses), using a methodology for determining costs approved by the Board. If the Adviser or its affiliates seek reimbursements of such costs, such action may cause the Fund's expenses to be higher than the expenses shown herein, perhaps by a material amount. The Adviser may, in its sole discretion, waive or not seek reimbursement for accounting, legal, clerical or administrative services to the Fund.

The Investment Advisory and Management Agreement was initially approved by the Board (including a majority of the Independent Trustees) at a meeting held on September 22, 2025. The Investment Advisory and Management Agreement is terminable without penalty, on 60 days' prior written notice: by a majority vote of the entire Board; by vote of a majority (as defined by the 1940 Act) of the outstanding voting securities of the Fund;

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or by the Adviser. After the initial term of two years, the Investment Advisory and Management Agreement may continue in effect from year to year if such continuance is approved annually by either the Board or the vote of a majority (as defined by the 1940 Act) of the outstanding voting securities of the Fund; provided that in either event the continuance is also approved by a majority of the Independent Trustees by vote cast in person (or as otherwise permitted by the SEC) at a meeting called for the purpose of voting on such approval. The Investment Advisory and Management Agreement also provides that it will terminate automatically in the event of its "assignment," as defined by the 1940 Act and the rules thereunder.

The Investment Advisory and Management Agreement provides that, in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its duties to the Fund, the Adviser, its directors, officers or employees and its affiliates, successors or other legal representatives will not be liable to the Fund for any error of judgment, for any mistake of law or for any act or omission by such person or any sub-adviser in connection with the performance of services to the Fund. The Investment Advisory and Management Agreement also provides that the Fund will indemnify, to the fullest extent permitted by law, the Adviser and its directors, officers or employees and their respective affiliates, executors, heirs, assigns, successors or other legal representatives, against any liability or expense to which such person may be liable which arise in connection with the performance of services to the Fund, provided that the liability or expense is not incurred by reason of the person's willful misfeasance, bad faith, gross negligence or reckless disregard of its duties to the Fund.

Pursuant to the Expense Limitation Agreement with the Fund, the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund, if required to ensure certain annual operating expenses (excluding the Excluded Expenses) do not exceed 1.10% per annum (excluding Excluded Expenses) of the Fund's average daily net assets of each class of Shares. With respect to each class of Shares, the Fund agrees to repay the Adviser any fees waived or expenses assumed under the Expense Limitation Agreement for such class of Shares, provided the repayments do not cause the Fund's annual operating expenses (excluding Excluded Expenses) for that class of Shares to exceed the expense limitation in place at the time the fees were waived and/or the expenses were reimbursed, or the expense limitation in place at the time the Fund repays the Adviser, whichever is lower. Any such repayments must be made within thirty-six months after the months in which the Adviser waived the fee or reimbursed the expense. The Expense Limitation Agreement will have a term ending one year from the date the Fund commences operations, and the Adviser may extend the term for a period of one year on an annual basis. The Adviser may not terminate the Expense Limitation Agreement during its one-year term.

The Adviser has agreed to advance organizational and initial offering costs to the Fund. Such costs incurred by the Adviser are subject to recoupment by the Adviser in accordance with the Expense Limitation Agreement.

A discussion regarding the basis for the approval by the Board of the Investment Advisory and Management Agreement will be available in the Fund's annual shareholder report for the period ending March 31, 2026.

#### NET ASSET VALUATION
The Fund calculates the net asset value of each class of Shares as of the close of business on each day the NYSE is open for trading or at such times as the Board shall determine (each, a "Determination Date"). In determining the net asset value of each class of Shares, the Fund will value its investments as of the relevant Determination Date. The net asset value of each class of Shares of the Fund will equal, unless otherwise noted, the value of the total assets of the class of Shares (including interest accrued but not yet received), less all of its liabilities (including accrued fees and expenses, dividends payable and its pro rata portion of any borrowings of the Fund), each determined as of the relevant Determination Date. The net asset values of Class S Shares, Class A Shares and Class I Shares will be calculated separately based on the fees and expenses applicable to each class. It is expected that the net asset value of Class S Shares, Class A Shares and Class I Shares will vary over time as a result of the differing fees and expenses applicable to each class.

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The Board has approved procedures pursuant to which the Fund will value its investments. The Board has designated the Adviser to perform these fair value determinations relating to the value of such investments, in accordance with such procedures and Rule 2a-5 under the 1940 Act. The Board oversees the Adviser's implementation of the valuation policy and may consult with representatives from the Fund's outside legal counsel or other third-party consultants in their discussions and deliberations. The value of the Fund's assets will be based on information reasonably available at the time the valuation is made and that the Adviser believes to be reliable. The Adviser generally will value the Fund's investments in Portfolio Funds and Co-Investments in accordance with Certification Topic ASC 820 of the Financial Accounting Standards Board ("ASC 820").

#### Credit Investments
Secondary Investments and Primary Investments in Portfolio Funds are generally valued based on the latest net asset value reported by the associated Portfolio Fund Manager as a practical expedient, in accordance with ASC 820. Generally, the valuation of interests in Portfolio Funds are based on the net asset value of that Portfolio Fund as reported by Portfolio Fund Managers. Valuation adjustments are recorded daily and are based on the net asset value from capital account statements distributed by Portfolio Fund Managers, which are generally received on a one-quarter period delay. Reported values are increased or decreased for subsequent contributions to or distributions from the Portfolio Fund.

The Adviser may also consider a number of factors when determining whether to adjust the valuations reported by a Portfolio Fund Manager with respect to a Portfolio Fund, such as:

• Quarterly and audited annual financial statements of Portfolio Funds and individual statements provided by a Portfolio Fund. The Adviser is not required to adjust fair valuations (inclusive of accrual based performance fees) provided by Portfolio Funds.

• Where an accrual based performance fee has not been incorporated in the fair valuation provided by the Portfolio Fund Manager, a separate fair value analysis may be obtained from the Portfolio Fund Manager or prepared by the Adviser, and may include other relevant information available at the time the Fund values its portfolio, including capital activity and events occurring between the reference dates of the Portfolio Fund Manager's valuation and the relevant valuation date, to the extent that the Adviser is aware of such information. The Portfolio Fund's performance fee is then deducted from the valuation.

• Where financial statements of a Portfolio Fund are prepared on a basis other than US GAAP, the Adviser may assess if the valuation methodology employed is equivalent to US GAAP, or if an adjustment is necessary. In the case of non-US GAAP financial statements (such as IFRS, UK GAAP, Irish GAAP or French GAAP), the Adviser may review the valuation policies and procedures of a Portfolio Fund with the Portfolio Fund Manager to allow the Adviser to conclude whether a Portfolio Fund valuation is US GAAP equivalent, and therefore whether no adjustment is required. Where Portfolio Fund financial statements are prepared on a basis inconsistent with US GAAP, the Adviser may review separately negotiated fair value statements or determine a fair valuation through discussion with the applicable Portfolio Fund Manager.

• Where the Portfolio Fund's measurement date is at a non-quarter end, net asset value may be adjusted for cash flows through the applicable reporting date. Where distributions are in excess of the Portfolio Fund's valuation, the valuation will not be reduced below zero. The valuation may be adjusted to reflect the residual value in the Portfolio Fund, depending on materiality.

• In addition, the Adviser expects to engage in the following processes as it deems necessary:

• Representation in certain cases on the advisory board and/or valuation committee of the Portfolio Fund.

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• Attendance of the Portfolio Fund Manager annual meetings.

• Ongoing dialogue with the Portfolio Fund Manager, including performance reviews of the Portfolio Fund's underlying portfolio companies.

Notwithstanding the above, Portfolio Fund Managers may adopt a variety of valuation bases and provide differing levels of information concerning Portfolio Funds and other investments and there will generally be no liquid markets for such investments. Consequently, there are inherent difficulties in determining the fair value that cannot be eliminated. Neither the Board nor the Adviser will be able to confirm independently the accuracy of valuations provided by the Portfolio Fund Managers (which are generally unaudited).

Determining the fair value of investments for which market values are not readily available is necessarily subject to incomplete information, reporting delays and many subjective judgments; accordingly, fair value determinations made by the Adviser should be considered as estimates. Due to the inherent uncertainty involved in such determinations, the reported fair value of these investments may fluctuate from period to period. In addition, such fair value may differ materially from the values that may have been used had a ready market existed for such investments and may significantly differ from the value ultimately realized by the Fund.

Generally, the valuation of interests in Portfolio Funds are based on the net asset value of that Portfolio Fund as reported by the Portfolio Fund Managers. Similarly, many Co-Investments are generally valued based on the valuation information provided by the lead or sponsoring private investors, and the Adviser expects that Co-Investments will generally be valued at the net asset value reported by the Portfolio Fund Manager or lead or sponsoring private investor as a practical expedient in accordance with ASC 820. Reported values are increased or decreased for subsequent contributions to or distributions from the Portfolio Fund. Additionally, valuations may be adjusted daily based on changes in indices of asset managers that the Adviser believes to be relevant, and the Fund may use an independent third-party valuation agent to assist with the valuation of these investments. In general, it is anticipated that such valuation information from these Portfolio Fund Managers or from lead or sponsoring private investors will generally not be available until 60 days or more after each quarter-end, especially pending receipt of audited financial information. Therefore, the most recently provided valuation information about these Co-Investments and Portfolio Funds for purposes of calculating the Fund's daily net asset value may be adjusted by the Adviser pursuant to the Fund's valuation procedures to estimate the fair value, on a daily basis, of the interests in such Portfolio Funds, as described below. To the extent the Adviser is either unable to utilize the practical expedient under ASC 820, or where the Adviser determines that use of the practical expedient is not appropriate as it will not result in a price that represents the current value of an investment, the Adviser will make a fair value determination of the value of the investment.

In addition, the Adviser will conduct a due diligence review of the valuation methodology used by each Portfolio Fund or lead or sponsoring private credit investors, as applicable. To keep abreast of each Portfolio Fund's activities, the Adviser will review their periodic reports as well as the reports of the underlying portfolio companies in which the Portfolio Funds invest, to the extent which such underlying company reports are made available. The Adviser monitors the continuing appropriateness of the valuation methodology being used for the Fund's investments.

Prospective investors should be aware that there can be no assurance that the valuation of interests in Portfolio Funds or Co-Investments as determined under the procedures described above will in all cases be accurate to the extent that the Fund and the Adviser do not generally have access to all necessary financial and other information relating to the Portfolio Funds or Co-Investments to determine independently the net asset value of the Fund's interests in those Portfolio Funds or Co-Investments. The results of the Adviser's fair valuation of securities whose market value is not readily ascertainable will be based upon the Adviser's assessment of the fair value of such securities and their issuers on the recommendation of the Adviser and, therefore, are the result of the Board's interpretation.

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Investments valued at fair value by the Adviser will be subject to a new valuation determination upon the next daily valuation of the Fund. The Adviser will periodically review its valuation determinations with the Fund's auditor and respond to any inquiries by such auditor regarding the Adviser's valuation methodologies.

#### Liquid Assets
Securities for which market quotations are readily available are generally valued at their current market value.

Shares of open-end investment companies, including money market funds, are valued at their respective net asset values. Fixed income securities are valued using prices supplied by an approved independent third party or affiliated pricing services or broker/dealers. In determining security prices, pricing services and broker/dealers may consider a variety of inputs and factors, including, but not limited to proprietary models that may take into account market transactions in securities with comparable characteristics, yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, underlying collateral and estimated cash flows. Certain fixed income securities and swaps may be valued using market quotations or valuations provided by pricing services affiliated with the Adviser. Valuations received by the Fund from affiliated pricing services are the same as those provided to other affiliated and unaffiliated entities by these affiliated pricing services.

If they are traded on a Determination Date, equity securities that are listed or traded on a national exchange will be valued at the last quoted exchange price. Likewise, equity securities that are traded on NASDAQ will be valued at the NASDAQ official closing price if the securities are traded on the Determination Date. If securities are listed on more than one exchange, and if the securities are traded on the Determination Date, they will be valued at the last quoted sale price on the exchange on which the security is principally traded. If there is no sale of the security on the Determination Date, the Fund will value the securities at the last reported sale price. If the equity security is traded a few days each month and the Adviser believes such price no longer represents the fair market value, the Adviser may elect to value the security at fair value pursuant to the procedures adopted by the Board. If the validity of such quoted prices appears to be questionable or if such quoted prices are not readily available, then the securities will be valued at fair value pursuant to procedures adopted by the Board. Market quotations may be deemed not to represent fair value in certain circumstances where the Adviser reasonably believes that facts and circumstances applicable to an issuer, seller or purchaser or to the market for a particular security cause current market quotations not to reflect the fair value of the security. Examples of these events could include situations in which material events are announced after the close of the market on which a security is primarily traded, a security trades infrequently causing a quoted purchase or sale price to become stale, or a security's trading has been halted or suspended.

#### Credit Investments and Other Fair Value Considerations
On a daily basis, for credit investments for which no market quotations are available (other than interests in Portfolio Funds and certain Co-Investments, as described above) and for which independent appraisals of current value can readily be obtained, valuations will be based on such appraisals. Otherwise, valuation of credit investments (other than interests in Portfolio Funds and certain Co-Investments, as described above) will remain at cost except that original cost valuation will be adjusted based on a determination of such investment's fair value.

In instances where there is reason to believe that the valuation of a security or other investment valued pursuant to the procedures described above does not represent the current value of such security or investment, or when a security or investment cannot be valued pursuant to the procedures described above, the fair value of the investment will be determined by the Adviser taking into account various factors, as relevant, as provided for in the Fund's valuation procedures, which may include: (i) market clearing transaction activity; (ii) pending sales and potential exit transactions, including (a) any sales price in a letter of intent, offer letter or term sheet, (b) the company's total enterprise price or (c) information from an investment bank during an initial public offering; (iii) market comparable valuations accounting for the (a) relevance of earnings metrics, (b) maintainability of

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performance, (c) reliability of financial information or (d) quality of market-based data; (iv) discounted cash flow analysis ("DCF"), (v) liquidation analysis (cost approach); (vi) duration, yield, fundamental analytical data, the Treasury yield curve, or credit quality; or (vii) any other information, factor or set of factors that may affect the valuation of the Fund's investment as determined by the Adviser. The Adviser may use an independent valuation firm to assist with the fair valuation of the Fund's investments. The Adviser may also utilize independent third party valuations if such valuations are deemed reliable.

Prospective investors should be aware that fair value represents a good faith approximation of the value of an asset or liability. The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those assets or liabilities could have been sold during the period in which the particular fair values were used in determining the Fund's net asset value. As a result, the Fund's issuance (including through dividend or distribution reinvestment) or repurchase of Shares through repurchase offers at net asset value at a time when it owns investments that are valued at fair value may have the effect of diluting or increasing the economic interest of existing Shareholders.

#### ELIGIBLE INVESTORS
Shares are generally being offered only to investors that are U.S. persons for U.S. federal income tax purposes. In addition, the Fund may offer Shares to non-U.S. persons subject to appropriate diligence by the Adviser and in compliance with applicable law.

Each prospective investor in the Fund should obtain the advice of his, her or its own legal, accounting, tax and other advisers in reviewing documents pertaining to an investment in the Fund, including, but not limited to, this Prospectus and the Declaration of Trust before deciding to invest in the Fund.

#### PLAN OF DISTRIBUTION

#### Distributor
J.P. Morgan Institutional Investments Inc., with its principal place of business at 383 Madison Avenue, New York, NY 10179, acts as the distributor of the Fund's Shares, pursuant to the Distribution Agreement, on a reasonable best efforts basis, subject to various conditions. Neither JPMII nor any other party is obligated to purchase any Shares from the Fund. There is no minimum aggregate number of Shares required to be purchased. Pursuant to the Distribution Agreement, JPMII shall pay its own costs and expenses connected with the offering of Shares. The Distribution Agreement also provides that the Fund will indemnify JPMII and its affiliates and certain other persons against certain liabilities.

After the initial term of two years, the Distribution Agreement will continue in effect with respect to the Fund for successive one-year periods, provided that each such continuance is specifically approved by a majority of the entire Board cast in person at a meeting called for that purpose or by a majority of the outstanding voting securities of the Fund and, in either case, also by a majority of the Independent Trustees.

JPMII may retain additional selling agents or other financial intermediaries to place Shares. Such selling agents or other financial intermediaries may impose terms and conditions on investor accounts and investments in the Fund that are in addition to the terms and conditions set forth in this Prospectus. See "Purchasing Shares."

JPMII is a broker-dealer whose purpose is to distribute JPMorgan Chase managed or affiliated products. JPMII provides services to JPMorgan Chase affiliates. JPMII has not and will not make any recommendation regarding, and will not monitor, any investment and will not present an investment strategy or product to an investor or a prospective investor that is a retail customer. A retail customer is any natural person, or the legal representative of such person, who receives a recommendation of any securities transaction or investment strategy involving securities from a broker-dealer and uses the recommendation primarily for personal, family, or household

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purposes. Furthermore, JPMII does not collect the information necessary to determine, and JPMII does not engage in a determination regarding, whether an investment in the strategy or product is in the best interests of, or is suitable for, any prospective investor. You should exercise your own judgment and consult with your own investment professional to determine whether it is advisable for you to invest in any JPMorgan Chase strategy or product, including Shares of the Fund. Please note that JPMII will not provide the kinds of financial services that you might expect from another financial intermediary, such as overseeing any brokerage or similar account. For financial advice relating to an investment the Shares, contact your own investment professional.

JPMII will not sell Shares directly to retail customers (as defined above) or have a relationship with you (including if you exit a relationship with a participating broker-dealer or other intermediary), and you should consult with your participating broker-dealer or your investment professional as to the suitability to you of an investment in the Shares. Before making your investment decision, please consult with your investment professional regarding your account type and the classes of common stock you may be eligible to purchase.

#### Distribution Fee and Servicing Fee
The Fund has adopted a Distribution Plan for its Class S Shares and Class A Shares to pay to JPMII a Distribution Fee to compensate financial industry professionals for distribution-related expenses, if applicable, and providing ongoing services in respect of Shareholders who own such Shares. These activities include marketing and other activities primarily intended to result in the sale of Class S Shares and Class A Shares. The Distribution Plan operates in a manner consistent with Rule 12b-1 under the 1940 Act, which regulates the manner in which an open-end investment company may directly or indirectly bear the expenses of distributing its shares. Although the Fund is not an open-end investment company, it has undertaken to comply with the terms of Rule 12b-1, as required by its exemptive relief, permitting the Fund to, among other things, issue multiple classes of Shares.

Under the Distribution Plan, Class S and Class A Shares pay a Distribution Fee to JPMII at an annual rate of 0.75% and 0.50%, respectively, based on the aggregate net assets of the Fund attributable to such class. If a financial intermediary is not eligible to accept payment of the pro rata portion of the Distribution Fee attributable to its Shareholder accounts then JPMII may retain such monies or JPMII will waive such fees or return such monies to the Fund. The Distribution Fee is paid out of the relevant class's assets and decreases the net profits or increases the net losses of the Fund solely with respect to such class. Because the Distribution Fee is paid out of the Fund's assets on an on-going basis, over time these fees will increase the cost of a Shareholder's investment and may cost the Shareholder more than paying other types of sales charges, if applicable.

Class I Shares are not subject to any Distribution Fee and do not bear any expenses associated therewith.

JPMII reserves the right to not pay Rule 12b-1 fees to a financial intermediary if 12b-1 fee payments for a given month are deemed to be de minimis. JPMII currently adheres to a $25.00 de minimis threshold but reserves the right to change that threshold from time to time.

JPMII also serves as shareholder servicing agent pursuant to an agreement with the Fund, under which JPMII has agreed to provide certain support services to the Shareholders. For performing these services, JPMII, as shareholder servicing agent, receives a Servicing Fee at an annual rate of 0.25% of the average daily net assets of the Class A, Class S and Class I Shares of the Fund, payable monthly in arrears. JPMII may enter into service agreements with financial intermediaries under which it will pay all or a portion of the Servicing Fee to such financial intermediaries for performing some or all of shareholder, administrative and other related services (including Shareholder liaison services such as responding to inquiries from Shareholders and providing Shareholders with information about their investments in the Fund, as well as sub-administration, sub-transfer agency, sub-accounting and other Shareholder services associated with Shareholders whose Shares are held in, as applicable, omnibus accounts, other group accounts or accounts traded through registered securities clearing agents). If a financial intermediary does not accept payment of all or a portion of the Servicing Fee attributable to

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its Shareholder accounts then JPMII will retain such monies. The Servicing Fee is paid out of the relevant class's assets and decreases the net profits or increases the net losses of the Fund solely with respect to such class. Because the Servicing Fee is paid out of the Fund's assets on an on-going basis, over time these fees will increase the cost of a Shareholder's investment.

#### Payments to Financial Intermediaries
The Adviser, or its affiliates, including JPMII, may pay additional compensation out of its own resources (i.e., not Fund assets) to certain selling agents or financial intermediaries in connection with the sale of Shares. The additional compensation may differ among selling agents or financial intermediaries in amount or in the method of calculation. Payments of additional compensation may be fixed dollar amounts or, based on the aggregate value of outstanding Shares held by Shareholders introduced by the broker or dealer, or determined in some other manner. Payments may be one-time payments or may be ongoing payments. As a result of the various payments that financial intermediaries may receive from the Adviser or its affiliates, the amount of compensation that a financial intermediary may receive in connection with the sale of Shares may be greater than the compensation it may receive for the distribution of other investment products. The receipt of the additional compensation by a selling broker or dealer may create potential conflicts of interest between an investor and its broker or dealer who is recommending the Fund over other potential investments.

#### PURCHASING SHARES
The following section provides basic information about how to purchase Shares of the Fund. JPMII acts as the distributor of the Shares of the Fund on a reasonable best efforts basis, subject to various conditions, pursuant to the terms of the Distribution Agreement. JPMII is not obligated to sell any specific amount of Shares of the Fund. The Shares will be continuously offered through JPMII. Prospective investors who purchase Shares through financial intermediaries will be subject to the procedures of those intermediaries through which they purchase Shares, which may include charges, investment minimums, cutoff times and other restrictions in addition to, or different from, those listed herein. Information concerning any charges or services will be provided to customers by the financial intermediary through which they purchase Shares. Prospective investors purchasing Shares of the Fund through financial intermediaries should acquaint themselves with their financial intermediary's procedures and should read this Prospectus in conjunction with any materials and information provided by their financial intermediary.

#### General Purchase Terms
The minimum initial investment in the Fund by any investor is $2,500 with respect to Class S Shares and Class A Shares, and except as otherwise noted, $1,000,000 with respect to Class I Shares. Specific to registered investment advisers and other eligible financial intermediary fee-based accounts, the minimum initial investment for Class I Shares is $100,000. The minimum additional investment in the Fund by any investor in Class S Shares and Class A Shares is $100 and in Class I Shares is $2,500, except for additional purchases pursuant to the dividend reinvestment plan. Investors subscribing through a broker/dealer or registered investment adviser may have shares aggregated to meet these minimums, so long as initial investments are not less than the applicable minimum and incremental contributions are not less than the applicable minimum. Financial Intermediaries may impose higher minimums.

The Board reserves the right to accept lesser amounts below these minimums for JPM Employees and vehicles controlled by such JPM Employees. Shares are generally offered for purchase on a daily basis at the NAV per Share on that date.

The minimum initial and additional investments may be reduced by either the Fund or JPMII in the discretion of each for certain investors based on consideration of various factors, including the investor's overall relationship with the Adviser or JPMII, the investor's holdings in other funds affiliated with the Adviser or JPMII, and such

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other matters as the Adviser or JPMII may consider relevant at the time, though Shares will only be sold to investors that satisfy the Fund's eligibility requirements. The minimum initial and additional investments may also be reduced by either the Fund or JPMII in the discretion of each for clients of certain registered investment advisers and other financial intermediaries based on consideration of various factors, including the registered investment adviser or other financial intermediary's overall relationship with the Adviser or JPMII, the type of distribution channels offered by the intermediary and such other factors as the Adviser or JPMII may consider relevant at the time.

In addition, the Fund may, in the discretion of the Adviser or JPMII, aggregate the accounts of clients of registered investment advisers and other financial intermediaries whose clients invest in the Fund for purposes of determining satisfaction of minimum investment amounts. At the discretion of the Adviser or JPMII, the Fund may also aggregate the accounts of clients of certain registered investment advisers and other financial intermediaries across Share classes for purposes of determining satisfaction of minimum investment amounts for a specific Share class. The aggregation of accounts of clients of registered investment advisers and other financial intermediaries for purposes of determining satisfaction of minimum investment amounts for the Fund or for a specific Share class may be based on consideration of various factors, including the registered investment adviser or other financial intermediary's overall relationship with the Adviser or JPMII, the type of distribution channels offered by the intermediary and such other factors as the Adviser or JPMII may consider relevant at the time.

Class S Shares and Class I Shares are continuously offered on a daily basis at a price per share equal to the NAV per share for such class. Class A Shares are continuously offered on a daily basis at a price per share equal to the NAV per share plus any applicable sales load.

Following the Fund's commencement of operations, Shares will generally be offered for purchase daily on any day the NYSE is open for business. Subscriptions are generally subject to the receipt of cleared funds on or prior to the acceptance date set by the Fund and notified to prospective investors. An investor who misses the acceptance date will have the acceptance of its investment in the Fund delayed until the following business day. Except as otherwise permitted by the Board, initial and subsequent purchases of Shares will be payable in United States dollars.

Each class of Shares represents an investment in the same portfolio of securities, but each has different availability and eligibility criteria, sales charges, expenses, dividends and distributions. These arrangements allow you, with the assistance of your financial intermediary, to choose the available class that best meets your needs. You should read this section carefully and consult with your financial intermediary to determine which class of Shares is best for you. Factors you should consider in choosing a class of Shares include:

• The amount you plan to invest;

• The length of time you expect to hold your investment;

• The total costs associated with your investment, including any sales charges that you pay when you buy or sell your Fund Shares and expenses that are paid out of Fund assets over time;

• Whether you qualify for any reduction or waiver of sales charges;

• Whether you plan to take any distributions in the near future;

• The availability of the class of Shares;

• The services that will be available to you;

• The amount of compensation that your financial intermediary will receive; and

• The advantages and disadvantages of each class of Shares.

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Please read this prospectus carefully, and then, with the assistance of your financial intermediary, select the class of Shares most appropriate for you and decide how much you want to invest. Each investor's financial considerations are different. You should speak with your financial intermediary to help you decide which class of Shares of the Fund is best for you. Not all financial intermediaries offer all classes of Shares. In addition, financial intermediaries may vary the actual sales fee charged, if applicable, as well as impose additional fees and charges on each class of Shares. If your financial intermediary offers more than one class of Shares, you should carefully consider which class of Shares to purchase. A financial intermediary may receive different compensation based on the class of Shares sold.

If you are eligible to purchase all three classes of Shares, then you should consider that Class I Shares have no upfront sales charge and do not bear any Distribution Fee. The Distribution Fee is applicable to Class S and Class A Shares and will reduce the net asset value or distributions of the other classes of Shares. If you are eligible to purchase Class S and Class A Shares but not Class I Shares, then you should consider that Class S Shares have no upfront sales charge or contingent deferred sales charge, but have a higher annual Distribution Fee than Class A Shares (and financial intermediaries may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine for Class S Shares). Investors should also inquire with their broker dealer or financial representative about what additional fees may be charged with respect to the class of Shares under consideration or with respect to the type of account in which the Shares will be held.

Additional Information that Applies to All Accounts: If your identity or the identity of any other person(s) authorized to act on your behalf cannot be verified, or if potentially criminal activity is identified, the J.P. Morgan Funds and JPMII reserve the right to reject opening an account for you, close your account, or take such other action they deem reasonable or required by law.

Shares of the Fund have not been registered for sale outside of the United States. Shares are being offered to investors that are U.S. persons for U.S. federal income tax purposes. In addition, the Fund may offer Shares to non-U.S. persons subject to appropriate diligence by the Adviser and in compliance with applicable law.

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| | | | |
|:---|:---|:---|:---|
|  | Class A | Class S | Class I |
| Eligibility<sup>1</sup> | May be purchased by the general public through a financial intermediary | May be purchased by the general public through a financial intermediary | May be purchased by:<br>1)Institutionalinvestors who meet the minimum investment requirement;<br>2) Group Retirement Plans<sup>2</sup>;<br>3) Financial Intermediaries or any other organization, including affiliates of JPMorgan Chase & Co. (JPMorgan Chase), authorized to act in a fiduciary, advisory or custodial capacity for its clients or customers;<br>4) Brokerage program of a Financial Intermediary that has entered into a written agreement with JPMII to offer such shares ("Eligible Brokerage Program");<br>5) Employees of JPMorgan Chase and its affiliates and officers or trustees of the J.P. Morgan Funds (as defined below)<sup>3</sup>; or<br>6) by participating broker dealers and their affiliates, including their officers, directors, employees, and registered representatives, as well as the immediate family members of such persons, as defined by FINRA Rule 5130. |
| Minimum Investment<sup>1</sup>, | $2,500 for the Fund | $2,500 for the Fund | $1,000,000 – An<br>investor can combine purchases of Class I Shares of other J.P. Morgan Funds in order to meet the minimum. |

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| | | | |
|:---|:---|:---|:---|
|  | Class A | Class S | Class I |
| Minimum Subsequent Investments<sup>1</sup> | $100 | $100 | $2500. |
| Systematic Investment Plan | Yes | Yes | Yes |
| Front-End Sales Charge<br>(refer to Sales Charges and financial intermediary Compensation Section for more details) | Up to 2.25%<br>reduced or waived for large purchases and certain investors, eliminated for purchases of $250,000 or more. | None, however financial intermediaries may charge investors fees, including upfront placement fees or brokerage commissions, up to 3.5% at their discretion. |  |
| Contingent Deferred Sales Charge (CDSC)<br>(refer to "Sales Charges and financial intermediary Compensation Section" for more details) | On purchases of $250,000 or more:<br>• 1.00% on redemptions made within 18 months after purchase.<br>Waived under certain circumstances. |  |  |
| Distribution (12b-1) Fee | 0.50% of the average daily net assets. | 0.75% of the average daily net assets. |  |
| Servicing Fee | 0.25% of the average daily net assets. | 0.25% of the average daily net assets. | 0.25% of the average daily net assets. |
| Redemption or Repurchase Fee |  |  |  |

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1 Financial intermediaries or other organizations making the Fund available to their clients or customers may impose minimums which may be different from the requirements for investors purchasing directly from the Fund.

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| | |
|:---|:---|
| 2 | Group Retirement Plans refer to employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans. To satisfy eligibility requirements, the plan must be a group plan (more than one participant), the shares cannot be held in a commission-based brokerage account and 1) Shares must be held at a plan level or 2) Shares must be held at the Fund level through an omnibus account of a retirement plan recordkeeper. Group Retirement Plans include group employer-sponsored 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans, retiree health benefit plans, group annuity separate accounts offered to retirement plans and non-qualified deferred compensation plans. Group Retirement Plans do not include traditional IRAs, Roth IRAs, Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs, KEOGHs, individual 401(k) or individual 403(b) plans.  |

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| | |
|:---|:---|
| 3 | Must be purchased directly from the Fund or on approved JPMorgan Chase & Co. affiliated platforms. Employees for this purpose include officers, directors, trustees, retirees and employees and their immediate family members (i.e., spouses, domestic partners, children, grandchildren, parents, grandparents and any dependent of the person, as defined in section 152 of the Internal Revenue Code) of J.P. Morgan Funds or JPMorgan Chase and its subsidiaries and affiliates. Approved affiliated platforms may impose minimums which may be different from the requirements for investors purchasing directly from the Fund.  |

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#### SALES CHARGES AND FINANCIAL INTERMEDIARY COMPENSATION
The following section describes the various sales charges and other fees that you will pay if you purchase Shares of the Fund. In addition, it describes the types of compensation paid to financial intermediaries for the sale of Shares and related services. The Fund and/or JPMII reserve the right to change sales charges, commissions and finder's fees at any time.

To obtain information regarding sales charges and the reduction, and elimination or waiver of sales charges on Class A Shares of the Fund, see below, visit www.jpmorganfunds.com or call the Transfer Agent at (877) 753-6353. You may contact your financial intermediary about the reduction, elimination or waiver of sales charges. You may also contact your financial intermediary about any commissions charged by them on your purchase of Class I or Class S Shares.

#### Class A Shares
The public offering price of Class A Shares is the NAV per share plus the applicable sales charge, unless you qualify for a waiver of the sales charge. The sales charge is allocated between your financial intermediary and JPMII as shown in the tables below, except if JPMII, in its discretion, re-allows the entire amount to your financial intermediary. In those instances, in which the entire amount is re-allowed, such financial intermediaries may be deemed to be underwriters under the Securities Act.

The table below shows the front-end sales charge you would pay at different levels of investment, the commission paid to financial intermediaries, any finder's fees paid to financial intermediaries and any applicable contingent deferred sales charge ("CDSC"). Purchases at certain dollar levels, known as "breakpoints," allow for a reduction in the front-end sales charge.

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| | | | |
|:---|:---|:---|:---|
| Class A Shares <br>Amount of Investment | Sales Charge<br>as a % of<br>Offering Price | Finder's Fee<br>as a % of your<br>Investment | CDSC as a %<br>of your<br>Redemption |
| Less than or equal to $100,000 | 2.25 | 0.00 | 0.00 |
| $100,000.01 to $249,999.99 | 1.75 | 0.00 | 0.00 |
| $250,000 or more | 0.00 | 1.00 | 0-18 Months 1 |

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3 JPMII or its affiliates pays any finder's fee to your financial intermediary. JPMII or its affiliates may withhold finder's fees with respect to short-term investments. See "Financial Intermediaries" in the Statement of Additional Information for more information.

4 Please see the "Exchanging Shares of the Fund" section for details regarding CDSC and exchanges.

#### Class I and Class S Shares
There is no sales charge, commission or CDSC charged by the Fund associated with Class I or Class S Shares, however there may be charges imposed by your financial intermediary.

#### Reducing Your Class A Sales Charges
The Fund permits you to reduce the front-end sales charge you pay on Class A Shares by exercising your Rights of Accumulation or Letter of Intent privileges. Both of these are described below.

Rights of Accumulation: For Class A Shares, a front-end sales charge can be reduced by breakpoint discounts based on the amount of a single purchase or through Rights of Accumulation. By using Rights of Accumulation, you may combine the current market value of any existing qualifying holdings and account types (as described below) with the amount of the current purchase to qualify for a breakpoint and reduced sales charge on the current purchase.

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The amount of the sales charge will be calculated based on the higher of (a) the market value of your qualified holdings as of the last calculated NAV prior to your investment, provided that, in either case, the value will be reduced by the market value on the applicable redemption date of any shares you have redeemed. Depending on their operational capabilities, Financial Intermediaries may utilize one or both of the methods described above so your holdings could be valued differently depending on where you hold your shares.

Letter of Intent: By signing a Letter of Intent, you may combine the current market value of any existing qualifying holdings and account types with the value that you intend to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase that you make during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The 13 month Letter of Intent period commences on the day that the Letter of Intent is received by your financial intermediary, and you must inform your financial intermediary that you have a Letter of Intent each time you make an investment. Purchases submitted prior to the date on which the Letter of Intent is received by the Fund or your Financial Intermediary are considered only in determining the level of sales charge that will be paid. The Letter of Intent will not result in a reduction in the amount of any previously paid sales charges.

A percentage of your investment will be held in escrow until the full amount covered by the Letter of Intent has been invested. If the terms of the Letter of Intent are not fulfilled by the end of the 13<sup>th</sup> month, you must pay JPMII the difference between the sales charges applicable to the purchases at the time they were made and the reduced sales charges previously paid or JPMII will liquidate sufficient escrowed shares to obtain the difference and/or adjust the shareholder's account to reflect the correct number of shares that would be held after deduction of the sales charge. The Letter of Intent will be considered completed if the shareholder dies within the 13 month period covered by the Letter of Intent. Commissions to dealers will not be adjusted or paid on the difference between the Letter of Intent amount and the amount actually invested before the shareholder's death. Calculations made to determine whether a Letter of Intent commitment has been fulfilled will be made on the basis of the amount invested prior to the deduction of any applicable sales charge.

Below are the qualifying holdings and account types that may be aggregated in order to exercise your Rights of Accumulation and Letter of Intent privileges to qualify for a reduced front-end sales charge on Class A Shares.

#### Qualifying Holdings:
Class A, Class S, and Class I Shares (only when used in advisory programs for Class I Shares) of the J.P. Morgan interval funds that makes periodic repurchase offers under Rule 23c-3 under the 1940 Act, including the Fund (each such interval fund, a "J.P. Morgan Fund");

#### Qualifying Accounts:
1. Your account(s);

2. Account(s) of your spouse or domestic partner;

3. Account(s) of children under the age of 21 who share your residential address;

4. Trust accounts established by any of the individuals in items (1) through (3) above. If the person(s) who established the trust is deceased, the trust account may be aggregated with the account(s) of the primary beneficiary of the trust;

5. Solely controlled business accounts; and

6. Single-participant retirement plans of any of the individuals in items (1) through (3) above.

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You may use your qualifying holdings and account types even if they are held at different financial intermediaries. In order to obtain any reduction in the sales charge by utilizing either the Rights of Accumulation or Letter of Intent privileges, you must, before each purchase of Class A Shares, inform your financial intermediary if you have any existing holdings that may be aggregated with your current purchase in order to qualify for a reduced front-end sales charge.

In order to verify your eligibility for a reduced sales charge, you may be required to provide appropriate documentation, such as an account statement or the social security or tax identification number on an account, so that the Fund may confirm (1) the value of each of your accounts invested in J.P. Morgan Funds and (2) the value of the accounts owned by your spouse or domestic partner and by children under the age of 21 who share your residential address.

Certain financial intermediaries may not participate in extending the Rights of Accumulation or Letter of Intent privileges to your holdings. Please check with your financial intermediary to determine whether the financial intermediary makes these privileges available with respect to investments.

To determine if you are eligible for Rights of Accumulation or Letter of Intent privileges, call the Transfer Agent at (877) 753-6353. These programs may be terminated or amended at any time.

#### Waiver of the Class A Sales Charge
No sales charge is imposed on Class A Shares of the Fund if the Shares were:

1. Bought with the reinvestment of dividends and capital gains distributions.

2. Acquired in exchange for shares of another J.P. Morgan Fund if a comparable sales charge has been paid for the exchanged shares.

3. Bought in connection with plans of reorganization of a J.P. Morgan Fund, such as mergers, asset acquisitions and exchange offers to which the Fund is a party. However, you may pay a CDSC when you redeem Shares of the Fund you received in connection with the plan of reorganization.

4. Acquired through financial intermediaries or financial institutions that have entered into dealer agreements with the Fund or JPMII and their subsidiaries and affiliates (or otherwise have an arrangement with a financial intermediary or financial institution with respect to sales of Shares of the Fund). This waiver includes the employees' immediate family members (i.e., spouses, domestic partners, children, grandchildren, parents, grandparents and any dependent of the employee, as defined in Section 152 of the Internal Revenue Code)

5. Acquired through financial intermediaries, including affiliates of JPMorgan Chase, who have a dealer arrangement with JPMII, act in a custodial capacity, or who place trades for their own accounts or for the accounts of their clients and who charge a management, asset allocation, consulting, or other fee for their services. Acquired through financial intermediaries who have entered into an agreement with JPMII and have been approved by JPMII to offer Shares of the Fund to investment

6. brokerage programs in which the end shareholder makes investment decisions independent of a financial advisor. These programs may or may not charge a transaction fee.

To determine if you qualify for a sales charge waiver, call the Transfer Agent at (877) 753-6353 or contact your financial intermediary. These waivers may not continue indefinitely and may be discontinued at any time without notice.

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#### Contingent Deferred Sales Charge (CDSC)
Certain redemptions of Class A Shares are subject to a CDSC. See "SALES CHARGES AND FINANCIAL INTERMEDIARY COMPENSATION" for the amount of the applicable CDSC. The CDSC is calculated by multiplying the original cost of the shares by the CDSC rate. For Class A Shares, the CDSC is calculated from the date of the purchase of the applicable shares.

No CDSC is imposed on share appreciation, nor is a CDSC imposed on shares acquired through reinvestment of dividends or capital gains distributions.

To keep your CDSC as low as possible, the Fund will first redeem any shares that are not subject to a CDSC (i.e., shares that have been held for longer than the CDSC period or shares acquired through reinvestment of dividends or capital gains distributions), followed by the shares held for the longest time. You should retain any records necessary to substantiate historical costs because JPMII, the Fund, the Transfer Agent and your financial intermediary may not maintain such information.

If you received Shares of the Fund in connection with a J.P. Morgan Fund reorganization, the CDSC applicable to your original shares (including the period of time you have held those shares) will be applied to the shares received in the reorganization.

#### Waiver of the Class A Shares and CDSC
No CDSC is imposed on redemptions of shares:

1. Made due to the death or disability of a shareholder. For shareholders that become disabled, the redemption must be made within one year of initial qualification for Social Security disability payments or within one year of becoming disabled as defined in section 72(m)(7) of the Internal Revenue Code. This waiver is only available for accounts opened prior to the shareholder's disability. In order to qualify for the waiver, JPMII must be notified of the death or disability at the time of the redemption order and be provided with satisfactory evidence of such death or disability.

2. That represent a required minimum distribution from your individual retirement account ("IRA Account") or other qualifying retirement plan. The waiver only applies to the pro rata required minimum distribution amount from the assets invested in one or more of the J.P. Morgan Funds.

3. That are part of a J.P. Morgan Fund-initiated event, such as mergers, liquidations, asset acquisitions, and exchange offers to which the Fund is a party, or result from a failure to maintain the required minimum balance in an account. However, you may pay a sales charge when you redeem the Shares of the Fund you received in connection with the Fund-initiated event.

4. Exchanged into the same share class of other J.P. Morgan Funds. Your new Fund will be subject to the CDSC of the Fund from which you exchanged and the current holding period is carried over to your new shares. See "Exchanging Shares of the Fund" for more information.

5. Sold as a return of excess contributions from an IRA Account.

6. Sold to pay JPMII or a financial intermediary account-related fees (only if the transaction is initiated by JPMII or the financial intermediary).

To see if you qualify for a CDSC waiver, call the Transfer Agent at (877) 753-6353 or contact your financial intermediary. These waivers may not continue indefinitely and may be discontinued at any time without notice.

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#### Repurchase Rights
If you redeem shares of the Fund, repurchase rights may allow you to reinvest all or a portion of the redemption proceeds or repurchase shares at NAV if the purchase is made within 90 days of the sale or distribution. In order to take advantage of Repurchase Rights, you must inform your financial intermediary you wish to do so at the time of purchase. This policy does not apply to systematic purchases.

There is no sales charge on:

• Class A Shares if they are bought with proceeds from the sale of Class A Shares of a J.P. Morgan Fund

• Class A Shares if they are bought with proceeds from the sale of Class I Shares of a J.P. Morgan Fund

• Class A Shares if they are bought with proceeds from the sale of Class S Shares of a J.P. Morgan Fund

#### Distribution Fee
The Fund has adopted a Distribution Plan under Rule 12b-1 with respect to Class A and Class S Shares that allows it to pay distribution fees for the sale and distribution of these shares of the Fund. The Distribution Fees are paid by the Fund to JPMII as compensation for its services and expenses in connection with the sale and distribution of Shares of the Fund. JPMII in turn pays all or part of these Distribution Fees to financial intermediaries that have agreements with JPMII to sell shares of the Fund. JPMII may pay Distribution Fees to its affiliates. Payments are not tied to actual expenses incurred.

The Distribution Fees (based on average daily net assets of the share class) vary by share class as follows:

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| | |
|:---|:---|
| Class | Distribution Fee<br>(Annual Rate) |
| Class A | 0.50% |
| Class S | 0.75% |
| Class I |  |

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Because Distribution Fees are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

Such payments on Class A (except where a finder's fee is paid) and Class S Shares will be paid to broker-dealers promptly after the shares are purchased. With respect to Class A Shares transactions, for purchases at NAV where JPMII paid a finder's fee at the time of the purchase, the selling financial intermediary will start to receive the applicable Distribution Fee in the 13<sup>th</sup> month after the sale and JPMII will retain the Distribution Fees during such period, except certain broker-dealers who have sold Class A Shares to certain defined contribution plans and who have waived the 1.00% sales commission shall be paid Distribution Fees promptly after the Shares are purchased.

#### Servicing Fees
JPMII also serves as shareholder servicing agent pursuant to an agreement with the Fund, under which JPMII has agreed to provide certain support services to the Fund's shareholders. For performing these services, JPMII, as shareholder servicing agent, receives a Servicing Fee of 0.25% of the average daily net assets of the Class A, Class S and Class I Shares of the Fund, payable monthly in arrears. JPMII may enter into service agreements

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with financial intermediaries under which it will pay all or a portion of the Servicing Fee to such financial intermediaries for performing some or all of shareholder, administrative and other related services (including Shareholder liaison services such as responding to inquiries from Shareholders and providing Shareholders with information about their investments in the Fund, as well as sub-administration, sub-transfer agency, sub-accounting and other Shareholder services associated with Shareholders whose Shares are held in, as applicable, omnibus accounts, other group accounts or accounts traded through registered securities clearing agents). If a financial intermediary does not accept payment of all or a portion of the Servicing Fee attributable to its Shareholder accounts then JPMII will retain such monies. The Servicing Fee is paid out of the relevant class's assets and decreases the net profits or increases the net losses of the Fund solely with respect to such class. Because the Servicing Fee is paid out of the Fund's assets on an on-going basis, over time these fees will increase the cost of a Shareholder's investment.

#### EXCHANGING SHARES OF THE FUND
Subject to the terms and conditions below, a Shareholder may only exchange their shares of the Fund for another J.P. Morgan Fund of the same share class (such exchange, an "inter-fund exchange"), or a Shareholder may exchange Shares for another Share class of the Fund (such exchange, an "intra-fund exchange"), provided such Shareholder meets any investment minimum or eligibility requirements for the Share class it is exchanging into.

Inter-fund Exchanges Across J.P. Morgan Funds: An exchange is selling shares of the Fund and taking the proceeds to simultaneously purchase shares of another J.P. Morgan Fund in conjunction with quarterly repurchases made by the Fund. Before making an inter-fund exchange request for another J.P. Morgan Fund, you should read the prospectus of the J.P. Morgan Fund whose shares you would like to purchase by exchange. You can obtain a prospectus for any J.P. Morgan Fund by contacting your Financial Intermediary, by visiting www.jpmorganfunds.com.

The following rules and procedures apply to inter-fund exchanges across J.P. Morgan Funds:

• All exchanges are subject to meeting any investment minimum or eligibility requirements of the applicable J.P. Morgan Fund and class.

• The J.P. Morgan Funds will provide 60 days' written notice of any termination of or material change to your exchange privilege.

• All exchanges are based upon the net asset value that is next calculated after a J.P. Morgan Fund receives your order, provided the exchange out of one J.P. Morgan Fund must occur before the exchange into the other J.P. Morgan Fund.

• Rather than tendering shares for cash, the Shareholder would elect to have the dollar value of those Shares accepted for purchases of shares of the other J.P. Morgan Funds. Such exchanges for shares of other J.P. Morgan Funds must occur in conjunction with quarterly repurchases made by the Fund and will be subject to the repurchase offer risks, such as the risk that shareholders may be unable to liquidate all or a given percentage of their investment in the Fund during a particular repurchase offer, that are described in the Prospectus. See "Risks – Repurchase Offers Risk."

• A shareholder that exchanges into shares of a J.P. Morgan Fund that accrues dividends daily will not accrue a dividend on the day of the exchange. A shareholder that exchanges out of shares of a J.P. Morgan Fund that accrues a daily dividend will accrue a dividend on the day of the exchange.

• Any J.P. Morgan Fund may reject any exchange request for any reason, including if it is not in the best interests of the applicable J.P. Morgan Fund and/or its shareholders to accept the exchange.

Generally, you will not pay a sales charge on an exchange except as specified below.

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If you exchange Class A Shares of a J.P. Morgan Fund that are subject to a CDSC for Class A Shares of another J.P. Morgan Fund, you will not pay a CDSC at the time of the exchange, however, your new Class A Shares will be subject to the CDSC of the J.P. Morgan Fund from which you exchanged.

Intra-Fund Exchanges: Shares of one class of the Fund may be exchanged at any time, at a Shareholder's option, directly for Shares of another class of the Fund, provided that the Shareholder for whom the intra-fund exchange is being requested meets the eligibility requirements of the class into which such Shareholder seeks to exchange. Additional information regarding the eligibility requirements of different share classes, including investment minimums and intended distribution channels is described under "Purchasing Shares" above. Shares of one class of the Fund will be exchanged for Shares of a different class of the Fund on the basis of their respective NAV. Ongoing fees and expenses incurred by a given class of Shares will differ from those of other classes of Shares, and a Shareholder receiving new Shares in an intra-fund exchange may be subject to higher or lower total expenses following such exchange.

#### Tax Consequences on Exchanges
Generally, an exchange between the Fund and a J.P. Morgan Fund is considered a sale and generally results in a capital gain or loss for federal income tax purposes. An exchange between classes of Shares of the Fund is generally not taxable for federal income tax purposes. You should talk to your tax advisor before making an exchange.

#### Closings, Reorganizations and Liquidations
To the extent authorized by law, the Fund reserves the right to discontinue offering Shares at any time, to merge or reorganize itself or a share class, or to cease operations and liquidate at any time.

#### SHAREHOLDER STATEMENTS
The Fund or your financial intermediary will send you transaction confirmation statements and quarterly account statements. Please review these statements carefully. The Fund will correct errors if notified within one year of the date printed on the transaction confirmation or account statement, except that, with respect to unfulfilled Letters of Intent, the Fund may process corrections up to 15 months after the date printed on the transaction confirmation or account statement. Your financial intermediary may have a different cut-off time. The Fund will charge a fee for requests for statements that are older than two years. Please retain all of your statements, as they could be needed for tax purposes.

If you have any questions or need additional information, please write to the Fund at 277 Park Avenue, New York, New York 10172 or visit www.jpmorganfunds.com.

#### CLOSED-END FUND STRUCTURE; NO RIGHT OF REDEMPTION
The Fund is a non-diversified, closed-end management investment company with no operating history. Closed-end funds differ from open-end funds in that closed-end funds do not redeem their shares at the request of an investor. No Shareholder has the right to require the Fund to redeem his, her or its Shares. No public market for the Shares exists, and none is expected to develop in the future. As a result, Shareholders may not be able to liquidate their investment other than through repurchases of Shares by the Fund, as described below. Accordingly, Shareholders should consider that they may not have access to the funds they invested in the Fund for an indefinite period of time.

#### TRANSFER RESTRICTIONS
No person shall become a substituted Shareholder of the Fund without the consent of the Fund, which consent may be withheld in its sole discretion. Shares held by Shareholders may be transferred only: (i) by operation of

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law in connection with the death, divorce, bankruptcy, insolvency, or adjudicated incompetence of the Shareholder; or (ii) under other limited circumstances, with the consent of the Board (which may be withheld in its sole discretion and is expected to be granted, if at all, only under extenuating circumstances).

Notice to the Fund of any proposed transfer must include evidence satisfactory to the Board that the proposed transferee, at the time of transfer, meets any requirements imposed by the Fund with respect to investor eligibility and suitability. In connection with any request to transfer Shares, the Fund may require the Shareholder requesting the transfer to obtain, at the Shareholder's expense, an opinion of counsel selected by the Fund as to such matters as the Fund may reasonably request. Each transferring Shareholder and transferee may be charged reasonable expenses, including, but not limited to, attorneys' and accountants' fees, incurred by the Fund in connection with the transfer.

Any transferee acquiring Shares by operation of law in connection with the death, divorce, bankruptcy, insolvency, or adjudicated incompetence of the Shareholder, will be entitled to the allocations and distributions allocable to the Shares so acquired, to transfer the Shares in accordance with the terms of the Declaration of Trust and to tender the Shares for repurchase by the Fund, but will not be entitled to the other rights of a Shareholder unless and until the transferee becomes a substituted Shareholder as specified in the Declaration of Trust. If a Shareholder transfers Shares with the approval of the Board, the Fund shall as promptly as practicable take all necessary actions so that each transferee or successor to whom the Shares are transferred is admitted to the Fund as a Shareholder.

By subscribing for Shares, each Shareholder agrees to indemnify and hold harmless the Fund, the Board, the Adviser, and each other Shareholder, and any affiliate of the foregoing and any of their employees, officers or directors against all losses, claims, damages, liabilities, costs, and expenses (including legal or other expenses incurred in investigating or defending against any losses, claims, damages, liabilities, costs, and expenses or any judgments, fines, and amounts paid in settlement), joint or several, to which such persons may become subject by reason of or arising from any transfer made by that Shareholder in violation of the Declaration of Trust or any misrepresentation made by that Shareholder in connection with any such transfer.

#### REPURCHASE OF SHARES
The Fund is a closed-end interval fund. We do not intend to list our Shares on a securities exchange and we do not expect there to be a public market for our Shares. Instead, to provide liquidity and the ability to receive NAV on a disposition of at least a portion of Shares, we will make periodic offers to repurchase Shares. No Shareholder will have the right to require the Fund to repurchase its Shares, except as permitted by the Fund's interval structure. As a result, if you purchase our Shares, your ability to sell your Shares will be limited.

The Fund has adopted, pursuant to Rule 23c-3 under the 1940 Act, a fundamental policy, which cannot be changed without shareholder approval, requiring the Fund to offer to repurchase at least 5% and up to 25% of its Shares at NAV on a quarterly basis. Although the policy permits repurchases of between 5% and 25% of the Fund's outstanding Shares, for each quarterly repurchase offer, the Fund currently expects to offer to repurchase 5% of the Fund's outstanding Shares (in the aggregate across all share classes) at NAV (either by number of shares or aggregate NAV) subject to the approval of the Board. The Adviser currently expects to recommend to the Board that the Fund conduct its first repurchase offer following the later of the second full quarter after (i) the date the Fund first accepts third party capital or (ii) the effective date of the Fund's registration statement (or such earlier or later date as the Board may determine).

Written notification of each quarterly repurchase offer (the "Repurchase Offer Notice") is sent to Shareholders at least 21 calendar days before the repurchase request deadline (i.e., the date by which Shareholders can tender their Shares in response to a repurchase offer) (the "Repurchase Request Deadline"). The Fund expects to determine the NAV applicable to repurchases on the Repurchase Request Deadline. However, the NAV will be calculated no later than the 14<sup>th</sup> calendar day (or the next business day if the 14<sup>th</sup> calendar day is not a business

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day) after the Repurchase Request Deadline (the "Repurchase Pricing Date"), although the NAV is expected to be determined on the Repurchase Request Deadline. The Fund expects to distribute payment to Shareholders between one and three business days after the Repurchase Pricing Date and will distribute such payment no later than seven calendar days after such Date.

When a repurchase offer commences, the Fund sends, at least 21 days before the Repurchase Request Deadline, written notice to each shareholder setting forth, among other things:

• The percentage of outstanding Shares that the Fund is offering to repurchase and how the Fund will purchase Shares on a pro rata basis if the offer is oversubscribed.

• The date on which a Shareholder's repurchase request is due.

• The date that will be used to determine the Fund's NAV applicable to the repurchase offer (the "Repurchase Pricing Date").

• The date by which the Fund will pay to Shareholders the proceeds from their Shares accepted for repurchase.

• The NAV of the Shares as of a date no more than seven days before the date of the written notice and the means by which shareholders may ascertain the NAV.

• The procedures by which Shareholders may tender their Shares, the right of shareholders to withdraw or modify their tenders before the Repurchase Request Deadline, and the amount of any repurchase fees that may be charged.

• For Shares held in "street name," any additional procedures from the financial intermediary a shareholder must follow, as applicable.

• The circumstances in which the Fund may suspend or postpone the repurchase offer.

This notice must be included in a shareholder report or other Fund document. If a shareholder fails to submit a repurchase request in good order by the Repurchase Request Deadline, the shareholder will generally be unable to liquidate Shares until a subsequent repurchase offer, and will have to resubmit a request in the next repurchase offer. Shareholders may withdraw or change a repurchase request with a proper instruction submitted in good form at any point before the Repurchase Request Deadline.

The Fund expects to distribute payment to Shareholders between one and three business days after the Repurchase Pricing Date and will distribute such payment no later than seven calendar days after such date.

The Fund's NAV per share may change materially between the date a repurchase offer is mailed and the Repurchase Request Deadline, and it may also change materially between the Repurchase Request Deadline and Repurchase Pricing Date. The method by which the Fund calculates NAV is discussed under "Net Asset Valuation." During the period an offer to repurchase is open, shareholders may obtain the current NAV by visiting www.jpmorganfunds.com.

You may tender all of the Shares that you own. If you are a participant in the Fund's distribution reinvestment plan and tender Shares that you own, it will impact your participation in the distribution reinvestment plan. See "Distribution Reinvestment Plan."

There is no minimum number of Shares that must be tendered before the Fund will honor repurchase requests. However, the Fund's Trustees set for each repurchase offer a maximum percentage of Shares that may be

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repurchased by the Fund, which is currently expected to be 5% of the Fund's outstanding Shares (either by number of shares or aggregate NAV). In the event a repurchase offer by the Fund is oversubscribed, the Fund may repurchase, but is not required to repurchase, additional Shares up to a maximum amount of 2% of the outstanding Shares of the Fund. If the Fund determines not to repurchase additional Shares beyond the repurchase offer amount, or if shareholders tender an amount of Shares greater than that which the Fund is entitled to repurchase, the Fund will repurchase the Shares (in the aggregate across all share classes) tendered on a pro rata basis.

If any Shares that you wish to tender to the Fund are not repurchased because of proration, you will have to wait until the next repurchase offer and resubmit a new repurchase request, and your repurchase request will not be given any priority over other shareholders' requests. Thus, there is a risk that the Fund may not purchase all of the Shares you wish to have repurchased in a given repurchase offer or in any subsequent repurchase offer. In anticipation of the possibility of proration, some shareholders may tender more Shares than they wish to have repurchased in a particular quarter, increasing the likelihood of proration.

The Fund may suspend or postpone a repurchase offer in limited circumstances set forth in Rule 23c-3 under the 1940 Act, as described below, but only with the approval of a majority of the Trustees, including a majority of the Independent Trustees. The Fund may suspend or postpone a repurchase offer only: (1) if making or effecting the repurchase offer would cause the Fund to lose its status as a regulated investment company under Subchapter M of the Code; (2) for any period during which the NYSE or any other market in which the securities owned by the Fund are principally traded is closed, other than customary weekend and holiday closings, or during which trading in such market is restricted; (3) for any period during which an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practicable, or during which it is not reasonably practicable for the Fund fairly to determine the value of its net assets; or (4) for such other periods as the SEC may by order permit for the protection of shareholders of the Fund.

The majority of our assets will consist of instruments that cannot generally be readily liquidated without impacting our ability to realize full value upon their disposition. Additionally, to the extent we seek to participate in a repurchase program of any portfolio company in which we invest, the amount that we tender in such repurchase offers may not be fully accepted by the portfolio company, which may affect our liquidity. In order to provide potential liquidity for share repurchases, we intend to generally maintain under normal circumstances an allocation to liquid assets, including bonds, syndicated loans, cash, cash equivalents or other liquid investments. We may fund repurchase requests from sources other than net investment income, including the sale of assets, borrowings, return of capital or offering proceeds.

A Shareholder who tenders for repurchase only a portion of his Shares in the Fund will be required to maintain a minimum account balance of $500. If a Shareholder tenders a portion of his Shares and the repurchase of that portion would cause the Shareholder's account balance to fall below this required minimum of $500, the Fund reserves the right to repurchase all of such Shareholder's outstanding Shares at the repurchase price in effect on the date we determine that the shareholder has failed to meet the minimum balance. Minimum account repurchases will apply even in the event that the failure to meet the minimum balance is caused solely by a decline in our NAV.

Payment for repurchased Shares may require us to liquidate portfolio holdings earlier than our Adviser would otherwise have caused these holdings to be liquidated, potentially resulting in losses, and may increase our investment-related expenses as a result of higher portfolio turnover rates. Our Adviser intends to take measures, subject to policies as may be established by our Board of Trustees, to attempt to avoid or minimize potential losses and expenses resulting from the repurchase of Shares.

#### CERTAIN ERISA CONSIDERATIONS
Employee benefit plans and other plans and entities that are subject to Title I of ERISA and/or Section 4975 of the Code, including corporate savings and 401(k) plans, IRAs and "Keogh" plans (each, a "Benefit Plan") may

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purchase Shares. ERISA and the Code impose certain general and specific responsibilities on persons who are fiduciaries with respect to a Benefit Plan, including prudence, diversification, prohibited transactions and other standards. Because the Fund is registered as an investment company under the 1940 Act, the underlying assets of the Fund will not be considered to be "plan assets" of any Benefit Plan investing in the Fund for purposes of the fiduciary responsibility and prohibited transaction rules under Title I of ERISA or Section 4975 of the Code. Thus, none of the Fund or the Adviser will be a fiduciary within the meaning of ERISA or Section 4975 of the Code with respect to the assets of any Benefit Plan that becomes a Shareholder, solely as a result of the Benefit Plan's investment in the Fund.

The provisions of ERISA and Section 4975 of the Code are subject to extensive and continuing administrative and judicial interpretation and review. The discussion of ERISA contained herein is, of necessity, general and may be affected by future publication of regulations and rulings. Potential investors should consult their legal advisers regarding the consequences under ERISA of an investment in the Fund through a Benefit Plan.

#### DISTRIBUTIONS
The Fund will elect to be treated, and intends to operate in a manner so as to qualify each taxable year thereafter, as a RIC under Subchapter M of the Code. To qualify and remain eligible for the special tax treatment accorded to RICs under the Code, the Fund is required to distribute at least 90% of its "investment company taxable income" (as such term is defined in the Code, which generally is the Fund's net ordinary taxable income and recognized net short-term capital gain in excess of recognized net long-term capital loss) to Shareholders in each taxable year. For any distribution, the Fund will calculate each Shareholder's specific distribution amount for the period using record and declaration dates. From time to time, the Fund may also pay special interim distributions in the form of cash or Shares at the discretion of the Board.

The Fund cannot guarantee that it will make distributions. The Fund may finance its cash distributions to Shareholders from any sources of funds available to the Fund, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets (including fund investments), non-capital gains proceeds from the sale of assets (including fund investments), dividends or other distributions paid to the Fund on account of preferred and common equity investments by the Fund in Portfolio Funds and/or Co-Investments and expense reimbursements from the Adviser. The Fund has not established limits on the amount of funds the Fund may use from available sources to make distributions. The repayment of any amounts owed to the Adviser or its affiliates will reduce future distributions to which you would otherwise be entitled.

Each year a statement on IRS Form 1099-DIV (or successor form), identifying the character (e.g., as ordinary dividend income, qualified dividend income or long-term capital gain) of the distributions, will be mailed to Shareholders. The Fund's distributions may exceed the Fund's earnings, especially during the period before the Fund has substantially invested the proceeds from this offering. As a result, a portion of the distributions the Fund makes may represent a return of capital for U.S. federal tax purposes. A return of capital generally is a return of your investment rather than a return of earnings or gains derived from the Fund's investment activities and will be made after deduction of the fees and expenses payable in connection with the offering, including any fees payable to the Adviser. See "Material U.S. Federal Income Tax Considerations" for more information. There can be no assurance that the Fund will be able to pay distributions at a specific rate or at all.

Shareholders will automatically have all distributions reinvested in Shares of the Fund issued by the Fund in accordance with the Fund's dividend reinvestment plan unless an election is made to receive cash. See "Dividend Reinvestment Plan."

#### DIVIDEND REINVESTMENT PLAN
The Fund operates under a DRIP administered by the Transfer Agent. Pursuant to the DRIP, the Fund's distributions, net of any applicable U.S. withholding tax, are reinvested in the same class of Shares of the Fund.

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The Fund expects to coordinate distribution payment dates so that the same net asset value that is used for the daily closing date immediately preceding such distribution payment date will be used to calculate the purchase net asset value for purchasers under the DRIP. Shares issued pursuant to the DRIP will have the same voting rights as the Fund's Shares acquired by subscription to the Fund.

Shareholders automatically participate in the DRIP, unless and until an election is made to withdraw from the plan on behalf of such participating Shareholder. A Shareholder who does not wish to have distributions automatically reinvested may terminate participation in the DRIP at any time by written instructions to that effect to the Transfer Agent. Shareholders who elect not to participate in the DRIP will receive all distributions in cash paid to the Shareholder of record (or, if the Shares are held in street or other nominee name, then to such nominee). Such written instructions must be received by the Transfer Agent thirty (30) days prior to the record date of the distribution or the Shareholder will receive such distribution in Shares through the DRIP. Under the DRIP, the Fund's distributions to Shareholders are automatically reinvested in full and fractional Shares as described below.

When the Fund declares a distribution, the Transfer Agent, on the Shareholder's behalf, will receive additional authorized Shares from the Fund either newly issued or repurchased from Shareholders by the Fund and held as treasury stock. The number of Shares to be received when distributions are reinvested will be determined by dividing the amount of the distribution by the Fund's net asset value per Share for the relevant class of Shares.

The Transfer Agent will maintain all Shareholder accounts and furnish written confirmations of all transactions in the accounts, including information needed by Shareholders for personal and tax records. The Transfer Agent will hold Shares in the account of the Shareholders in non-certificated form in the name of the participant, and each shareholder's proxy, if any, will include those Shares purchased pursuant to the DRIP. The Transfer Agent will distribute all proxy solicitation materials, if any, to participating Shareholders.

In the case of Shareholders, such as banks, brokers or nominees, that hold Shares for others who are beneficial owners participating under the DRIP, the Transfer Agent will administer the DRIP on the basis of the number of Shares certified from time to time by the record Shareholder as representing the total amount of Shares registered in the Shareholder's name and held for the account of beneficial owners participating under the DRIP.

Neither the Transfer Agent nor the Fund shall have any responsibility or liability beyond the exercise of ordinary care for any action taken or omitted pursuant to the DRIP, nor shall they have any duties, responsibilities or liabilities except such as expressly set forth herein. Neither shall they be liable hereunder for any act done in good faith or for any good faith omissions to act, including, without limitation, failure to terminate a participant's account prior to receipt of written notice of his or her death or with respect to prices at which Shares are purchased or sold for the participants account and the terms on which such purchases and sales are made, subject to applicable provisions of the federal securities laws.

The automatic reinvestment of dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividends. The Fund may elect to make non-cash distributions to Shareholders. Such distributions are not subject to the DRIP, and all Shareholders, regardless of whether or not they are participants in the DRIP, will receive such distributions in additional Shares of the Fund.

The Fund reserves the right to amend or terminate the DRIP. There is no direct service charge to participants with regard to purchases under the DRIP; however, the Fund reserves the right to amend the DRIP to include a service charge payable by the participants.

All correspondence concerning the DRIP should be directed to JPMorgan Credit Markets Fund c/o SS&C GIDS, Inc., P.O. Box 219125, Kansas City, MO 64121-9125. Certain transactions can be performed by calling the toll free number (877) 753-6353.

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#### DESCRIPTION OF SHARES
The Fund is a newly organized Delaware statutory trust formed on February 3, 2025. The Fund currently offers three classes of Shares: Class S Shares, Class A Shares and Class I Shares. The Fund relies upon an exemptive order from the SEC that permits the Fund to offer multiple classes of shares with different asset-based distribution and/or shareholder servicing fees and early withdrawal fees, as applicable. An investment in any Share class of the Fund represents an investment in the same assets of the Fund. However, the minimum investment amounts and ongoing fees and expenses for each Share class are expected to be different. The estimated fees and expenses for each class of Shares of the Fund are set forth in "Summary of Fees and Expenses."

Shares of each class of the Fund represent an equal pro rata interest in the Fund and, generally, have identical voting, distribution, liquidation, and other rights, preferences, powers, restrictions, limitations, qualifications and terms and conditions, except that: (a) each class has a different designation; (b) each class of Shares bears any class-specific expenses; and (c) each class shall have separate voting rights on any matter submitted to shareholders in which the interests of one class differ from the interests of any other class, and shall have exclusive voting rights on any matter submitted to shareholders that relates solely to that class.

Any additional offerings of classes of Shares will require approval by the Board. Any additional offering of classes of Shares will also be subject to the requirements of the 1940 Act, which provides that such Shares may not be issued at a price below the then-current net asset value, except in connection with an offering to existing holders of Shares or with the consent of a majority of the Fund's common shareholders.

JPM Initial Capitalization. Prior to the public offering of the Shares, the Adviser will purchase Shares from the Fund (the "JPM Initial Capitalization") in an amount that satisfies the net worth requirements of Section 14(a) of the 1940 Act, which requires the Fund to have a net worth of at least $100,000 prior to making a public offering of its Shares. The Adviser may also make additional purchases of shares from the Fund following the public offering. Following the JPM Initial Capitalization, the Adviser will own 100% of the outstanding Class I Shares. The Adviser therefore may own a significant percentage of the Fund's outstanding Shares after the commencement of the Fund's operations and for the foreseeable future. This ownership will fluctuate as other investors subscribe for Shares and if the Fund repurchases Shares in connection with periodic repurchase offers. The JPM Initial Capitalization is expected to remain invested in the Fund at least until the earlier of (i) the first date that the Fund's net asset value reaches $1 billion and (ii) three (3) years after the commencement of the Fund's operations. The JPM Initial Capitalization will be subject to Volcker Rule seeding period requirements. See "Other Risks–The Fund is subject to limitations under the Volcker Rule." Any withdrawal of the JPM Initial Capitalization would be effected through participation in the repurchase offers.

The following table shows the amounts of Shares that have been authorized and outstanding as of December 12, 2025:

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| | | |
|:---|:---|:---|
| Share Class | Amount<br> Authorized | Amount<br> Outstanding |
|  Class S Shares | Unlimited | 1000 |
|  Class A Shares | Unlimited | 1000 |
|  Class I Shares | Unlimited | 8000 |

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There is currently no market for the Shares, and the Fund does not expect that a market for the Shares will develop in the foreseeable future.

#### CERTAIN PROVISIONS IN THE DECLARATION OF TRUST
An investor in the Fund will be a Shareholder of the Fund and his or her rights in the Fund will be established and governed by the Declaration of Trust. A prospective investor and his or her advisers should carefully review

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the Declaration of Trust as each Shareholder will agree to be bound by its terms and conditions. The following is a summary description of additional items and of select provisions of the Declaration of Trust that may not be described elsewhere in this Prospectus. The description of such items and provisions is not definitive and reference should be made to the complete text of the Declaration of Trust.

#### Shareholders; Additional Classes of Shares
Persons who purchase Shares will be Shareholders of the Fund. The Adviser may invest in the Fund as a Shareholder.

In addition, to the extent permitted by the 1940 Act and subject to the Fund's exemptive relief from the SEC, the Fund reserves the right to issue additional classes of shares in the future subject to fees, charges, repurchase rights, and other characteristics different from those of the Shares offered in this Prospectus.

Each Share has one vote and, when issued and paid for in accordance with the terms of this offering, will be fully paid and non-assessable. All classes of Shares are equal as to distributions, assets and voting privileges and have no conversion, preemptive or other subscription rights.

#### Anti-Takeover and Other Provisions
The Declaration of Trust includes provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Fund, to change the composition of the Board or convert the Fund to open-end status. These provisions may have the effect of discouraging attempts to acquire control of the Fund, which attempts could have the effect of increasing the expenses of the Fund and interfering with the normal operation of the Fund. The Trustees are elected for indefinite terms and do not stand for reelection. A Trustee may be removed from office (i) at any meeting of Shareholders by a vote of not less than two-thirds of the outstanding voting Shares or (ii) with or without cause at any time by written instrument signed by at least two-thirds of the number of Trustees prior to such removal, specifying the date when such removal shall become effective. The Trustees may also fill vacancies caused by enlargement of their number or by the death, resignation or removal of a Trustee. The Declaration of Trust requires the affirmative vote of not less than seventy-five percent (75%) of the Shares of the Fund to approve, adopt or authorize an amendment to the Declaration of Trust that makes the Shares a "redeemable security" as that term is defined in the 1940 Act, unless such amendment has been approved by a majority of the Trustees then in office, in which case approval by the vote of a majority of the outstanding voting securities, as defined in the 1940 Act, is required, notwithstanding any provisions of the By-Laws. Upon the adoption of a proposal to convert the Fund from a "closed-end company" to an "open-end company", as those terms are defined by the 1940 Act, and the necessary amendments to the Declaration of Trust to permit such a conversion of the Fund's outstanding Shares entitled to vote, the Fund shall, upon complying with any requirements of the 1940 Act and state law, become an "open-end" investment company. Such affirmative vote or consent shall be in addition to the vote or consent of the holders of the Shares otherwise required by law, or any agreement between the Fund and any national securities exchange.

#### Limitation of Liability; Indemnification
The Declaration of Trust provides that the Trustees and former Trustees of the Board and officers and former officers of the Fund shall not be liable to the Fund or any of the Shareholders for any loss or damage occasioned by any act or omission in the performance of their services as such in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of their office or as otherwise required by applicable law. The Declaration of Trust also contains provisions for the indemnification, to the extent permitted by law, of the Trustees and former Trustees of the Board and officers and former officers of the Fund (as well as certain other related parties) by the Fund (but not by the Shareholders individually) against any liability and expense to which any of them may be liable that arise in connection with the performance of their activities on behalf of the Fund. Persons extending credit to, contracting with or having any claim against the

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Fund shall look only to the assets of the Fund for payment under such credit, contract or claim, and neither the Shareholders nor the Trustees, nor any of the Trust's officers, employees or agents, whether past, present or future, shall be personally liable therefor. The rights of indemnification and exculpation provided under the Declaration of Trust shall not be construed so as to limit liability or provide for indemnification of the Trustees and former Trustees of the Board, officers and former officers of the Fund, and the other persons entitled to such indemnification for any liability (including liability under applicable federal or state securities laws which, under certain circumstances, impose liability even on persons that act in good faith), to the extent (but only to the extent) that such indemnification or limitation on liability would be in violation of applicable law, but shall be construed so as to effectuate the applicable provisions of the Declaration of Trust to the fullest extent permitted by law.

#### Derivative Actions, Direct Actions and Exclusive Jurisdiction
The Declaration of Trust provides that a Shareholder may bring a derivative action on behalf of the Fund only if the following conditions are met: (i) the Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; (ii) Shareholders eligible to bring such derivative action under the Delaware Statutory Trust Act (the "DSTA") who hold at least ten percent (10%) of the outstanding Shares of the Fund or ten percent (10%) of the outstanding Shares of the Series or class to which such action relates, shall join in the request for the Trustees to commence such action; (iii) unless a demand is not otherwise required under (i) above, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim (the Trustees may retain counsel or other advisers in considering the merits of the request and Shareholders making such request must reimburse the Fund for the expense of any such adviser if the Trustees determine not to take action); (iv) the Board may designate a committee of one Trustee to consider a Shareholder demand if necessary to create a committee with a majority of Trustees who do not have a personal financial interest in the transaction at issue; and (v) any decision by the Trustees to bring, maintain, or compromise (or not to bring, maintain, or compromise) such court action, proceeding or claim, or to submit the matter to a vote of Shareholders, shall be made by the Trustees in good faith and shall be binding upon the Shareholders. A Shareholder may only bring a derivative action if Shareholders owning not less than ten percent (10%) of the then outstanding Shares of the Fund or such series or class joins in the bringing of such court action, proceeding or claim. Notwithstanding the foregoing, however, if one or more of these provisions is found to violate the U.S. federal securities law, including, without limitation, the 1940 Act, then such provision shall not apply to any claims asserted under such U.S. federal securities law.

Further, to the fullest extent permitted by Delaware law, shareholders may not bring direct actions against the Fund and/or the Trustees, except to enforce their rights to vote or certain rights to distributions or books and records under the DSTA, in which case a Shareholder bringing such direct action must hold in the aggregate at least 10% of the Fund's outstanding Shares (or at least 10% of the class to which the action relates) to join in the bringing of such direct action. Notwithstanding the foregoing, however, if one or more of these provisions is found to violate the U.S. federal securities law, including, without limitation, the 1940 Act, then such provision shall not apply to any claims asserted under such U.S. federal securities law.

Under the Declaration of Trust, actions by Shareholders against the Fund asserting a claim governed by Delaware law or the Fund's organizational documents must be brought in the Court of Chancery of the State of Delaware or any other court in the State of Delaware with subject matter jurisdiction. Shareholders also waive the right to jury trial to the fullest extent permitted by law. This exclusive jurisdiction provision may make it more expensive for a Shareholder to bring a suit. Notwithstanding the foregoing, however, if one or more of these provisions is found to violate the U.S. federal securities law, including, without limitation, the 1940 Act, then such provision shall not apply to any claims asserted under such U.S. federal securities law.

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#### Amendment of the Declaration of Trust
The Declaration of Trust may generally be amended, in whole or in part, with the approval of a majority of the Board (including a majority of the Independent Trustees, if required by the 1940 Act) and without the approval of the Shareholders unless the approval of Shareholders is required under 1940 Act or such an amendment would limit Shareholder rights, as discussed in the Declaration of Trust.

#### Term, Dissolution, and Liquidation
Upon the dissolution and wind up of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding preferred shares, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Fund among the classes of Shares of the Fund in accordance with the respective rights of such classes.

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#### MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS
The following discussion is a general summary of certain material U.S. federal income tax considerations applicable to the Fund, to its qualification and taxation as a RIC for U.S. federal income tax purposes under Subchapter M of the Code and to an investment in the Fund's Shares, and to the acquisition, ownership, and disposition of the Fund's Shares.

This discussion does not purport to be a complete description of the tax considerations applicable to the Fund or its Shareholders. In particular, this discussion does not address certain considerations that may be relevant to certain types of holders subject to special treatment under U.S. federal income tax laws, including without limitation tax-exempt organizations, banks and other financial institutions, insurance companies, Shareholders that are treated as partnerships for U.S. federal income tax purposes, dealers in securities, traders in securities that elect to use a mark-to-market method of accounting for securities holdings, pension plans and trusts, financial institutions, persons that hold the Fund's Shares as part of a straddle or a hedging or conversion transaction, real estate investment trusts ("REITs"), RICs, U.S. persons with a functional currency other than the U.S. dollar, persons who have ceased to be U.S. citizens or to be taxed as residents of the United States, controlled foreign corporations ("CFCs"), and passive foreign investment companies ("PFICs"). This discussion does not discuss any aspects of U.S. estate or gift tax or foreign, state or local tax nor does it discuss the special treatment under U.S. federal income tax laws that could result if the Fund invests in tax-exempt securities or certain other investment assets or realizes such income through investments in Portfolio Funds that are treated as partnerships for U.S. federal income tax purposes (other than certain publicly traded partnerships), or are otherwise treated as disregarded from the Fund for U.S. federal income tax purposes. This discussion is limited to Shareholders that hold the Fund's Shares as capital assets (within the meaning of the Code), and does not address owners of a Shareholder. This discussion is based upon the Code, the U.S. Treasury regulations promulgated thereunder, published rulings and court decisions, each as of the date of this Prospectus and all of which are subject to change or differing interpretations, possibly retroactively, which could affect the continuing validity of this discussion. The Fund has not sought, and will not seek any ruling from the IRS regarding any matter discussed herein, and this discussion is not binding on the IRS. Accordingly, there can be no assurance that the IRS would not assert, and that a court would not sustain, a position contrary to any of the tax consequences discussed herein.

For purposes of this discussion, a "U.S. Shareholder" is a beneficial owner of the Fund's Shares that is for U.S. federal income tax purposes:

• an individual who is a citizen or resident of the United States;

• a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any state thereof or the District of Columbia;

• a trust, if a court within the United States has primary supervision over its administration and one or more U.S. persons (as defined in the Code) have the authority to control all of its substantial decisions, or if the trust has a valid election in effect under applicable U.S. Treasury regulations to be treated as a domestic trust for U.S. federal income tax purposes; or

• an estate, the income of which is subject to U.S. federal income taxation regardless of its source.

For the purposes of this discussion, a "Non-U.S. Shareholder" is a beneficial owner of Shares in the Fund that is not a U.S. Shareholder and not a partnership or other entity or arrangement treated as a partnership for U.S. federal income tax purposes.

If a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds the Fund's Shares, the tax treatment of a partner in the partnership generally will depend upon the status of

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the partner and the activities of the partnership. Prospective beneficial owners of the Fund's Shares that are partnerships or partners in such partnerships should consult their own tax advisers with respect to the purchase, ownership and disposition of the Fund's Shares.

Tax matters are complicated and the tax consequences to a Shareholder of an investment in the Fund's Shares will depend on the facts of such Shareholder's particular situation. Shareholders are strongly encouraged to consult their own tax adviser regarding the U.S. federal income tax consequences of the acquisition, ownership and disposition (including by reason of a repurchase) of the Fund's Shares, as well as the effect of state, local and foreign tax laws, and the effect of any possible changes in tax laws.

#### Election to be Taxed as a Regulated Investment Company
The Fund will elect to be treated, and intends to operate in a manner so as to continuously qualify annually thereafter, as a RIC under the Code. The Fund has made an election to be treated as an association taxable as a corporation for U.S. federal income tax purposes in order to make a valid RIC election. As a RIC, the Fund generally will not pay corporate-level U.S. federal income taxes on any net ordinary income or capital gains that the Fund timely distributes (or is deemed to timely distribute) to its Shareholders as dividends. Instead, dividends the Fund distributes (or is deemed to timely distribute) to Shareholders generally will be taxable to Shareholders, and any net operating losses, foreign tax credits and most other tax attributes generally will not pass through to Shareholders. The Fund will be subject to U.S. federal corporate-level income tax on any undistributed income and gains. To qualify as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, the Fund must distribute to its Shareholders, for each taxable year, at least 90% of its investment company taxable income (which generally is the Fund's net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses, determined without regard to the dividends paid deduction) (the "Annual Distribution Requirement") for any taxable year. The following discussion assumes that the Fund qualifies as a RIC.

#### Qualification and Taxation as a RIC
If the Fund (1) qualifies as a RIC and (2) satisfies the Annual Distribution Requirement, then the Fund will not be subject to U.S. federal income tax on the portion of its investment company taxable income and net capital gain (realized net long-term capital gain in excess of realized net short term capital loss) that the Fund timely distributes (or is deemed to timely distribute) to Shareholders. The Fund will be subject to U.S. federal income tax at the corporate tax rate on any of its income or capital gains not distributed (or deemed distributed) to its Shareholders.

If the Fund fails to distribute in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of its net capital gain income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding years (to the extent that income tax was not imposed on such amounts) less certain over-distributions in prior years (together, the "Excise Tax Distribution Requirements"), the Fund will be subject to a 4% nondeductible federal excise tax on the portion of the undistributed amounts of such income that are less than the amounts required to be distributed based on the Excise Tax Distribution Requirements. For this purpose, however, any ordinary income or capital gain net income retained by the Fund that is subject to corporate income tax for the tax year ending in that calendar year will be considered to have been distributed by year end (or earlier if estimated taxes are paid). In order to meet the Excise Tax Distribution Requirement for a particular year, the Fund will need to receive certain information from the Portfolio Funds, which it may not timely receive, in which case the Fund will need to estimate the amount of distributions it needs to make to meet the Excise Tax Distribution Requirement. If the Fund underestimates that amount, it will be subject to the excise tax. In addition, the Fund may choose to retain its net capital gains or any investment company taxable income, and pay the associated U.S. federal corporate income tax, including the U.S. federal excise tax, thereon. In either event described in the preceding two sentences, the Fund will only pay the excise tax on the amount by which the Fund

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does not meet the Excise Tax Distribution Requirements. In connection with the adviser's management of distributions, the Fund may carry over a portion of undistributed income from one calendar year to the next, which may be subject to an excise tax in accordance with Internal Revenue Code. The Fund reserves the right to pay an excise tax in certain circumstances. The Fund generally intends to avoid the imposition of the 4% excise tax, but there can be no assurance in this regard.

To qualify as a RIC for U.S. federal income tax purposes, the Fund generally must, among other things:

• Have in effect an election to be treated and qualify as a registered management company under the 1940 Act at all times during each taxable year;

• derive in each taxable year at least 90% of its gross income from (a) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies or other income (including but not limited to gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities or currencies, or (b) net income derived from an interest in a qualified publicly traded partnership ("QPTP") (collectively, the "90% Gross Income Test"); and

• diversify its holdings so that at the end of each quarter of the taxable year:

o at least 50% of the value of its assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs and other securities that, with respect to any issuer, do not represent more than 5% of the value of the Fund's assets or more than 10% of the outstanding voting securities of that issuer; and

o no more than 25% of the value of its assets is invested in the securities, other than U.S. government securities or securities of other RICs, of (i) one issuer, (ii) or of two or more issuers that are controlled, as determined under the Code, by the Fund and that are engaged in the same or similar or related trades or businesses or (iii) securities of one or more QPTPs (collectively, the "Diversification Tests").

The Fund has an opt-out DRIP. The tax consequences to Shareholders of participating in the DRIP are discussed below – "Taxation of U.S. Shareholders."

The Fund may hold investments, either directly or indirectly, that require income to be included in investment company taxable income in a year prior to the year in which the Fund actually receives a corresponding amount of cash in respect of such income. For example, if the Portfolio Funds hold, directly or indirectly, corporate stock with respect to which Section 305 of the Code requires inclusion in income of amounts of deemed dividends even if no cash distribution is made, the Fund must include in its taxable income in each year the full amount of its applicable share of these deemed dividends. Additionally, if the Fund holds, directly or indirectly through the Portfolio Funds, debt obligations that are treated under applicable U.S. federal income tax rules as having original issue discount ("OID") (such as debt instruments with "payment in kind" interest or, in certain cases, that have increasing interest rates or are issued with warrants), the Fund must include in its taxable income in each year a portion of the OID that accrues over the life of the obligation, regardless of whether the Fund receives cash representing such income in the same taxable year. The Fund may also have to include in its taxable income other amounts that it has not yet received in cash but has been allocated by the Portfolio Funds, including as described below under the heading "Non-U.S. Investments, including PFICs and CFCs" and in certain situations where the Fund owns, directly or indirectly, an interest in a partnership that does not have a Section 754 election in effect. See "The Fund's Investments" below for more detail.

A RIC is limited in its ability to deduct expenses in excess of its investment company taxable income. If the Fund's deductible expenses in a given year exceed its investment company taxable income, the Fund will have a

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net operating loss for that year. A RIC is not able to offset its investment company taxable income with net operating losses on either a carryforward or carryback basis, and net operating losses generally will not pass through to Shareholders. In addition, expenses may be used only to offset investment company taxable income, and may not be used to offset net capital gain. A RIC may not use any net capital losses (i.e., realized capital losses in excess of realized capital gains) to offset its investment company taxable income, but may carry forward those losses, and use them to offset future capital gains, indefinitely. Further, a RIC's deduction of net business interest expense is limited to 30% of its "adjusted taxable income" plus "floor plan financing interest expense." It is not expected that any portion of any underwriting or similar fee will be deductible for U.S. federal income tax purposes to the Fund or the Shareholders. Due to these limits on the deductibility of expenses, net capital losses and business interest expenses, the Fund may, for U.S. federal income tax purposes, have aggregate taxable income for several years that the Fund is required to distribute and that is taxable to Shareholders even if this income is greater than the aggregate net income the Fund actually earned during those years.

In order to enable the Fund to make distributions to Shareholders that will be sufficient to enable the Fund to satisfy the Annual Distribution Requirement and the Excise Tax Distribution Requirements, the Fund may need to liquidate or sell some of its assets at times or at prices that the Fund would not consider advantageous, the Fund may need to raise additional equity or debt capital, the Fund may need to take out loans, or the Fund may need to forego new investment opportunities or otherwise take actions that are disadvantageous to the Fund's business (or be unable to take actions that are advantageous to its business). Even if the Fund is authorized to borrow and to sell assets in order to satisfy the Annual Distribution Requirement or the Excise Tax Distribution Requirements, under the 1940 Act, the Fund generally is not permitted to make distributions to Shareholders while its debt obligations and senior securities are outstanding unless certain "asset coverage" tests or other financial covenants are met. If the Fund is unable to obtain cash from other sources to enable the Fund to satisfy the Annual Distribution Requirement, the Fund may fail to qualify for the U.S. federal income tax benefits applicable to RICs and, thus, become subject to corporate-level U.S. federal income tax on all of its net income (and any applicable state and local taxes).

An entity that is properly classified as a partnership, rather than an association or publicly traded partnership taxable as a corporation, is not itself subject to U.S. federal income tax. Instead, each partner of the partnership must take into account its distributive share of the partnership's income, gains, losses, deductions and credits (including all such items allocable to that partnership from investments in other partnerships) for each taxable year of the partnership ending with or within the partner's taxable year, without regard to whether such partner has received or will receive corresponding cash distributions from the partnership. For the purpose of determining whether the Fund satisfies the 90% Gross Income Test and the Diversification Tests, the character of the Fund's distributive share of items of income, gain, losses, deductions and credits derived through any investments in companies that are treated as partnerships for U.S. federal income tax purposes (other than certain publicly traded partnerships), such as the Portfolio Funds, or are otherwise treated as disregarded from the Fund for U.S. federal income tax purposes, generally will be determined as if the Fund realized these tax items directly. In order to meet the 90% Gross Income Test, the Fund may structure its investments in a way that could increase the taxes imposed thereon or in respect thereof. For example, the Fund may be required to hold such investments through a subsidiary U.S. or non-U.S. corporation (or other entity treated as such for U.S. tax purposes). In such a case, any income from such investments should not adversely affect the Fund's ability to meet the 90% Gross Income Test, although such income may be subject to U.S. or non-U.S. tax depending on the circumstances, which the Fund would indirectly bear through its ownership of such subsidiary corporation.

Further, for purposes of calculating the value of the Fund's investment in the securities of an issuer for purposes of determining the 25% requirement of the Diversification Tests, the Fund's proper proportion of any investment in the securities of that issuer that are held by a member of the Fund's "controlled group" must be aggregated with the Fund's investment in that issuer. A controlled group is one or more chains of corporations connected through stock ownership with the Fund if (a) at least 20% of the total combined voting power of all classes of voting stock of each of the corporations is owned directly by one or more of the other corporations, and (b) the Fund directly owns at least 20% or more of the combined voting stock of at least one of the other corporations.

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If the Fund utilizes leverage through the issuance of preferred shares or borrowings, it may be restricted by certain covenants with respect to the declaration of, and payment of, dividends on common shares in certain circumstances. Limits on the Fund's payments of dividends on common shares may prevent the Fund from meeting the distribution requirements described above, and may, therefore, jeopardize the Fund's qualification for taxation as a RIC and possibly subject the Fund to the 4% excise tax. The Fund will endeavor to avoid restrictions on its ability to make dividend payments.

#### Failure to Qualify as a RIC
If the Fund, otherwise qualifying as a RIC, fails to satisfy the 90% Gross Income Test for any taxable year or the Diversification Tests for any quarter of a taxable year, the Fund may continue to be taxed as a RIC for the relevant taxable year if certain relief provisions of the Code apply (which might, among other things, require the Fund to pay certain corporate-level U.S. federal income taxes or to dispose of certain assets). If the Fund fails to qualify as a RIC for more than two consecutive taxable years and then seeks to re-qualify as a RIC, the Fund would generally be required to recognize gain to the extent of any unrealized appreciation in its assets unless the Fund elects to pay U.S. corporate income tax on any such unrealized appreciation during the succeeding 5-year period.

If the Fund fails to qualify for treatment as a RIC in any taxable year and is not eligible for relief provisions, the Fund would be subject to U.S. federal income tax on all of its taxable income at the regular corporate U.S. federal income tax rate and would be subject to any applicable state and local taxes, regardless of whether the Fund makes any distributions to Shareholders. Additionally, the Fund would not be able to deduct distributions to its Shareholders, nor would distributions to Shareholders be required to be made for U.S. federal income tax purposes. Any distributions the Fund makes, to the extent paid from the Fund's current or accumulated earnings and profits, generally would be taxable to Shareholders as ordinary dividend income and, subject to certain limitations under the Code, would be eligible for the preferential rates applicable to the qualified dividend income of individual and other non-corporate U.S. Shareholders. Subject to certain limitations under the Code, U.S. Shareholders that are corporations for U.S. federal income tax purposes would be eligible for the dividends received deduction. Distributions in excess of the Fund's current and accumulated earnings and profits would be treated first as a return of capital to the extent of the Shareholder's adjusted tax basis in its Shares, and any remaining distributions would be treated as capital gain.

The remainder of this discussion assumes that the Fund will continuously qualify as a RIC for each taxable year.

#### The Fund's Investments
Certain of the Fund's investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things, (1) treat dividends that would otherwise constitute qualified dividend income as non-qualified dividend income, (2) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (3) convert lower-taxed long-term capital gain into higher-taxed short-term capital gain or ordinary income, (4) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is subject to additional limitations), (5) cause the Fund to recognize income or gain without receipt of a corresponding cash payment, (6) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (7) adversely alter the characterization of certain complex financial transactions and (8) produce income that will not be qualifying income for purposes of the 90% Gross Income Test. These rules could therefore affect the amount, timing and character of distributions to Shareholders. The Fund intends to monitor its transactions and may make certain tax elections in order to mitigate the effects of these provisions; however, no assurance can be given that the Fund will be eligible for any such tax elections or that any elections it makes will fully mitigate the effects of these provisions.

Investments in Pass-Through Entities

Unless otherwise indicated, references in this discussion to the Fund's investments, activities, income, gain and loss, include both the activities, income, gain and loss of the Fund, as well as those indirectly attributable to the

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Fund as a result of the Fund's investment in any entity (including any Portfolio Fund or Co-Investment) that is properly classified as a partnership or disregarded entity for U.S. federal income tax purposes (and not as an association or publicly traded partnership taxable as a corporation).

An entity treated as a partnership for U.S. federal income tax purposes in which the Fund invests may face financial difficulties that could require the Fund to work out, modify or otherwise restructure its investment in such entity. Any such transaction could, depending upon the specific terms of the transaction, cause the Fund to recognize taxable income without a corresponding receipt of cash, which could affect its ability to satisfy the Annual Distribution Requirement or the Excise Tax Distribution Requirements or result in unusable capital losses and future non-cash income. Any such transaction could also result in the Fund receiving assets that give rise to non-qualifying income for purposes of the 90% Gross Income Test.

Securities and other financial assets

Gain or loss recognized by the Fund from securities and other financial assets acquired by it, as well as any loss attributable to the lapse of options, warrants, or other financial assets taxed as options generally will be treated as capital gain or loss. Such gain or loss generally will be long-term or short-term depending on how long the Fund held a particular security or other financial asset.

Original Issue Discount

For U.S. federal income tax purposes, the Fund may be required to recognize taxable income in circumstances in which it does not receive a corresponding payment in cash. For example, if the Fund holds debt obligations that are treated under applicable tax rules as having original issue discount ("OID") (such as zero-coupon securities, debt obligations with PIK interest, contingent payments or, in certain cases, increasing interest rates or debt obligations that were issued with warrants), the Fund must include in income each year a portion of the OID that accrues over the life of the obligation, regardless of whether cash representing such income is received by the Fund in the same taxable year. Because any OID will be included in the Fund's investment company taxable income for the year of the accrual, the Fund may be required to make a distribution to Shareholders in order to satisfy the annual distribution requirement, even though the Fund will not have received any corresponding cash amount. As a result, the Fund may have difficulty meeting the Annual Distribution Requirement necessary to qualify for and maintain RIC tax treatment under Subchapter M of the Code and/or the Excise Tax Distribution Requirements.

Market Discount

In general, the Fund will be treated as having acquired a debt obligation with market discount if its stated redemption price at maturity (or, in the case of a security issued with OID, its adjusted issued price) exceeds the Fund's initial tax basis in the security by more than a statutory de minimis amount. The Fund will be required to treat any principal payments on, or any gain derived from the disposition of, any debt obligations acquired with market discount as ordinary income to the extent of the accrued market discount, unless the Fund makes an election to accrue market discount on a current basis. If this election is not made, all or a portion of any deduction for interest expense incurred to purchase or carry a market discount security may be deferred until the Fund sells or otherwise disposes of such security.

Below Investment Grade Instruments

The Fund may invest in debt obligations that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Investments in these types of instruments may present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, OID or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between

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principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by the Fund, to the extent necessary, to preserve its status as a RIC and to distribute sufficient income to not become subject to U.S. federal income tax.

Equity Investments

The Fund may hold certain securities that are treated as equity interests in a corporation for U.S. federal income tax purposes, such as preferred stock with redemption or repayment premiums or, possibly, equity in a PFIC (as further described below in "—Non-U.S. Investments, Including PFICs and CFCs"). Adjustments to the conversion ratios of convertible stock and the existence of redemption premiums may give rise to deemed dividend income without the Fund receiving any cash, which could complicate the Fund's ability to satisfy the Annual Distribution Requirement and Excise Tax Distribution Requirements.

Non-U.S. Investments, including PFICs and CFCs

The Fund's investment in non-U.S. securities may be subject to non-U.S. income, withholding and other taxes. Shareholders generally will not be entitled to claim a U.S. foreign tax credit or deduction with respect to non-U.S. taxes paid by the Fund.

If the Fund purchases shares in a PFIC, the Fund may be subject to U.S. federal income tax on a portion of any "excess distribution" received on, or any gain from the disposition of, such shares even if the Fund distributes such income as a taxable dividend to Shareholders. Additional charges in the nature of interest generally will be imposed on the Fund in respect of deferred taxes arising from any such excess distribution or gain. If the Fund invests in a PFIC and elects to treat the PFIC as a "qualified electing fund" under the Code (a "QEF"), in lieu of the foregoing requirements, the Fund will be required to include in gross income each year a portion of the ordinary earnings and net capital gain of the QEF, even if such income is not distributed by the QEF. Any inclusions in the Fund's gross income resulting from the QEF election will be considered qualifying income for the purposes of the 90% Gross Income Test. Alternatively, the Fund may elect to mark-to-market at the end of each taxable year its shares in such PFIC, in which case, the Fund will recognize as ordinary income any increase in the value of such shares, and as ordinary loss any decrease in such value to the extent it does not exceed prior increases included in its income. Under either election, the Fund may be required to recognize in any year income in excess of its distributions from PFICs and its proceeds from dispositions of PFIC stock during that year, and such income will nevertheless be subject to the Annual Distribution Requirement and will be taken into account for purposes of determining whether the Fund satisfies the Excise Tax Distribution Requirements. See "—Qualification and Taxation as a Regulated Investment Company" above.

If the Fund holds more than 10% of the shares in a foreign corporation that is treated as a CFC, the Fund may be treated as receiving a deemed distribution (taxable as ordinary income or, if eligible, the preferential rates that apply to "qualified dividend income") each year from such foreign corporation in an amount equal to its pro rata share of the foreign corporation's income for the tax year (including both ordinary earnings and capital gains), whether or not the foreign corporation makes an actual distribution during such year. This deemed distribution is required to be included in the income of a U.S. shareholder of a CFC. In general, a foreign corporation will be classified as a CFC if more than 50% of the shares of the corporation, measured by reference to combined voting power or value, is owned (directly, indirectly or by attribution) by U.S. shareholders. A "U.S. shareholder," for this purpose, is any U.S. person that possesses (actually or constructively) 10% or more of the combined value or voting power of all classes of shares of a corporation. If the Fund is treated as receiving a deemed distribution from a CFC, the Fund will be required to include such distribution in its investment company taxable income regardless of whether the Fund receives any actual distributions from such CFC, and the Fund must distribute such income to satisfy the Annual Distribution Requirement and the Excise Tax Distribution Requirement. Income inclusions from a foreign corporation that is a CFC are "good income" for purposes of the 90% Gross Income Test regardless of whether the Fund receives timely distributions of such income from the foreign corporation.

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Non-U.S. Currency

The Fund's functional currency for U.S. federal income tax purposes is the U.S. dollar. Under Section 988 of the Code, the Fund may be required to treat gains or losses attributable to fluctuations in exchange rates between the time the Fund accrues income, expenses or other liabilities denominated in a currency other than the U.S. dollar and the time it actually collects such income or pays such expenses or liabilities as ordinary income or loss. Similarly, gains or losses on certain foreign currency forward contracts, the disposition of debt instruments denominated in a foreign currency and other financial transactions denominated in foreign currency, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, may also be treated as ordinary income or loss.

#### Taxation of U.S. Shareholders
The following discussion generally describes certain material U.S. federal income tax consequences of an investment in the Fund's Shares for beneficial owners that are U.S. Shareholders (as defined above). If you are not a U.S. Shareholder, this section does not apply to you. Whether an investment in the Fund is appropriate for a U.S. Shareholder will depend upon that person's particular circumstances. An investment in the Fund by a U.S. Shareholder may have adverse tax consequences. U.S. Shareholders should consult their own tax advisers about the U.S. tax consequences of investing in the Fund.

The Fund ordinarily declares and pays dividends from its net investment income and distribute net realized capital gains, if any, once a year. The Fund, however, may make distributions on a more frequent basis to comply with the distribution requirements of the Code, in all events in a manner consistent with the provisions of 1940 Act.

Distributions on, and Sale or Other Disposition of, the Fund's Shares

Distributions by the Fund generally are taxable to U.S. Shareholders as ordinary income or capital gains. Distributions of the Fund's investment company taxable income, determined without regard to the deduction for dividends paid, will be taxable as ordinary income to U.S. Shareholders to the extent of the Fund's current or accumulated earnings and profits, whether paid in cash or reinvested in additional Shares. To the extent such distributions the Fund pays to non-corporate U.S. Shareholders (including individuals) are attributable to dividends from U.S. corporations and certain qualified foreign corporations, such distributions generally are taxable to U.S. Shareholders at the preferential rates applicable to long-term capital gains. Distributions of the Fund's net capital gains (which generally are the Fund's realized net long-term capital gains in excess of realized net short-term capital losses) that are properly reported by the Fund as "capital gain dividends" will be taxable to a U.S. Shareholder as long-term capital gains that are currently taxable at reduced rates in the case of non-corporate taxpayers, regardless of the U.S. Shareholder's holding period for his, her or its Shares and regardless of whether paid in cash or reinvested in additional Shares. Distributions in excess of the Fund's earnings and profits first will reduce a U.S. Shareholder's adjusted tax basis in such U.S. Shareholder's Shares and, after the adjusted tax basis is reduced to zero, will constitute capital gains to such U.S. Shareholder.

The Fund generally expects to make distributions in cash but retains the discretionary ability to make distributions of securities in kind. Shareholders should consult their own tax advisers as to the possibility of the Fund distributing securities in kind, as well as the specific tax consequences of owning and disposing any securities actually distributed in kind by the Fund.

The Fund may retain some or all of its realized net long-term capital gain in excess of realized net short-term capital loss and designate the retained net capital gain as a "deemed distribution." In that case, among other consequences, the Fund will pay tax on the retained amount and each Shareholder will be required to include its share of the deemed distribution in income as if it had been actually distributed to the Shareholder, and such Shareholder will be entitled to claim a credit equal to its allocable share of the tax paid thereon by the Fund for

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U.S. federal income tax purposes. The amount of tax that individual Shareholders will be treated as having paid and for which they will receive a credit may exceed the tax they owe on the retained net capital gain. Such excess generally may be claimed as a credit against the U.S. Shareholder's other U.S. federal income tax obligations or may be refunded to the extent it exceeds a U.S. Shareholder's liability for U.S. federal income tax. A U.S. Shareholder that is not subject to U.S. federal income tax or otherwise required to file a U.S. federal income tax return would be required to file a U.S. federal income tax return on the appropriate form to claim a refund with respect to the allocable share of the taxes that the Fund has paid. For U.S. federal income tax purposes, the tax basis of Shares owned by a Shareholder will be increased by an amount equal to the excess of the amount of undistributed capital gains included in the Shareholder's gross income over the tax deemed paid by the Shareholder as described in this paragraph. To utilize the deemed distribution approach, the Fund must provide written notice to Shareholders prior to the expiration of 60 days after the close of the relevant taxable year. The Fund cannot treat any of its investment company taxable income as a "deemed distribution." The Fund may also make actual distributions to Shareholders of some or all of its net capital gain.

A portion of the Fund's ordinary income dividends paid to corporate U.S. Shareholders may, if the distributions consist of qualifying distributions received by the Fund and certain other conditions are met, qualify for the 50% dividends received deduction to the extent that the Fund has received dividends from certain corporations during the taxable year, but only to the extent these ordinary income dividends are treated as paid out of earnings and profits of the Fund. The Fund expects only a small portion of the Fund's dividends to qualify for this deduction. A corporate U.S. Shareholder may be required to reduce its basis in its Shares with respect to certain "extraordinary dividends," as defined in Section 1059 of the Code. Corporate U.S. Shareholders should consult their own tax advisers in determining the application of these rules in their particular circumstances.

U.S. Shareholders who have not "opted-out" of the Fund's DRIP will have their cash dividends and distributions net of any applicable U.S. federal backup withholding tax (including any amounts withheld for which a refund is available by filing a U.S. federal income tax return) automatically reinvested in additional Shares, rather than receiving cash dividends and distributions. Any dividends or distributions reinvested under the plan will nevertheless remain taxable to U.S. Shareholders. A U.S. Shareholder will have an initial cost basis in the additional Shares purchased through the DRIP equal to the dollar amount that would have been received if the U.S. Shareholder had received the dividend or distribution in cash, unless the Fund were to issue new Shares that are trading at or above net asset value, in which case, the U.S. Shareholder's basis in the new Shares would generally be equal to their fair market value. The additional Shares will have a new holding period commencing on the day following the day on which the Shares are credited to the U.S. Shareholder's account.

The Fund expects to be treated as a "publicly offered regulated investment company." As a "publicly offered regulated investment company," in addition to the Fund's DRIP, the Fund may choose to pay a portion of a required dividend in Shares rather than cash. In order for the distribution to qualify for the Annual Distribution Requirement, the dividend must be payable at the election of each Shareholder in cash or Shares (or a combination of the two), but may have a "cash cap" that limits the total amount of cash paid to not less than 20% of the entire distribution. If Shareholders in the aggregate elect to receive an amount of cash greater than the Fund's cash cap, then each Shareholder who elected to receive cash will receive a pro rata share of the cash and the rest of their distribution in Shares of the Fund. The value of the portion of the distribution made in Shares will be equal to the amount of cash for which the Shares is substituted, and the Fund's U.S. Shareholders will be subject to tax on such amount as though they had received cash.

For purposes of determining (i) whether the Annual Distribution Requirement is satisfied for any year and (ii) the amount of capital gain dividends paid for that year, the Fund may, under certain circumstances, elect to treat a dividend that is paid during the following taxable year as if it had been paid during the taxable year in question. If the Fund makes such an election, a U.S. Shareholder will still be treated as receiving the dividend in the taxable year in which the distribution is made. However, any dividend declared by the Fund in October, November or December of any calendar year, payable to Shareholders of record on a specified date in such a month and actually paid during January of the following year, will be treated as if it had been received by the Fund's Shareholders on December 31 of the year in which the dividend was declared.

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As soon as practicable after the end of each calendar year, the Fund will provide a statement on IRS Form 1099-DIV (or successor form), identifying the amount and character (e.g., as ordinary dividend income, qualified dividend income or long-term capital gain) of the distributions includable in U.S. Shareholders' taxable income for such year. Distributions may also be subject to additional state, local and non-U.S. taxes depending on a U.S. Shareholder's particular situation.

A U.S. Shareholder generally will recognize taxable gain or loss if the U.S. Shareholder sells or otherwise disposes of its Shares in the Fund. The amount of gain or loss will be measured by the difference between a U.S. Shareholder's adjusted tax basis in the Shares sold, redeemed or otherwise disposed of and the amount realized. Any gain or loss arising from such sale or other disposition generally will be treated as long-term capital gain or loss if the U.S. Shareholder held the Shares for more than one year. Otherwise, such gain or loss will be classified as short-term capital gain or loss. However, any capital loss arising from the sale, redemption or other disposition of the Fund's Shares held for six months or less will be treated as long-term capital loss to the extent of the amount of capital gain dividends received, or undistributed capital gain deemed received, with respect to such Shares.

In general, U.S. Shareholders that are individuals, trusts or estates are taxed at preferential rates on their net capital gain (which generally is recognized net long-term capital gain in excess of recognized net short-term capital loss). Such rates are lower than the maximum rate on ordinary income currently payable by individuals and other non-corporate taxpayers. Corporate U.S. Shareholders currently are subject to U.S. federal income tax on net capital gain and ordinary income at the same rate. An individual or other non-corporate U.S. Shareholder with a net capital loss for a year (i.e., capital loss in excess of capital gain) generally may deduct up to $3,000 of such losses against its ordinary income each year and any net capital loss of a non-corporate U.S. Shareholder in excess of $3,000 generally may be carried forward and used in subsequent years as provided in the Code. Corporate U.S. Shareholders generally may not deduct any amount of net capital loss against ordinary income, but may carry back such losses for three years or carry forward such losses for five years.

#### Income from Repurchases of Shares
In General. A U.S. Shareholder that participates in a repurchase of Shares will, depending on such U.S. Shareholder's particular circumstances, and as set forth further under "—Sale or Exchange Treatment" and "—Distribution Treatment" below, be treated either as realizing gain or loss from the disposition of its Shares or as receiving a distribution from the Fund with respect to its Shares. Depending on which of these two treatments applies, a U.S. Shareholder's realized gain or income (if any) is calculated differently. Under the "sale or exchange" approach, a U.S. Shareholder generally is allowed to recognize a taxable loss to the extent that the repurchase proceeds are less than the U.S. Shareholder's adjusted tax basis in the Shares tendered and repurchased.

Sale or Exchange Treatment. In general, the tender and repurchase of Shares in the Fund should be treated as a sale or exchange of the Shares by a U.S. Shareholder if the receipt of cash:

• results in a "complete termination" of such U.S. Shareholder's ownership of Shares in the Fund;

• results in a "substantially disproportionate" redemption with respect to such U.S. Shareholder; or

• is "not essentially equivalent to a dividend" with respect to the U.S. Shareholder.

In applying each of the tests described above, a U.S. Shareholder must take account of Shares that such U.S. Shareholder constructively owns under detailed attribution rules set forth in the Code, which generally treat the U.S. Shareholder as owning Shares owned by certain related individuals and entities, and Shares that the U.S. Shareholder has the right to acquire by exercise of an option, warrant or right of conversion. U.S. Shareholders should consult their tax advisers regarding the application of the constructive ownership rules to their particular circumstances.

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A sale of Shares pursuant to a repurchase of Shares by the Fund generally will result in a "complete termination" if either (i) the U.S. Shareholder owns no Shares in the Fund, either actually or constructively, after the Shares are sold pursuant to a repurchase, or (ii) the U.S. Shareholder does not actually own any Shares in the Fund immediately after the sale of Shares pursuant to a repurchase and, with respect to Shares constructively owned, is eligible to waive, and effectively waives, constructive ownership of all such Shares. U.S. Shareholders wishing to satisfy the "complete termination" test through waiver of attribution should consult their tax advisers.

A sale of Shares pursuant to a repurchase of Shares by the Fund will result in a "substantially disproportionate" redemption with respect to a U.S. Shareholder if the percentage of the then outstanding Shares actually and constructively owned by such U.S. Shareholder immediately after the sale is less than 80% of the percentage of the Shares actually and constructively owned by such U.S. Shareholder immediately before the sale. If a sale of Shares pursuant to a repurchase fails to satisfy the "substantially disproportionate" test, the U.S. Shareholder may nonetheless satisfy the "not essentially equivalent to a dividend" test.

A sale of Shares pursuant to a repurchase of Shares by the Fund will satisfy the "not essentially equivalent to a dividend" test if it results in a "meaningful reduction" of the U.S. Shareholder's proportionate interest in the Fund. A sale of Shares that actually reduces the percentage of the Fund's outstanding Shares owned, including constructively, by such Shareholder would likely be treated as a "meaningful reduction" even if the percentage reduction is relatively minor, provided that the U.S. Shareholder's relative interest in Shares of the Fund is minimal (e.g., less than 1%) and the U.S. Shareholder does not exercise any control over or participate in the management of the Fund's corporate affairs. Any person that has an ownership position that allows some exercise of control over or participation in the management of corporate affairs will not satisfy the meaningful reduction test unless that person's ability to exercise control over or participate in management of corporate affairs is materially reduced or eliminated.

Substantially contemporaneous dispositions or acquisitions of Shares by a U.S. Shareholder or a related person that are part of a plan viewed as an integrated transaction with a repurchase of Shares may be taken into account in determining whether any of the tests described above are satisfied.

If a U.S. Shareholder satisfies any of the tests described above, the U.S. Shareholder will recognize gain or loss in an amount equal to the difference, if any, between the amount of cash received and such U.S. Shareholder's tax basis in the repurchased Shares. Any such gain or loss will be capital gain or loss and will be long-term capital gain or loss if the holding period of the Shares exceeds one year as of the date of the repurchase. Specified limitations apply to the deductibility of capital losses by U.S. Shareholders. However, if a U.S. Shareholder's tendered and repurchased Shares have previously paid a long-term capital gain distribution (including, for this purpose, amounts credited as an undistributed capital gain) and such Shares were held for six months or less, any loss realized will be treated as a long-term capital loss to the extent that it offsets the long-term capital gain distribution.

Distribution Treatment. If a U.S. Shareholder does not satisfy any of the tests described above, and therefore does not qualify for sale or exchange treatment, the U.S. Shareholder will be treated as having received, in whole or in part, a taxable dividend, a tax-free return of capital or taxable capital gain, depending on (i) whether the Fund has sufficient earnings and profits to support a dividend and (ii) the U.S. Shareholder's tax basis in the relevant Shares. The amount of any distribution in excess of the Fund's current and accumulated earnings and profits would be treated as a non-taxable return of investment to the extent, generally, of the U.S. Shareholder's basis in the Shares remaining. If the portion not treated as a dividend exceeds the U.S. Shareholder's basis in the Shares remaining, any such excess will be treated as capital gain from the sale or exchange of the remaining Shares. Any such gain will be capital gain and will be long-term capital gain if the holding period of the Shares exceeds one year as of the date of the exchange. If the tendering U.S. Shareholder's tax basis in the Shares tendered and repurchased exceeds the total of any dividend and return of capital distribution with respect to those Shares, the excess amount of basis from the tendered and repurchased Shares will be reallocated pro rata among the bases of such U.S. Shareholder's remaining Shares.

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Provided certain holding period and other requirements are satisfied, certain non-corporate U.S. Shareholders generally will be subject to U.S. federal income tax at a maximum rate of 20% on amounts treated as a dividend. This reduced rate will apply to: (i) 100% of the dividend if 95% or more of the Fund's gross income (ignoring gains attributable to the sale of stocks and securities except to the extent net short-term capital gain from such sales exceeds net long-term capital loss from such sales) in that taxable year is attributable to qualified dividend income; or (ii) the portion of the dividends paid by the Fund to an individual in a particular taxable year that is attributable to qualified dividend income received by the Fund this year if such qualified dividend income accounts for less than 95% of the Fund's gross income (ignoring gains attributable to the sale of stocks and securities except to the extent net short-term capital gains from such sales exceeds net long-term capital loss from such sales) for that taxable year. Such a dividend will be taxed in its entirety, without reduction for the U.S. Shareholder's tax basis of the repurchased Shares. To the extent that a tender and repurchase of a U.S. Shareholder's Shares is treated as the receipt by the U.S. Shareholder of a dividend, the U.S. Shareholder's remaining adjusted basis (reduced by the amount, if any, treated as a return of capital) in the tendered and repurchased Shares will be added to any Shares retained by the U.S. Shareholder.

To the extent that cash received in exchange for Shares is treated as a dividend to a corporate U.S. Shareholder, (i) it may be eligible for a dividends-received deduction to the extent attributable to dividends received by the Fund from domestic corporations, and (ii) it may be subject to the "extraordinary dividend" provisions of the Code. Corporate U.S. Shareholders should consult their tax advisors concerning the availability of the dividends-received deduction and the application of the "extraordinary dividend" provisions of the Code in their particular circumstances.

If the sale of Shares pursuant to a repurchase of Shares by the Fund is treated as a dividend to a U.S. Shareholder rather than as an exchange, the other Shareholders, including any non-tendering Shareholders, could be deemed to have received a taxable stock distribution if such Shareholder's interest in the Fund increases as a result of the repurchase. This deemed distribution would be treated as a dividend to the extent of current or accumulated earnings and profits allocable to it. A proportionate increase in a U.S. Shareholder's interest in the Fund will not be treated as a taxable distribution of Shares if the distribution qualifies as an isolated redemption of Shares as described in Treasury regulations. All Shareholders are urged to consult their tax advisors about the possibility of deemed distributions resulting from a repurchase of Shares by the Fund.

#### Net Investment Income Tax
Individual and other non-corporate U.S. Shareholders (other than certain trusts) are subject to an additional 3.8% surtax on the lesser of (i) the U.S. Shareholder's "net investment income" for a taxable year and (ii) the excess of the U.S. Shareholder's modified adjusted gross income for the taxable year over an applicable dollar threshold. In the case of an individual, this threshold is $200,000 (or $250,000 in the case of married individuals filing a joint U.S. federal income tax return). In the case of a trust or estate, this threshold is the dollar amount at which the highest U.S. federal income tax bracket applicable to trusts and estates begins for such taxable year. For these purposes, "net investment income" generally includes taxable distributions and deemed distributions paid with respect to Shares, and net gain attributable to the disposition of Shares (in each case, unless the Shares are held in connection with certain trades or businesses), but will be reduced by any deductions properly allocable to these distributions or this net gain.

Backup Withholding

The Fund may be required to withhold from all distributions and redemption proceeds payable to U.S. Shareholders who fail to provide the Fund with their correct taxpayer identification numbers or to make required certifications, or who have been notified by the IRS that they are subject to backup withholding. Certain U.S. Shareholders specified in the Code generally are exempt from such backup withholding. This backup withholding is not an additional tax. Any amounts withheld may be refunded or credited against the U.S. Shareholder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

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Tax Shelter Reporting Regulations

Under U.S. Treasury regulations, if a U.S. Shareholder recognizes a loss with respect to Shares in the Fund in excess of $2 million or more (in the case of an individual or other non-corporate U.S. Shareholder) or $10 million or more (in the case of a corporate U.S. Shareholder) in any single taxable year, such U.S. Shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of "portfolio securities" in many cases are excepted from this reporting requirement, but, under current guidance, equity owners of a RIC are not excepted. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Significant monetary penalties apply to a failure to comply with this reporting requirement. States may also have a similar reporting requirement. U.S. Shareholders should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

#### Taxation of Tax-Exempt Investors
As a RIC, the Fund will be classified as a corporation for U.S. federal income tax purposes. Under current law, amounts of income realized by the Fund that would be treated as unrelated business taxable income ("UBTI") if realized by a tax-exempt Shareholder directly generally will not be attributed to the Fund's tax-exempt Shareholders (including, among others, individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities). Notwithstanding the foregoing, a tax-exempt Shareholder could realize UBTI by virtue of its investment in Shares if such tax-exempt Shareholder borrows to acquire its Shares.

#### Taxation of Non-U.S. Shareholders
The following discussion generally describes certain material U.S. federal income tax consequences beneficially owned by Non-U.S. Shareholders (as defined above). Whether an investment in the Fund is appropriate for a Non-U.S. Shareholder will depend upon that person's particular circumstances and an investment in the Fund may have adverse tax consequences for a Non-U.S. Shareholder as compared to a direct investment in the assets in which the Fund will invest. Additionally, the tax consequences to a Non-U.S. Shareholder entitled to claim the benefits of an applicable income tax treaty may differ from those described herein. Non-U.S. Shareholders should consult their own tax advisers about the U.S. federal income and withholding tax, and state, local and non-U.S. tax consequences of an investment in the Fund, including applicable tax reporting requirements.

Distributions paid to Non-U.S. Shareholders (other than U.S.-source interest income and recognized net short-term capital gains in excess of recognized long-term capital losses, which generally will be free of withholding as discussed in the following paragraph) generally will be subject to U.S. federal withholding tax at a 30% rate (or lower rate provided by an applicable treaty) to the extent of the Fund's current and accumulated earnings and profits unless the distributions are effectively connected with a U.S. trade or business of a Non-U.S. Shareholder. If the distributions are effectively connected with a U.S. trade or business of a Non-U.S. Shareholder, and, if required by an applicable income tax treaty, attributable to a permanent establishment in the United States, the distributions will be subject to U.S. federal income tax at the rates applicable to U.S. Shareholders, and the Fund will not be required to withhold U.S. federal tax if the Non-U.S. Shareholder complies with applicable certification and disclosure requirements.

Properly designated dividends received by a Non-U.S. Shareholder are generally exempt from U.S. federal withholding tax when they (i) are paid in respect of the Fund's "qualified net interest income" (generally, the Fund's U.S.-source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which the Fund is at least a 10% shareholder, reduced by expenses that are allocable to such income), or (ii) are paid in connection with the Fund's "qualified short-term capital gains" (generally, the excess of the Fund's net short-term capital gain over its net long-term capital loss for such taxable year). In order to qualify for these exemptions from withholding, a Non-U.S. Shareholder must comply with applicable certification requirements relating to its non-U.S. status (including, in general, furnishing an applicable IRS Form

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W-8 or an acceptable substitute or successor form). In certain circumstances, it may not be possible to determine whether withholding is required on a particular distribution at the time the distribution is made, in which case the Fund may withhold from the distribution, and the Non-U.S. Shareholder may be required to file a U.S. federal income tax return in order to obtain a refund of any excess withholding (and the amount of any withholding would not be treated as reinvested pursuant to the DRIP). In the case of Shares held through an intermediary, the intermediary may withhold even if the Fund designates the payment as qualified net interest income or qualified short-term capital gain. Non-U.S. Shareholders should contact their tax advisers and intermediaries with respect to the application of these rules to their accounts.

Actual or deemed distributions of the Fund's net capital gains to a Non-U.S. Shareholder, and gains recognized by a Non-U.S. Shareholder upon the sale or other disposition of Shares, generally will not be subject to U.S. federal income tax unless the distributions or gains, as the case may be, are effectively connected with a U.S. trade or business of the Non-U.S. Shareholder (and, if an income tax treaty applies, are attributable to a permanent establishment maintained by the Non-U.S. Shareholder in the United States,) or, in the case of an individual, the Non-U.S. Shareholder was present in the United States for 183 days or more during the taxable year and certain other conditions are met. In the case of a redemption of Shares by the Fund, a Non-U.S. Shareholder generally will not be subject to on the proceeds if such redemption qualifies for sale or exchange treatment as discussed above under "—Taxation of U.S. Shareholders—Income from Repurchases of Shares—Sale or Exchange Treatment," or if such redemption is treated as a distribution current and accumulated earnings and profits. If such redemption does not qualify for sale or exchange treatment and is treated as a distribution paid from the Fund's, then the Fund will be required to withhold from the proceeds of such redemption in accordance with the rules applicable to withholding from dividends discussed above.

If the Fund distributes its net capital gain in the form of deemed rather than actual distributions, a Non-U.S. Shareholder will be entitled to a U.S. federal income tax credit or tax refund equal to the Non-U.S. Shareholder's allocable share of the corporate-level tax the Fund pays on the amount of net capital gain deemed to have been distributed; however, in order to obtain the refund, the Non-U.S. Shareholder must obtain a U.S. taxpayer identification number and file a U.S. federal income tax return even if the Non-U.S. Shareholder would not otherwise be required to obtain a U.S. taxpayer identification number or file a U.S. federal income tax return.

For corporate Non-U.S. Shareholders, distributions (both cash and in Shares), and gains recognized upon the sale or other disposition of Shares that are effectively connected to a U.S. trade or business may, under certain circumstances, be subject to an additional "branch profits tax" at a 30% rate (or at a lower rate if provided for by an applicable treaty).

A Non-U.S. Shareholder may be subject to information reporting and backup withholding of U.S. federal income tax on dividends unless the Non-U.S. Shareholder provides the Fund (or its administrative agent) with an applicable IRS Form W-8 (or an acceptable substitute or successor form) or otherwise meets documentary evidence requirements for establishing that it is a Non-U.S. Shareholder or otherwise establishes an exemption from backup withholding.

Additional Withholding Requirements

Under Sections 1471 through 1474 of the Code (such Sections commonly referred to as "FATCA"), a 30% U.S. federal withholding tax may apply to any dividends that the Fund pays to (i) a "foreign financial institution" (as specifically defined in the Code), whether such foreign financial institution is the beneficial owner or an intermediary, unless such foreign financial institution agrees to verify, report and disclose its "United States account" holders (as specifically defined in the Code) and meets certain other specified requirements or (ii) a non-financial foreign entity, whether such non-financial foreign entity is the beneficial owner or an intermediary, unless such entity provides a certification that the beneficial owner of the payment does not have any substantial U.S. owners or provides the name, address and taxpayer identification number of each such substantial U.S. owner and certain other specified requirements are met. In certain cases, the relevant foreign financial institution

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or non-financial foreign entity may qualify for an exemption from, or be deemed to be in compliance with, these rules. In addition, foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules. Prospective investors should consult their own tax advisers regarding FATCA and whether it may be relevant to their ownership and disposition of Shares.

#### Backup Withholding
The Fund may be required to withhold from all distributions and redemption proceeds payable to U.S. Shareholders who fail to provide the Fund with their correct taxpayer identification numbers or to make required certifications, or who have been notified by the IRS that they are subject to backup withholding. Certain U.S. Shareholders specified in the Code generally are exempt from such backup withholding. This backup withholding is not an additional tax. Any amounts withheld may be refunded or credited against the U.S. Shareholder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

**ALL SHAREHOLDERS SHOULD CONSULT THEIR OWN TAX ADVISERS WITH RESPECT TO THE U.S. FEDERAL INCOME AND WITHHOLDING TAX CONSEQUENCES, AND STATE, LOCAL AND NON-U.S. TAX CONSEQUENCES, OF AN INVESTMENT IN THE FUND'S SHARES.** 

#### CUSTODIAN
JPMorgan Chase Bank, N.A. serves as the custodian of the assets of the Fund and may maintain custody of such assets with U.S. and non-U.S. sub-custodians (which may be banks and trust companies), securities depositories and clearing agencies in accordance with the requirements of Section 17(f) of the 1940 Act and the rules thereunder. Assets of the Fund are not held by the Adviser or commingled with the assets of other accounts other than to the extent that securities are held in the name of the Custodian or U.S. or non-U.S. sub-custodians in a securities depository, clearing agency or omnibus customer account of such custodian. The Custodian's principal business address is 383 Madison Avenue, New York, NY 10179.

#### ADMINISTRATION SERVICES
The Fund has entered into an Administration Agreement ("Administration Agreement") with J.P. Morgan Investment Management Inc. under which the Administrator performs administration services for the Fund. Pursuant to the Administration Agreement, subject to the oversight of the Board, the Administrator performs or supervises all operations of the Fund (other than those performed under the advisory agreement, any sub-advisory agreements, the custodian and fund accounting agreement, the distribution agreement and the transfer agency agreement for the Fund). Under the Administration Agreement, the Administrator has agreed to maintain the necessary office space for the Fund, and to furnish certain other services required by the Fund, subject to oversight of the Board. The Administrator prepares the financial statements and other information, which are filed with the SEC on a semi-annual basis and include annual reports, semi-annual reports and other financial or legal information, prepares federal and state tax returns and generally assists in all aspects of the Fund's operations other than those performed under the advisory agreement, any sub-advisory agreements, the custodian and fund accounting agreement, the distribution agreement and the transfer agency agreement. The Administrator may, at its expense, subcontract with any entity or person concerning the provision of services under the Administration Agreement, subject to oversight of the Board. JPMorgan Chase Bank, N.A. serves as the Fund's sub-administrator (the "Sub-administrator"). The Administrator pays JPMorgan Chase Bank, N.A. a fee for its services as the Fund's Sub-administrator. The Administrator receives a pro-rata portion of the following annual fee on behalf of the Fund for administration services: 0.075% of the first $10 billion of average daily net assets of the Fund, plus 0.05% of average daily net assets of the Fund between $10 billion and $20 billion, plus 0.025% of average daily net assets of the Fund between $20 billion and $25 billion, plus 0.01% of the average daily net assets of the Fund over $25 billion. The Administration Fee is paid to the Administrator out of the assets of the Fund and therefore decreases the net profits or increases the net losses of the Fund.

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The Administrator's principal business address is 277 Park Avenue, New York, NY 10172.

#### TRANSFER AGENT AND DIVIDEND PAYING AGENT
SS&C GIDS, Inc., whose principal business address is 30 Braintree Hill Office Park, Suite 400, Braintree, MA 02184, serves as the Fund's transfer agent and dividend paying agent with respect to the Shares.

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#### FISCAL YEAR; REPORTS TO SHAREHOLDERS
The Fund's fiscal year is the 12-month period ending on March 31. The Fund's taxable year is the 12-month period ending on September 30.

The Fund will provide Shareholders with an audited annual report and an unaudited semi-annual report within 60 days after the close of the reporting period for which the report is being made, or as otherwise required by 1940 Act. Shareholders will also receive quarterly commentary regarding the Fund's operations and investments.

The Fund will furnish to Shareholders as soon as practicable after the end of each taxable year information on Form 1099-DIV to assist Shareholders in preparing their tax returns.

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#### INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
PricewaterhouseCoopers LLP serves as the independent registered public accounting firm of the Fund. Its principal business address is 300 Madison Avenue, New York, NY 10017-6204.

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#### LEGAL COUNSEL
Simpson Thacher & Bartlett LLP, 900 G Street, N.W., Washington, DC 20001, serves as legal counsel to the Fund. Richards, Layton & Finger, P.A., One Rodney Square, 920 North King Street, Wilmington, DE 19801, serves as special Delaware counsel to the Fund. No attorney-client relationship exists, however, between Simpson Thacher & Bartlett LLP, or Richards, Layton & Finger, P.A., and any other person solely by reason of such other person investing in the Fund.

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### JPMORGAN CREDIT MARKETS FUND

#### Class S Shares

#### Class A Shares

#### Class I Shares

#### PROSPECTUS

#### [ ], 2025
All dealers that effect transactions in these Shares, whether or not participating in this offering, may be required to deliver a Prospectus.

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The information in this Statement of Additional Information is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. The Statement of Additional Information is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

PRELIMINARY STATEMENT OF ADDITIONAL INFORMATION

SUBJECT TO COMPLETION, DATED DECEMBER 12, 2025

![LOGO](g930911g01a07.jpg)

#### JPMORGAN CREDIT MARKETS FUND

#### Class S Shares

#### Class A Shares

#### Class I Shares

#### [ ], 2025
JPMorgan Credit Markets Fund (the "Fund") is a non-diversified, closed-end management investment company with no operating history. The Fund operates as an interval fund. This Statement of Additional Information ("SAI") relating to the Shares does not constitute a prospectus, but should be read in conjunction with the Prospectus relating thereto dated [ ], 2025. This SAI, which is not a prospectus, does not include all information that a prospective investor should consider before purchasing Shares, and investors should obtain and read the Prospectus prior to purchasing such Shares. A copy of the Prospectus and the Financial Statements, including the Independent Registered Public Accounting Firm's Report, may be obtained without charge by calling 800-480-4111, by writing to the Fund at 277 Park Avenue, New York, New York 10172 or by visiting www.jpmorganfunds.com. You may also obtain a copy of the Prospectus on the SEC's website at http://www.sec.gov. Capitalized terms used but not defined in this SAI have the meanings ascribed to them in the Prospectus.

References to the Investment Company Act of 1940, as amended (the "1940 Act"), or other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or modifications by the U.S. Securities and Exchange Commission (the "SEC"), SEC staff or other authority with appropriate jurisdiction, including court interpretations, and exemptive, no-action or other relief or permission from the SEC, SEC staff or other authority.

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  [ADDITIONAL INVESTMENT POLICIES](#sai930911_1) | 1 |
|  [INVESTMENT PRACTICES, TECHNIQUES AND RISKS](#sai930911_2) | 5 |
|  [MANAGEMENT OF THE FUND](#sai930911_3) | 25 |
|  [PORTFOLIO TRANSACTIONS](#sai930911_4) | 32 |
|  [CERTAIN ERISA CONSIDERATIONS](#sai930911_5) | 33 |
|  [CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS](#sai930911_6) | 35 |
|  [FINANCIAL STATEMENTS](#sai930911_7) | A-1 |

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i

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#### ADDITIONAL INVESTMENT POLICIES
The investment objective and the principal investment strategies of the Fund, as well as the principal risks associated with such investment strategies, are set forth in the Prospectus. The following disclosure supplements the disclosure set forth under the captions "Investment Objective and Strategy" and "Risks" in the Prospectus and does not, by itself, present a complete or accurate explanation of the matters discussed. Prospective investors also should refer to "Investment Objective and Strategy" and "Risks" in the Prospectus for a complete presentation of the matters disclosed below.

#### Fundamental Policies
The following restrictions are the Fund's only fundamental policies—that is, policies that cannot be changed without the approval of the holders of a majority of the Fund's outstanding voting securities (a "1940 Act Vote"). For the purposes of the foregoing, a "majority of the Fund's outstanding voting securities" means the lesser of (i) 67% of the shares represented at a meeting at which more than 50% of the outstanding shares are represented or (ii) more than 50% of the outstanding shares. The other policies and investment restrictions are not fundamental polices of the Fund and may be changed by the Fund's Board without shareholder approval and on prior notice to Shareholders. If a percentage restriction set forth below is adhered to at the time a transaction is effected, later changes in percentage resulting from any cause other than actions by the Fund will not be considered a violation. Under its fundamental restrictions:

1. **Underwriting**: The Fund may not engage in the business of underwriting the securities of other issuers except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority.

2. **Lending**: The Fund may lend money or other assets to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority.

3. **Senior Securities**: The Fund may not issue senior securities or borrow money except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority.

4. **Real Estate**: The Fund may not purchase or sell real estate except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority.

5. **Commodities**: The Fund may purchase or sell commodities or contracts related to commodities to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority.

6. **Concentration**: Except as permitted by exemptive or other relief or permission from the SEC, SEC staff or other authority with appropriate jurisdiction, the Fund may not make any investment if, as a result, the Fund's investments will be concentrated in any one industry.

The Fund has also adopted the following fundamental policies with respect to repurchase offers:

• On a quarterly basis, the Fund will make an offer to repurchase a designated percentage of the outstanding Shares from Shareholders (a "Repurchase Offer"), pursuant to Rule 23c-3 under the 1940 Act.

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• The Fund will repurchase shares that are tendered by a specific date (the "Repurchase Request Deadline"). Each Repurchase Request Deadline will be determined in accordance with Rule 23c-3, as may be amended from time to time. Currently, Rule 23c-3 requires the repurchase request deadline to be no less than 21 and no more than 42 days after the Fund sends a notification to shareholders of the Repurchase Offer.

• Each Repurchase Pricing Date (as defined in Rule 23c-3) will be determined in accordance with Rule 23c-3, as may be amended from time to time. Currently, Rule 23c-3 requires the Repurchase Pricing Date to be no later than the 14th day after a Repurchase Request Deadline, or the next business day if the 14th day is not a business day.

*The following notations are not considered to be part of the Fund's fundamental restrictions and are subject to change without shareholder approval.* 

With respect to the fundamental policy relating to underwriting set forth above, the 1940 Act does not prohibit a fund from engaging in the underwriting business or from underwriting the securities of other issuers. A fund engaging in transactions involving the acquisition or disposition of portfolio securities may be considered to be an underwriter under the Securities Act. Under the Securities Act, an underwriter may be liable for material omissions or misstatements in an issuer's registration statement or prospectus. Securities purchased from an issuer and not registered for sale under the Securities Act are considered restricted securities. There may be a limited market for these securities. If these securities are registered under the Securities Act, they may then be eligible for sale but participating in the sale may subject the seller to underwriter liability. These risks could apply to a fund investing in restricted securities. Although it is not believed that the application of the Securities Act provisions described above would cause the Fund to be engaged in the business of underwriting, the policy above will be interpreted not to prevent the Fund from engaging in transactions involving the acquisition or disposition of portfolio securities, regardless of whether the Fund may be considered to be an underwriter under the Securities Act.

With respect to the fundamental policy relating to lending set forth above, the 1940 Act does not prohibit a fund from making loans; however, SEC staff interpretations currently prohibit funds from lending more than one-third of their total assets, except through the purchase of debt obligations or the use of repurchase agreements. (A repurchase agreement is an agreement to purchase a security, coupled with an agreement to sell that security back to the original seller on an agreed-upon date at a price that reflects current interest rates. The SEC frequently treats repurchase agreements as loans.) The Fund also will be permitted by this policy to make loans of money, including to other funds. The policy above will be interpreted not to prevent the Fund from purchasing or investing in debt obligations and loans. In addition, collateral arrangements with respect to options, forward currency and futures transactions and other derivative instruments, as well as delays in the settlement of securities transactions, will not be considered loans.

With respect to the fundamental policy relating to issuing senior securities set forth above, "senior securities" are defined as any bond, debenture, note, or similar obligation or instrument constituting a security and evidencing indebtedness, and any stock of a class having priority over any other class as to distribution of assets or payment of dividends. Under the 1940 Act, a "senior security" does not include any promissory note or evidence of indebtedness where such loan is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of the issuer at the time the loan is made. A loan is presumed to be for temporary purposes if it is repaid within sixty days and is not extended or renewed.

With respect to the fundamental policy relating to borrowing money set forth above, the 1940 Act requires the Fund to maintain at all times an asset coverage of at least 300% of the amount of its borrowings. For the purpose of borrowing money, "asset coverage" means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Certain trading practices and investments may be considered to be borrowings and thus subject to the 1940 Act restrictions. On the other hand,

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certain practices and investments may involve leverage but are not considered to be borrowings under the 1940 Act, such as the purchasing of securities on a when-issued or delayed delivery basis, entering into reverse repurchase agreements, credit default swaps or futures contracts, engaging in short sales and writing options on portfolio securities, so long as the Fund complies with an applicable exemption in Rule 18f-4. Borrowing money to increase portfolio holdings is known as "leveraging." Borrowing, especially when used for leverage, may cause the value of the Fund's shares to be more volatile than if the Fund did not borrow. This is because borrowing tends to magnify the effect of any increase or decrease in the value of the Fund's portfolio holdings. Borrowed money thus creates an opportunity for greater gains, but also greater losses. To repay borrowings, the Fund may have to sell securities at a time and at a price that is unfavorable to the Fund. There also are costs associated with borrowing money, and these costs would offset and could eliminate the Fund's net investment income in any given period. The policy above will be interpreted to permit the Fund to engage in trading practices and investments that may be considered to be borrowing to the extent permitted by the 1940 Act. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that may involve leverage but are not considered to be borrowings are not subject to the policy.

With respect to the fundamental policy relating to real estate set forth above, the 1940 Act does not prohibit a fund from owning real estate. Investing in real estate may involve risks, including that real estate is generally considered illiquid and may be difficult to value and sell. Owners of real estate may be subject to various liabilities, including environmental liabilities. The policy above will be interpreted not to prevent the Fund from investing in real estate-related companies, companies whose businesses consist in whole or in part of investing in real estate, instruments (like mortgages) that are secured by real estate or interests therein, or real estate investment trust securities.

With respect to the fundamental policy relating to commodities set forth above, the 1940 Act does not prohibit a fund from owning commodities, whether physical commodities and contracts related to physical commodities (such as oil or grains and related futures contracts), or financial commodities and contracts related to financial commodities (such as currencies and, possibly, currency futures). If the Fund were to invest in a physical commodity or a physical commodity-related instrument, the Fund would be subject to the additional risks of the particular physical commodity and its related market. The value of commodities and commodity-related instruments may be extremely volatile and may be affected either directly or indirectly by a variety of factors. There also may be storage charges and risks of loss associated with physical commodities. The policy above will be interpreted to permit investments in exchange traded funds that invest in physical and/or financial commodities.

With respect to the fundamental policy relating to concentration set forth above, the 1940 Act does not define what constitutes "concentration" in an industry or groups of industries. The SEC staff has taken the position that investment of 25% or more of a fund's total assets in one or more issuers conducting their principal activities in the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration could change in the future. A fund that invests a significant percentage of its total assets in a single industry may be particularly susceptible to adverse events affecting that industry and may be more risky than a fund that does not concentrate in an industry. The policy above will be interpreted to refer to concentration as that term may be interpreted from time to time. In addition, the term industry will be interpreted to include a related group of industries. The policy also will be interpreted to permit investment without limit in the following: securities of the U.S. government and its agencies or instrumentalities (including, for the avoidance of doubt, U.S. agency mortgage-backed securities); securities of state, territory, possession or municipal governments and their authorities, agencies, instrumentalities or political subdivisions; securities of foreign governments; and repurchase agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be considered to be members of any industry. There also will be no limit on investment in issuers domiciled in a single jurisdiction or country. Finance companies will be considered to be in the industries of their parents if their activities are primarily related to financing the activities of the parents. Each foreign government will be considered to be a member of a separate industry. With respect to the Fund's industry

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classifications, the Fund currently utilizes any one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the Adviser. In the absence of such classification or if the Adviser determines in good faith based on its own information that the economic characteristics affecting a particular issuer make it more appropriate to be considered engaged in a different industry, the Adviser may classify an issuer accordingly. Accordingly, the composition of an industry or group of industries may change from time to time. The policy also will be interpreted to give broad authority to the Fund as to how to classify issuers within or among industries. The investment restrictions and other policies described herein do not apply to Portfolio Funds.

The Fund's fundamental policies are written and will be interpreted broadly. For example, the policies will be interpreted to refer to the 1940 Act and the related rules as they are in effect from time to time, and to interpretations and modifications of or relating to the 1940 Act by the SEC and others as they are given from time to time. When a policy provides that an investment practice may be conducted as permitted by the 1940 Act, the policy will be interpreted to mean either that the 1940 Act expressly permits the practice or that the 1940 Act does not prohibit the practice.

#### Non-Fundamental Policies
The Fund's investment objective is non-fundamental and may be changed with the approval of the Fund's Board upon 60 days' prior notice to Shareholders.

The Fund's policy to invest, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in credit investments (as defined in the prospectus) is non-fundamental and may be changed by the Fund's Board, upon 60 days' prior written notice to Shareholders.

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#### INVESTMENT PRACTICES, TECHNIQUES AND RISKS
The following information supplements the discussion of the Fund's investment objective, policies, techniques and risks that are described in the Prospectus. The Fund may invest in the following instruments and use the following investment techniques, subject to any limitations set forth in the Prospectus. There is no guarantee the Fund will buy all of the types of securities or use any or all of the investment techniques described herein.

*Cash Equivalents and Short-Term Debt Securities*. For temporary defensive purposes, the Fund may invest up to 100% of its assets in cash equivalents and short-term debt securities. Short-term debt securities are defined to include, without limitation, the following:

• U.S. government securities, including bills, notes and bonds differing as to maturity and rates of interest that are either issued or guaranteed by the U.S. Treasury or by U.S. government agencies or instrumentalities. U.S. government securities include securities issued by: (a) the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration and Government National Mortgage Association, the securities of which are supported by the full faith and credit of the United States; (b) the Federal Home Loan Banks, Federal Intermediate Credit Banks and Tennessee Valley Authority, the securities of which are supported by the right of the agency to borrow from the U.S. Treasury; (c) the Federal National Mortgage Association, the securities of which are supported by the discretionary authority of the U.S. government to purchase certain obligations of the agency or instrumentality; and (d) the Student Loan Marketing Association, the securities of which are supported only by its credit. While the U.S. government provides financial support to such U.S. government-sponsored agencies or instrumentalities, no assurance can be given that it always will do so since it is not so obligated by law. The U.S. government, its agencies and instrumentalities do not guarantee the market value of their securities. Consequently, the value of such securities may fluctuate.

• Certificates of deposit issued against funds deposited in a bank or a savings and loan association. Such certificates are for a definite period of time, earn a specified rate of return and are normally negotiable. The issuer of a certificate of deposit agrees to pay the amount deposited plus interest to the bearer of the certificate on the date specified thereon. Certificates of deposit purchased by the Fund may not be fully insured by the Federal Deposit Insurance Corporation.

• Repurchase agreements, which involve purchases of debt securities.

• Commercial paper, which consists of short-term unsecured promissory notes, including variable rate master demand notes issued by corporations to finance their current operations. Master demand notes are direct lending arrangements between the Fund and a corporation. There is no secondary market for such notes. However, they are redeemable by the Fund at any time. The Adviser will consider the financial condition of the corporation (e.g., earning power, cash flow and other liquidity ratios) and will continuously monitor the corporation's ability to meet all of its financial obligations, because the Fund's liquidity might be impaired if the corporation were unable to pay principal and interest on demand. Investments in commercial paper will be limited to commercial paper rated in the highest categories by a major rating agency and which mature within one year of the date of purchase or carry a variable or floating rate of interest.

*Liquid Assets*. To manage the liquidity of its investment portfolio, the Fund also invests a portion of its assets in a portfolio of investment grade bonds, high yield bonds, short-term debt securities, leveraged loans, U.S. Government securities, affiliated and unaffiliated money market securities, affiliated and unaffiliated mutual funds and ETFs, cash and/or cash equivalents ("Liquid Assets"). The Fund may invest in one or more money market funds advised by the Adviser or its affiliates ("affiliated money market funds"). The Fund may invest in other liquid fixed income securities and other credit instruments from time to time.

*Yield and Ratings Risk.* The yields on debt obligations are dependent on a variety of factors, including general market conditions, conditions in the particular market for the obligation, the financial condition of the issuer, the

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size of the offering, the maturity of the obligation and the ratings of the issue. The ratings of Moody's, S&P and Fitch represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and interest rate may have different market prices. Subsequent to its purchase by the Fund, a rated security may cease to be rated. The Adviser will consider such an event in determining whether the Fund should continue to hold the security.

*U.S. Debt Securities Risk.* The Fund may have exposure to debt securities indirectly through investment vehicles. U.S. debt securities generally involve lower levels of credit risk than other types of fixed income securities of similar maturities, although, as a result, the yields available from U.S. debt securities are generally lower than the yields available from such other securities. Like other fixed income securities, the values of U.S. debt securities change as interest rates fluctuate. Any downgrades by rating agencies could increase volatility in both stock and bond markets, result in higher interest rates and higher Treasury yields and increase borrowing costs generally. These events could have significant adverse effects on the economy generally and could result in significant adverse impacts on securities issuers and the Fund. The Adviser cannot predict the effects of these or similar events in the future on the U.S. economy and securities markets or on the Fund's portfolio.

*Corporate Bonds Risk.* The Fund may have exposure to corporate bonds indirectly through investment vehicles. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates. The market value of intermediate and longer term corporate bonds is generally more sensitive to changes in interest rates than is the market value of shorter term corporate bonds. The market value of a corporate bond also may be affected by factors directly related to the issuer, such as investors' perceptions of the creditworthiness of the issuer, the issuer's financial performance, perceptions of the issuer in the market place, performance of management of the issuer, the issuer's capital structure and use of financial leverage and demand for the issuer's goods and services. Certain risks associated with investments in corporate bonds are described elsewhere in the Prospectus in further detail, including under "—Fixed-Income Securities Risks—Credit Risk," "—Fixed-Income Securities Risks—Interest Rate Risk," and "—Fixed-Income Securities Risks—Prepayment Risk." There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. Corporate bonds of below investment grade quality are often high risk and have speculative characteristics and may be particularly susceptible to adverse issuer-specific developments. Corporate bonds of below investment grade quality are subject to the risks described herein under "—*Below Investment Grade Securities Risk*."

*Below Investment Grade Securities Risk.* The Fund expects to have exposure to below investment grade securities directly or indirectly through investment vehicles. The Fund expects to invest in securities that are rated, at the time of investment, below investment grade quality (rated Ba/BB or below, or judged to be of comparable quality by the Adviser), which are commonly referred to as "high yield" or "junk" bonds and are regarded as predominantly speculative with respect to the issuer's capacity to pay interest and repay principal when due. The value of high yield, lower quality bonds is affected by the creditworthiness of the issuers of the securities and by general economic and specific industry conditions. Issuers of high yield bonds are not perceived to be as strong financially as those with higher credit ratings. These issuers are more vulnerable to financial setbacks and recession than more creditworthy issuers, which may impair their ability to make interest and principal payments. Lower grade securities may be particularly susceptible to economic downturns. It is likely that an economic recession could severely disrupt the market for such securities and may have an adverse impact on the value of such securities. In addition, it is likely that any such economic downturn could adversely affect the ability of the issuers of such securities to repay principal and pay interest thereon and increase the incidence of default for such securities.

Lower grade securities, though often high yielding, are characterized by high risk. They may be subject to certain risks with respect to the issuing entity and to greater market fluctuations than certain lower yielding, higher rated securities. The secondary market for lower grade securities may be less liquid than that for higher rated securities. Adverse conditions could make it difficult at times for the Fund to sell certain securities or could result

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in lower prices than those used in calculating the Fund's net asset value. Because of the substantial risks associated with investments in lower grade securities, an investor could lose money on its investment in the Fund, both in the short-term and the long-term.

The prices of fixed-income securities generally are inversely related to interest rate changes; however, below investment grade securities historically have been somewhat less sensitive to interest rate changes than higher quality securities of comparable maturity because credit quality is also a significant factor in the valuation of lower grade securities. On the other hand, an increased rate environment results in increased borrowing costs generally, which may impair the credit quality of low-grade issuers and thus have a more significant effect on the value of some lower grade securities. In addition, the current low rate environment has expanded the historic universe of buyers of lower grade securities as traditional investment grade oriented investors have been forced to accept more risk in order to maintain income. As rates rise, these recent entrants to the low-grade securities market may exit the market and reduce demand for lower grade securities, potentially resulting in greater price volatility.

The ratings of Moody's, S&P, Fitch and other rating agencies represent their opinions as to the quality of the obligations which they undertake to rate. Ratings are relative and subjective and, although ratings may be useful in evaluating the safety of interest and principal payments, they do not evaluate the market value risk of such obligations. Although these ratings may be an initial criterion for selection of portfolio investments, the Adviser also will independently evaluate these securities and the ability of the issuers of such securities to pay interest and principal. To the extent that the Fund invests in lower grade securities that have not been rated by a rating agency, the Fund's ability to achieve its investment objective will be more dependent on the Adviser's credit analysis than would be the case when the Fund invests in rated securities.

The Fund expects to invest in securities rated in the lower rating categories (rated as low as D, or unrated but judged to be of comparable quality by the Adviser). For these securities, the risks associated with below investment grade instruments are more pronounced.

*Bank Loans Risk.* The Fund may have exposure to bank loans indirectly through investment vehicles. The market for bank loans may not be highly liquid and the Fund may have difficulty selling them. These investments are subject to both interest rate risk and credit risk, and the risk of non-payment of scheduled interest or principal. These investments expose the Fund to the credit risk of both the financial institution and the underlying borrower.

*Derivatives*. A derivative is generally a financial contract the value of which depends on, or is derived from, changes in the value of one or more "reference instruments," such as underlying assets (including securities), reference rates, indices or events. Derivatives may relate to stocks, bonds, credit, interest rates, commodities, currencies or currency exchange rates, or related indices. A derivative may also contain leverage to magnify the exposure to the reference instrument. Derivatives may be traded on organized exchanges and/or through clearing organizations, or in private transactions with other parties in the over-the-counter ("OTC") market with a single dealer or a prime broker acting as an intermediary with respect to an executing dealer. Derivatives may be used for hedging purposes and non-hedging (or speculative) purposes. Some derivatives require one or more parties to post "margin," which means that a party must deposit assets with, or for the benefit of, a third party, such as a futures commission merchant, in order to initiate and maintain the derivatives position.

Use of derivatives is a highly specialized activity that can involve investment techniques and risks different from, and in some respects greater than, those associated with investing in more traditional investments, such as stocks and bonds. Derivatives can be highly complex and highly volatile and may perform in unanticipated ways. Derivatives can create leverage, which can magnify the impact of a decline in the value of the reference instrument underlying the derivative, and the Fund could lose more than the amount it invests. Derivatives can have the potential for unlimited losses, for example, where the Fund may be called upon to deliver a security it does not own. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a

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derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. Derivatives may involve risks different from, and possibly greater than, the risks associated with investing directly in the reference instrument. Suitable derivatives may not be available in all circumstances, and there can be no assurance that the Fund will use derivatives to reduce exposure to other risks when that might have been beneficial. Derivatives may involve fees, commissions, or other costs that may reduce the Fund's gains or exacerbate losses from the derivatives. Certain aspects of the regulatory treatment of derivative instruments, including federal income tax, are currently unclear and may be affected by changes in legislation, regulations, or other legally binding authority.

Derivatives involve risks different from the risks associated with investing directly in securities and other traditional investments. There are risks that apply generally to derivatives transactions, including:

• Correlation risk, which is the risk that changes in the value of a derivative will not match the changes in the value of the portfolio holdings that are being hedged or of the particular market or security to which the Fund seeks exposure. There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.

• Counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. Counterparty risk may arise because of market activities and developments, the counterparty's financial condition (including financial difficulties, bankruptcy, or insolvency), or other reasons. Not all derivative transactions require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty. Counterparty risk is generally thought to be greater with OTC derivatives than with derivatives that are exchange traded or centrally cleared. However, derivatives that are traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations.

• Credit risk, which is the risk that the reference entity in a credit default swap or similar derivative will not be able to honor its financial obligations.

• Currency risk, which is the risk that changes in the exchange rate between two currencies will adversely affect the value (in U.S. dollar terms) of an investment.

• Illiquidity risk, which is the risk that certain securities or instruments may be difficult or impossible to sell at the time or at the price desired by the counterparty in connection with payments of margin, collateral, or settlement payments. There can be no assurance that the Fund will be able to unwind or offset a derivative at its desired price, in a secondary market or otherwise. The absence of liquidity may also make it more difficult for the Fund to ascertain a market value for such instruments. The illiquidity of the derivatives markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies, the participation of speculators, government regulation and intervention, and technical and operational or system failures. In addition, the liquidity of a secondary market in an exchange-traded derivative contract may be adversely affected by "daily price fluctuation limits" established by the exchanges which limit the amount of fluctuation in an exchange-traded contract price during a single trading day. Once the daily limit has been reached in the contract, no trades may be entered into at a price beyond the limit, thus preventing the liquidation of open positions. Prices have in the past moved beyond the daily limit on a number of consecutive trading days. If it is not possible to close an open derivative position entered into by the Fund, the Fund would continue to be required to make daily cash payments of variation margin in the event of adverse price movements. In such a situation, if the Fund has insufficient cash, it may have to sell portfolio securities to meet daily variation margin requirements at a time when it may be disadvantageous to do so.

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• Index risk, which is if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below the price that the Fund paid for such derivative.

• Legal risk, which is the risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.

• Leverage risk, which is the risk that the Fund's derivatives transactions can magnify the Fund's gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested.

• Market risk, which is the risk that changes in the value of one or more markets or changes with respect to the value of the underlying asset will adversely affect the value of a derivative. In the event of an adverse movement, the Fund may be required to pay substantial additional margin to maintain its position or the Fund's returns may be adversely affected.

• Operational risk, which is the risk related to potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error.

• Valuation risk, which is the risk that valuation sources for a derivative will not be readily available in the market. This is possible especially in times of market distress, since many market participants may be reluctant to purchase complex instruments or quote prices for them.

• Volatility risk, which is the risk that the value of derivatives will fluctuate significantly within a short time period.

Ongoing changes to regulation of the derivatives markets and potential changes in the regulation of funds using derivative instruments could limit the Fund's ability to pursue its investment strategies. New regulation of derivatives may make them more costly, or may otherwise adversely affect their liquidity, value or performance.

The Fund relies on certain exemptions in Rule 18f-4 to enter into derivatives transactions and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Under Rule 18f-4, "derivatives transactions" include the following: (1) any swap, security-based swap, futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which the Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; and (3) if the Fund relies on the exemption in Rule 18f-4(d)(1)(ii), reverse repurchase agreements and similar financing transactions. The Fund will rely on a separate exemption in Rule 18f-4(e) when entering into unfunded commitment agreements (e.g., capital commitments to invest equity in Portfolio Funds that can be drawn at the discretion of the Portfolio Fund's general partner). To rely on the unfunded commitment agreements exemption, the Fund must reasonably believe, at the time it enters into such agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as they come due. The Fund will rely on another exemption in Rule 18f-4(f) when purchasing when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, if certain conditions are met. When the Fund enters into a secondary transaction to purchase interests in underlying Portfolio Funds, the Fund will treat the date of the transfer agreement to purchase the interest in a specific Portfolio Fund as the trade date for determining whether the purchase of the Portfolio Fund qualifies for the exemption for non-standard settlement cycle securities transactions.

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The Fund operates as a "limited derivatives user" for purposes of the derivatives transactions exemption in Rule 18f-4. To qualify as a limited derivatives user, the Fund's "derivatives exposure" is limited to 10% of its net assets subject to exclusions for certain currency or interest rate hedging transactions (as calculated in accordance with Rule 18f-4). If the Fund fails to qualify as a "limited derivatives user" as defined in Rule 18f-4 and seeks to enter into derivatives transactions, the Fund will be required to establish a comprehensive derivatives risk management program, to comply with certain value-at-risk based leverage limits, to appoint a derivatives risk manager and to provide additional disclosure both publicly and to the SEC regarding its derivatives positions.

<u>Options</u>. The Fund may purchase put and call options on currencies or securities. A put option gives the purchaser the right to compel the writer of the option to purchase from the option holder an underlying currency or security or its equivalent at a specified price at any time during the option period. In contrast, a call option gives the purchaser the right to buy the underlying currency or security covered by the option or its equivalent from the writer of the option at the stated exercise price. As a holder of a put option, the Fund will have the right to sell the currencies or securities underlying the option and as the holder of a call option, the Fund will have the right to purchase the currencies or securities underlying the option, in each case at their exercise price at any time prior to the option's expiration date. The Fund may seek to terminate its option positions prior to their expiration by entering into closing transactions. The ability of the Fund to enter into a closing sale transaction depends on the existence of a liquid secondary market. There can be no assurance that a closing purchase or sale transaction can be effected when the Fund so desires.

The hours of trading for options may not conform to the hours during which the underlying securities are traded. To the extent that the options markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying markets that cannot be reflected in the options markets. The purchase of options is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The purchase of options involves the risk that the premium and transaction costs paid by the Fund in purchasing an option will be lost as a result of unanticipated movements in prices of the securities on which the option is based. Imperfect correlation between the options and securities markets may detract from the effectiveness of attempted hedging. Options transactions may result in significantly higher transaction costs and portfolio turnover for the Fund.

Some, but not all, of the Fund's options may be traded and listed on an exchange. There is no assurance that a liquid secondary market on an options exchange will exist for any particular option at any particular time, and for some options no secondary market on an exchange or elsewhere may exist. If the Fund is unable to effect a closing sale transaction with respect to options on securities that it has purchased, it would have to exercise the option to realize any profit and would incur transaction costs upon the purchase and sale of the underlying securities.

<u>Futures Contracts</u>. The Fund may enter into securities-related futures contracts, including security futures contracts. The Fund will not enter into futures contracts that are prohibited under the Commodity Exchange Act, as amended (the "CEA"), and will, to the extent required by regulatory authorities, enter only into futures contracts that are traded on exchanges and are standardized as to maturity date and underlying financial instrument. A security futures contract is a legally binding agreement between two parties to purchase or sell in the future a specific quantity of a security or of the component securities of a narrow-based security index, at a certain price. A person who buys a security futures contract enters into a contract to purchase an underlying security and is said to be "long" the contract. A person who sells a security futures contract enters into a contract to sell the underlying security and is said to be "short" the contract. The price at which the contract trades (the "contract price") is determined by relative buying and selling interest on a regulated exchange.

An open position, either a long or short position, is typically closed or liquidated by entering into an offsetting transaction (i.e., an equal and opposite transaction to the one that opened the position) prior to the contract expiration. Traditionally, most futures contracts are liquidated prior to expiration through an offsetting transaction and, thus, holders do not incur a settlement obligation. If the offsetting purchase price is less than the

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original sale price, a gain will be realized; if it is more, a loss will be realized. Conversely, if the offsetting sale price is more than the original purchase price, a gain will be realized; if it is less, a loss will be realized. The transaction costs must also be included in these calculations. However, there can be no assurance that the Fund will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If the Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain the margin deposits on the futures contract and the Fund may not be able to realize a gain in the value of its future position or prevent losses from mounting. This inability to liquidate could occur, for example, if trading is halted due to unusual trading activity in either the security futures contract or the underlying security; if trading is halted due to recent news events involving the issuer of the underlying security; if systems failures occur on an exchange or at the firm carrying the position; or, if the position is on an illiquid market. Even if the Fund can liquidate its position, it may be forced to do so at a price that involves a large loss. Because of the low margin deposits required, futures contracts trading involves an extremely high degree of leverage. As a result, a relatively small price movement in a futures contract may result in an immediate and substantial loss or gain to the investor.

There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a futures contract position. The Fund would continue to be required to meet margin requirements until the position is closed, possibly resulting in a decline in the Fund's net asset value. In addition, many of the contracts discussed above are relatively new instruments without a significant trading history. As a result, there can be no assurance that an active secondary market will develop or continue to exist.

Security futures contracts that are not liquidated prior to expiration must be settled in accordance with the terms of the contract. Depending on the terms of the contract, some security futures contracts are settled by physical delivery of the underlying security. Settlement with physical delivery may involve additional costs. Depending on the terms of the contract, other security futures contracts are settled through cash settlement. In this case, the underlying security is not delivered. Instead, any positions in such security futures contracts that are open at the end of the last trading day are settled through a final cash payment based on a final settlement price determined by the exchange or clearing organization. Once this payment is made, neither party has any further obligations on the contract.

In addition, the value of a position in security futures contracts could be affected if trading is halted in either the security futures contract or the underlying security. In certain circumstances, regulated exchanges are required by law to halt trading in security futures contracts. The regulated exchanges may also have discretion under their rules to halt trading in other circumstances, such as when the exchange determines that the halt would be advisable in maintaining a fair and orderly market. A trading halt, either by a regulated exchange that trades security futures or an exchange trading the underlying security or instrument, could prevent the Fund from liquidating a position in security futures contracts in a timely manner, which could expose the Fund to a loss.

Each regulated exchange trading a security futures contract may also open and close for trading at different times than other regulated exchanges trading security futures contracts or markets trading the underlying security or securities. Trading in security futures contracts prior to the opening or after the close of the primary market for the underlying security may be less liquid than trading during regular market hours.

<u>Swap Agreements</u>. The Fund may enter into swap agreements. In a standard "swap" transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the "notional amount" of predetermined investments or instruments, which may be adjusted for an interest factor. Some swaps are structured to include exposure to a variety of different types of investments or market factors, such as interest rates, commodity prices, non-U.S. currency rates, mortgage securities, corporate borrowing rates, security prices, indexes or inflation rates. Swap agreements may be negotiated bilaterally and traded OTC between two parties or, in some instances, must be transacted through a futures commission merchant and cleared through a clearinghouse that serves as a central counterparty. Certain risks are reduced (but not eliminated) if a fund invests in cleared swaps. Certain standardized swaps, including certain credit default swaps,

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are subject to mandatory clearing, and more are expected to be in the future. The counterparty risk for cleared derivatives is generally lower than for uncleared derivatives, but cleared contracts are not risk-free.

Swap agreements may increase or decrease the overall volatility of the Fund's investments and the price of its Shares. The performance of swap agreements may be affected by a change in the specific interest rate, currency or other factors that determine the amounts of payments due to and from the Fund. If a swap agreement calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty's creditworthiness declines, the value of a swap agreement would likely decline, potentially resulting in losses.

Generally, swap agreements have fixed maturity dates that are agreed upon by the parties to the swap. The agreement can be terminated before the maturity date only under limited circumstances, such as default by or insolvency of one of the parties and can be transferred by a party only with the prior written consent of the other party. The Fund may be able to eliminate its exposure under a swap agreement either by assignment or other disposition, or by entering into an offsetting swap agreement with the same party or a similarly creditworthy party. If the counterparty is unable to meet its obligations under the contract, declares bankruptcy, defaults or becomes insolvent, it is possible that the Fund may not be able to recover the money it expected to receive under the contract.

A swap agreement can be a form of leverage, which can magnify the Fund's gains or losses. The use of swaps can cause the Fund to be subject to additional regulatory requirements, which may generate additional Fund expenses. The Fund monitors any swaps with a view towards ensuring that the Fund remains in compliance with all applicable regulatory, investment and tax requirements.

<u>General Limitations on Certain Futures, Options and Swap Transactions</u>. The Adviser, with respect to the Fund, intends to file a notice of eligibility for an exclusion from the definition of the term "commodity pool operator" with the U.S. Commodity Futures Trading Commission (the "CFTC") and the National Futures Association (the "NFA"), which regulate trading in the futures markets. Pursuant to CFTC Regulation 4.5, the Adviser and the Fund expect not to be subject to regulation as a commodity pool or commodity pool operator under the CEA. If the Adviser or the Fund becomes subject to these requirements, as well as related NFA rules, the Fund may incur additional compliance and other expenses.

*Equity Securities*. Equity securities in which the Fund may invest include common stocks, preferred stocks, convertible securities and warrants. This may include the equity securities of private equity sponsors. Common stocks and preferred stocks represent shares of ownership in a corporation. Preferred stocks usually have specific dividends and rank after bonds and before common stock in claims on assets of the corporation should it be dissolved. Increases and decreases in earnings are usually reflected in a corporation's stock price. Convertible securities are debt or preferred equity securities convertible into common stock. Usually, convertible securities pay dividends or interest at rates higher than common stock, but lower than other securities. Convertible securities usually participate to some extent in the appreciation or depreciation of the underlying stock into which they are convertible.

Preferred securities, which are a form of hybrid security (i.e., a security with both debt and equity characteristics), may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities, however, unlike common stocks, participation in the growth of an issuer may be limited. Distributions on preferred securities are generally payable at the discretion of the issuer's board and after the company makes required payments to holders of its bonds and other debt securities. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt securities to actual or perceived changes in the company's financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies. Preferred securities may be less liquid than common stocks. Preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any

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adverse consequences to the issuer. Preferred shareholders may have certain rights if distributions are not paid but generally have no legal recourse against the issuer and may suffer a loss of value if distributions are not paid. Generally, preferred shareholders have no voting rights with respect to the issuer unless distributions to preferred shareholders have not been paid for a stated period, at which time the preferred shareholders may elect a number of Trustees to the issuer's board. Generally, once all the distributions have been paid to preferred shareholders, the preferred shareholders no longer have voting rights.

Warrants are options to buy a stated number of shares of common stock at a specified price anytime during the life of the warrants. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than certain other types of investments. In addition, the value of a warrant or right does not necessarily change with the value of the underlying securities. The Fund could lose the value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the warrant's or right's expiration date. The market for warrants and rights may be very limited and there may at times not be a liquid secondary market for warrants and rights.

*Securities of other Investment Companies.* The Fund may invest, subject to applicable regulatory limits, in the securities of other investment companies, including open-end management companies, closed-end management companies (including BDCs) and unit investment trusts. The Fund also may invest in ETFs, as described in additional detail under "ETFs and Other Exchange-Traded Investment Vehicles" below. Under the 1940 Act, subject to the Fund's own more restrictive limitations, if any, the Fund's investment in securities issued by other investment companies, subject to certain exceptions, currently is limited to: (1) 3% of the total voting stock of any one investment company; (2) 5% of the Fund's total assets with respect to any one investment company; and (3) 10% of the Fund's total assets in the aggregate (such limits do not apply to investments in money market funds). Exemptions in the 1940 Act or the rules thereunder may allow the Fund to invest in another investment company in excess of these limits. In particular, Rule 12d1-4 under the 1940 Act allows the Fund to acquire the securities of another investment company, including ETFs, in excess of the limitations imposed by Section 12 of the 1940 Act, subject to certain limitations and conditions on the Fund and the Adviser, including limits on control and voting of acquired funds' shares, evaluations and findings by the Adviser and limits on most three-tier fund structures.

When investing in the securities of other investment companies, the Fund will be indirectly exposed to all the risks of such investment companies' portfolio securities. In addition, as a shareholder in an investment company, the Fund would indirectly bear its pro rata share of that investment company's advisory fees and other operating expenses. Fees and expenses incurred indirectly by the Fund as a result of its investment in shares of one or more other investment companies generally are referred to as "acquired fund fees and expenses" and may appear as a separate line item in the Fund's prospectus fee table. For certain investment companies, such as BDCs, these expenses may be significant. In addition, the shares of closed-end management companies may involve the payment of substantial premiums above, while the sale of such securities may be made at substantial discounts from, the value of such issuer's portfolio securities. Historically, shares of closed-end funds, including BDCs, have frequently traded at a discount to their net asset value, which discounts have, on occasion, been substantial and lasted for sustained periods of time.

Certain money market funds that operate in accordance with Rule 2a-7 under the 1940 Act float their NAV while others seek to reserve the value of investments at a stable NAV (typically $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed, and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee).

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*ETFs and Other Exchange-Traded Investment Vehicles.* The Fund may invest, subject to applicable regulatory limits, in the securities of ETFs and other pooled investment vehicles that are traded on an exchange and that hold a portfolio of securities or other financial instruments (collectively, "exchange-traded investment vehicles"). When investing in the securities of exchange-traded investment vehicles, the Fund will be indirectly exposed to all the risks of the portfolio securities or other financial instruments they hold. The performance of an exchange-traded investment vehicle will be reduced by transaction and other expenses, including fees paid by the exchange-traded investment vehicle to service providers. ETFs are investment companies that are registered as open-end management companies or unit investment trusts. The limits that apply to the Fund's investment in securities of other investment companies generally apply also to the Fund's investment in securities of ETFs.

Shares of exchange-traded investment vehicles are listed and traded in the secondary market. Many exchange-traded investment vehicles are passively managed and seek to provide returns that track the price and yield performance of a particular index or otherwise provide exposure to an asset class (e.g., currencies or commodities). Although such exchange-traded investment vehicles may invest in other instruments, they largely hold the securities (e.g., common stocks) of the relevant index or financial instruments that provide exposure to the relevant asset class. The share price of an exchange-traded investment vehicle may not track its specified market index, if any, and may trade below its net asset value. An active secondary market in the shares of an exchange-traded investment vehicle may not develop or be maintained and may be halted or interrupted due to actions by its listing exchange, unusual market conditions, or other reasons. There can be no assurance that the shares of an exchange-traded investment vehicle will continue to be listed on an active exchange.

*Publicly Traded Equity Securities Risk* 

Stock markets are volatile, and the prices of equity securities fluctuate based on changes in a company's financial condition and overall market and economic conditions. Although common stocks have historically generated higher average total returns than fixed-income securities over the long-term, common stocks also have experienced significantly more volatility in those returns and, in certain periods, have significantly underperformed relative to fixed-income securities. Common stocks of companies that operate in certain sectors or industries tend to experience greater volatility than companies that operate in other sectors or industries or the broader equity markets. For example, publicly traded equity securities of private equity funds and private equity firms tend to experience greater volatility than other companies in the financial services industry and the broader equity markets. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the Fund. A common stock may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. The value of a particular common stock held by the Fund may decline for a number of other reasons which directly relate to the issuer, such as management performance, financial leverage, the issuer's historical and prospective earnings, the value of its assets and reduced demand for its goods and services. Also, the prices of common stocks are sensitive to general movements in the stock market and a drop in the stock market may depress the price of common stocks to which the Fund has exposure. Common stock prices fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Common equity securities in which the Fund may invest are structurally subordinated to preferred stock, bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and are therefore inherently more risky than preferred stock or debt instruments of such issuers.

*Other Publicly Listed Securities*. The Fund may make investments in publicly listed companies whose primary business is managing investments in private credit markets and in publicly traded vehicles whose primary purpose is to invest in or lend capital to privately held companies.

Publicly traded private credit markets investments generally involve publicly listed companies that pursue the business of private credit investing, including listed private credit companies, listed funds of funds, BDCs,

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special purpose acquisition companies (SPACs), alternative asset managers, holding companies, investment trusts, closed-end funds, financial institutions and other vehicles whose primary purpose is to invest in, lend capital to or provide services to privately held companies.

Publicly traded private credit markets funds are typically regulated vehicles listed on a public stock exchange that invest in private credit markets transactions or funds. Such vehicles may take the form of corporations, BDCs, unit trusts, publicly traded partnerships, or other structures, and may focus on mezzanine, infrastructure, buyout or venture capital investments.

Publicly traded private credit market investments may also include investments in publicly listed companies in connection with a privately negotiated financing or an attempt to exercise significant influence on the subject of the investment. Publicly traded private credit investments usually have an indefinite duration.

Publicly traded private credit market investments occupies a small portion of the private credit markets universe, including only a few professional investors who focus on and actively trade such investments. As a result, relatively little market research is performed on publicly traded private credit markets companies, only limited public data may be available regarding these companies and their underlying investments, and market pricing may significantly deviate from published net asset value. This can result in market inefficiencies and may offer opportunities to specialists that can value the underlying private credit markets investments.

Publicly traded private credit markets investments are typically liquid and capable of being traded daily, in contrast to direct investments and private credit funds, in which capital is subject to lengthy holding periods. Accordingly, publicly traded private credit markets transactions are significantly easier to execute than other types of private credit markets investments, giving investors an opportunity to adjust the investment level of their portfolios more efficiently.

*Repurchase Agreements*. The Fund may invest in repurchase agreements. A repurchase agreement is a contractual agreement whereby the seller of securities agrees to repurchase the same security at a specified price on a future date agreed upon by the parties. The agreed-upon repurchase price determines the yield during the Fund's holding period. Repurchase agreements are considered to be loans collateralized by the underlying security that is the subject of the repurchase contract. The Fund will only enter into repurchase agreements with registered securities dealers or domestic banks that, in the opinion of the Adviser, present minimal credit risk. The risk to the Fund is limited to the ability of the issuer to pay the agreed-upon repurchase price on the delivery date; however, although the value of the underlying collateral at the time the transaction is entered into always equals or exceeds the agreed-upon repurchase price, if the value of the collateral declines there is a risk of loss of both principal and interest. In the event of default, the collateral may be sold but the Fund might incur a loss if the value of the collateral declines, and might incur disposition costs or experience delays in connection with liquidating the collateral. In addition, if bankruptcy proceedings are commenced with respect to the seller of the security, realization upon the collateral by the Fund may be delayed or limited. The Adviser will monitor the value of the collateral at the time the transaction is entered into and at all times subsequent during the term of the repurchase agreement in an effort to determine that such value always equals or exceeds the agreed-upon repurchase price. In the event the value of the collateral declines below the repurchase price, the Adviser will demand additional collateral from the issuer to increase the value of the collateral to at least that of the repurchase price, including interest.

*Reverse Repurchase Agreements*. The Fund may enter into reverse repurchase agreements with respect to its portfolio investments subject to its investment restrictions. Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement by the Fund to repurchase the securities at an agreed upon price, date and interest payment. If the Fund enters in reverse repurchase agreements and similar financing transactions in reliance on the exemption in Rule 18f-4(d), the Fund may either (i) maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or (ii) treat such transactions as "derivatives transactions" and comply with Rule 18f-4 with respect to such transactions. The use by the Fund of

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reverse repurchase agreements involves many of the same risks of leverage since the proceeds derived from such reverse repurchase agreements may be invested in additional securities. Reverse repurchase agreements involve the risk that the market value of the securities acquired in connection with the reverse repurchase agreement may decline below the price of the securities the Fund has sold but is obligated to repurchase. Also, reverse repurchase agreements involve the risk that the market value of the securities retained in lieu of sale by the Fund in connection with the reverse repurchase agreement may decline in price.

If the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce the Fund's obligation to repurchase the securities, and the Fund's use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision. Also, the Fund would bear the risk of loss to the extent that the proceeds of the reverse repurchase agreement are less than the value of the securities subject to such agreement.

*Restricted Securities and Rule 144A Securities*. The Fund may have exposure to "restricted securities," which generally are securities that may be resold to the public only pursuant to an effective registration statement under the Securities Act or an exemption from registration. Regulation S under the Securities Act is an exemption from registration that permits, under certain circumstances, the resale of restricted securities in offshore transactions, subject to certain conditions, and Rule 144A under the Securities Act is an exemption that permits the resale of certain restricted securities to qualified institutional buyers. Since its adoption by the SEC in 1990, Rule 144A has facilitated trading of restricted securities among qualified institutional investors. To the extent restricted securities held by the Fund qualify under Rule 144A and an institutional market develops for those securities, the Fund expects that it will be able to dispose of the securities without registering the resale of such securities under the Securities Act. However, to the extent that a robust market for such 144A securities does not develop, or a market develops but experiences periods of illiquidity, investments in Rule 144A securities could increase the level of the Fund's illiquidity.

Where an exemption from registration under the Securities Act is unavailable, or where an institutional market is limited, the Fund may, in certain circumstances, be permitted to require the issuer of restricted securities held by the Fund to file a registration statement to register the resale of such securities under the Securities Act. In such case, the Fund will typically be obligated to pay all or part of the registration expenses, and a considerable period may elapse between the decision to sell and the time the Fund may be permitted to resell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, or the value of the security were to decline, the Fund might obtain a less favorable price than prevailed when it decided to sell. Restricted securities for which no market exists are priced by a method that the Portfolio Fund Managers believe accurately reflects fair value.

*Private Investments in Public Equity.* The Fund may invest in securities issued in private investments in public equity transactions, commonly referred to as "PIPEs." A PIPE investment involves the sale of equity securities, or securities convertible into equity securities, in a private placement transaction by an issuer that already has outstanding, publicly traded equity securities of the same class.

Shares acquired in PIPEs are commonly sold at a discount to the current market value per share of the issuer's publicly traded securities. Securities acquired in PIPEs generally are not registered with the SEC until after a certain period of time from the date the private sale is completed, which may be months and perhaps longer. PIPEs may contain provisions that require the issuer to pay penalties to the holder if the securities are not registered within a specified period. Until the public registration process is completed, securities acquired in PIPEs are restricted and, like investments in other types of restricted securities, may be illiquid. Any number of factors may prevent or delay a proposed registration. Prior to or in the absence of registration, it may be possible for securities acquired in PIPEs to be resold in transactions exempt from registration under the Securities Act. There is no guarantee, however, that an active trading market for such securities will exist at the time of disposition, and the lack of such a market could hurt the market value of the Fund's investments. Even if the

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securities acquired in PIPEs become registered, or the Fund is able to sell the securities through an exempt transaction, the Fund may not be able to sell all the securities it holds on short notice and the sale could impact the market price of the securities.

*Structured Solutions*. The Fund also may gain exposure to Portfolio Funds involving Secondary Investments structured as a preferred equity investment ("Structured Solutions"). Structured Solutions, which are self-originated transactions between the Fund and a Portfolio Fund's general partner, in which Fund will invest cash into an existing Portfolio Fund in exchange for newly-issued interests in the Portfolio Fund (i.e., the "preferred equity"). Structured Solutions are intended to provide for strong risk-adjusted return with meaningful downside protection.

*Emerging Markets Investments Risk.* The Fund may invest in non-U.S. securities of issuers in so-called "emerging markets" (or lesser developed countries, including countries that may be considered "frontier" markets). Such investments are particularly speculative and entail all of the risks of investing in Non-U.S. Securities but to a heightened degree. "Emerging market" countries generally include every nation in the world except developed countries, that is, the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe. Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or non-existent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national policies that may limit the Fund's investment opportunities such as restrictions on investment in issuers or industries deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing private and foreign investments and private property.

Foreign investment in certain emerging market countries may be restricted or controlled to varying degrees. These restrictions or controls may at times limit or preclude foreign investment in certain emerging market issuers and increase the costs and expenses of the Fund. Certain emerging market countries require governmental approval prior to investments by foreign persons in a particular issuer, limit the amount of investment by foreign persons in a particular issuer, limit the investment by foreign persons only to a specific class of securities of an issuer that may have less advantageous rights than the classes available for purchase by domiciliaries of the countries and/or impose additional taxes on foreign investors.

Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. In addition, traditional measures of investment value used in the United States, such as price to earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain countries with emerging capital markets, reporting standards vary widely.

Many emerging markets have histories of political instability and abrupt changes in policies and these countries may lack the social, political and economic stability characteristic of more developed countries. As a result, their governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high

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rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have expropriated substantial amounts of private property, and most claims of the property owners have never been fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that the Fund could lose the entire value of its investments in the affected market. Some countries have pervasiveness of corruption and crime that may hinder investments. Certain emerging markets may also face other significant internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth. National policies that may limit the Fund's investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national interests. In such a dynamic environment, there can be no assurances that any or all of these capital markets will continue to present viable investment opportunities for the Fund.

Emerging markets may also have differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments. Sometimes, they may lack or be in the relatively early development of legal structures governing private and foreign investments and private property. In addition to withholding taxes on investment income, some countries with emerging markets may impose differential capital gains taxes on foreign investors.

Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because the Fund will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging markets, and, along with other factors, could result in ownership registration being completely lost.

The Fund would absorb any loss resulting from such registration problems and may have no successful claim for compensation. In addition, communications between the United States and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates.

*The Fund may repurchase Shares through distributions in-kind.* The Fund generally expects to distribute cash to the holder of Shares that are repurchased in satisfaction of such repurchase. See "Repurchase of Shares—Periodic Repurchases" in the Prospectus. However, there can be no assurance that the Fund will have sufficient cash to pay for Shares that are being repurchased or that it will be able to liquidate investments at favorable prices to pay for repurchased Shares. The Fund has the right to distribute securities as payment for repurchased Shares in unusual circumstances, including if making a cash payment would result in a material adverse effect on the Fund. For example, it is possible that the Fund may receive securities from a Portfolio Fund that are illiquid or difficult to value. In such circumstances, the Adviser would seek to dispose of these securities in a manner that is in the best interests of the Fund, which may include a distribution in-kind to Shareholders. In the event that the Fund makes such a distribution of securities, there can be no assurance that any Shareholder would be able to readily dispose of such securities or dispose of them at the value determined by the Adviser.

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#### FINANCIAL INTERMEDIARIES AND DISTRIBUTOR COMPENSATION

#### FINANCIAL INTERMEDIARIES
JPMII may enter into service agreements with financial intermediaries under which it will pay all or a portion of the Servicing Fees it receives from the Fund to such financial intermediaries for performing shareholder services and/or other related services for financial intermediaries' customers who are shareholders of the Fund. In addition, JPMII may enter into sales agreements with financial intermediaries under which it will pay all or a portion of the Distribution Fees it receives from the Fund to such financial intermediaries for providing distribution services and marketing support.

In addition, the Fund may enter into agreements with financial intermediaries pursuant to which the Fund will pay the financial intermediary for services such as networking, or sub-transfer agency and/or omnibus sub-accounting (collectively, "Omnibus Sub-Accounting") or networking. Payments made pursuant to such agreements are generally based on either (1) a percentage of the average daily net assets of clients serviced by such financial intermediary up to a set maximum dollar amount per shareholder account serviced, or (2) the number of accounts serviced by such financial intermediary. Any payments made pursuant to such agreements are in addition to, rather than in lieu of, Rule 12b-1 fees and shareholder servicing fees the financial intermediary may also be receiving pursuant to agreements with JPMII as the Fund's distributor and shareholder servicing agent, respectively. From time to time, JPMII, the Adviser or their affiliates may pay a portion of the fees for networking or Omnibus Sub-Accounting at its or their own expense out of its or their own legitimate profits.

Financial intermediaries may establish their own terms and conditions for providing their services and may charge investors a transaction-based or other fee for their services. Such charges may vary among financial intermediaries, but in all cases will be retained by the financial intermediary and will not be remitted to the Fund or JPMII.

#### Other Cash Compensation Payments
As the Fund has yet to commence operations, the Adviser has yet to make any payments pursuant to written agreements with financial intermediaries (including both FINRA members and non-members) including written agreements for Omnibus Sub-Accounting and networking.

#### Finders' Fee Commissions
Financial intermediaries who sell $250,000 or more of Class A Shares in the aggregate of certain J.P. Morgan Funds may receive finder's fees of 1.00% of the amount of the sale.

#### Finders' Fees Paid By JPMII
As the Fund has yet to commence operations, JPMII has yet to make any payments in finders' fees to financial intermediaries.

#### ADDITIONAL COMPENSATION TO FINANCIAL INTERMEDIARIES.
JPMII and the Adviser at their own expense out of their own legitimate profits, may provide additional compensation ("Additional Compensation") to financial intermediaries. Additional Compensation may also be paid by other affiliates of JPMII and the Adviser from time to time. These Additional Compensation payments are over and above any sales charges (including Rule 12b-1 fees), shareholder servicing, omnibus sub-accounting or networking fees which are charged directly to the Fund and which are disclosed elsewhere in the Fund's prospectus or in this SAI. The categories of Additional Compensation are described below. These categories are

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not mutually exclusive and JPMII and the Adviser and/or their affiliates may pay additional types of Additional Compensation in the future. The same financial intermediaries may receive payments under more than one or all categories. Not all financial intermediaries receive Additional Compensation payments and such payments may be different for different financial intermediaries. These payments may be significant to a financial intermediary and may be an important factor in a financial intermediary's willingness to support the sale of the Fund through its distribution system. Additional Compensation payments are always made only to the firm, never to individuals other than occasional gifts and entertainment that are permitted by FINRA rules.

The Adviser and JPMII and/or their affiliates may be motivated to pay Additional Compensation to promote the sale of Shares of the Fund to clients of financial intermediaries and the retention of those investments by those clients. To the extent financial intermediaries sell more Shares of the Fund or retain Shares of the Fund in their clients' accounts, the Adviser and JPMII benefit from the incremental management and other fees paid by the Fund with respect to those assets.

The provision of Additional Compensation, the varying fee structure and the basis on which a financial intermediary compensates its registered representatives or salespersons may create an incentive for a particular financial intermediary, registered representative or salesperson to highlight, feature or recommend the Fund or other investments based, at least in part, on the level of compensation paid. Additionally, if one interval fund sponsor makes greater distribution payments than another, a financial intermediary may have an incentive to recommend that sponsor's interval fund over other interval funds. Similarly, if a financial intermediary receives greater compensation for one share class versus another, that financial intermediary may have an incentive to recommend that share class. Shareholders should consider whether such incentives exist when evaluating any recommendations from a financial intermediary to purchase or sell Shares of the Fund and when considering which share class is most appropriate. Shareholders should ask their financial intermediary for more information.

*Sales and Marketing Support.* Additional Compensation may be paid to financial intermediaries for sales and marketing support. Marketing support may include access to a financial intermediary's sales representatives and management representatives. Additional Compensation may also be paid to financial intermediaries for inclusion of the Fund on a firm's list of offered products including a preferred or select sales list, in other sales programs or as an expense reimbursement. Additional Compensation may becalculated in basis points based on average net Fund assets attributable to the financial intermediary or sales of the Fund by the financial intermediary. Additional Compensation may also be fixed dollar amounts.

From time to time, the Adviser, JPMII and their affiliates may provide, out of their own legitimate profits, financial assistance to financial intermediaries that enable JPMII and the Adviser to sponsor and/or participate in and/or present at meeting, conferences or seminars, sales, training or educational programs, client and investor events, client prospecting retention, and due diligence events and other firm-sponsored events or other programs for the financial intermediaries' registered representatives and employees. These payments may vary depending upon the nature of the event, and may include travel expenses, such as lodging incurred by registered representatives of the financial intermediaries. In addition, the Adviser and JPMII and their affiliates may pay or reimburse sales representatives of financial intermediaries in the form of occasional gifts and occasional meals or entertainment events that the Adviser and JPMII or their affiliates deem appropriate, subject to applicable law and regulations. Other compensation may be offered to the extent not prohibited by federal or state laws or any self-regulatory agency, such as FINRA. These payments may vary depending upon the nature of the event or the relationship.

*Administrative and Processing Support.* The Adviser and/or JPMII may also pay Additional Compensation to financial intermediaries for their administrative and processing support, including (i) record keeping, omnibus sub-accounting and networking, to the extent that the Fund does not pay for these costs directly; (ii) reimbursement for ticket processing charges applied to Shares of the Fund and (iii) one time payments for ancillary services such as setting up the Fund on the financial intermediary's trading system/platform.

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#### Identification of financial intermediaries
As the Fund has yet to commence operations, the Adviser has yet to enter into any written agreements with financial intermediaries with respect to any Additional Compensation.

#### Distributor Compensation
Class A Shares of the Fund pays a Distribution Fee of 0.50% of average daily net assets. Class S Shares of the Fund pay a Distribution Fee of 0.75% of average daily net assets. Where a broker-dealer pays a finder's fee (as described in the Fund's prospectus) on the sale of Class A Shares of the Fund, JPMII currently expects to pay sales commissions to the broker-dealer at the time of the sale of up to 1.00% of the purchase price of the shares sold by such broker-dealer. JPMII will use its own funds (which may be borrowed or otherwise financed) to pay such commissions and generally recoups such amounts through collection of the Distribution Fee and any contingent deferred sales charge ("CDSC"). Distribution Fees paid to JPMII under the Distribution Plan may be paid by JPMII to broker-dealers as distribution fees in an amount not to exceed 0.50% annualized of the average daily NAV of the Class A Shares or 0.75% annualized of the average daily NAV of the Class S Shares maintained in the Fund by such broker-dealers' customers. Such payments on Class A (except where a finder's fee is paid) and Class S Shares will be paid to broker-dealers promptly after the Shares are purchased. Such payments on Class A Shares (where a finder's fee is paid) will be paid to broker-dealers beginning in the 13<sup>th</sup> month following the purchase of such Shares, except certain broker-dealers who have sold Class A Shares to certain defined contribution plans and who have waived the 1.00% sales commission shall be paid Distribution Fees promptly after the Shares are purchased. If the broker-dealer is not paid the Distribution Fee until the 13th month following a transaction, JPMII retains the fee. Since the Distribution Fee is not directly tied to expenses, the amount of Distribution Fees paid by a class of the Fund during any year may be more or less than actual expenses incurred pursuant to the Distribution Plan. For this reason, this type of distribution fee arrangement is characterized by the staff of the SEC as being of the "compensation" variety (in contrast to "reimbursement" arrangements by which a distributor's payments are directly linked to its expenses). With respect to Class S Shares of the Fund, because of the 0.75% annual limitation on the compensation paid to JPMII during a fiscal year, compensation relating to a large portion of the commissions attributable to sales of Class S Shares in any one year will be accrued and paid by the Fund to JPMII in fiscal years subsequent. However, the Shares are not liable for any distribution expenses incurred in excess of the Distribution Fee paid.

JPMII, the Adviser or their affiliates may from time to time, at its or their own expense, out of compensation retained by them from the Fund or from other sources available to them, make additional payments to certain financial intermediaries for their marketing support services. Such compensation does not represent an additional expense to the Fund or to its Shareholders, since it will be paid by JPMII, the Adviser or their affiliates.

#### SHAREHOLDER SERVICING
The Fund has entered into a shareholder servicing agreement with JPMII ("Shareholder Servicing Agreement"). Under the Shareholder Servicing Agreement, JPMII will provide, or cause its agents to provide, any combination of the (i) personal shareholder liaison services and shareholder account information services ("Shareholder Services") described below and/or (ii) other related services ("Other Related Services") as also described below. JPMII is an affiliate of the Adviser, Administrator and JPMorgan Chase Bank, N.A..

"Shareholder Services" include (a) answering shareholder inquiries (through electronic and other means) regarding account status and history, the manner in which purchases and redemptions of Fund shares may be effected, and certain other matters pertaining to the Fund; (b) providing shareholders with information through electronic means; (c) furnishing Shareholder sub-accounting; (d) providing and maintaining pre-authorized investment plans; (e) as applicable, assisting shareholders in completing application forms, designating and changing dividend options, account designations and addresses; (f) arranging for or assisting shareholders with respect to the wiring of the funds to and from Shareholder accounts in connection with shareholder orders to

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purchase, redeem, tender or repurchase (as applicable) or exchange shares; (g) verifying shareholder requests for changes to account information; (h) handling correspondence from shareholders about their accounts; (i) assisting in establishing and maintaining Shareholder accounts with the Fund; (j) issuing confirmations for transactions by Shareholders; (k) performing similar account administrative services; and (l) providing such other shareholder services as the Fund or a Shareholder may reasonably request, to the extent permitted by applicable law.

"Other Related Services" include (a) aggregating and processing purchase and redemption orders for shares; (b) providing Shareholders with account statements showing their purchases, sales, redemptions, tenders or repurchases (as applicable) and positions in the Fund; (c) processing dividend payments for the Fund; (d) providing sub-accounting services to the Fund for shares held for the benefit of Shareholders; (e) forwarding communications from the Fund to shareholders, including proxy statements and proxy solicitation materials, shareholder reports, dividend and tax notices, and updated Prospectuses and SAIs; (f) receiving, tabulating and transmitting proxies executed by Shareholders; (g) facilitating the transmission and receipt of funds in connection with Shareholder orders to purchase, redeem, tender or repurchase (as applicable) or exchange shares; (h) developing and maintaining the Fund's website; (i) developing and maintaining facilities to enable transmission of share transactions by electronic and non-electronic means; (j) providing support and related services to financial intermediaries in order to facilitate their processing of orders and communications with Shareholders; (k) providing transmission and other functionalities for Shares included in investment, retirement, asset allocation, cash management or sweep programs or similar programs or services; and (l) developing and maintaining check writing functionality.

To the extent it is not otherwise required by its contractual agreement to limit the Fund's expenses as described in the Prospectuses for the Fund, JPMII may voluntarily agree from time to time to waive a portion of the fees payable to it under the Shareholder Servicing Agreement with respect to the Fund on a month-to-month basis.

If not terminated, the Shareholder Servicing Agreement will continue for successive one-year terms, provided that such continuance is specifically approved at least annually by the vote of a majority of the Independent Trustees. The Shareholder Servicing Agreement may be terminated without penalty, on not less than 60 days' prior written notice, by the Board or by JPMII. The Shareholder Servicing Agreement will also terminate automatically in the event of its assignment.

JPMII may enter into service agreements with financial intermediaries under which it will pay all or a portion of such fees received from the Fund to such entities for performing all or a portion of Shareholder Services and/or Other Related Services, as described above, for Shareholders. Such financial intermediaries may include affiliates of JPMII.

JPMII, the Adviser or their affiliates may from time to time, at its or their own expense, out of compensation retained by them from the Funds or from other sources available to them, make additional payments to certain financial intermediaries for performing "Other Related Services" for their customers. These services include the services listed in paragraph beginning "Other Related Services" above. Such compensation does not represent an additional expense to the Fund or to its Shareholders, since it will be paid by JPMII, the Adviser or their affiliates.

For Shareholders that bank with JPMorgan Chase Bank N.A.,, JPMorgan Chase Bank N.A. may aggregate investments in the Fund with balances held in JPMorgan Chase Bank N.A. accounts for purposes of determining eligibility for certain bank privileges that are based on specified minimum balance requirements, such as reduced or no fees for certain banking services or preferred rates on loans and deposits. For certain Shareholders that are not natural persons, JPMorgan Chase Bank N.A. and/or its affiliates will have monthly visibility into JPMIM revenue information attributable to those Shareholders, and with respect to money market funds daily visibility into account balance information, for internal analysis and management reporting and relationship management purposes, including but not limited to, the ability to perform necessary internal credit and risk monitoring.

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Furthermore, JPMII, the Fund and their affiliates, agents and subagents may share certain information about Shareholders and their accounts, as permitted by law and, with respect to personal information about individual Shareholders (that is, natural persons and not entities), as described in the J.P. Morgan Funds Privacy Policy provided with the Fund's shareholder report.

#### DISTRIBUTION PLAN
The Fund has adopted a plan of distribution pursuant to Rule 12b-1 under the 1940 Act (the "Distribution Plan") with respect to Class A Shares and Class S Shares, which allows it to pay distribution fees for the sale and distribution of these Shares of the Fund (the "Distribution Fee") to JPMII, at annual rates not to exceed the amounts set forth in the Fund's Prospectus. The Class I Shares have no Distribution Plan.

The Distribution Fees are paid by the Funds to JPMII as compensation for its services and expenses in connection with the sale and distribution of Shares of the Fund. JPMII in turn pays all or part of these Distribution Fees to financial intermediaries that have agreements with JPMII to sell shares of the Funds. In addition, JPMII may use the Distribution Fees payable under the Distribution Plan to finance any other activity that is primarily intended to result in the sale of Shares, including, but not limited to, (i) the development, formulation and implementation of marketing and promotional activities, including direct mail promotions and television, radio, magazine, newspaper, electronic and media advertising; (ii) the preparation, printing and distribution of prospectuses, statements of additional information and reports and any supplements thereto (other than prospectuses, statements of additional information and reports and any supplements thereto used for regulatory purposes or distributed to existing Shareholders of the Fund); (iii) the preparation, printing and distribution of sales and promotional materials and sales literature which is provided to various entities and individuals, including brokers, dealers, financial institutions, financial intermediaries, shareholders, and prospective investors in the Fund; (iv) expenditures for sales or distribution support services, including meetings with and assistance to brokers, dealers, financial institutions, and financial intermediaries and in-house telemarketing support services and expenses; (v) preparation of information, analyses, surveys, and opinions with respect to marketing and promotional activities, including those based on meetings with and feedback from JPMII's sales force and others including potential investors, shareholders and financial intermediaries; (vi) commissions, incentive compensation, finders' fees, or other compensation paid to, and expenses of employees of JPMII, brokers, dealers, and other financial institutions and financial intermediaries that are attributable to any distribution and/or sales support activities, including interest expenses and other costs associated with financing of such commissions, incentive compensation, other compensation, fees, and expenses; (vii) travel, promotional materials, equipment, printing, delivery and mailing costs, overhead and other office expenses of JPMII and its sales force attributable to any distribution and/or sales support activities, including meetings with brokers, dealers, financial institutions and financial intermediaries in order to provide them with information regarding the Fund and its investment process and management; (viii) the costs of administering the Distribution Plan; (ix) expenses of organizing and conducting sales seminars; and (x) any other costs and expenses relating to any distribution and/or sales support activities. Activities intended to promote one class of shares of the Fund may also benefit the Fund's other classes of Shares. Anticipated benefits to the Funds that may result from the adoption of the Distribution Plan are economic advantages achieved through economies of scale and enhanced viability if the Funds accumulate a critical mass.

Class A Shares pays a Distribution Fee of 0.50% of average daily net assets. Class S Shares pay a Distribution Fee of 0.75% of average daily nets assets. Where a broker-dealer pays a finder's fee (as described in the Fund's Prospectus) on the sale of Class A Shares, JPMII currently expects to pay sales commissions to the broker-dealer at the time of the sale even though the sale is not subject to a front-end sales charge. JPMII will use its own funds (which may be borrowed or otherwise financed) to pay such commissions and generally recoups such amounts through collection of the Distribution Fee and any contingent deferred sales charge ("CDSC"). Distribution Fees paid to JPMII under the Distribution Plan may be paid by JPMII to broker-dealers as distribution fees in an amount not to exceed 0.50% annualized of the average daily NAV of the Class A Shares or 0.75% annualized of the average daily NAV of the Class S Shares maintained in the Fund by such broker-dealers' customers. Such

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payments on Class A (except where a finder's fee is paid) and Class S will be paid to broker-dealers promptly after the Shares are purchased. Such payments on Class A Shares (where a finder's fee is paid) will be paid to broker-dealers beginning in the 13th month following the purchase of such Shares,. If the broker-dealer is not paid the Distribution Fee until the 13th month following a transaction, JPMII retains the fee.

Since the Distribution Fee is not directly tied to expenses, the amount of Distribution Fees paid by a class of the Fund during any year may be more or less than actual expenses incurred pursuant to the Distribution Plan. For this reason, this type of distribution fee arrangement is characterized by the staff of the SEC as being of the "compensation" variety (in contrast to "reimbursement" arrangements by which a distributor's payments are directly linked to its expenses). However, the shares are not liable for any distribution expenses incurred in excess of the Distribution Fee paid.

JPMII, the Adviser or their affiliates may from time to time, at its or their own expense, out of compensation retained by them from the Fund or from other sources available to them, make additional payments to certain financial intermediaries for their marketing support services. Such compensation does not represent an additional expense to the Fund or to its Shareholders, since it will be paid by JPMII, the Adviser or their affiliates.

The Distribution Plan provides that it will continue in effect indefinitely if such continuance is specifically approved at least annually by a vote of both a majority of the Trustees and a majority of the Independent Trustees who have no direct or indirect financial interest in the operation of the Distribution Plan or in any agreement related to such plan ("Qualified Trustees"). The Distribution Plan may be terminated, with respect to any class of the Fund, at any time by a vote of a majority of the Qualified Trustees or by vote of a majority of the outstanding voting shares of the class of the Fund to which it applies (as defined in the 1940 Act and the rules thereunder). The Distribution Plan may not be amended to increase materially the amount of permitted expenses thereunder without the approval of the affected shareholders and may not be materially amended in any case without a vote of the majority of both the Trustees and the Qualified Trustees. The Fund will preserve copies of any plan, agreement or report made pursuant to Rule 12b-1 for a period of not less than six years from the date of such plan, agreement or report, and for the first two years such copies will be preserved in an easily accessible place. The Board will review at least on a quarterly basis written reports of the amounts expended under the Distribution Plan indicating the purposes for which such expenditures were made.

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#### MANAGEMENT OF THE FUND

#### Further Information Regarding Management of the Fund
Information regarding the Trustees and Officers of the Fund, including brief biographical information, is set forth below.

#### Board of Trustees
The Trustees of the Fund, their ages, addresses, positions held, lengths of time served, their principal business occupations during the past five years, the number of portfolios in the Fund Complex overseen by each Trustee and other Trusteeships, if any, held by the Trustees, are shown below. The Trustees have been divided into two groups—Interested Trustees and Independent Trustees. As set forth in the Fund's Declaration of Trust, each Trustee's term of office shall continue until his or her death, resignation or removal. The address of each Trustee is care of the Secretary of the Fund at 277 Park Avenue, New York, New York 10172.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Position(s)<br>Held with Registrant<br>and Year of Birth\*** | **Length of<br>Time Served** | **Principal<br>Occupation<br>During Past<br>5 Years** | **Number<br>of Funds<br>in Fund<br>Complex<br>Overseen by<br>Trustee\*\*** | **Other Directorships<br>Held by<br>Trustee During<br>Past 5 Years** |
|  *Independent Trustees* |  |  |  |  |
| Donald Gignac<br> (1965) | Since inception | Senior Managing Director – N.A. COO of Alternative Investments at State Street Bank and Trust Company (1993-April 2023) | 2 |  |
| Karen Dunn Kelley\*\*\*<br> (1960) | Since inception | Deputy Secretary at the U.S. Department of Commerce (2017-2021) | 2 |  |
| Stacey Hadash<br> (1966) | Since inception | Managing Director at Bank of America (2005-2023) | 2 |  |
|  *Interested Trustee\*\*\*\** |  |  |  |  |
| Glenn Hill\*\*\*\*\*<br> (1971) | Since inception | Managing Director, Global Head of Investment Solutions Product Development, (2003-Present) | 1 | President, J.P. Morgan Private Investments, Inc. () |

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\* Each of the Independent Trustees serves on the Board's Audit and Nominating and Governance Committees.

\*\* "Fund Complex" comprises registered investment companies for which the Adviser or an affiliate of the Adviser serves as investment adviser.

\*\*\* Karen Dunn Kelley is the Lead Independent Trustee of the Board of Trustees.

\*\*\*\* "Interested person," as defined in the 1940 Act, of the Fund. Glenn Hill is an interested person of the Fund due to their affiliation with the Adviser.

\*\*\*\*\* Glenn Hill is the Chair of the Board of Trustees

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#### Officers
Certain biographical and other information relating to the officers of the Fund who are not Trustees, is set forth below, including their ages, addresses, positions held, lengths of time served and their principal business occupations during the past five years.

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| | | |
|:---|:---|:---|
| **Name, Position(s) held with <br>Registrant, <br>Year of Birth and Address\*** | **Length of <br>Time Served**  | **Principal Occupation**<br> **During Past 5 Years** |
|  Glenn Hill<br> Chief Executive Officer and President<br> (1971) | Since inception | Managing Director, Global Head of Investment Solutions Product Development, (2003-Present). |
|  Timothy Clemens<br> Chief Financial Officer and<br> Treasurer<br> (1975) | Since inception | Managing Director, J.P.Morgan Investment Management, Inc. Mr. Clemens has been with J.P.Morgan Investment Management, Inc. since 2013. |
|  Carmine Lekstutis<br> Chief Legal Officer and Secretary<br> (1980) | Since inception | Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011. |
|  Erin Correale<br> Chief Compliance Officer<br> (1973) | Since inception | Managing Director and Compliance Risk Management Executive, JPMorgan Chase. Ms. Correale has been with JPMorgan Chase since 2013. |
|  Victor Simon<br> Assistant Treasurer<br> (1969) | Since inception | Executive Director, J.P. Morgan Investment Management Inc. Mr. Simon has been with JPMorgan Chase since 2014. |
|  Emilio Quines III<br> Vice President<br> (1971) | Since inception | Executive Director, J.P. Morgan Investment Management Inc. Mr. Quines has been with JPMorgan Chase since 2003. |
|  Kim Taylor<br> Assistant Secretary<br> ([1965 ]) | Since inception | Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Taylor has been with JPMorgan Chase since 2018. |
|  Max Vogel<br> Assistant Secretary<br> (1990) | Since inception | Executive Director and Assistant General Counsel, JPMorgan Chase since June 2021; Associate, Prokauser Rose LLP (law firm) from March 2017 to June 2021. |
|  Aiman Tariq<br> Assistant Secretary<br> (1991) | Since inception | Vice President and Assistant General Counsel, JPMorgan Chase since December 2022; Vice President, BlackRock from September 2021 to November 2022; Dechert LLP (law firm) from October 2018 to September 2021. |
|  Aleksander Fleytekh<br> Assistant Treasurer<br> (1972) | Since inception | Executive Director, J.P.Morgan Investment Management, Inc. Mr. Fleytekh has been with J.P.Morgan Investment Management, Inc. since 2012. |
|  Michael D'Ambrosio<br> Assistant Treasurer<br> (1969) | Since inception | Managing Director, J.P.Morgan Investment Management, Inc. Mr. D'Ambrosio has been with J.P.Morgan Investment Management, Inc. since 2012. |
|  Shannon Gaines<br> Assistant Treasurer<br> (1977) | Since inception | Executive Director, J.P.Morgan Investment Management, Inc. Mr. Gaines has been with J.P.Morgan Investment Management, Inc. since 2014. |

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| | | |
|:---|:---|:---|
| **Name, Position(s) held with <br>Registrant, <br>Year of Birth and Address\*** | **Length of <br>Time Served**  | **Principal Occupation**<br> **During Past 5 Years** |
|  Henry Pickell<br> Assistant Secretary<br> (1980) | Since inception | Vice President and Assistant General Counsel, JPMorgan Chase since August 2022; Vice President and Senior Compliance Officer, JPMorgan Chase from June 2018 to August 2022. |

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\* The address of each officer is care of the Secretary of the Fund at 277 Park Avenue, New York, New York 10172.

#### Biographical Information and Discussion of Experience and Qualifications of Trustees
The following is a summary of the experience, qualifications, attributes and skills of each Trustee that support the conclusion, as of the date of this SAI, that each Trustee should serve as a Trustee of the Fund.

<u>Independent Trustees</u> 

**Donald Gignac***.* Mr. Gignac was most recently a Senior Managing Director at State Street Bank & Trust where he served as the North America Chief Operating Officer for Alternative Investments from 2005 until his retirement in April 2023. As Chief Operating Officer, Mr. Gignac was responsible for hedge fund and private market fund operations which encompassed middle office, custody, CLO operations, accounting, financial reporting, tax, and regulatory reporting. In addition, he was a member of the State Street Operating Group comprised of the top 400 executives at the bank and charged with executing the bank's strategy. From 1993 until 2005, he served as Senior Vice President in State Street's U.S. Investment Services Mutual Fund Administration Division where he was responsible for leading teams in the delivery of financial reporting, SEC reporting, compliance monitoring, treasury, tax and blue sky services to some of the largest mutual fund companies in the U.S. Mr. Gignac also worked in conjunction with the investment management arm of State Street, SSgA, to develop and launch a series of SPDR ETF funds and he also served as the chief financial officer and treasurer of the SPDR line of ETFs. Prior to State Street, he was an Audit Manager at Ernst & Young.

During his tenure at State Street, Mr. Gignac served as a Director for State Street (Cayman) Trust Limited and International Fund Services, N.A., the latter of which he was appointed as Chairman in 2019. He holds a B.S. in Accounting from Boston College where he graduated Magna Cum Laude.

**Karen Dunn Kelley***.* Ms. Kelley was most recently the Deputy Secretary of Commerce and served at the U.S. Department of Commerce from 2017 to 2021. Prior to this, she served as Senior Managing Director, Investments at Invesco Ltd. where she held positions of increasing responsibility from 1989 until 2017 and also served as a Director on eight separate subsidiary entities. Ms. Kelley also served as a Government Bond Trader at Federated Investors, Inc. from 1986 until 1989 and as a Vice President at Drexel Burnham Lambert, Inc. from 1982 to 1986. She currently serves on the Boards of Carlow University, Shady Side Academy and the Bipartisan Policy Center; she is also a Member of the International Women's Forum. Ms. Kelley holds a B.S. in Finance from Villanova where she graduated Magna Cum Laude.

**Stacey Hadash***.* Ms. Hadash was most recently a Managing Director at Bank of America from 2005 to 2023 where she served as a Market Executive in the Global Commercial Bank. She led the Technology East and Metro New York markets which provided credit, treasury, investment banking, risk management, and wealth management solutions to companies with $50 million to $2 billion in revenues. Ms. Hadash oversaw strategy and coverage to provide advice to middle market companies, non-bank financial institutions and technology businesses. Prior to this role, she was Chief Operating Officer of Global Capital Markets, a multi-billion-dollar global business which included equity capital markets, leveraged finance, investment grade capital markets and origination for rates and currencies. She started at Bank of America as Chief Operating Officer of Mergers &

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Acquisitions. Ms. Hadash's earlier experience includes serving as Head of Financial Planning at The New York Stock Exchange and in investment banking roles at Goldman Sachs and Morgan Stanley. She is a Henry Crown Fellow of the Aspen Institute and a Board Member of Ann Richards School Foundation Advisory Council. Ms. Hadash holds a B.A. in Government from Smith College and an M.B.A. from The University of Chicago Booth School of Business.

<u>Interested Trustee</u> 

**Glenn Hill***.* Mr. Hill has extensive experience in financial services, fund management and operations, product development, and business strategy. He is currently Managing Director and Global Head of Investment Solutions Product Development where he focuses on structuring and product management for separate accounts, private equity, credit, real estate and hedge fund products as well as equity, fixed income, currencies and commodities and structured products. Mr. Hill also serves as President of J.P. Morgan Private Investments, Inc., and SEC registered investment adviser that manages or administers over $200 billion of private client assets in J.P. Morgan multi-manager portfolios, including mutual funds, conduit funds, and wrap fee programs. Prior to his current role, he managed institutional private equity fundraisings for internal and third-party fund managers for J.P. Morgan Partners and J.P. Morgan Corporate Investment Bank. Mr. Hill holds an MBA from Columbia University and a B.S. from Florida State University.

#### Trustee Share Ownership
**For each Trustee, the dollar range of equity securities beneficially owned by the Trustee in the Fund and in the Family of Investment Companies Overseen by the Trustee as of [ ], is set forth in the table below.** 

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of <br>Equity Securities in <br>the Fund** | **Aggregate Dollar Range of <br>Equity Securities in All <br>Registered Investment <br>Companies Overseen by <br>Trustee in Family of <br>Investment Companies** |
|  Independent Trustees: |  |  |
|  Donald Gignac | None\* | None\* |
|  Karen Dunn Kelley | None\* | None\* |
|  Stacey Hadash | None\* | None\* |
|  Interested Trustee: |  |  |
|  Glenn Hill | None\* | None\* |

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\* As the Fund is newly offered, as of [ ], none of the Trustees or officers of the Fund, as a group, owned any Shares of the Fund.

As to each Independent Trustee and his or her immediate family members, no person owned beneficially or of record securities of an investment adviser or principal underwriter of the Fund, or a person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with an investment adviser or principal underwriter of the Fund.

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#### Trustee Compensation
Our Trustees who do not also serve in an executive officer capacity for us or the Adviser are entitled to receive annual cash retainer fees and annual fees for serving as a committee chairperson, each paid quarterly, and may be reimbursed for expenses incurred in connection with service as a Trustee. The following table sets forth the anticipated compensation to be paid to the Fund's Independent Trustees for the Fund's initial fiscal year. We will not pay compensation to our Trustees who also serve in an executive officer capacity for the Fund or the Adviser.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person,<br>Position** | **Aggregate Compensation<br>from the Fund** | **Pension or Retirement<br>Benefits Accrued<br>As Part of Fund<br>Expenses** | **Estimated Annual<br>Benefits Upon<br>Retirement** | **Total Compensation<br>from Fund Complex\*** |
|  **Independent Trustees** | **Independent Trustees** |  |  |  |
|  Donald Gignac | $60000 | $0 | $0 | $140000 |
|  Karen Dunn Kelley | $60000 | $0 | $0 | $140000 |
|  Stacey Hadash | $50000 | $0 | $0 | $120000 |

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\* Fund Complex includes the Fund and JPMorgan Private Markets Fund

#### Compensation of the Portfolio Managers
The Adviser's compensation programs are designed to align the behavior of employees with the achievement of its short- and long-term strategic goals, which revolve around client investment objectives. This is accomplished in part, through a balanced performance assessment process and total compensation program, as well as a clearly defined culture that rigorously and consistently promotes adherence to the highest ethical standards.

The Adviser's disciplined pay-for-performance framework focuses on total compensation – base salary and incentive pay—so that pay is commensurate with the overall performance of the Adviser, respective businesses and individual performance. This includes a discretionary approach to assess the employee's performance throughout the year against four broad dimensions—business results, client/customer/stakeholder, teamwork and leadership, and risk, controls and conduct. These performance dimensions consider short, medium and long-term priorities that drive sustained shareholder value, while accounting for risk, controls, and conduct objectives. To seek to promote a proper pay-for-performance alignment, the Adviser does not assign relative weightings to these dimensions and also considers other relevant factors, including market practices. When conducting this assessment of performance, for select portfolio managers, regard is given to the performance of relevant funds/ strategies managed by the portfolio manager.

An individual performance assessment, in addition to the overall performance of the relevant business unit and investment team, is integrated into the final assessment of incentive compensation for an individual portfolio manager as part of the assessment of business results.

Feedback from the Adviser's risk and control professions is considered in assessing performance.

The Adviser seeks to maintain a balanced total compensation program comprised of a mix of fixed compensation (including a competitive base salary and, for certain employees, a fixed cash allowance), and variable compensation in the form of cash incentives, and long-term incentives in the form of equity based and/or fund-tracking incentives that vest over time.

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#### Other Accounts Managed by the Portfolio Managers
The following table lists the number and types of accounts, other than the Fund, managed by the Fund's primary portfolio managers and assets under management in those accounts, as of July 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Account** | **Number of <br>Accounts<br>Managed** | **Total Assets <br>Managed** | **Number<br>of<br>Accounts<br>Managed for<br> which Advisory <br>Fee is<br>Performance-<br>Based** | **Assets<br>Managed<br>for which<br> Advisory Fee is <br>Performance-<br>Based (in thousands)** |
|  Brian Coleman |  |  |  |  |
|  Registered Investment Companies | 0 | $0 | 0 | $0 |
|  Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
|  Other Accounts | 8 | $179.265 | 1 | $8.124 |
|  Mary Rooney |  |  |  |  |
|  Registered Investment Companies | 0 | $0 | 0 | $0 |
|  Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
|  Other Accounts | 0 | $0 | 0 | $0 |
| Lynnette Ferguson |  |  |  |  |
|  Registered Investment Companies | 0 | $0 | 0 | $0 |
|  Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
|  Other Accounts | 0 | $0 | 0 | $0 |

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#### Portfolio Managers' Ownership of Securities
As the Fund has not yet commenced investment operations, none of the Fund's primary portfolio managers owned Shares as of the date of this SAI.

#### Codes of Ethics
The Fund, the Adviser and JPMII, have each adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act that establishes procedures for personal investments and restrict certain personal securities transactions. Personnel subject to these codes may invest in securities for their personal investment accounts, including securities that may be purchased or held by the Fund, so long as such investments are made in accordance with the applicable code's requirements. The codes of ethics are included as exhibits to the registration statement of which this Statement of Additional Information forms a part. In addition, the codes of ethics are available on the EDGAR database on the SEC's website at http://www.sec.gov. Shareholders may also obtain copies of each code of ethics, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

#### Proxy Voting Policies
The Fund's investments in Portfolio Funds do not typically convey traditional voting rights, and the occurrence of corporate governance or other consent or voting matters for this type of investment is substantially less than that encountered in connection with registered equity securities. On occasion, however, the Fund may receive notices or proposals from the Portfolio Funds seeking the consent of or voting by holders, and may also vote on matters relating to the other investments held by the Fund, including registered equity securities that have been distributed in kind to the Fund by a Portfolio Fund. The Board of Trustees has delegated to the Adviser proxy voting authority with respect to the Fund's portfolio securities.

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The Fund's Board of Trustees has adopted the Adviser's detailed proxy voting procedures (the "Procedures") that incorporate guidelines ("Guidelines") for voting proxies on specific types of issues for the Fund. The Adviser and its affiliated advisers is part of a global asset management organization with the capability to invest in securities of issuers located around the globe. Because the regulatory framework and the business cultures and practices vary from region to region, the Guidelines are customized for each region to take into account such variations. The Adviser has adopted a separate set of Guidelines that covers the regions of each of: (1) North America, (2) Europe, Middle East, Africa, Central America and South America ("EMEA"), (3) Asia (ex-Japan) and (4) Japan, respectively.

Notwithstanding the variations among the Guidelines, all of the Guidelines have been designed with the uniform objective of encouraging corporate action that enhances shareholder value consistent with the Fund's objectives and strategies. As a general rule, in voting proxies of a particular security, the Adviser and its affiliated advisers will apply the Guidelines of the region in which the issuer of such security is organized.

To oversee and monitor the proxy voting process, the Adviser has established a Proxy Committee and appointed a proxy administrator (the "Proxy Administrator") in each global location where proxies are voted. Each Proxy Committee is composed of members and invitees including a Proxy Administrator and senior officers from among the Investment, Legal, Compliance, and Risk Management Departments. The primary functions of each Proxy Committee include: (1) reviewing and approving the Proxy Voting Guidelines annually; (2) providing advice and recommendations on general proxy-voting matters including potential or material conflicts of interests escalated to it from time to time as well as on specific voting issues to be implemented by the Adviser; and (3) determining the independence of any third-party vendor to which it has delegated proxy voting responsibilities (such as, for example, delegation when the Adviser has identified a material conflict of interest) and to conclude that there are no conflicts of interest that would prevent such vendor from providing such proxy voting services prior to delegating proxy responsibilities.

Information regarding how the Adviser voted proxies related to the Fund's portfolio holdings during the 12-month period ending June 30 will be available, without charge, upon request by calling collect 1-800-480-4111 and on the SEC's website at www.sec.gov.

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#### PORTFOLIO TRANSACTIONS

#### Investment Decisions and Portfolio Transactions
Pursuant to the Advisory Agreement, the Adviser determines, subject to the general supervision of the Board and in accordance with the Fund's investment objective and restrictions, which securities are to be purchased and sold by the Fund and which brokers are to be eligible to execute its portfolio transactions. The Adviser operates independently in providing services to its clients. Investment decisions are the product of many factors in addition to basic suitability for the particular client involved. Thus, for example, a particular security may be bought or sold for certain clients even though it could have been bought or sold for other clients at the same time. Likewise, a particular security may be bought for one or more clients when one or more other clients are selling the security. In some instances, one client may sell a particular security to another client. It also happens that two or more clients may simultaneously buy or sell the same security, in which event each day's transactions in such security are, insofar as possible, averaged as to price and allocated between such clients in a manner which in the opinion of the Adviser is equitable to each and in accordance with the amount being purchased or sold by each. There may be circumstances when purchases or sales of portfolio securities for one or more clients will have an adverse effect on other clients.

On behalf of the Fund, the Adviser places orders for all purchases and sales of portfolio securities, enters into repurchase agreements, and may enter into reverse repurchase agreements and execute loans of portfolio securities on behalf of the Fund unless otherwise prohibited. See "Investment Strategies and Policies." In most instances, the Fund will purchase interests in a Portfolio Fund directly from the Portfolio Fund (or indirectly through a blocker that holds interests in the Portfolio Fund), and such purchases by the Fund may be, but are generally not, subject to transaction expenses. Nevertheless, the Fund anticipates that some of its portfolio transactions (including investments in Portfolio Funds by the Fund) may be subject to expenses.

On those occasions when the Adviser deems the purchase or sale of a security to be in the best interests of the Fund as well as other customers, including other funds, the Adviser, to the extent permitted by applicable laws and regulations, may, but is not obligated to, aggregate the securities to be sold or purchased for the Fund with those to be sold or purchased for other customers in order to obtain best execution, including lower brokerage commissions if appropriate. In such event, allocation of the securities so purchased or sold as well as any expenses incurred in the transaction will be made by the Adviser in the manner it considers to be most equitable and consistent with its fiduciary obligations to its customers, including the Fund. In some instances, the allocation procedure might not permit the Fund to participate in the benefits of the aggregated trade.

#### Best Execution; Soft Dollars
In choosing brokers and dealers, the Adviser will not be required to consider any particular criteria. For the most part, the Adviser will seek the best combination of brokerage cost and execution quality. However, the Adviser will not be required to select the broker or dealer that charges the lowest transaction cost, even if that broker provides execution quality comparable to other brokers or dealers. The Adviser may consider the value of various services or products, beyond execution, that a broker-dealer provides to the Fund and/or the Adviser. Selecting a broker-dealer in recognition of such other services or products is known as paying for those services or products with "soft dollars." Because many of those services could benefit the Adviser, the Adviser has a conflict of interest in allocating the Fund's brokerage business.

The Adviser complies with Section 28(e) of the U.S. Securities Exchange Act of 1934, as amended (the "1934 Act"), except with respect to securities transactions for which Section 28(e) is unavailable. Under Section 28(e), the Adviser's use of the Fund's commission dollars to acquire research products and services is not a breach of its fiduciary duty to the Fund-even if the brokerage commissions paid are higher than the lowest available-so long as (among certain other requirements) the Adviser determines that the commissions are reasonable compensation for both the brokerage services and the research acquired. For these purposes, "research" means

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services or products used to provide lawful and appropriate assistance to the Adviser in making investment decisions for its clients. The types of research the Adviser may acquire include: reports or other information about particular companies or industries; economic surveys and analyses; recommendations as to specific securities; financial publications; portfolio evaluation services; financial database software and services; computerized news, pricing and order-entry services; and other products or services that may enhance the Adviser's investment decision-making. The "safe harbor" under Section 28(e) applies to the use of the Fund's "soft dollars" even when the research acquired is used in making investment decisions for clients other than the Fund. Therefore, under Section 28(e), research obtained with soft dollars generated by the Fund could be used by the Adviser or its affiliates to benefit accounts other than the Fund. Conversely, the research information provided to the Adviser by brokers through which other clients of the Adviser or its affiliates effect securities transactions could be used by the Adviser or its affiliates in providing services to the Fund. Additionally, when the Adviser uses client brokerage commissions to obtain research or other services, the Adviser receives a benefit because it does not have to produce or pay for the research, products or services itself. As a result, the Adviser has an incentive to select a particular broker-dealer in order to obtain the research, products or other services from that broker-dealer, rather than to obtain the lowest price for execution. The safe harbor is not available where transactions are effected on a principal basis with a mark-up or mark-down paid to the broker-dealer and is not available for services or products that do not constitute research.

#### CERTAIN ERISA CONSIDERATIONS
Persons who are fiduciaries with respect to an employee benefit plan or other arrangements or entities subject to Title I of the U.S. Employee Retirement Income Security Act of 1974, as amended ("ERISA") (an "ERISA Plan"), and persons who are fiduciaries with respect to an "individual retirement account" (an "IRA"), Keogh Plan or another arrangement or entity which is not subject to ERISA but is subject to the prohibited transaction rules of Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the "Code") (together with ERISA Plans, "Benefit Plans") should consider, among other things, the matters described below before determining whether to invest in the Fund.

The following discussion of certain ERISA considerations is based on statutory authority and judicial and administrative interpretations as of the date of this SAI and is designed only to provide a general understanding of certain basic issues. Accordingly, this discussion should not be considered legal advice and the trustees and other fiduciaries of each Benefit Plan are encouraged to consult their own legal advisors on these matters.

ERISA imposes certain general and specific responsibilities on persons who are fiduciaries with respect to an ERISA Plan, including prudence, diversification, an obligation not to engage in a prohibited transaction and other standards. In determining whether a particular investment is appropriate for an ERISA Plan, U.S. Department of Labor ("DOL") regulations provide that a fiduciary of an ERISA Plan must give appropriate consideration to, among other things, the role that the investment plays in the ERISA Plan's portfolio, taking into consideration whether the investment is designed reasonably to further the ERISA Plan's purposes, an examination of the risk and return factors, the portfolio's composition with regard to diversification, the liquidity and current return of the total portfolio relative to the anticipated cash flow needs of the ERISA Plan, the income tax consequences of the investment and the projected return of the total portfolio relative to the ERISA Plan's funding objectives. Before investing the assets of an ERISA Plan in the Fund, a fiduciary should determine whether such an investment is consistent with its fiduciary responsibilities and the foregoing regulations. For example, a fiduciary should consider whether an investment in the Fund may be too illiquid or too speculative for a particular ERISA Plan, and whether the assets of the ERISA Plan would be sufficiently diversified. Fiduciaries of such plans or arrangements also should confirm that investment in the Fund is consistent, and complies, with the governing provisions of the plan or arrangement, including any eligibility and nondiscrimination requirements that may be applicable under law with respect to any "benefit, right or feature" affecting the qualified status of the plan or arrangement, which may be of particular importance for participant-directed plans given that the Fund sells Shares only to Eligible Investors, as described herein. If a fiduciary with respect to any such ERISA Plan breaches its responsibilities with regard to selecting an investment or an investment course of action for such ERISA Plan, the fiduciary itself may be held liable for losses incurred by the ERISA Plan as a result of such

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breach. Fiduciaries of Benefit Plans that are not subject to Title I of ERISA but that are subject to Section 4975 of the Code (such as IRAs and Keogh Plans) should consider carefully these same factors.

ERISA and the DOL regulations, promulgated thereunder, as modified by Section 3(42) of ERISA (collectively, the "Plan Assets Rules"), treat the assets of certain pooled investment vehicles as "plan assets" for purposes of, and subject to, the fiduciary responsibility and prohibited transaction provisions of Title I of ERISA and Section 4975 of the Code ("Plan Assets"). The Plan Assets Rules provide, however, that, in general, funds registered as investment companies under the 1940 Act are not deemed to be subject to the fiduciary responsibility or prohibited transaction provisions of ERISA or Section 4975 of the Code merely because of investments made in the fund by Benefit Plans. Accordingly, the underlying assets of the Fund should not be considered to be the Plan Assets of the Benefit Plans investing in the Fund for purposes of ERISA's (or the Code's) fiduciary responsibility and prohibited transaction rules. Thus, the Adviser should not be considered a fiduciary within the meaning of ERISA or the Code by reason of its authority with respect to the Fund.

The Fund will require a Benefit Plan (and each person causing such Benefit Plan to invest in the Fund) to represent that it, and any such fiduciaries responsible for such Benefit Plan's investments (including in its individual or corporate capacity, as may be applicable), are aware of and understand the Fund's investment objective, policies and strategies, that the decision to invest Plan Assets in the Fund was made with appropriate consideration of relevant investment factors with regard to the Benefit Plan and is consistent with the duties and responsibilities imposed upon fiduciaries with regard to their investment decisions under ERISA and/or the Code.

Benefit Plans may be required to report certain compensation paid by the Fund (or by third parties) to the Fund's service providers as "reportable indirect compensation" on Schedule C to IRS Form 5500 ("Form 5500"). To the extent that any compensation arrangements described herein constitute reportable indirect compensation, any such descriptions are intended to satisfy the disclosure requirements for the alternative reporting option for "eligible indirect compensation," as defined for purposes of Schedule C to Form 5500.

The provisions of ERISA and the Code are subject to extensive and continuing administrative and judicial interpretation and review. The discussion of ERISA and the Code contained in this SAI is general, does not purport to be a thorough analysis of ERISA or the Code, may be affected by future publication of regulations and rulings and should not be considered legal advice. Potential investors that are Benefit Plans and their fiduciaries should consult their legal advisers regarding the consequences under ERISA and the Code of the acquisition and ownership of Shares. Employee benefit plans that are not subject to the requirements of ERISA or Section 4975 of the Code (such as governmental plans, non-U.S. plans and certain church plans) may be subject to similar rules under other applicable laws or documents, and also should consult their own advisers as to the propriety of an investment in the Fund.

By acquiring Shares of the Fund, a Shareholder acknowledges and agrees that: (i) any information provided by the Fund, the Adviser or any of their respective affiliates (including information set forth in the Prospectus and this SAI) is not a recommendation to invest in the Fund and that none of the Fund, the Adviser or any of their respective affiliates is undertaking to provide any investment advice to the Shareholder (impartial or otherwise), or to give advice to the Shareholder in a fiduciary capacity in connection with an investment in the Fund and, accordingly, no part of any compensation received by the Adviser or any of its affiliates is for the provision of investment advice to the Shareholder; and (ii) the Adviser and its affiliates have a financial interest in the Shareholder's investment in the Fund on account of the fees and other compensation they expects to receive from the Fund as disclosed in this SAI, the Prospectus, the Declaration of Trust and the other documents governing the Fund.

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#### CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS
Shareholders who beneficially own more than 25% of the outstanding voting securities of the Fund may be deemed to be a "control person" of the Fund for purposes of the 1940 Act. As of [ ], 2025, the Fund had not commenced investment operations and the only Shares of the Fund were owned by an affiliate of the Adviser.

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#### FINANCIAL STATEMENTS

#### Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholder of JPMorgan Credit Markets Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of JPMorgan Credit Markets Fund (the "Fund") as of November 25, 2025, and the related statement of operations for the period November 21, 2025 (Funding Date) through November 25, 2025, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 25, 2025 and the results of its operations for the period from November 21, 2025 (Funding Date) through November 25, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 12, 2025

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

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#### JPMorgan Credit Markets Fund

#### STATEMENT OF ASSETS AND LIABILITIES

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| | |
|:---|:---|
|  | **November 25, 2025** |
|  **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from Adviser (a) | 497801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred offering costs | 355787 |
|  Total Assets | $953588 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued organizational costs | $497801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued offering costs | 355787 |
|  Total Liabilities | $853588 |
|  Commitments and contingent liabilities (a) |  |
|  Net Assets | $100000 |
|  **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in-Capital | $100000 |
|  Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A (b) | $10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 80000 |
|  Total | $100000 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value, unlimited number of shares authorized): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | 8000 |
|  Net Asset Value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A - Redemption price per share | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class S - Offering price per share | 10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I - Offering and redemption price per share | 10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A maximum sales charge | 2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A maximum public offering price per share<br>[net asset value per share/(100%-maximum sales charge)] | $10.23 |

---

(a) See Note 3.B. in Notes to Financial Statements.

(b) Class D Shares were reclassified as Class A Shares effective December 10, 2025.

See accompanying Notes to Financial Statements.

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#### JPMorgan Credit Markets Fund

#### STATEMENT OF OPERATIONS

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| | |
|:---|:---|
|  | **For the period from<br>November 21, 2025<br>(Funding Date) to<br>November 25, 2025** |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organizational costs | $497801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Reimbursement from Adviser (a) | (497801) |
|  Net expenses | $— |
|  Net investment income (loss) | $— |

---

(a) See Note 3.B. in Notes to Financial Statements.

See accompanying Notes to Financial Statements.

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#### JPMorgan Credit Markets Fund

#### NOTES TO FINANCIAL STATEMENTS

#### November 25, 2025
1. Organization

JPMorgan Credit Markets Fund (the "Fund") is a newly organized Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company with no operating history. J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), serves as the Fund's investment adviser (the "Adviser") and administrator (the "Administrator"). The Adviser is responsible for making investment decisions for the Fund's portfolio.

The business operations of the Fund are managed and supervised under the direction of the Fund's Board of Trustees (the "Board"), subject to the laws of the State of Delaware and the Fund's Declaration of Trust. The Board has overall responsibility for the management and supervision of the business operations of the Fund.

The Fund's investment objective is to provide income and capital appreciation over the long term. In pursuing its investment objective, the Fund intends to invest in an actively managed portfolio of credit investments, including but not limited to loans, bonds, other credit instruments, collateralized debt obligations, collateralized loan obligations, asset-backed securities, credit-linked notes or other structured finance securities ("credit investments").

The Fund's investment exposure to credit investments may be implemented via a variety of investment types that include: (i) investments in credit funds or pools of credit assets managed by various unaffiliated asset managers ("Portfolio Funds") acquired in privately negotiated transactions (a) from investors in these Portfolio Funds, and/or (b) in connection with a restructuring transaction of a Portfolio Fund (together, "Secondary Investments"); (ii) credit investments, either directly or indirectly via special purpose or other vehicles sponsored and controlled by various unaffiliated asset managers ("Co-Investments"); (iii) primary investments in Portfolio Funds ("Primary Investments"); and (iv) structured finance securities. The allocation among those types of investments and other investments may vary from time to time.

To manage the liquidity of its investment portfolio, the Fund also intends to invest a portion of its assets in a portfolio of investment grade bonds, high yield bonds, short-term debt securities, leveraged loans, U.S. Government securities, affiliated and unaffiliated money market securities, affiliated and unaffiliated mutual funds and/or exchange-traded funds ("ETFs"), cash and/or cash equivalents ("Liquid Assets").

The Fund offers Class A, Class S and Class I shares ("Shares"). Class D Shares were reclassified as Class A shares effective December 10, 2025. The Shares will generally be offered on a daily basis at the net asset value ("NAV") per Share on that date. No shareholder of the Fund will have the right to require the Fund to redeem its Shares.

The Fund has not had any operations other than the sale and issuance of 1,000 Class A Shares, 1,000 Class S Shares and 8,000 Class I Shares at an aggregate purchase price of $100,000 made on November 21, 2025 (the "Funding Date"). A Statement of Changes in Net Assets and Financial Highlights are not disclosed within the financial statements as the Fund has not commenced operations as of the date of these financial statements.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follow the

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#### JPMorgan Credit Markets Fund

#### NOTES TO FINANCIAL STATEMENTS
investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**A. Estimates.** The Fund's financial statements follow the accounting and reporting guidelines provided for investment companies and are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**B. Cash.** In order to maintain liquidity pending investment in private market investments, the Fund intends to hold cash, including foreign currencies, in short-term interest-bearing deposit accounts. At times, the amounts held in these accounts may exceed applicable federally insured limits, if any.

**C. Federal Income Taxes.** The Fund intends to meet the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its net investment income and any net realized capital gains to its shareholders annually.

The Fund expects to pay distributions out of assets legally available for distribution from time to time, at the sole discretion of the Board, and otherwise in a manner to comply with the distribution requirements necessary for the Fund to qualify to be treated as a regulated investment company.

Because the Fund intends to qualify annually as a regulated investment company under the Code, the Fund intends to distribute at least 90% of its annual net taxable income to its Shareholders. Nevertheless, there can be no assurance that the Fund will pay distributions to Shareholders at any particular rate.

**D. Organizational and Offering Costs.** The Fund is incurring certain organizational and initial offering costs of $853,588. The Adviser has agreed to advance those costs to the Fund. Such costs incurred by the Adviser are subject to recoupment by the Adviser in accordance with the Expense Limitation Agreement (as defined below). The Fund will bear certain of its organizational and initial offering costs in connection with this offering. The Fund's initial offering costs, whether borne by the Adviser or the Fund, are being capitalized and amortized over the 12-month period beginning at the commencement of operations. The amount of offering costs is included on the Statement of Assets and Liabilities as Deferred offering costs. The Fund's organizational costs are expensed as incurred.

**E. Segment Reporting.** An operating segment is defined in Segment Reporting (Topic 280) as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio managers of the Fund and the Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's CODM. The Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

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#### JPMorgan Credit Markets Fund

#### NOTES TO FINANCIAL STATEMENTS
3. Fees and Other Transactions with Affiliates

**A. Advisory Fee.** In consideration of the advisory services provided by the Adviser, the Fund pays the Adviser a monthly advisory fee at an annual rate of 1.00% based on the value of the Fund's net assets calculated and accrued daily. For purposes of determining the Advisory Fee payable to the Adviser, the value of the Fund's net assets will be calculated prior to the inclusion of the Advisory Fee payable to the Adviser or to any purchases or repurchases of Shares of the Fund or any distributions by the Fund. The Advisory Fee will be payable in arrears within 5 business days after the completion of the net asset value computation for the month. The Advisory Fee is paid to the Adviser out of the Fund's assets, and therefore decreases the net profits or increases the net losses of the Fund. The Adviser has contractually agreed to reduce its Advisory Fee to an annual rate of 0.25% for a term ending one year from the period beginning on the commencement of operations.

**B. Expense Limitation Agreement ("ELA").** Pursuant to the ELA with the Fund, the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund, if required to ensure certain annual operating expenses excluding the Advisory Fee, any Distribution Fee, Servicing Fee, interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, borrowing costs, merger or reorganization expenses, shareholder meetings expenses, litigation expenses, reasonable research and due diligence expenses, investment-related software and database expenses, expenses associated with the acquisition and disposition of investments (including interest and structuring costs for borrowings and line(s) of credit) and extraordinary expenses, if any; collectively, the "Excluded Expenses") do not exceed 1.10% per annum (excluding Excluded Expenses) of the Fund's average daily net assets of each class of Shares.

With respect to each class of Shares, the Fund agrees to repay the Adviser any fees waived or expenses assumed under the ELA for such class of Shares, provided the repayments do not cause the Fund's annual operating expenses (excluding Excluded Expenses) for that class of Shares to exceed the expense limitation in place at the time the fees were waived and/or the expenses were reimbursed, or the expense limitation in place at the time the Fund repays the Adviser, whichever is lower. Any such repayments must be made within thirty-six months after the month in which the Adviser waived the fee or reimbursed the expense. The ELA will have a term ending July 1, 2027, and the Adviser may extend the term for a period of one year on an annual basis. The Adviser may not terminate the ELA during its initial term.

**C. Distribution Fees.** Pursuant to a Distribution Agreement, J.P. Morgan Institutional Investments Inc. ("JPMII"), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Fund's principal underwriter and promotes and arranges for the sale of the Fund's shares.

The Fund has adopted a Distribution Plan under Rule 12b-1 with respect to Class A Shares and Class S Shares that allows it to pay distribution fees for the sale and distribution of these shares of the Fund. The Distribution Fees are paid by the Fund to JPMII as compensation for its services and expenses in connection with the sale and distribution of shares of the Fund. JPMII in turn pays all or part of these Distribution Fees to financial intermediaries that have agreements with JPMII to sell shares of the Fund. JPMII may pay Distribution Fees to its affiliates. Payments are not tied to actual expenses incurred.

Under the Distribution Plan, Class A and Class S Shares pay a Distribution Fee to JPMII at an annual rate of 0.50% and 0.75%, respectively, based on the aggregate net assets of the Fund attributable to such class.

**D. Service Fees.** Pursuant to a Shareholder Servicing Agreement under which JPMII has agreed to provide certain support services to the Fund's shareholders. For performing these services, JPMII, as shareholder servicing agent, receives an annual fee of 0.25% of the average daily net assets of the Class A, Class S and Class I Shares of the Fund.

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#### JPMorgan Credit Markets Fund

#### NOTES TO FINANCIAL STATEMENTS
**E. Administrative Fees.** Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund's average daily net assets, plus 0.050% of the Fund's average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund's average daily net assets between $20 billion and $25 billion, plus 0.010% of the Fund's average daily net assets in excess of $25 billion.

JPMorgan Chase Bank N.A. ("JPMCB") serves as the Fund's sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

4. Capital Shares

Shares will generally be offered for purchase on a daily basis at the NAV per Share on that date. Fractions of Shares will be issued to one one- hundredth of a Share. Shares will be offered for purchase daily on any day the New York Stock Exchange ("NYSE") is open for business at a price based upon the Fund's then-current NAV.

Shares are being offered to investors that are U.S. persons for U.S. federal income tax purposes. In addition, the Fund may offer Shares to non-U.S. persons subject to appropriate diligence by the Adviser and in compliance with applicable law.

No Shareholder will have the right to require the Fund to redeem Shares. With very limited exceptions, Shares are not transferable, and liquidity for investments in Shares may be provided only through periodic offers by the Fund to repurchase Shares from Shareholders.

Although the Fund has a fundamental policy that permits repurchases of between 5% and 25% of the Fund's outstanding Shares, for each quarterly repurchase offer, the Fund currently expects to offer to repurchase 5% of the Fund's outstanding Shares (in the aggregate across all share classes) at NAV (either by number of shares or aggregate NAV) subject to the approval of the Board. The Adviser currently expects to recommend to the Board that the Fund conducts its first repurchase offer following the later of the second full quarter after (i) the date the Fund first accepts third party capital or (ii) the effective date of the Fund's registration statement or such earlier or later date as the Board may determine.

5. Subsequent Events

Management has evaluated the events and transactions subsequent to seed date through the date the financial statements were issued and has determined that there were no material events that would require disclosure in the Fund's financial statements.

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#### APPENDIX A–SECURITIES RATING DESCRIPTIONS

#### Long-Term and Short-Term Debt Securities Rating Descriptions

#### S&P Global Ratings—Long-Term Issue Credit Ratings\*:
*The following descriptions have been published by Standard & Poor's Financial Services LLC.* 

**AAA** – An obligation rated 'AAA' has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA** – An obligation rated 'AA' differs from the highest–rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A** – An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong.

**BBB** – An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**BB, B, CCC, CC, and C** – Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

**BB** – An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

**B** – An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC** – An obligation rated 'CCC' is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

**CC** – An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred, but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

**C** – An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

**D** – An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within five business days, in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The 'D' rating also will be used upon

------

the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to "D" if it is subject to a distressed debt restructuring.

**NR** – This indicates that no rating has been requested, or that there is insufficient information on which to base a rating, or that S&P Global Ratings does not rate a particular obligation as a matter of policy.

\* The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

#### Moody's Investors Service, Inc. ("Moody's") — Global Long-Term Rating Scale:
*The following descriptions have been published by Moody's Investors Service, Inc.* 

**Aaa** – Obligations rated Aaa are judged to be of the highest quality, with minimal risk.

**Aa** – Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A** – Obligations rated A are considered upper-medium grade and are subject to low credit risk.

**Baa** – Obligations rated Baa are subject to moderate credit risk. They are considered medium–grade and as such may possess speculative characteristics.

**Ba** – Obligations rated Ba are judged to have speculative elements and are subject to substantial credit risk.

**B** – Obligations rated B are considered speculative and are subject to high credit risk.

**Caa** – Obligations rated Caa are judged to be of poor standing and are subject to very high credit risk.

**Ca** – Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery in principal and interest.

**C** – Obligations rated C are the lowest rated class of bonds and are typically in default, with little prospect for recovery of principal and interest.

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| | |
|:---|:---|
| **Note:** | Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.\*  |

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#### Fitch Ratings ("Fitch") — Corporate Finance Obligations — Long-Term Rating Scale:
*The following descriptions have been published by Fitch, Inc. and Fitch Ratings Ltd. and its subsidiaries.* 

**AAA** – Highest credit quality. '**AAA**' ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA** – Very high credit quality. '**AA**' ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

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**A** – High credit quality. '**A**' ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

**BBB** – Good credit quality. '**BBB**' ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity.

**BB** – Speculative. '**BB**' ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.

**B** – Highly speculative. '**B**' ratings indicate that material credit risk is present. For performing obligations, default risk is commensurate with an Issuer Default Risk ("IDR") in the ranges 'BB' to 'C'. For issuers with an IDR below 'B', the overall credit risk of this obligation is moderated by the expected level of recoveries should a default occur. For issuers with an IDR above 'B', the overall credit risk of this obligation is exacerbated by the expected low level of recoveries should a default occur. For non-performing obligations, the obligation or issuer is in default, or has deferred payment, but the rated obligation is expected to have extremely high recovery rates consistent with a Recovery Rating of 'RR1'.

\* By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write–downs of principal that could result in impairment. Together with the hybrid indicator, the long–term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security. 

**CCC** – Substantial credit risk. '**CCC**' ratings indicate that substantial credit risk is present. For performing obligations, default risk is commensurate with an IDR in the ranges 'B' to 'C'. For issuers with an IDR below 'CCC', the overall credit risk of this obligation is moderated by the expected level of recoveries should a default occur. For issuers with an IDR above 'CCC', the overall credit risk of this obligation is exacerbated by the expected low level of recoveries should a default occur. For non–performing obligations, the obligation or issuer is in default, or has deferred payment, but the rated obligation is expected to have a superior recovery rate consistent with a Recovery Rating of 'RR2'.

**CC** – Very high levels of credit risk. '**CC**' ratings indicate very high levels of credit risk. For performing obligations, default risk is commensurate with an IDR in the ranges 'B' to 'C'. For issuers with an IDR below 'CC', the overall credit risk of this obligation is moderated by the expected level of recoveries should a default occur. For issuers with an IDR above 'CC', the overall credit risk of this obligation is exacerbated by the expected low level of recoveries should a default occur. For non–performing obligations, the obligation or issuer is in default, or has deferred payment, but the rated obligation is expected to have a good recovery rate consistent with a Recovery Rating of 'RR3'.

**C** – Exceptionally high levels of credit risk. '**C**' indicates exceptionally high levels of credit risk. For performing obligations, default risk is commensurate with an IDR in the ranges 'B' to 'C'. The overall credit risk of this obligation is exacerbated by the expected low level of recoveries should a default occur. For non–performing obligations, the obligation or issuer is in default, or has deferred payment, and the rated obligation is expected to have an average, below-average or poor recovery rate consistent with a Recovery Rating of 'RR4', 'RR5' or 'RR6'.

Defaulted obligations typically are not assigned 'RD' or 'D' ratings, but are instead rated in the 'B' to 'C' rating categories, depending upon their recovery prospects and other relevant characteristics. This approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

------

---

| | |
|:---|:---|
| **Note:** | The modifiers "+" or "-" may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the 'AAA' obligation rating category, or to corporate finance obligation ratings in the categories below 'CCC'.  |

---

The subscript 'emr' is appended to a rating to denote embedded market risk which is beyond the scope of the rating. The designation is intended to make clear that the rating solely addresses the counterparty risk of the issuing bank. It is not meant to indicate any limitation in the analysis of the counterparty risk, which in all other respects follows published Fitch criteria for analyzing the issuing financial institution. Fitch does not rate these instruments where the principal is to any degree subject to market risk.

#### DBRS — Long Term Obligations Rating Scale:
*The following descriptions have been published by Dominion Bond Rating Service.* 

**AAA** – Highest credit quality. The capacity for the payment of financial obligations is exceptionally high and unlikely to be adversely affected by future events.

**AA** – Superior credit quality. The capacity for the payment of financial obligations is considered high. Credit quality differs from AAA only to a small degree. Unlikely to be significantly vulnerable to future events.

**A** – Good credit quality. The capacity for the payment of financial obligations is substantial, but of lesser credit quality than AA. May be vulnerable to future events, but qualifying negative factors are considered manageable.

**BBB** – Adequate credit quality. The capacity for the payment of financial obligations is considered acceptable. May be vulnerable to future events.

**BB** – Speculative, non investment-grade credit quality. The capacity for the payment of financial obligations is uncertain. Vulnerable to future events.

**B** – Highly speculative credit quality. There is a high level of uncertainty as to the capacity to meet financial obligations.

**CCC, CC, C** – Very highly speculative credit quality. In danger of defaulting on financial obligations. There is little difference between these three categories, although CC and C ratings are normally applied to obligations that are seen as highly likely to default, or subordinated to obligations rated in the CCC to B range. Obligations in respect of which default has not technically taken place but is considered inevitable may be rated in the C category.

**D** – When the issuer has filed under any applicable bankruptcy, insolvency or winding up statute or there is a failure to satisfy an obligation after the exhaustion of grace periods, a downgrade to D may occur. DBRS may also use SD (Selective Default) in cases where only some securities are impacted, such as the case of a "distressed exchange."

All rating categories other than AAA and D also contain subcategories "(high)" and "(low)". The absence of either a "(high)" or "(low)" designation indicates the rating is in the middle of the category.

#### S&P Global Ratings — Short-Term Issue Credit Ratings:
*The following descriptions have been published by Standard & Poor's Financial Services LLC.* 

**A-1** – A short-term obligation rated 'A-1' is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.

------

**A-2** – A short–term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitment on the obligation is satisfactory.

**A-3** – A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

**B** – A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties which could lead to the obligor's inadequate capacity to meet its financial commitments.

**C** – A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation.

**D** – A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to 'D' if it is subject to a distressed exchange offer.

Dual ratings may be assigned to debt issues that have a put option or demand feature. The first component of the rating addresses the likelihood of repayment of principal and interest as due, and the second component of the rating addresses only the demand feature. The first component of the rating can relate to either a short-term or long-term transaction and accordingly use either short-term or long-term rating symbols. The second component of the rating relates to the put option and is assigned a short-term rating symbol (for example, 'AAA/A-1+' or 'A-1+/A-1'). With U.S. municipal short-term demand debt, the U.S. municipal short-term note rating symbols are used for the first component of the rating (for example, 'SP-1+/A-1+').

#### Moody's — Global Short-Term Rating Scale:
The following descriptions have been published by Moody's Investors Service, Inc.

**P-1** – Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short–term debt obligations.

**P-2** – Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

**P-3** – Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

**NP** – Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

#### Fitch — Short-Term Ratings Assigned to Issuers or Obligations in Corporate, Public and Structured Finance:
*The following descriptions have been published by Fitch Inc. and Fitch Ratings Ltd. and its subsidiaries.* 

**F1** – Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

**F2** - Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.

------

**F3** - Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate.

**B** – Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

**C** – High short-term default risk. Default is a real possibility.

**RD** – Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

**D** – Default. Indicates a broad–based default event for an entity, or the default of a short-term obligation.

#### DBRS—Commercial Paper and Short-Term Debt Rating Scale:
*The following descriptions have been published by Dominion Bond Rating Service.* 

**R-1 (high)** – Highest credit quality. The capacity for the payment of short-term financial obligations as they fall due is exceptionally high. Unlikely to be adversely affected by future events.

**R-1 (middle)** – Superior credit quality. The capacity for the payment of short-term financial obligations as they fall due is very high. Differs from R-1 (high) by a relatively modest degree. Unlikely to be significantly vulnerable to future events.

**R-1 (low)** – Good credit quality. The capacity for the payment of short-term financial obligations as they fall due is substantial. Overall strength is not as favourable as higher rating categories. May be vulnerable to future events, but qualifying negative factors are considered manageable.

**R-2 (high)** – Upper end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events.

**R-2 (middle)** – Adequate credit quality. The capacity for the payment of short–term financial obligations as they fall due is acceptable. May be vulnerable to future events or may be exposed to other factors that could reduce credit quality.

**R-2 (low)** – Lower end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events. A number of challenges are present that could affect the issuer's ability to meet such obligations.

**R-3** – Lowest end of adequate credit quality. There is a capacity for the payment of short-term financial obligations as they fall due. May be vulnerable to future events and the certainty of meeting such obligations could be impacted by a variety of developments.

**R-4** – Speculative credit quality. The capacity for the payment of short-term financial obligations as they fall due is uncertain.

**R-5** – Highly speculative credit quality. There is a high level of uncertainty as to the capacity to meet short-term financial obligations as they fall due.

**D** – When the issuer has filed under any applicable bankruptcy, insolvency or winding up statute or there is a failure to satisfy an obligation after the exhaustion of grace periods, a downgrade to D may occur. DBRS may also use SD (Selective Default) in cases where only some securities are impacted, such as the case of a "distressed exchange."

------

#### PART C

#### OTHER INFORMATION
**Item 25.** **Financial Statements and Exhibits** <br>

---

| | | |
|:---|:---|:---|
| (1) | Financial Statements: | Financial Statements: |
|  | Part A: None. | Part A: None. |
|  | Part B: Report of Independent Registered Public Accounting Firm, Statement of Assets and Liabilities, Statement of Operations, Notes to Financial Statements(2) | Part B: Report of Independent Registered Public Accounting Firm, Statement of Assets and Liabilities, Statement of Operations, Notes to Financial Statements(2) |
| (2) | Exhibits: | Exhibits: |
| (a) | (1) | [Certificate of Trust(1)](http://www.sec.gov/Archives/edgar/data/2056164/000119312525026706/d930911dex99a1.htm) |
|  | (2) | [Amended and Restated Agreement and Declaration of Trust(2)](d930911dex99a2.htm) |
| (b) | [Bylaws(2)](d930911dex99b.htm) | [Bylaws(2)](d930911dex99b.htm) |
| (c) | Not applicable. | Not applicable. |
| (d) | [Form of Combined Rule 18f-3 Multi-Class Plan(2)](d930911dex99d.htm) | [Form of Combined Rule 18f-3 Multi-Class Plan(2)](d930911dex99d.htm) |
| (e) | [Form of Dividend Reinvestment Plan(2)](d930911dex99e.htm) | [Form of Dividend Reinvestment Plan(2)](d930911dex99e.htm) |
| (f) | Not applicable. | Not applicable. |
| (g) | [Form of Investment Advisory Agreement(2)](d930911dex99g.htm) | [Form of Investment Advisory Agreement(2)](d930911dex99g.htm) |
| (h) | (1) | [Form of Distribution Agreement(2)](d930911dex99h1.htm) |
|  | (2) | [Form of Sales Agreement(2)](d930911dex99h2.htm) |
|  | (3) | [Form of Service Agreement (2)](d930911dex99h3.htm) |
|  | (4) | [Form of Combined Distribution Plan(2)](d930911dex99h4.htm) |
| (i) | Not applicable. | Not applicable. |
| (j) | [Global Custody and Fund Accounting Agreement(2)](d930911dex99j.htm) | [Global Custody and Fund Accounting Agreement(2)](d930911dex99j.htm) |
| (k) | (1) | [Form of Administration Agreement(2)](d930911dex99k1.htm) |
|  | (2) | [Transfer Agency and Service Agreement(2)](d930911dex99k2.htm) |
|  | (3) | [Form of Expense Limitation Agreement(2)](d930911dex99k3.htm) |
|  | (4) | [Form of Management Fee Waiver Agreement(2)](d930911dex99k4.htm) |
|  | (5) | [Form of Shareholder Servicing Agreement(2)](d930911dex99k5.htm) |
| (l) | [Opinion and Consent of Delaware Counsel(2)](d930911dex99l.htm) | [Opinion and Consent of Delaware Counsel(2)](d930911dex99l.htm) |
| (m) | Not applicable. | Not applicable. |
| (n) | [Consent of Independent Registered Public Accounting Firm(2)](d930911dex99n.htm) | [Consent of Independent Registered Public Accounting Firm(2)](d930911dex99n.htm) |
| (o) | Not applicable. | Not applicable. |
| (p) | [Form of Initial Subscription Agreement(2)](d930911dex99p.htm) | [Form of Initial Subscription Agreement(2)](d930911dex99p.htm) |
| (q) | Not applicable. | Not applicable. |
| (r) | (1) | [Code of Ethics of Registrant(2)](d930911dex99r1.htm) |
|  | (2) | [Code of Ethics of Adviser(2)](d930911dex99r2.htm) |
|  | (3) | [Code of Ethics of Distributor(2)](d930911dex99r3.htm) |
| (s) | Not applicable. | Not applicable. |
| (t) | [Power of Attorney(2)](d930911dex99t.htm) | [Power of Attorney(2)](d930911dex99t.htm) |

---

(1) Incorporated herein by reference to the corresponding exhibit of the Registrant's Registration Statement on Form N-2 (File No. 333-284935), filed on February 14, 2025.

(2) Filed herewith.

------

**Item 26.** **Marketing Arrangements** <br>

See the Distribution Agreement, Sales Agreement and Service Agreement, forms of which will be filed as Exhibit (h)(l), (h)(2), and (h)(3), respectively, to this Registration Statement.

**Item 27.** **Other Expenses of Issuance and Distribution** <br>

Not applicable.

**Item 28.** **Persons Controlled by or Under Common Control with the Registrant** <br>

Not applicable.

**Item 29.** **Number of Holders of Securities** <br>

As of [ ], 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Title of class** | **Number of<br>Record Holders** | **Number of<br>Record Holders** |  |
|  Shares of Beneficial Ownership for Class S |  | [0 | ] |
|  Shares of Beneficial Ownership for Class A |  | [0 | ] |
|  Shares of Beneficial Ownership for Class I |  | [1 | ] |

---

**Item 30.** **Indemnification** <br>

Reference is made to Article V, Section 5.3 of the Registrant's Amended and Restated Declaration of Trust. "Risks–Trustees and Officers are subject to limitations on liability and the Fund may indemnify and advance expenses to Trustees and Officers to the extent permitted by law and the Fund's Declaration of Trust" of this Registration Statement and "Certain Provisions in the Declaration of Trust – Limitation of Liability; Indemnification" of this Registration Statement.The Registrant, its Trustees and officers are insured against certain expenses in connection with the defense of claims, demands, actions, suits, or proceedings, and certain liabilities that might be imposed as a result of such actions, suits or proceedings.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "1933 Act"), may be permitted to directors, trustees, officers and controlling persons of the Registrant and the principal underwriter pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, trustee, officer, or controlling person of the Registrant and the principal underwriter in connection with the successful defense of any action, suite or proceeding) is asserted against the Registrant by such director, trustee, officer or controlling person or principal underwriter in connection with the shares being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

**Item 31.** **Business and Other Connections of Investment Adviser** <br>

See "Management of the Fund" in Part B. The business or other connections of each director and officer of J.P. Morgan Investment Management Inc. is currently listed in the investment adviser registration on Form ADV for J.P. Morgan Investment Management Inc. (File No. 801-21011) and is incorporated herein by reference.

**Item 32.** **Location of Accounts and Records** <br>

All accounts, books, records and documents required pursuant to Section 31(a) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder will be maintained at the offices of:

J.P. Morgan Investment Management Inc., the Registrant's investment adviser, at 383 Madison Avenue, New York, NY 10179 (records relating to its functions as investment adviser).

J.P. Morgan Institutional Investments Inc., the Registrant's distributor and shareholder servicing agent, at 383 Madison Avenue, New York, NY 10179 (records relating to its functions as distributor and shareholder servicing agent).

------

JPMorgan Chase Bank, N.A., the Registrant's custodian, at 383 Madison Avenue, New York, NY 10179 (records relating to its functions as custodian).

J.P. Morgan Investment Management Inc., the Registrant's administrator, at 383 Madison Avenue, New York, NY 10179 (relating to its functions as administrator).

SS&C GIDS, Inc., the Registrant's transfer agent, at 30 Braintree Hill Office Park, Suite 400, Braintree, MA 02184 (relating to its functions as transfer agent).

**Item 33.** **Management Services** <br>

Not applicable.

**Item 34.** **Undertakings** <br>

1. Not applicable.

2. Not applicable.

3. The Registrant undertakes:

(a) to file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement:

(1) to include any prospectus required by Section 10(a)(3) of the Securities Act;

(2) to reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post- effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement; and

(3) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

Provided, however, that paragraphs a(1), a(2), and a(3) of this section do not apply if the registration statement is filed pursuant to General Instruction A.2 of this Form and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended, that are incorporated by reference into the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement

(b) that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof;

(c) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;

(d) that, for the purpose of determining liability under the Securities Act to any purchaser:

(1) if the Registrant is relying on Rule 430B:

(A) each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

(B) each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

------

(2) if the Registrant is subject to Rule 430C: each prospectus filed pursuant to Rule 424(b) under the Securities Act as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

(e) that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities:

The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the Securities Act;

(2) free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;

(3) the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities Act relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and

(4) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

4. The Registrant undertakes:

(a) for the purpose of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant under Rule 424(b)(1) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective; and

(b) for the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof.

5. Not applicable.

6. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

7. The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information.

------

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended (the "Securities Act") and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of New York and State of New York, on the 12th day of December, 2025.

---

| | |
|:---|:---|
|  **JPMORGAN CREDIT MARKETS FUND** | **JPMORGAN CREDIT MARKETS FUND** |
| By: | /s/ Glenn Hill |
|  Name: | Glenn Hill |
|  Title: | Trustee, Chief Executive Officer, President and Principal Executive Officer |

---

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the 12th day of December, 2025.

---

| | |
|:---|:---|
| By: | /s/ Glenn Hill |
|  Name: | Glenn Hill |
|  Title: | Trustee, Chief Executive Officer, President and Principal Executive Officer |

---

---

| | |
|:---|:---|
| By: | /s/ Timothy Clemens |
|  Name: | Timothy Clemens |
|  Title: | Chief Financial Officer, Treasurer and Principal Financial Officer |

---

---

| | |
|:---|:---|
| By: | /s/ Donald Gignac |
|  Name: | Donald Gignac |
|  Title: | Trustee |

---

---

| | |
|:---|:---|
| By: | /s/ Stacey Hadash |
|  Name: | Stacey Hadash |
|  Title: | Trustee |

---

---

| | |
|:---|:---|
| By: | /s/ Karen Dunn Kelley |
|  Name: | Karen Dunn Kelley |
|  Title: | Trustee |

---

The original powers of attorney authorizing Carmine Lekstutis, Kim Taylor, Max Vogel, Aiman Tariq and Henry Pickell to execute the Registration Statement, and any amendments thereto, for the trustees and officers of the Registrant on whose behalf this registration statement is filed, have been executed and are incorporated by reference herein to Item 25, Exhibit (t).

------

#### Schedule of Exhibits to Form N-2

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Exhibit** |
| (a)(2) | [Amended and Restated Agreement and Declaration of Trust](d930911dex99a2.htm) |
| (b) | [Bylaws](d930911dex99b.htm) |
| (d) | [Form of Combined Rule 18f-3 Multi-Class Plan](d930911dex99d.htm) |
| (e) | [Form of Dividend Reinvestment Plan](d930911dex99e.htm) |
| (g) | [Form of Investment Advisory Agreement](d930911dex99g.htm) |
| (h)(1) | [Form of Distribution Agreement](d930911dex99h1.htm) |
| (h)(2) | [Form of Sales Agreement](d930911dex99h2.htm) |
| (h)(3) | [Form of Service Agreement](d930911dex99h3.htm) |
| (h)(4) | [Form of Combined Distribution Plan](d930911dex99h4.htm) |
| (j) | [Global Custody and Fund Accounting Agreement](d930911dex99j.htm) |
| (k)(1) | [Form of Administration Agreement](d930911dex99k1.htm) |
| (k)(2) | [Transfer Agency and Service Agreement](d930911dex99k2.htm) |
| (k)(3) | [Form of Expense Limitation Agreement](d930911dex99k3.htm) |
| (k)(4) | [Form of Management Fee Waiver Agreement](d930911dex99k4.htm) |
| (k)(5) | [Form of Shareholder Servicing Agreement](d930911dex99k5.htm) |
| (l) | [Opinion and Consent of Delaware Counsel](d930911dex99l.htm) |
| (n) | [Consent of Independent Registered Public Accounting Firm](d930911dex99n.htm) |
| (p) | [Form of Initial Subscription Agreement](d930911dex99p.htm) |
| (r)(1) | [Code of Ethics of Registrant](d930911dex99r1.htm) |
| (r)(2) | [Code of Ethics of Adviser](d930911dex99r2.htm) |
| (r)(3) | [Code of Ethics of Distributor](d930911dex99r3.htm) |
| (t) | [Power of Attorney](d930911dex99t.htm) |

---

## Ex-99.(A)(2)

**JPMORGAN CREDIT MARKETS FUND** 

**AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST** 

**[ ], 2025** 

------

**<u>**TABLE OF CONTENTS**</u>**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE I NAME AND DEFINITIONS | ARTICLE I NAME AND DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.1. | Name | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.2. | Definitions | 1 |
| ARTICLE II PURPOSE | ARTICLE II PURPOSE | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.1. | Purpose | 3 |
| ARTICLE III TRUSTEES | ARTICLE III TRUSTEES | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.1. | Powers | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.2. | Legal Title | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.3. | Number of Trustees; Term of Office | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.4. | Election of Trustees | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.5. | Resignation and Removal | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.6. | Vacancies | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.7. | Committees; Delegation | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.8. | Quorum; Voting | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.9. | Action Without a Meeting; Participation by Video Conference, Conference Telephone or Otherwise | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.10. | By-Laws | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.11. | No Bond Required | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.12. | Reliance on Experts, Etc. | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.13. | Fiduciary Duty | 9 |

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Section 3.13.1. General 9 <br> Section 3.13.2. Limitation of Liability 11

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| | | |
|:---|:---|:---|
| ARTICLE IV CONTRACTS | ARTICLE IV CONTRACTS | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.1. | Distribution Contract | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.2. | Advisory or Management Contracts | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.3. | Affiliations of Trustees or Officers, Etc. | 11.0 |
| ARTICLE V LIMITATION OF LIABILITY; INDEMNIFICATION | ARTICLE V LIMITATION OF LIABILITY; INDEMNIFICATION | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.1. | No Personal Liability of Shareholders, Trustees, Etc. | 12.0 |

---

i

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| | | | |
|:---|:---|:---|:---|
|  |  | **Page** | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.2. | Execution of Documents; Notice; Apparent Authority |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.3. | Indemnification of Trustees, Officers, Etc. |  | 12 |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.3.1. | Limitations, Settlements | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.3.2. | Insurance, Rights Not Exclusive | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.3.3. | Advance of Expenses | 13.0 |

---

---

| | | |
|:---|:---|:---|
| ARTICLE VI SHARES OF BENEFICIAL INTEREST | ARTICLE VI SHARES OF BENEFICIAL INTEREST | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.1. | Beneficial Interest | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.2. | Other Securities | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.3. | Initial Designation of Classes | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.4. | Rights of Shareholders | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.5. | Trust Only | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.6. | Issuance of Shares | 15.0 |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.6.1. | General | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.6.2. | On Merger or Consolidation | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.6.3. | Fractional Shares | 15.0 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.7. | Register of Shares | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.8. | Share Certificates | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.9. | Transfer of Shares | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.10. | Voting Powers | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.11. | Meetings of Shareholders | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.12. | Action Without a Meeting | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.13. | Quorum and Required Vote | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.14. | Delivery by Electronic Transmission or Otherwise | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.15. | Additional Provisions | 19.0 |
| ARTICLE VII REPURCHASE AND REDEMPTION OF COMMON SHARES | ARTICLE VII REPURCHASE AND REDEMPTION OF COMMON SHARES | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.1. | Repurchase of Shares | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.2. | Price | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.3. | Repurchase by Agreement | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.4. | Involuntary Repurchase; Disclosure of Ownership | 20.0 |
| ARTICLE VIII DETERMINATION OF NET ASSET VALUE; DISTRIBUTIONS | ARTICLE VIII DETERMINATION OF NET ASSET VALUE; DISTRIBUTIONS | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.1. | By Whom Determined | 21.0 |

---

ii

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---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE IX DURATION; DISSOLUTION AND TERMINATION OF TRUST; AMENDMENT; MERGERS, ETC. | ARTICLE IX DURATION; DISSOLUTION AND TERMINATION OF TRUST; AMENDMENT; MERGERS, ETC. | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.1. | Duration and Termination | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.2. | Amendment Procedure | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.3. | Merger and Consolidation | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.4. | Conversion to Other Business Entities | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.5. | Incorporation | 23 |
| ARTICLE X MISCELLANEOUS | ARTICLE X MISCELLANEOUS | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.1. | Registered Agent; Registered Office | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.2. | Governing Law | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.3. | Counterparts | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.4. | Reliance by Third Parties | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.5. | Provisions in Conflict with Law or Regulations | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.6. | Derivative Actions | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.7. | General Direct Actions | 26 |

---

Section 10.7.1. General 26 <br> Section 10.7.2. Required Conditions 26

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.8. | Inspection of Records and Reports | 27.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.9. | Exclusive Delaware Jurisdiction | 27.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.10. | Waiver of Jury Trial | 27.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.11. | Conversion | 28.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.12. | Section Headings; Interpretation | 28.0 |

---

iii

------

**AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST OF JPMORGAN CREDIT MARKETS FUND** 

AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST made on [ ], 2025 by and among the individuals executing this Declaration (as defined below) as Trustees and the holders from time to time of the shares of beneficial interest issued hereunder.

WHEREAS, the Trustees desire to amend and restate the Declaration of Trust of the Trust (the "Original Declaration") made on February 3, 2025; and

WHEREAS, the Trustees desire that the beneficial interest in the trust assets be divided into transferable shares of beneficial interest, as hereinafter provided;

NOW THEREFORE, this Declaration shall amend and restate the Original Declaration and the Trustees hereby declare that all money and property contributed to the trust established hereunder and all proceeds thereof shall be held and managed in trust for the pro rata benefit of the holders, from time to time, of the shares of beneficial interest issued hereunder and subject to the provisions hereof.

**ARTICLE I** 

**<u>NAME AND DEFINITIONS</u>**

Section 1.1. <u>Name</u>. The name of the trust governed hereby is "JPMorgan Credit Markets Fund," in which name, or other name from time to time as the Trustees may determine, the Trustees shall conduct the business and activities of the Trust and execute all documents and take all actions authorized herein. The Trustees may, without Shareholder approval, change the name of the Trust or any class and adopt such other name as they deem proper.

Section 1.2. <u>Definitions</u>. Wherever they are used herein, the following terms have the following meanings:

"1940 Act" shall mean the Investment Company Act of 1940, as amended from time to time and the rules and regulations thereunder, and any order or orders thereunder which may from time to time be applicable to the Trust. References herein to specific sections of the 1940 Act shall be deemed to include such rules and regulations as are applicable to such sections as determined by the Trustees or their designees.

"Affiliate" shall have the meaning of "Affiliated Person" set forth in Section 2(a)(3) of the 1940 Act.

"By-Laws" shall mean the By-Laws of the Trust as amended from time to time.

"Class" or "Class of Shares" shall refer to the division of Shares into two or more classes as provided in Article VI hereof.

"Code" shall mean the Internal Revenue Code of 1986, as amended.

------

"Commission" shall mean the Securities and Exchange Commission.

"Common Shares" shall mean Shares that do not have preference over any other class of Shares with respect to the payment of dividends or distributions upon liquidation, termination or winding up of the affairs of the Trust.

"Declaration" shall mean this Amended and Restated Agreement and Declaration of Trust as amended from time to time. This Declaration and any By- Laws of the Trust shall constitute the governing instrument of the Trust.

"Delaware Act" shall mean Chapter 38 of Title 12 of the Delaware Code entitled "Treatment of Delaware Statutory Trusts," as it may be amended from time to time.

"Distributor" shall have the meaning set forth in Section 4.1.

"General Direct Action" shall mean an action, suit or other proceeding asserting a direct claim of any nature whatsoever (regardless of whether such claim sounds in contract, tort, fraud or otherwise or is based on common law, statutory, equitable, legal or other grounds) where the harm alleged falls upon all Shareholders or all Shareholders of a series or class (and not an individual harm only to the Shareholder or Shareholders bringing such action, suit or other proceeding) on a pro rata basis and/or proportionally based on their holdings of Shares.

"Investment Adviser" shall have the meaning set forth in Section 4.2.

"Majority Shareholder Vote" when used as a defined term in this Declaration shall mean (i) with respect to matters voted upon by all Shareholders voting as a single class, as required by the 1940 Act the meaning of "majority of the outstanding voting securities of a company" set forth in section 2(a)(42) of the 1940 Act; and (ii) with respect to any other matter required to be submitted to the outstanding voting Shares as required by the 1940 Act, each Class shall have exclusive or separate voting rights, as applicable, consistent with the requirements of Rule 18f-3(a) under the 1940 Act.

"Person" shall mean an individual, a company, a corporation, partnership, trust (statutory or common law), or association, a joint venture, an organization, a business, a firm or other entity, whether or not a legal entity, or a country, a state, municipality or other political subdivision or any governmental agency or instrumentality.

"Principal Underwriter" shall have the meaning set forth in Section 2(a)(29) of the 1940 Act.

"Shareholder" shall mean a record owner of Shares.

"Shares" shall mean the units of interest into which the beneficial interest in the Trust (or, if more than one series or class is authorized, each series or class thereof) shall be divided from time to time and includes fractions of Shares as well as whole Shares.

------

"Trust" shall mean the Delaware statutory trust established under the Delaware Act by this Declaration, as from time to time amended. All provisions herein relating to the Trust shall apply equally to each series or class of Shares except as the context otherwise requires.

"Trustees" shall mean the individuals who have signed this Declaration, so long as they shall continue in office in accordance with the terms hereof, and all other individuals who may from time to time be duly elected or appointed, qualified and serving as Trustees in accordance with the provisions of Article III hereof, and reference herein to a Trustee or the Trustees shall refer to such person or persons in his or her capacity or their capacities as trustees hereunder. Unless otherwise required by the context or specifically provided, any reference herein to the Trustees shall refer to the sole Trustee at any time that there is only one Trustee of the Trust.

"Trust Property" shall mean any and all property, real or personal, tangible or intangible, which is owned or held by or for the account of the Trust or the Trustees.

**ARTICLE II** 

**<u>PURPOSE</u>**

Section 2.1. <u>Purpose</u>. The purpose of the Trust is to provide investors a managed investment primarily in securities and other instruments and rights of a financial character and to carry on such other business as the Trustees may from time to time determine pursuant to their authority under this Declaration.

**ARTICLE III** 

**<u>TRUSTEES</u>**

Section 3.1. <u>Powers</u>. The Trustees, subject only to the specific limitations contained in this Declaration, shall have exclusive and absolute power, control and authority over the Trust Property and over the conduct of the affairs of the Trust as set forth in this Declaration, including such power, control and authority to do all such acts and things as in their sole judgment and discretion are necessary, incidental, convenient or desirable for the carrying out of or conducting of the business of the Trust or in order to promote the interests of the Trust, but with such powers of delegation as may be permitted by the Delaware Act. The enumeration of any specific power, control or authority herein shall not be construed as limiting the aforesaid power, control and authority or any other specific power, control or authority. The Trustees shall have all powers necessary or convenient to conduct and carry on the business of the Trust, or any part thereof, to have one or more offices and to exercise any or all of its trust powers and rights, in the State of Delaware, in any other states, territories, districts, colonies and dependencies of the United States and in any foreign countries. In construing the provisions of this Declaration, the presumption shall be in favor of a grant of power to the Trustees. Such powers of the Trustees may be exercised without order of or resort to any court.

Without limiting the foregoing, the Trustees shall have the power:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To operate as and carry out the business of an investment company, and exercise all the powers necessary or appropriate to the conduct of such operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To invest and reinvest cash, to hold cash uninvested, and to subscribe for, invest in, reinvest in, purchase or otherwise acquire, own, hold, pledge, sell, assign, transfer, exchange, distribute, purchase or write options on, lend, enter into contracts for the future acquisition or delivery of, or otherwise deal in or dispose of, securities, indices, currencies, commodities or other property of every nature and kind, including, without limitation, all types of bonds, debentures, stocks, limited partnership interests (or similar securities), negotiable or non-negotiable instruments, obligations, evidences of indebtedness, certificates of deposit or indebtedness, commercial paper, repurchase agreements, bankers acceptances, and other securities, commodities or contracts of any kind, issued, created, guaranteed, or sponsored by any and all Persons, including, without limitation, states, territories, and possessions of the United States and the District of Columbia and any political subdivision, agency, or instrumentality thereof, the U.S. Government or any foreign government or any political subdivision of the U.S. Government or any foreign government, or any domestic or international instrumentality, or by any bank or savings institution, or by any corporation or organization organized under the laws of the United States or of any state, territory, or possession thereof, or by any corporation or organization organized under any foreign law, or in "when issued" contracts for any such securities; to change the investments of the assets of the Trust; and to exercise any and all rights, powers, and privileges of ownership or interest in respect of any and all such investments of every kind and description, including, without limitation, the right to consent and otherwise act with respect thereto, with power to designate one or more Persons to exercise any of said rights, powers, and privileges in respect of any of said instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To sell, exchange, lend, pledge, mortgage, hypothecate, lease, or write options (including options on futures contracts) with respect to or otherwise deal in any property rights relating to any or all of the assets of the Trust or any series or Class thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To vote or give assent, or exercise any rights of ownership, with respect to stock or other securities or property; and to execute and deliver proxies or powers of attorney to such Person or Persons as the Trustees shall deem proper, granting to such Person or Persons such power and discretion with relation to securities or property as the Trustees shall deem proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To set record dates for the determination of Shareholders with respect to various matters, which, for purposes of determining the Shareholders of any series (or Class) who are entitled to receive payment of any dividend or of any other distribution shall be on or before the date for the payment of such dividend or such other payment, as the record date for determining the Shareholders of such series (or Class) having the right to receive such dividend or distribution; without fixing a record date, the Trustees may for distribution purposes close the register or transfer books for one or more series (or Classes) at any time prior to the payment of a distribution; nothing in this subsection shall be construed as precluding the Trustees from setting different record dates for different series (or Classes).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To exercise powers and rights of subscription or otherwise which in any manner arise out of ownership of securities or other property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To hold any security or property in a form not indicating any trust, whether in bearer, unregistered or other negotiable form, or in its own name or in the name of a custodian or a nominee or nominees or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To consent to or participate in any plan for the reorganization, consolidation or merger of any corporation or issuer of any security or property which is held in the Trust; to consent to any contract, lease, mortgage, purchase or sale of property by such corporation or issuer; and to pay calls or subscriptions with respect to any security or property held in the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To join with other security or property holders in acting through a committee, depository, voting trustee or otherwise, and in that connection to deposit any security or property with, or transfer any security or property to, any such committee, depositary or trustee, and to delegate to them such power and authority with relation to any security or property (whether or not so deposited or transferred) as the Trustees shall deem proper, and to agree to pay, and to pay, such portion of the expenses and compensation of such committee, depositary or trustee as the Trustees shall deem proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To compromise, arbitrate or otherwise adjust claims in favor of or against the Trust or any matter in controversy, including, but not limited to, claims for taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To enter into joint ventures, general or limited partnerships and any other combinations or associations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To borrow funds or other property in the name of the Trust exclusively for Trust purposes and in connection therewith issue notes or other evidences of indebtedness; and to mortgage and pledge the Trust Property or any part thereof to secure any or all of such indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) To endorse or guarantee the payment of any notes or other obligations of any Person; to make contracts of guaranty or suretyship, or otherwise assume liability for payment thereof; and to mortgage and pledge the Trust Property or any part thereof to secure any of or all of such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) To purchase and pay for entirely out of Trust Property such insurance as the Trustees may deem necessary or appropriate for the conduct of the business, including, without limitation, insurance policies insuring the assets of the Trust or payment of distributions and principal on its portfolio investments, and insurance policies insuring the Shareholders, Trustees, officers, employees, agents, investment advisers, principal underwriters, or independent contractors of the Trust, individually against all claims and liabilities of every nature arising by reason of holding Shares, holding, being in or having held any such office or position, or by reason of any action alleged to have been taken or omitted by any such Person as Trustee, officer, employee, agent, investment adviser, principal underwriter, or independent contractor, including any action taken or omitted that may be determined to constitute negligence, whether or not the Trust would have the power to indemnify such Person against liability.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) To adopt, establish and carry out pension, profit-sharing, Share bonus, Share purchase, savings, thrift and other retirement, incentive and benefit plans and trusts, including the purchasing of life insurance and annuity contracts as a means of providing such retirement and other benefits, for any or all of the Trustees, officers, employees and agents of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) To enter into contracts of any kind and description.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) To interpret the investment policies, practices or limitations of any series or Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) To establish a registered office and have a registered agent in the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) To invest part or all of the Trust Property, or to dispose of part or all of the Trust Property and invest the proceeds of such disposition, in securities issued by one or more other investment companies registered under the 1940 Act or issuers excluded from the definition of investment company in the 1940 Act ("Section 3(c) Issuers") (including investment by means of transfer or part of all of the Trust Property in exchange for an interest or interests in such one or more investment companies or Section 3(c) Issuers) all without any requirement of approval by Shareholders unless required by the 1940 Act. Any such other investment company may (but need not) be a trust or other form of business organization (formed under the laws of the State of Delaware or of any other state) which is classified as a partnership or corporation for federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Subject to the 1940 Act, to engage in any other lawful act or activity in which a statutory trust organized under the Delaware Act may engage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) In general to carry on any other business in connection with or incidental to any of the foregoing powers, to do everything necessary, suitable or proper for the accomplishment of any purpose or the attainment of any object or the furtherance of any power hereinbefore set forth, either alone or in association with others, and to do every other act or thing incidental or appurtenant to or growing out of or connected with the aforesaid business or purposes, objects or powers.

The foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the general powers of the Trustees. Any action by one or more of the Trustees in their capacity as such hereunder shall be deemed an action on behalf of the Trust and not an action in an individual capacity.

The Trustees have the power to construe and interpret this Declaration and to act upon any such construction or interpretation. To the fullest extent permitted by law, any construction or interpretation of this Declaration by the Trustees and any action taken pursuant thereto and any determination as to what is in the interests of the Trust and the Shareholders made by the Trustees in good faith shall, in each case, be conclusive and binding on all Shareholders and all other Persons for all purposes.

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The Trustees shall not be limited by any law now or hereafter in effect limiting the investments which may be made or retained by fiduciaries, but they shall have full power and authority to make any and all investments within the limitation of this Declaration that they, in their sole and absolute discretion, shall determine, and without liability for loss even though such investments do not or may not produce income or are of a character or in an amount not considered proper for the investment of trust funds. Unless otherwise expressly provided herein or required by federal law including the 1940 Act, the Trustees shall act in their sole discretion and may take any action or exercise any power without any vote or consent of the Shareholders.

Section 3.2. <u>Legal Title</u>. Legal title to all the Trust Property shall be vested in the Trust as a separate legal entity under the Delaware Act, <u>provided</u> that the Trustees shall have power to cause legal title to any Trust Property to be held by or in the name of one or more of the Trustees with suitable reference to their trustee status, or in a form not indicating any trust, whether in bearer, unregistered or other negotiable form, or in the name of a custodian or subcustodian or a nominee or nominees or otherwise. No creditor of any Trustee shall have any right to obtain possession, or otherwise exercise legal or equitable remedies with respect to, any Trust Property with respect to any claim against, or obligation of, such Trustee in its individual capacity and not related to the Trust. To the extent title to the Trust Property has been vested in the Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each Person who may hereafter become a Trustee. Upon the resignation, retirement, removal, declination to serve, incapacity, or death of a Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

Section 3.3. <u>Number of Trustees; Term of Office</u>. The initial Trustees shall be the persons initially signing this Declaration. The number of Trustees shall be the number of persons so signing until changed by the Trustees, and the Trustees may fix the number of Trustees from time to time; provided that the number of Trustees shall at all times be at least one (1) nor more than 15. Each of the Trustees executing this Declaration and each Trustee thereafter appointed or elected (whenever such election occurs) shall hold office until his or her successor is elected and qualified or until the earlier occurrence of any of the events specified in the first sentence of Section 3.6 hereof.

Section 3.4. <u>Election of Trustees</u>. Trustees may succeed themselves in office. Trustees may be elected at a Shareholders' meeting. Shareholders shall not be entitled to elect Trustees except as required by the 1940 Act. To the extent required by the 1940 Act, the Shareholders shall elect the Trustees on such dates as the Trustees may fix from time to time. The Shareholders may elect Trustees at any meeting of Shareholders called by the Trustees for that purpose. The election of any Trustee (other than an individual who was serving as a Trustee immediately prior thereto) shall not become effective, however, until the individual named shall have accepted in writing such election and agreed in writing to be bound by the terms of this Declaration. The Trustees may determine by resolution those Trustees, if any, that shall be elected by Shareholders of a particular class of Shares (e.g., by a class of preferred Shares issued by the Trust) prior to the initial offering of such class of Shares. Trustees need not own Shares.

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Section 3.5. <u>Resignation and Removal</u>. Any Trustee may resign his or her trust (without need for prior or subsequent accounting) by an instrument in writing signed by him or her and delivered to the Chair of the Board of Trustees, or the Secretary or any Assistant Secretary, and such resignation shall be effective upon such delivery, or at any later date specified in the instrument. Any Trustee may be removed (i) at any meeting of Shareholders by a vote of not less than two-thirds of the outstanding voting Shares or (ii) with or without cause at any time by written instrument signed by at least two-thirds of the number of Trustees prior to such removal, specifying the date when such removal shall become effective and fill vacancies caused by enlargement of their number or by the death, resignation or removal of a Trustee.

Section 3.6. <u>Vacancies</u>. The term of office of a Trustee shall terminate and a vacancy shall occur in the event of the death, retirement, resignation or removal (whether pursuant to Section 3.5 hereof or otherwise), bankruptcy, adjudication of incompetence or other incapacity to perform the duties of the office of a Trustee. A vacancy shall also occur upon an increase in the number of Trustees in accordance with Section 3.3 hereof. No vacancy shall operate to annul this Declaration or to revoke any existing agency created pursuant to the terms of the Declaration. In the case of an existing vacancy, including a vacancy existing by reason of an increase in the authorized number of Trustees, the remaining Trustees shall fill such vacancy by the appointment of such individual as they in their sole and absolute discretion shall see fit, made by a written instrument signed by a majority of the Trustees then in office, <u>provided</u> that such power of appointment shall be subject to and limited by all applicable provisions of the 1940 Act. Whenever a vacancy in the number of Trustees shall occur, until such vacancy is filled as provided in Section 3.4 or this Section 3.6, the Trustees in office, regardless of their number, shall have all the powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by the Declaration.

Section 3.7. <u>Committees; Delegation</u>. The Trustees shall have the power to appoint from their own number, and terminate, any one or more committees consisting of one or more Trustees, which may exercise some or all of the power and authority of the Trustees as the Trustees may determine (including but not limited to the power to determine net asset value and net income and the power to declare a dividend or other distribution on the Shares of any series or class), subject to any limitations contained in the By-Laws, and in general to delegate from time to time to one or more of their number or to one or more officers, employees or agents of the Trust any or all of their powers, authorities, duties and the doing of such things and the execution of such instruments, either in the name of the Trust or the names of the Trustees or otherwise, as the Trustees may deem expedient (including but not limited to the power to declare a dividend or other distribution on the Shares of any series or class.

Section 3.8. <u>Quorum; Voting</u>. At all meetings of the Trustees, the presence of one-third of the total number of Trustees authorized, but not less than two, shall constitute a quorum for the transaction of business. When a quorum is present at any meeting, a majority of Trustees present may take any action, except when a larger vote is required by this Declaration, the By-Laws or the 1940 Act.

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Section 3.9. <u>Action Without a Meeting; Participation by Video Conference, Conference Telephone or Otherwise</u>. Unless the 1940 Act requires that a particular action must be taken only at a meeting of Trustees, any action required or permitted to be taken at any meeting of the Trustees (or of any committee of the Trustees) may be taken without a meeting if written consents thereto are signed by a majority of the Trustees then in office (or by a majority of the members of such committee) and such written consents are filed with the records of the meetings. Unless the 1940 Act requires that Trustees must be present in person at a meeting of Trustees, Trustees may participate in a meeting of the Trustees (or of any committee of the Trustees) by means of a video conference, conference telephone or other means if all individuals participating can hear each other at the same time. For the avoidance of doubt, participation in a meeting by these means shall constitute presence in-person at the meeting.

Section 3.10. <u>By-Laws</u>. The Trustees may adopt By-Laws not inconsistent with this Declaration or law to provide for the conduct of the business of the Trust, and may amend or repeal such By-Laws.

Section 3.11. <u>No Bond Required</u>. No Trustee shall be obliged to give any bond or other security for the performance of any of his or her duties hereunder.

Section 3.12. <u>Reliance on Experts, Etc</u>. Each Trustee, officer, agent and employee of the Trust shall, in the performance of his or her duties, be fully and completely justified and protected by relying in good faith upon the books of account or other records of the Trust, or upon reports made to the Trustees (a) by any of the officers or employees of the Trust, (b) by the Investment Adviser, the Distributor, the custodian or the transfer agent, or (c) by any accountants, selected dealers or appraisers or other agents, experts or consultants selected with reasonable care by the Trustees, regardless of whether such agent, expert or consultant may also be a Trustee. The Trustees, officers, agents and employees of the Trust may take advice of counsel with respect to the meaning and operation of this Declaration and with respect to other legal matters or questions, and shall be under no liability for any act or omission in accordance with such advice or for failing to follow such advice.

Section 3.13. <u>Fiduciary Duty</u>.

Section 3.13.1. <u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except to the extent modified in (b) below, the Trustees shall owe to the Trust and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by directors of private corporations for profit to such corporations and their stockholders under the Delaware General Corporation Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that, at law or in equity, a Trustee has duties (including fiduciary duties, if any) and liabilities relating thereto to the Trust, the Shareholders or to any other Person, a Trustee acting under this Declaration of Trust shall not be liable to the Trust, the Shareholders or to any other Person for its good faith reliance on the provisions of this Declaration of Trust. The provisions of this Declaration of Trust, to the extent that they restrict or eliminate the duties (including fiduciary duties) and liabilities of Trustees otherwise existing under this Declaration or at law or in equity, are agreed to replace such

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other duties (including fiduciary duties) and liabilities of such Trustee. To the fullest extent permitted by law, only the Trustee shall have any fiduciary duties (or liability therefor) to the Trust or any Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless otherwise expressly provided herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whenever a conflict of interest exists or arises between any Trustee, on the one hand, and the Trust or any Shareholders or any other Person, on the other hand; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) whenever this Declaration or any other agreement contemplated herein or therein provides that a Trustee shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust, any Shareholders or any other Person,

a Trustee shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by a Trustee, the resolution, action or terms so made, taken or provided by a Trustee shall not constitute a breach of this Declaration or any other agreement contemplated herein or of any duty or obligation of a Trustee at law or in equity or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the fullest extent permitted by law and notwithstanding any other provision of this Declaration or in any agreement contemplated herein or applicable provisions of law or equity or otherwise, whenever in this Declaration any Trustee is permitted or required to make a decision (i) in its "sole discretion" or "discretion" or under a grant of similar authority or latitude, the Trustee shall be entitled to consider only such interests and factors as they desire, including their own interests, and shall have no duty or obligation to give any consideration to any interest of or factors affecting the Trust, the Shareholders or any other Person; or (ii) in its "good faith" or under another express standard, the Trustee shall act under such express standard and shall not be subject to any other or different standard. The term "good faith" as used in this Declaration of Trust shall mean subjective good faith as such term is understood and interpreted under Delaware law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Trustee may engage in or possess an interest in other profit-seeking or business ventures of any nature or description, independently or with others, whether or not such ventures are competitive with the Trust and the doctrine of corporate opportunity, or any analogous doctrine, shall not apply to any Trustee. No Trustee who acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Trust shall have any duty to communicate or offer such opportunity to the Trust, and such Trustee shall not be liable to the Trust, Shareholders or any other person for breach of any fiduciary or other duty by reason of the fact that such Trustee pursues or acquires such opportunity, directs such opportunity to another Person or does not communicate such opportunity or information to the Trust. Neither the Trust nor any

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Shareholders shall have any rights or obligations by virtue of this Declaration or the trust relationship created hereby in or to such independent ventures or the income or profits or losses derived therefrom, and the pursuit of such ventures, even if competitive with the activities of the Trust, shall not be deemed wrongful or improper. Any Fiduciary Covered Person may engage or be interested in any financial or other transaction with the Trust, the Shareholders or any affiliate of the Trust or the Shareholders.

Section 3.13.2. <u>Limitation of Liability</u>. A Trustee, any officer, agent or employee of the Trust shall have no liability to the Trust or the Shareholders except for his or her own willful misfeasance (within the meaning of Section 17(h) of the 1940 Act), bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office, and shall not be liable for errors of judgment or mistakes of fact or law.

**ARTICLE IV** 

**<u>CONTRACTS</u>**

Section 4.1. <u>Distribution Contract</u>. The Trust may from time to time enter into a distribution contract with another Person (the "Distributor") providing for the sale of Shares, pursuant to which the Trust may agree to sell Shares of one or more series or class to the Distributor or appoint the Distributor its sales agent for the Shares. Such contract may provide that the Distributor may enter into contracts with other persons to sell the Shares on behalf of the Distributor and the Trust. Such contract may also provide for the repurchase of Shares by the Distributor as agent of the Trust and shall contain such terms and conditions, if any, as may be prescribed in the By-Laws and such further terms and conditions not inconsistent with the provisions of this Article IV or of the By-Laws as the Trustees may in their discretion determine.

Section 4.2. <u>Advisory or Management Contracts</u>. Subject to approval by a Majority Shareholder Vote to the extent required by the 1940 Act, the Trust may from time to time enter into investment advisory or management contracts with one or more other Persons (the "Investment Advisers") pursuant to which the Investment Adviser or Advisers shall agree to furnish to the Trust management, investment advisory, statistical and research facilities or other services. Such contract shall contain such other terms and conditions, if any, as may be prescribed in the By-Laws and such further terms and conditions not inconsistent with the provisions of this Article IV, the By-Laws or applicable law as the Trustees may in their discretion determine, including the grant of authority to the Investment Adviser to determine what securities shall be purchased or sold by the Trust and what portion of its assets shall be uninvested and to implement such determinations by making changes in the Trust's investments.

Section 4.3. <u>Affiliations of Trustees or Officers, Etc</u>. The fact that any Shareholder, Trustee, officer, agent or employee of the Trust is a shareholder, member, director, officer, partner, trustee, employee, manager, adviser or distributor of or for any Person or of or for any parent or affiliate of any Person with which an investment advisory or management contract, principal underwriter or distributor contract or custodian, transfer agent, disbursing agent or similar agency contract may have been or may hereafter be made, or that any such Person, or any parent or affiliate thereof, is a Shareholder of or has any other interest in the Trust, or that any such Person also has any one or more similar contracts with one or more other such Persons, or has other businesses or

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interests, shall not affect the validity of any such contract made or that may hereafter be made with the Trust or disqualify any Shareholder, Trustee, officer, agent or employee of the Trust from voting upon or executing the same or create any liability or accountability to the Trustees, the Trust, or the Shareholders.

**ARTICLE V** 

**<u>LIMITATION OF LIABILITY; INDEMNIFICATION</u>**

Section 5.1. <u>No Personal Liability of Shareholders, Trustees, Etc</u>. No Shareholder shall be subject to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. No Trustee shall have any power to bind personally any Shareholder or to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay by way of subscription for any Shares or otherwise. All Persons extending credit to, contracting with or having any claim against the Trust shall look only to the assets of the Trust for payment under such credit, contract or claim, and neither the Shareholders nor the Trustees, nor any of the Trust's officers, employees or agents, whether past, present or future, shall be personally liable therefor. No Trustee shall be subject to any personal liability whatsoever to any person other than the Trust or the Shareholders in connection with the Trust Property or the acts, obligations or affairs of the Trust. The Trustees shall not be responsible or liable to the Trust or the Shareholders for any neglect or wrongdoing of any officer, employee or agent (including, without limitation, the Investment Advisers, the Distributor, the custodian and the transfer agent) of the Trust, nor shall any Trustee be responsible or liable for the act or omission of any other Trustee.

Section 5.2. <u>Execution of Documents; Notice; Apparent Authority</u>. Every note, bond, contract, instrument, certificate or undertaking and every other act or thing whatsoever executed or done by or on behalf of the Trust or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been executed or done only in or with respect to their or his or her capacity as Trustees or Trustee, and such Trustees or Trustee shall not be personally liable thereon. Every note, bond, contract, instrument, certificate or undertaking made or issued by the Trustees or by any officers or officer shall recite that the obligations of such instruments are not binding upon any of the Trustees, Shareholders, officers, employees or agents of the Trust individually but are binding only upon the assets and property of the Trust, but the omission thereof shall not operate to bind any Trustees, Shareholders or officers, employees and agents of the Trust individually. No purchaser, lender, transfer agent or other Person dealing with the Trustees or any officer, employee or agent of the Trust shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by such officer, employee or agent of the Trust or make inquiry concerning or be liable for the application of money or property paid, loaned or delivered to or on the order of the Trustees or of such officer, employee or agent of the Trust.

Section 5.3. <u>Indemnification of Trustees, Officers, Etc</u>. For the purpose of this Article V, "agent" means any person who is or was a Trustee, officer, employee or other agent of the Trust or is or was serving at the request of the Trust as a trustee, director, officer, employee or agent of another organization in which the Trust has any interest as a Shareholder, creditor or otherwise: "proceeding" means any threatened, pending or completed claim, action, suit or proceeding,

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whether civil, criminal, administrative or investigative (including appeals); and "expenses" includes, without limitation, attorneys' fees, costs, judgments, amounts paid in settlement, fines, penalties and all other liabilities whatsoever.

Section 5.3.1. <u>Limitations, Settlements</u>. Subject to the exceptions and limitations contained below, every agent shall be indemnified by the Trust to the fullest extent permitted by law against all liabilities and against all expenses reasonably incurred or paid by him or her in connection with any proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been an agent. No indemnification shall be provided hereunder to an agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) who shall have been adjudicated by the court or other body before which the proceeding was brought to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office (collectively, "disabling conduct"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any proceeding disposed of (whether by settlement, pursuant to a consent decree or otherwise) without an adjudication by the court or other body before which the proceeding was brought that such agent was liable to the Trust or its Shareholders by reason of disabling conduct, unless there has been a determination that such agent did not engage in disabling conduct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by the court or other body before which the proceeding was brought;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by at least a majority of those Trustees who are neither Interested Persons (within the meaning of the 1940 Act) of the Trust nor are parties to the proceeding based upon a review of readily available facts (as opposed to a full trial-type inquiry); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry);

provided, however, that indemnification shall be provided hereunder to an agent with respect to any proceeding in the event of (1) a final decision on the merits by the court or other body before which the proceeding was brought that the agent was not liable by reason of disabling conduct, or (2) the dismissal of the proceeding by the court or other body before which it was brought for insufficiency of evidence of any disabling conduct with which such agent has been charged.

Section 5.3.2. <u>Insurance, Rights Not Exclusive</u>. The rights of indemnification herein provided may be insured against by policies maintained by the Trust on behalf of any agent, shall be severable, shall not be exclusive of or affect any other rights to which any agent may now or hereafter be entitled and shall inure to the benefit of the heirs, executors and administrators of any agent.

Section 5.3.3. <u>Advance of Expenses</u>. Expenses incurred by an agent in connection with the preparation and presentation of a defense to any proceeding may be paid by the Trust from time to time prior to final disposition thereof upon receipt of an undertaking by or on behalf of such agent that such amount will be paid over by him or her to the Trust if it is ultimately

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determined that he or she is not entitled to indemnification under this Article V; provided, however, that (a) such agent shall have provided appropriate security for such undertaking, (b) the Trust is insured against losses arising out of any such advance payments or (c) either a majority of the Trustees who are neither Interested Persons of the Trust nor parties to the proceeding, or independent legal counsel in a written opinion, shall have determined, based upon a review of readily available facts (as opposed to a trial-type inquiry or full investigation), that there is reason to believe that such agent will be found entitled to indemnification under this Article V.

**ARTICLE VI** 

**<u>SHARES OF BENEFICIAL INTEREST</u>**

Section 6.1. <u>Beneficial Interest</u>. The beneficial interest in the Trust shall be divided into an unlimited number of transferable shares of beneficial interest ("Shares"). Such shares of beneficial interest may be issued in different classes and/or series of beneficial interests. All Shares issued in accordance with the terms hereof, including, without limitation, Shares issued in connection with a dividend in Shares or a split of Shares, shall be fully paid and nonassessable when the consideration determined by the Trustees (if any) therefor shall have been received by the Trust. The Trustees may hold treasury Shares, reissue for such consideration and on such terms as they may determine, or cancel any Shares of any series or class repurchased or redeemed at their discretion from time to time.

Section 6.2. <u>Other Securities</u>. The Trustees may subject to the requirements of the 1940 Act, authorize and issue such other securities of the Trust as they determine to be necessary, desirable or appropriate, having such terms, rights, preferences, privileges, limitations and restrictions as the Trustees see fit, including preferred interests, debt securities or other senior securities. To the extent that the Trustees authorize and issue preferred shares of any class or series, they are hereby authorized and empowered to amend or supplement the Trust's governing instrument as they deem necessary or appropriate, including to comply with the requirements of the 1940 Act or requirements imposed by the rating agencies or other Persons, all without the approval of Shareholders. Any such supplement or amendment shall be filed as is necessary. In addition, any such supplement or amendment may set forth the rights, powers, preferences and privileges of such preferred shares and any such supplement or amendment shall operate either as additions to or modifications of the rights, powers, preferences and privileges of any such preferred shares under the Trust's governing instrument. To the extent the provisions set forth in such supplement or amendment conflict with the provisions of the Trust's governing instrument (prior to giving effect to such supplement or amendment) with respect to any such rights, powers and privileges of the preferred shares, such amendment or supplement shall control. The Trustees are also authorized to take such actions and retain such persons as they see fit to offer and sell such securities.

Section 6.3. <u>Initial Designation of Classes</u>. Subject to the designation of additional classes pursuant to Section 6.2, there shall be three classes of Common Shares, hereby designated as Class D, Class I, and Class S Shares of the Trust.

Section 6.4. <u>Rights of Shareholders</u>. Shares shall be deemed to be personal property giving only the rights provided in this Declaration. Every Shareholder by virtue of having become

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a Shareholder shall be held to have expressly assented and agreed to the terms hereof and to have become a party hereto. The right to conduct any business hereinbefore described are vested exclusively in the Trustees, and the Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Trust nor can they be called upon to share or assume any losses of the Trust or suffer an assessment of any kind by virtue of their ownership of Shares. The death of a Shareholder during the continuance of the Trust shall not operate to terminate the Trust nor to entitle the legal representative of such Shareholder to an accounting or to take any action in any court or otherwise against other Shareholders or the Trustees or the Trust Property, but only to the rights of such Shareholder hereunder. The Shares shall not entitle the holder to preference, preemptive, appraisal, conversion or exchange rights, except as the Trustees may otherwise approve, including pursuant to Section 6.2. To the fullest extent permitted by applicable law, ownership of Shares shall not make any Shareholder a third-party beneficiary of any contract entered into by, or with respect to, the Trust.

Section 6.5. <u>Trust Only</u>. The Trust shall be a Delaware statutory trust organized under the Delaware Act. It is the intention of the Trustees to create only the relationship of Trustees and beneficiary between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a trust. Nothing in this Declaration shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

Section 6.6. <u>Issuance of Shares</u>.

Section 6.6.1. <u>General</u>. The Trustees may from time to time without vote of the Shareholders issue and sell or cause to be issued and sold Shares. All such Shares, when issued in accordance with the terms of this Section 6.6, shall be fully paid and nonassessable.

Section 6.6.2. <u>On Merger or Consolidation</u>. In connection with the acquisition of assets (including the acquisition of assets subject to, and in connection with the assumption of, liabilities), businesses or stock of another Person, the Trustees may issue or cause to be issued Shares and accept in payment therefor, in lieu of cash, such assets or businesses at their market value (as determined by the Trustees) or such stock at the market value (as determined by the Trustees) of the assets held by such other Person, either with or without adjustment for contingent costs or liabilities, provided that the funds of the Trust are permitted by law to be invested in such assets, businesses or stock.

Section 6.6.3. <u>Fractional Shares</u>. The Trustees may issue and sell fractions of Shares having pro rata all the rights of full Shares, including, without limitation, the right to vote and to receive dividends and distributions.

Section 6.7. <u>Register of Shares</u>. A register shall be kept at the principal office of the Trust or an office of the transfer agent of the Trust which shall contain the names and addresses of the Shareholders of each series or class, the number of Shares of each such series or class held by them respectively, a record of all transfers thereof and any other information required by the Code, United States Treasury Regulations or any other taxing authority with respect to regulated

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investment companies. Such register shall be conclusive as to who are the holders of the Shares and who shall be entitled to receive dividends or distributions or otherwise to exercise or enjoy the rights of Shareholders of each series or class. No Shareholder shall be entitled to receive payment of any dividend or distribution, nor to have notice given to him or her as herein or in the By-Laws provided, until he or she has given his or her address to the transfer agent or such other officer or agent of the Trust as shall keep the said register for entry thereon.

Section 6.8. <u>Share Certificates</u>. No certificates certifying ownership of Shares shall be issued except as the Trustees may otherwise determine from time to time.

Section 6.9. <u>Transfer of Shares</u>. Except as otherwise provided by the Trustees, Shares shall be transferable on the records of the Trust only in accordance with this Section 6.9 and by the record holder thereof or by its agent thereto duly authorized in writing, upon delivery to the Trustees or a transfer agent of the Trust of a duly executed instrument of transfer, together with such evidence of the genuineness of each such execution and authorization and of other matters (including compliance with any securities laws and any contractual restrictions) as may reasonably be required. Upon such delivery the transfer shall be recorded on the applicable register of the Trust. Until such record is made, the Trustees, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereof and neither the Trustees nor any transfer agent or registrar nor any officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer. Any Shares held by a Shareholder may be transferred only (1) by operation of law pursuant to the death, bankruptcy, insolvency, adjudicated incompetence, or dissolution of the Shareholder or (2) with the consent of the Trustees or their delegate (which may be withheld in the Trustees' or their delegate's sole and absolute discretion). If a Shareholder transfers Shares with the approval of the Trustees or their delegate, the Trustees or their delegate will as promptly as practicable take all necessary actions so that each transferee or successor to whom or to which the Shares are transferred is admitted to the Trust as a Shareholder. The admission of any transferee as a substituted Shareholder will be effective upon the execution and delivery by, or on behalf of, the substituted Shareholder of an investor application form. Each Shareholder and transferee agrees to pay all expenses, including attorneys' and accountants' fees, incurred by the Trust in connection with any transfer. In connection with any request to transfer Shares, the Trust may require the Shareholder requesting the transfer to obtain, at the Shareholder's expense, an opinion of counsel selected by the Trustees as to such matters as the Trustees may reasonably request. If a Shareholder transfers all of its Shares, it will not cease to be a Shareholder unless and until the transferee is admitted to the Trust as a substituted Shareholder in accordance with this Section 6.9. Each Shareholder will indemnify and hold harmless the Trust, the Trustees, each other Shareholder and any Affiliate of the Trust, the Trustees, the investment adviser, any sub-adviser and each of the other Shareholders against all losses, claims, damages, liabilities, costs and expenses (including legal or other expenses incurred in investigating or defending against any losses, claims, damages, liabilities, costs and expenses or any judgments, fines and amounts paid in settlement), joint or several, to which these Persons may become subject by reason of or arising from (1) any transfer made by the Shareholder in violation of this Section 6.9 and (2) any misrepresentation by the transferring Shareholder or substituted Shareholder in connection with the transfer. A Shareholder transferring Shares may be charged reasonable expenses, including attorneys' and accountants' fees, incurred by the Trust in connection with the transfer, by setting off such charges due from such Shareholder from declared but unpaid dividends or distributions owed such Shareholder

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and/or by reducing the number of shares in the account of such Shareholder by that number of full and/or fractional Shares which represents the outstanding amount of such charges due from such Shareholder.

Any person becoming entitled to any Shares in consequence of operation of law pursuant to the death, bankruptcy, insolvency, adjudicated incompetence, or dissolution of the Shareholder, shall be recorded on the applicable register of Shares as the holder of such Shares upon production of the proper evidence thereof to the Trustees or a transfer agent of the Trust, but until such record is made, the Shareholder of record shall be deemed to be the holder of such for all purposes hereof, and neither the Trustees nor any transfer agent or registrar nor any officer or agent of the Trust shall be affected by any notice of such death, bankruptcy, insolvency, adjudicated incompetence, or dissolution of the Shareholder, or other operation of law.

Section 6.10. <u>Voting Powers</u>. (a) Notwithstanding any other provision of this Declaration of Trust, on any matters submitted to a vote of the Shareholders, all Outstanding Shares of the Trust then entitled to vote shall be voted in aggregate, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) when required by the 1940 Act, Shares shall be voted by individual Series or Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) when the matter involves any action that the Trustees have determined will affect only the interests of one or more Series, then only the Shareholders of such Series shall be entitled to vote thereon; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) when the matter involves any action that the Trustees have determined will affect only the interests of one or more Classes, then only the Shareholders of such Class or Classes shall be entitled to vote thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Shareholders shall have power to vote only: (a) for the election or removal of Trustees as provided in Sections 3.4 and 3.5 hereof; (b) with respect to any amendment of this Declaration to the extent and as provided in Section 9.2 hereof; and (c) with respect to such additional matters relating to the Trust as the Trustees may consider necessary or desirable. On any matter submitted to a vote of Shareholders, all Shares issued and outstanding shall, subject to applicable law, be voted as a single class in the aggregate and not by series or class, except with respect to (i) any matter determined by the Trustees to affect Shareholders of any particular series or class in a material respect different from the Shareholders of one or more other series or classes; and (ii) such matters as the Trustees may consider necessary or desirable. With respect to such matters, Shareholders of each affected series or class shall have the power to vote as a separate series or class, as determined by the Trustees, and Shareholders that are not so affected shall not be entitled to vote. Each whole Share shall be entitled to one vote as to any matter on which Shareholders are entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote. There shall be no cumulative voting in the election of Trustees. Shares may be voted in person or by proxy. Until Shares are issued, the Trustees may exercise all rights of Shareholders (including, without limitation, the right to amend this Declaration) and may take any action required by law, the By-Laws or this Declaration to be taken by Shareholders. The By-Laws may include further provisions for Shareholders' votes and related matters.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless otherwise required by law, each whole Share shall be entitled to one vote as to any matter on which Shareholders are entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There shall be no cumulative voting in the election of Trustees. Shares may be voted in person or by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Until Shares are issued, the Trustees may exercise all rights of Shareholders (including, without limitation, the right to amend this Declaration) and may take any action required by law, the By-Laws or this Declaration to be taken by Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The By-Laws may include further provisions for Shareholders' votes and related matters.

Section 6.11. <u>Meetings of Shareholders</u>. Meetings of the Shareholders may be called at any time by the Chair of the Board of Trustees, the Chief Executive Officer, the President or any Vice President of the Trust, or by a majority of the Trustees for the purpose of taking action upon any matter requiring the vote or authority of the Shareholders as herein provided or upon any other matters deemed to be necessary or desirable. Without limiting the provisions of Section 6.13 hereof, a special meeting of Shareholders may also be called at any time upon the written request of a holder or the holders of not less than a majority of all of the Shares entitled to be voted at such meeting, provided that the Shareholder or Shareholders requesting such meeting shall have paid to the Trust the reasonably estimated cost of preparing and mailing the notice thereof, which the Secretary shall determine and specify to such Shareholder or Shareholders.

Section 6.12. <u>Action Without a Meeting</u>. Any action which may be taken by Shareholders may be taken without a meeting if such proportion of Shareholders as is required to vote for approval of the matter by law, this Declaration or the By-Laws consents to the action in writing and the written consents are filed with the records of Shareholders' meetings. Such consents shall be treated for all purposes as a vote taken at a Shareholders' meeting.

Section 6.13. <u>Quorum and Required Vote</u>. One-third (33 1/3%) of the outstanding Shares shall be a quorum for the transaction of business at a Shareholders' meeting, except that where any provision of law or this Declaration permits or requires that holders of any series or class shall vote as a series or class, then one-third (33 1/3%) of the aggregate number of Shares of that series or class entitled to vote shall be necessary to constitute a quorum for the transaction of business by that series or class. Any lesser number, however, shall be sufficient for adjournment and any adjourned session or sessions may be held within six months after the date set for the original meeting without the necessity of further notice. Except when a larger vote is required by any provision of this Declaration or the By-Laws of the Trust and subject to any applicable requirements of law, a majority of the Shares voted shall decide any question, <u>provided</u> that where any provision of law or of this Declaration permits or requires that the holders of any series or class shall vote as a series or class, then a majority of the Shares of that series or class voted on the matter shall decide that matter insofar as that series or class is concerned, except in each case with respect to the election of Trustees which shall be decided by a plurality of the votes cast in person or by proxy, provided further, however, that in a contested election of Trustees a nominee must receive a majority of the votes entitled to be cast in person or by proxy to be elected as a Trustee.

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Section 6.14. <u>Delivery by Electronic Transmission or Otherwise</u>. Notwithstanding any provision in this Declaration to the contrary, any notice, proxy, vote, consent, report, instrument or writing of any kind or any signature referenced in, or contemplated by, this Declaration or the By-Laws may, in the sole discretion of the Trustees, be given, granted or otherwise delivered by electronic transmission (within the meaning of the Delaware Statutory Trust Act), including via the internet, or in any other manner permitted by applicable law, and can include electronic signatures (within the meaning of the Delaware Statutory Trust Act).

Section 6.15. <u>Additional Provisions</u>. The By-Laws may include further provisions for Shareholders' votes and meetings and related matters.

**ARTICLE VII** 

**<u>REPURCHASE AND REDEMPTION OF COMMON SHARES</u>**

Section 7.1. <u>Repurchase of Shares</u>. From time to time, the Trust may repurchase its Common Shares, all upon such terms and conditions as may be determined by the Trustees and subject to any applicable provisions of the Securities Exchange Act of 1934, the 1940 Act or any exemption therefrom. The Trust may require Common Shareholders to pay a withdrawal charge, a sales charge, or any other form of charge to the Trust, to the underwriter or to any other person designated by the Trustees upon repurchase of Common Shares in such amount as shall be determined from time to time by the Trustees. The Trust may also charge a repurchase fee, payable to the Trust, in such amount as may be determined from time to time by the Trustees. The Trustees may from time to time specify conditions, not inconsistent with the 1940 Act or any exemption therefrom, regarding the repurchase of Common Shares of the Trust. Subject to applicable federal law, including the 1940 Act, and except as otherwise determined by the Trustees, upon repurchase, Common Shares shall no longer be deemed outstanding or carry any voting rights irrespective of whether a record date for any matter on which such Shares were entitled to vote had been set on a date prior to the date on which such Shares were repurchased. Shareholders shall have no right to cause the Trust to repurchase their Common Shares.

Section 7.2. <u>Price</u>. To the extent permitted by Section 7.1 above, Common Shares may be repurchased at their net asset value or at such other price as is in compliance with the 1940 Act or any exemption therefrom, which may be reduced by any sales charge, withdrawal charge, or any other form of charge authorized by the Trustees. With respect to Common Shares, net asset value shall be determined as set forth in Article VIII hereof as of such time as the Trustees shall have theretofore prescribed by resolution. Payment for Common Shares repurchased shall be made in cash or in property out of the assets of the Trust to the Shareholder of record at such time and in the manner, not inconsistent with the 1940 Act or other applicable laws.

Section 7.3. <u>Repurchase by Agreement</u>. The Trust may repurchase Common Shares directly, or through the Distributor or another agent designated for the purpose, by agreement with the owner thereof, or an agent designated by such owner, at a price not exceeding the net asset value per share determined as set forth in Article VIII hereof as of the time specified in the prospectus of the Trust at the time in effect.

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Section 7.4. <u>Involuntary Repurchase; Disclosure of Ownership</u>. (a) If the Trustees shall, at any time and in good faith, be of the opinion that direct or indirect ownership of Common Shares or other securities of the Trust or any series or class thereof has or may become concentrated in any Person to an extent which would disqualify the Trust as a regulated investment company under the Code or would cause the Trust to be treated as a personal holding company under the Code, then the Trustees shall have the power by lot or other means deemed equitable by them

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to call for repurchase a number of Common Shares sufficient in the opinion of the Trustees to (A) maintain or bring the direct or indirect ownership of Common Shares into conformity with the requirements for such qualification or (B) avoid or to continue to avoid the treatment of the Trust as a personal holding company under the Code, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to refuse to transfer or issue Common Shares to any Person whose acquisition of the Shares in question would in the opinion of the Trustees result in such disqualification or treatment.

Any repurchase pursuant to this Section 7.4 shall be effected at net asset value determined in accordance with Section 8.1 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The holders of Common Shares of the Trust shall, upon request, disclose to the Trustees in writing such information with respect to direct and indirect ownership of Common Shares of the Trust as the Trustees deem necessary to comply with the provisions of the Code, United States Treasury regulations, or with the requirements of any other taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustees shall have the power to repurchase Common Shares in any Shareholder's account at a repurchase price determined in accordance with Section 8.1 below if (i) at any time the total number of Common Shares held in such account is fewer than an established minimum selected by the Trustees, in which event the Shareholder shall be notified that the number of Common Shares in the account is fewer than the minimum and shall be allowed a period, fixed by the Trustees, in which to avoid such repurchase by increasing the account to at least the established minimum, (ii) ownership of such Common Shares by a Shareholder or other person is likely to cause the Trust to be in violation of, or require registration of any Shares under, or subject the Trust to additional registration or regulation under, the securities, commodities or other laws of the United States or any other relevant jurisdiction, (iii) continued ownership of such Common Shares by a Shareholder may be harmful or injurious to the business or reputation of the Trust, the Board of Trustees, the Adviser or any of their affiliates, or may subject the Trust or any Shareholder to an undue risk of adverse tax or other fiscal or regulatory consequences, (iv) any of the representations and warranties made by a Shareholder in connection with the acquisition of Shares was not true when made or has ceased to be true, or (v) it would be in the best interests of the Trust to repurchase such Common Shares.

**ARTICLE VIII** 

**<u>DETERMINATION OF NET ASSET VALUE; DISTRIBUTIONS</u>**

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Section 8.1. <u>By Whom Determined</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to applicable federal law, including the 1940 Act, and Article VI hereof, the Trustees, in their sole discretion, may prescribe (and delegate to any officer of the Trust or any other Person or Persons the right and obligation to prescribe) such bases and time (including any methodology or plan) for determining the per Share or net asset value of the Common Shares of the Trust or any series or classes thereof or net income attributable to the Common Shares of the Trust or any series or classes thereof, or the declaration and payment of dividends and distributions on the Shares of the Trust or any series or classes thereof and the method of determining the Shareholders to whom dividends and distributions are payable, as they may deem necessary or desirable. The Trustees may suspend the determination of net asset value to the extent permitted by the 1940 Act or the regulations and orders from time to time in effect thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the powers of the Trustees under Section 3.1 of Article III hereof, the Trustees may at any time and from time to time, as they may determine, allocate or distribute to Shareholders such income and capital gains, accrued or realized, or returns of capital as the Trustees may determine, after providing for actual, accrued or estimated expenses and liabilities (including reserves) determined in accordance with generally accepted accounting practices. Without limiting the generality of the foregoing, but subject to applicable federal law, including the 1940 Act, any dividend or distribution may be paid in cash and or securities or other property, and the composition of any such distribution shall be determined by the Trustees (or by any officer of the Trust or any other Person or Persons to whom such authority has been delegated by the Trustees) and may be different among Shareholders including differences among Shareholders of the same series or class. The Trustees may adopt and offer to Shareholders such dividend reinvestment plans, cash dividend payout plans or related plans as the Trustees shall deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Inasmuch as the computation of net income and gains for Federal income and excise tax purposes may vary from the computation thereof on the books of the Trust, the above provisions shall be interpreted to give the Trustees the power in their discretion to allocate or distribute for any fiscal year as ordinary dividends and as capital gains distributions, respectively, additional amounts sufficient to enable the Trust to avoid or reduce liability for taxes after amended or modified.

**ARTICLE IX** 

**<u>DURATION; DISSOLUTION AND TERMINATION OF TRUST; AMENDMENT; MERGERS, ETC.</u>**

Section 9.1. <u>Duration and Termination</u>. (a) Unless dissolved and terminated as provided herein, the Trust shall continue without limitation of time. The Trust may be terminated by a vote of at least a majority of the Shares outstanding or a vote of the Trustees without the need for a Shareholder vote. Upon the termination of the Trust,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trust shall carry on no business except for the purpose of winding up its affairs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> The Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more persons at public or private sale for consideration which may consist in whole or in part of cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business, <u>provided</u> that any sale, conveyance, assignment, exchange, transfer or other disposition of all or substantially all the Trust Property that requires Shareholder approval under Section 9.3 hereof shall receive the approval so required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) After paying or adequately providing for the payment of all claims and obligations as required by Section 3808(e) of the Delaware Act, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After termination of the Trust and distribution to the Shareholders as herein provided, the Trustees shall provide for the making of all filings and applications required by law, and shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination. Thereupon, the Trustees shall be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease.

Section 9.2. <u>Amendment Procedure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as specifically provided herein, the Trustees may, without Shareholder vote, amend this Declaration by an instrument in writing or an amended and restated Declaration signed or approved by a majority of the Trustees. Such an amendment shall be authorized by a vote of the Shareholders pursuant to Section 6.13 if it would limit the right of a Shareholder to vote under Section 6.10 or amend this Section 9.2 or if Shareholder authorization is required by the 1940 Act, with the series and classes of Shares entitled to vote on such an amendment determined pursuant to Section 6.10 hereof; provided, for the avoidance of doubt, that the issuance of additional voting Shares would not, on its own, be considered to limit the right of a Shareholder to vote under Section 6.10 for purposes of this sentence. Notwithstanding anything else herein, no amendment to this Declaration shall (i) limit the rights of indemnification provided in Article V hereof with respect to actions or omissions of Persons covered thereby prior to such amendment, (ii) impair the exemption from personal liability of the Shareholders, Trustees, officers, employees and agents of the Trust or (iii) permit assessments upon Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An instrument in writing signed or approved by a majority of the Trustees, setting forth the amendment or an amended and restated Declaration, shall be conclusive evidence of such amendment when lodged among the records of the Trust. Subject to the foregoing, any such amendment shall be effective as provided in the instrument containing the terms of such amendment or, if there is no provision therein with respect to effectiveness, upon the execution or approval of such instrument by a majority of the Trustees (or in the case of execution, by an officer of the Trust pursuant to a vote of a majority of the Trustees).

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Section 9.3. <u>Merger and Consolidation</u>. Pursuant to an agreement of merger or consolidation, the Trust, may, by act of a majority of the Trustees, without the vote or consent of the Shareholders, merge or consolidate with or into one or more statutory trusts or other business entities formed or organized or existing under the laws of the State of Delaware or any other state of the United States or any foreign country or other foreign jurisdiction. Any such merger or consolidation shall not require the vote of the Shareholders affected thereby, unless such vote is required by the 1940 Act, or unless such merger or consolidation would result in an amendment of this Declaration that would otherwise require the approval of such Shareholders. In accordance with Section 3815(f) of the Delaware Act, an agreement of merger or consolidation may affect any amendment to this Declaration or the By-Laws or effect the adoption of a new declaration of trust or bylaws of the Trust if the Trust is the surviving or resulting statutory trust. Upon completion of the merger or consolidation, the Trustees shall file a certificate of merger or consolidation in accordance with Section 3810 of the Delaware Act.

Section 9.4. <u>Conversion to Other Business Entities</u>. A majority of the Trustees may, without the vote or consent of the Shareholders, cause (i) the Trust to convert to a common-law trust, a general partnership, limited partnership or a limited liability company organized, formed or created under the laws of the State of Delaware as permitted pursuant to Section 3821 of the Delaware Act; (ii) the Shares of the Trust to be converted into beneficial interests in another statutory trust created pursuant to this Section 9.4, or (iii) the Shares to be exchanged under or pursuant to any state or federal statute to the extent permitted by law; provided, however, that if required by the 1940 Act, no such statutory conversion, Share conversion or Share exchange shall be effective unless the terms of such transaction shall first have been approved at a meeting called for that purpose by a Majority Shareholder Vote of the Trust, as applicable; provided, further, that in all respects not governed by statute or applicable law, the Trustees shall have the power to prescribe the procedure necessary or appropriate to accomplish a sale of assets, merger or consolidation including the power to create one or more separate statutory trusts to which all or any part of the assets, liabilities, profits or losses of the Trust may be transferred and to provide for the conversion of Shares of the Trust into beneficial interests in such separate statutory trust or trusts.

Section 9.5. <u>Incorporation</u>. Notwithstanding anything else contained herein, the Trustees may, without prior Shareholder approval, cause to be organized or assist in organizing under the laws of any jurisdiction a corporation or corporations or any other trust, partnership, association or other organization to take over all or less than all of the Trust Property or to carry on any business in which the Trust shall directly or indirectly have any interest, and may sell, convey and transfer Trust Property to any such corporation, trust, partnership, association or other organization in exchange for the shares or securities thereof or otherwise, and may lend money to, subscribe for the shares or securities of, and enter into any contracts with any such corporation, trust, partnership, association or other organization, or any corporation, partnership, trust, association or other organization in which the Trust holds or is about to acquire shares or any other interest.

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**ARTICLE X** 

**<u>MISCELLANEOUS</u>**

Section 10.1. <u>Registered Agent; Registered Office</u>. The Registered Agent of the Trust within the State of Delaware for service of process, and the Registered Office of the Trust within the State of Delaware, shall be Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801, or such other agent or place, respectively, as the Trustees may designate from time to time by any supplement to this Declaration, provided however, that such appointment shall not become effective until written notice thereof is delivered to the office of the Secretary of the State of Delaware.

Section 10.2. <u>Governing Law</u>. The Trust and this Declaration, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by and construed and administered according to the Delaware Act and the laws of the State of Delaware; provided, however, that there shall not be applicable to the Trust, the Trustees or this Declaration (a) the provisions of Section 3540 and Section 3561 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts which relate to or regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents, or employees of a trust, (iii) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration. The Trust shall be of the type commonly called a "statutory trust", and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Section 10.3. <u>Counterparts</u>. This Declaration may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts, together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original counterpart.

Section 10.4. <u>Reliance by Third Parties</u>. Any certificate executed by an officer of the Trust or a Trustee certifying to: (a) the number or identity of Trustees or Shareholders, (b) the due authorization of the execution of any instrument or writing, (c) the form of any vote passed at a meeting of Trustees or Shareholders, (d) the fact that the number of Trustees or Shareholders present at any meeting or executing any written instrument satisfies the requirements of this Declaration, (e) the form of any By-Laws adopted by or the identity of any officers elected by the

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Trustees or (f) the existence of any fact or facts which in any manner relate to the affairs of the Trust, shall be conclusive evidence as to the matters so certified in favor of any Person dealing with the Trustees and their successors.

Section 10.5. <u>Provisions in Conflict with Law or Regulations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Declaration are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with requirements of the 1940 Act, would be inconsistent with any of the conditions necessary for qualification of the Trust as a regulated investment company under the Code or is inconsistent with other applicable laws and regulations, such provision shall be deemed never to have constituted a part of this Declaration, <u>provided</u> that such determination shall not affect any of the remaining provisions of this Declaration or render invalid or improper any action taken or omitted prior to such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of this Declaration shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration in any jurisdiction.

Section 10.6. <u>Derivative Actions</u>. In addition to the requirements set forth in Section 3816 of the Delaware Act, a Shareholder may bring a derivative action on behalf of the Trust only if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed. For purposes of this Section 10.6(a), a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Board of Trustees, or a majority of any committee established to consider the merits of such action, has a personal financial interest in the transaction at issue, and a Trustee shall not be deemed interested in a transaction or otherwise disqualified from ruling on the merits of a shareholder demand by virtue of the fact that such Trustee receives remuneration for their service on the Board of Trustees of the Trust or on the boards of one or more Trusts that are under common management with or otherwise affiliated with the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless a demand is not required under paragraph (a) of this Section 10.6, Shareholders eligible to bring such derivative action under the Delaware Act who hold at least ten percent (10%) of the outstanding Shares of the Trust or ten percent (10%) of the outstanding Shares of the Series or Class to which such action relates, shall join in the request for the Trustees to commence such action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless a demand is not required under paragraph (a) of this Section 10.6, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim. The Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and shall require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisor in the event the Trustees determine not to take action;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For purposes of this Section 10.6, the Board of Trustees may designate a committee of one Trustee to consider a Shareholder demand if necessary to create a committee with a majority of Trustees who do not have a personal financial interest in the transaction at issue; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any decision by the Trustees to bring, maintain, or compromise (or not to bring, maintain, or compromise) such court action, proceeding or claim, or to submit the matter to a vote of Shareholders, shall be made by the Trustees in good faith and shall be binding upon the Shareholders. Where demand is not required under this Section 10.6, a Shareholder may only bring a derivative action if Shareholders owning not less than ten percent (10%) of the then outstanding Shares of the Trust or such series or class joins in the bringing of such court action, proceeding or claim.

Section 10.7. <u>General Direct Actions</u>.

Section 10.7.1. <u>General</u>. To the fullest extent permitted by Delaware law, the Shareholders' right to bring a General Direct Action against the Trust and/or its Trustees is eliminated, except for a General Direct Action to enforce an individual Shareholder right to vote or a General Direct Action to enforce an individual Shareholder's rights under Sections 3805(e) or 3819 of the Delaware Statutory Trust Act. To the extent such right cannot be eliminated to this extent as a matter of Delaware law, then Section 10.7.2 shall apply.

Section 10.7.2. <u>Required Conditions</u>. No Shareholder may maintain a General Direct Action unless holders of at least ten percent (10%) of the outstanding Shares or, if less than all outstanding series or classes are alleged to have been harmed in connection with the General Direct Action, ten percent (10%) of the Shares in the respective series, class or classes alleged to have been harmed, join in the bringing of such action. In addition, a Shareholder may bring a General Direct Action only if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Shareholder or Shareholders has obtained authorization from the Trustees to bring such General Direct Action unless an effort to cause the Trustees to authorize such an action is not likely to succeed. For purposes of this Section 10.7.2(a), a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Board of Trustees, or a majority of any committee established to consider the merits of such action, has a personal financial interest in the transaction at issue, and a Trustee shall not be deemed interested in a transaction or otherwise disqualified from ruling on the merits of a shareholder demand by virtue of the fact that such Trustee receives remuneration for their service on the Board of Trustees of the Trust or on the boards of one or more Trusts that are under common management with or otherwise affiliated with the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless a demand is not required under clause (a) of this paragraph, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and may require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to authorize such action.

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Section 10.8. <u>Inspection of Records and Reports</u>. To the fullest extent permitted by law, every Trustee shall have the right at any reasonable time to inspect all books, records, and documents of every kind and the physical properties of the Trust. This inspection by a Trustee may be made in person or by an agent or attorney and the right of inspection includes the right to copy and make extracts of documents. No Shareholder shall have any right to inspect any account, book or document of the Trust that is not publicly available, except as conferred by the Trustees. The books and records of the Trust may be kept at such place or places as the Board of Trustees may from time to time determine, except as otherwise required by law.

Section 10.9. <u>Exclusive Delaware Jurisdiction</u>. Each Trustee, each officer and each Person legally or beneficially owning a Share or an interest in a Share of the Trust (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Delaware Act, (i) irrevocably agrees that any claims, suits, actions or proceedings asserting a claim governed by the internal affairs (or similar) doctrine or arising out of or relating in any way to the Trust, the Delaware Act, this Declaration or the By-Laws (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of this Declaration or the By-Laws, or (B) the duties (including fiduciary duties), obligations or liabilities of the Trust to the Shareholders or the Trustees, or of officers or the Trustees to the Trust, to the Shareholders or each other, or (C) the rights or powers of, or restrictions on, the Trust, the officers, the Trustees or the Shareholders, or (D) any provision of the Delaware Act or other laws of the State of Delaware pertaining to trusts made applicable to the Trust pursuant to Section 3809 of the Delaware Act, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Delaware Act, this Declaration or the By-Laws relating in any way to the Trust (regardless, in each case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds, or (z) are derivative or direct claims)), shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iii) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper and (iv) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (iv) hereof shall affect or limit any right to serve process in any other manner permitted by law.

Section 10.10. <u>Waiver of Jury Trial</u>. IN CONNECTION WITH ANY SUCH SUIT, ACTION, OR PROCEEDING BROUGHT IN THE SUPERIOR COURT IN THE STATE OF DELAWARE, ALL SHAREHOLDERS AND ALL OTHER SUCH PERSONS HEREBY IRREVOCABLY WAIVE THE RIGHT TO A TRIAL BY JURY TO THE FULLEST EXTENT PERMITTED BY LAW.

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Section 10.11. <u>Conversion</u>. Notwithstanding any other provisions of this Declaration or the By-Laws, a favorable vote of not less than seventy-five percent (75%) of the Shares of the Trust entitled to vote on the matter, each affected series or class outstanding, voting as separate series or classes, shall be required to approve, adopt or authorize an amendment to this Declaration that makes the Common Shares a "redeemable security" as that term is defined in the 1940 Act, unless such amendment has been approved by a majority of the Trustees then in office, in which case approval by Majority Shareholder Vote of the Shares entitled to vote on the matter shall be required. Upon the adoption of a proposal to convert the Trust from a "closed-end company" to an "open-end company" as those terms are defined by the 1940 Act and the necessary amendments to this Declaration to permit such a conversion, the Trust shall, upon complying with any requirements of the 1940 Act and state law, become an "open-end" investment company. Such affirmative vote or consent shall be in addition to the vote or consent of the holders of the Shares otherwise required by law, or any agreement between the Trust and any national securities exchange.

Section 10.12. <u>Section Headings; Interpretation</u>. Section headings in this Declaration are for convenience of reference only, and shall not limit or otherwise affect the meaning hereof. References in this Declaration to "this Declaration" shall be deemed to refer to this Declaration as from time to time amended, and all expressions such as "hereof", "herein" and hereunder" shall be deemed to refer to this Declaration as from time to time amended and not exclusively to the article or section in which such words appear.

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IN WITNESS WHEREOF, the undersigned has executed this instrument this [ ] day of [ ], 2025.

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## Ex-99.(B)

**BY-LAWS** 

**OF** 

**JPMORGAN CREDIT MARKETS FUND** 

**(a Delaware Statutory Trust)** 

**adopted [ ], 2025** 

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**<u>**TABLE OF CONTENTS**</u>**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  ARTICLE I. | DEFINITIONS | 1 |
|  ARTICLE II. | OFFICES AND SEAL | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Office | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Officer | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Offices | 1 |
|  ARTICLE III. | SHAREHOLDERS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meetings | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Place of Meeting | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of Meetings | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.4. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders Entitled to Vote | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.5. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quorum | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.6. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjournment | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.7. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxies | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.8. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspection of List of Shareholders | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.9. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Record Dates | 3 |
|  ARTICLE IV. | MEETINGS OF TRUSTEES | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regular Meetings | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Meetings | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.4. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver of Notice | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.5. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjournment and Voting | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.6. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.7. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quorum | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.8. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Action Without a Meeting | 4 |
|  ARTICLE V. | COMMITTEES | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Committees of Trustees | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meetings and Action of Committees | 5 |
|  ARTICLE VI. | CHAIR OF THE BOARD; OFFICERS | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Election, Term of Office and Qualifications | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resignations and Removals | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.4. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vacancies and Newly Created Offices | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.5. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chair of the Board | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.6. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer | 6 |

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.7. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Vice Presidents | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.8. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer, Treasurer and Assistant Treasurers | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.9. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.10. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secretary and Assistant Secretaries | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.11. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subordinate Officers | 8 |
|  ARTICLE VII. | EXECUTION OF INSTRUMENTS; VOTING OF SECURITIES | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Execution of Instruments | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting of Securities | 8 |
|  ARTICLE VIII. | FISCAL YEAR; ACCOUNTANTS | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accountants | 9 |
|  ARTICLE IX. | AMENDMENTS; COMPLIANCE WITH 1940 ACT | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance with 1940 Act | 9 |

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**ARTICLE I.** 

**DEFINITIONS** 

The terms "By-Laws," "1940 Act," "Delaware Act," "Shareholder," "Shares," "Trust," "Trustees," and "Trust Property," have the meanings given them in the Amended and Restated Agreement and Declaration of Trust (the "Declaration") of JPMorgan Credit Markets Fund dated [ ], 2025, as amended from time to time.

**ARTICLE II.** 

**OFFICES AND SEAL** 

Section 2.1. <u>Principal Office</u>. The principal office of the Trust shall be located in 277 Park Avenue, New York, New York 10172. The Trustees shall fix and, from time to time, may change the location of the principal executive office of the Trust at any place within or outside the State of Delaware.

Section 2.2. <u>Delaware Officer</u>. The Trustees shall establish a registered office in the State of Delaware and shall appoint as the Trust's registered agent for service of process in the State of Delaware an individual resident of the State of Delaware or a Delaware corporation or a corporation authorized to transact business in the State of Delaware; in each case the business office of such registered agent for service of process shall be identical with the registered Delaware office of the Trust.

Section 2.3. <u>Other Offices</u>. The Trust may establish and maintain such other offices and places of business within or without the State of New York as the Trustees may from time to time determine. The Trustees may at any time establish branch or subordinate offices at any place or places where the Trust intends to do business.

**ARTICLE III.** 

**SHAREHOLDERS** 

Section 3.1. <u>Meetings</u>. No annual meetings of the Shareholders are required to be held. A Shareholders' meeting for the election of Trustees and the transaction of other proper business may be held when authorized or required by the Declaration.

Section 3.2. <u>Place of Meeting</u>. All Shareholders' meetings shall be held at such place within or without the State of New York as the Trustees shall designate. Meetings of Shareholders shall be held at any place designated by the Trustees. In the absence of any such designation, Shareholders' meetings shall be held at the principal executive office of the Trust.

Section 3.3. <u>Notice of Meetings</u>. Notice of all Shareholders' meetings, stating the time, place and purpose of the meeting, shall be given by the Secretary or an Assistant Secretary of the Trust by mail or, to the extent permitted by law, by electronic mail ("e-mail") or other electronic transmission, as defined in the Delaware Act, to each Shareholder entitled to notice of and to vote at such meeting at his or her address of record on the register of the Trust or e-mail address or

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other address for electronic transmissions, if available. If no such address appears on the Trust's books or is given, notice shall be deemed to have been given if sent to that Shareholder by mail or, to the extent permitted by law, by e-mail or other electronic transmission, as defined in the Delaware Act, to the Trust's principal office. Such notice shall be given at least ten (10) days and not more than one hundred and twenty (120) days before the meeting. Such notice shall be deemed to be given when deposited in the United States mail, with postage thereon prepaid, or sent by e-mail or other electronic transmission, as applicable. Any adjourned meeting may be held as adjourned without further notice. No notice need be given (a) to any Shareholder if a written waiver of notice, executed before or after the meeting by such Shareholder or his or her attorney thereunto duly authorized, is filed with the records of the meeting, or (b) to any Shareholder who attends the meeting without protesting prior thereto or at its commencement the lack of notice to him or her. A waiver of notice need not specify the purposes of the meeting.

Section 3.4. <u>Shareholders Entitled to Vote</u>. If, pursuant to Section 3.9 hereof, a record date has been fixed for the determination of Shareholders entitled to notice of and to vote at any Shareholders' meeting, each Shareholder of the Trust entitled to vote in accordance with the applicable provisions of the Declaration, shall be entitled to vote, in person or by proxy, each Share or fraction thereof standing in his or her name on the register of the Trust at the time of determining net asset value on such record date. If the Declaration or the 1940 Act requires that Shares be voted by series or class, each Shareholder shall only be entitled to vote, in person or by proxy, each Share or fraction thereof of such series or class standing in his or her name on the register of the Trust at the time of determining net asset value on such record date. If no record date has been fixed for the determination of Shareholders entitled to notice of and to vote at a Shareholders' meeting, such record date shall be at the close of business on the day on which notice of the meeting is mailed or sent by e-mail or other electronic transmission, as applicable, or, if notice is waived by all Shareholders, at the close of business on the tenth day next preceding the day on which the meeting is held.

Section 3.5. <u>Quorum</u>. The presence at any Shareholders' meeting, in person or by proxy, of Shareholders entitled to cast one-third (33 1/3%) of the votes thereat shall be a quorum for the transaction of business, unless applicable law requires a larger number.

Section 3.6. <u>Adjournment</u>. Any meeting of Shareholders, whether or not a quorum is present, may be adjourned for any lawful purpose by a majority of the votes properly cast upon the question of adjourning a meeting to another date and time provided that no meeting shall be adjourned for more than six (6) months beyond the originally scheduled meeting date. In addition, any meeting of Shareholders, whether or not a quorum is present, may be adjourned or postponed by, or upon the authority of, the chair of the meeting or the Trustees to another date and time provided that no meeting shall be adjourned or postponed for more than six months beyond the originally scheduled meeting date. Any adjourned or postponed session or sessions may be held, within a reasonable time after the date set for the original meeting as determined by, or upon the authority of, the Trustees in their sole discretion without the necessity of further notice.

Section 3.7. <u>Proxies</u>. Shares may be voted in person or by proxy. Any Shareholder may give authorization by telephone, facsimile, or by electronic transmission for another person to execute his or her proxy. When any Share is held jointly by several persons, any one of them may vote at any meeting, in person or by proxy, in respect of such Share unless at or prior to exercise

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of the vote, the Trustees receive a specific written notice to the contrary from any one of them. If more than one such joint owners shall be present at such meeting, in person or by proxy, and such joint owners or their proxies so present disagree as to any vote cast, such vote shall not be received in respect of such Share. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. Unless otherwise specifically limited by their terms, proxies shall entitle the holder thereof to vote at any adjournment of a meeting.

Section 3.8. <u>Inspection of List of Shareholders</u>. Subject to such reasonable standards as may be established by the Trustees from time to time (including at whose expense), a current list of the Trust's Shareholders shall be open to inspection upon the written request of any Shareholder at any reasonable time during usual business hours for a purpose reasonably related to the holder's interests as a Shareholder. The foregoing shall be the only right a Shareholder has with respect to the access to books and records, or other information regarding the affairs, of the Trust and shall replace and restrict any default rights that a Shareholder might otherwise be entitled to under Section 3819 of the Delaware Act or otherwise.

Section 3.9. <u>Record Dates</u>. The Trustees may fix in advance a date as a record date for the purpose of determining the Shareholders who are entitled to notice of and to vote at any meeting or any adjournment thereof, or to express consent in writing (including by electronic transmission) without a meeting to any action of the Trustees, or who shall receive payment of any dividend or of any other distribution, or for the purpose of any other lawful action, provided that such record date shall be not more than 120 days before the date on which the particular action requiring such determination of Shareholders is to be taken. In such case, subject to the provisions of Section 3.4, each eligible Shareholder of record on such record date shall be entitled to notice of, and to vote at, such meeting or adjournment, or to express such consent, or to receive payment of such dividend or distribution or to take such other action, as the case may be, notwithstanding any transfer of Shares on the register of the Trust after the record date.

**ARTICLE IV.** 

**MEETINGS OF TRUSTEES** 

Section 4.1. <u>Regular Meetings</u>. The Trustees from time to time shall provide by resolution for the holding of regular meetings for the election of officers and the transaction of other proper business and shall fix the place and time for such meetings to be held within or without the State of New York.

Section 4.2. <u>Special Meetings</u>. Special meetings of the Trustees shall be held whenever called by the Chair of the Board of Trustees of the Trust (the "Board"), the Chief Executive Officer (or, in the absence or disability of the Chief Executive Officer, by the President or any Vice President), the President (or, in the absence or disability of the President, by any Vice President), the Chief Financial Officer, the Secretary or two or more Trustees, at the time and place within or without the State of New York specified in the respective notices or waivers of notice of such meetings.

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Section 4.3. <u>Notice</u>. No notice of regular meetings of the Trustees shall be required except as required by the 1940 Act. Notice of each special meeting shall be mailed to each Trustee, at the Trustee's residence or usual place of business, at least two (2) days before the day of the meeting, or shall be directed to the Trustee at such place by telegraph, telecopy or cable, or shall be sent to the Trustee's usual or last known e-mail address or other address for electronic transmissions by e-mail or other electronic transmission, as applicable, or be delivered to the Trustee personally, at least twenty-four hours before the meeting. Every such notice shall state the time and place of the meeting but need not state the purposes thereof, except as otherwise expressly provided by these By-Laws or by statute. No notice of adjournment of a meeting of the Trustees to another time or place need be given if such time and place are announced at such meeting.

Section 4.4. <u>Waiver of Notice</u>. Notice of a meeting need not be given to any Trustee if a written waiver of notice, executed by him or her before or after the meeting, is filed with the records of the meeting, or to any Trustee who attends the meeting without protesting prior thereto or at its commencement the lack of notice to him or her. A waiver of notice need not specify the purposes of the meeting.

Section 4.5. <u>Adjournment and Voting</u>. At all meetings of the Trustees, a majority of the Trustees present, whether or not constituting a quorum, may adjourn the meeting, from time to time. The action of a majority of the Trustees present at a meeting at which a quorum is present shall be the action of the Trustees unless the concurrence of a greater proportion is required for such action by law, by the Declaration or by these By-Laws.

Section 4.6. <u>Compensation</u>. Each Trustee may receive such remuneration for his or her services as such as shall be fixed from time to time by resolution of the Trustees.

Section 4.7. <u>Quorum</u>. One-third of the Trustees present at a meeting shall constitute a quorum for the transaction of business, but in no case shall a quorum be less than two Trustees.

Section 4.8. <u>Action Without a Meeting</u>. Pursuant to the applicable provisions of the Declaration and Section 3806 of the Delaware Act, the Trustees may take any action required or permitted to be taken at any meeting of the Trustees or by any committee thereof without a meeting, if (i) a consent thereto is given in writing (including by electronic transmission) by a majority of the Trustees or Members of such committee, as the case may be, and (ii) such consent is filed with the records of the meetings. Consistent with the Declaration and Section 3806 of the Delaware Act, a consent given by electronic transmission by a Trustee or by a person or persons authorized to act for a Trustee shall be deemed to be written and signed.

**ARTICLE V.** 

**COMMITTEES** 

Section 5.1. <u>Committees of Trustees</u>. The Trustees may by resolution designate one or more committees, each consisting of two (2) or more Trustees, to serve at the pleasure of the Trustees. The Trustees may designate one or more Trustees as alternate members of any committee who may replace any absent member at any meeting of the committee. Any committee to the extent provided in the resolution of the Trustee, shall have the authority of the Trustees, except with respect to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the approval of any action which under applicable law requires approval by a majority of the entire authorized number of Trustees or certain Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the filling of vacancies of Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the fixing of compensation of the Trustees for services generally or as a member of any committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amendment or termination of the Declaration of Trust or any Series or Class or amendment of the By-Laws or the adoption of new By-Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the amendment or repeal of any resolution of the Trustees which by its express terms is not so amendable or repealable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a distribution to the Shareholders of the Trust, except at a rate or in a periodic amount or within a designated range determined by the Trustees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the appointment of any other committees of the Trustees or the members of such new committees.

Section 5.2. <u>Meetings and Action of Committees</u>. Meetings and action of committees shall be governed by and held and taken in accordance with the provisions of Article IV of these By-Laws, with such changes in the context thereof as are necessary to substitute the committee and its members for the Trustees generally, except that the time of regular meetings of committees may be determined either by resolution of the Trustees or by resolution of the committee. Special meetings of committees may also be called by resolution of the Trustees. Alternate members shall be given notice of meetings of committees and shall have the right to attend all meetings of committees. The Trustees may adopt rules for the governance of any committee not inconsistent with the provisions of these By-Laws.

**ARTICLE VI.** 

**CHAIR OF THE BOARD; OFFICERS** 

Section 6.1. <u>General</u>. The Board shall designate a Chair of the Board. The position of Chair of the Board shall not be that of an officer of the Trust. The designated officers of the Trust shall be a Chief Executive Officer, a President, a Secretary, a Chief Financial Officer, a Chief Compliance Officer, a Treasurer and may include one or more Vice Presidents (one or more of whom may be Executive Vice Presidents), one or more Assistant Secretaries, one or more Assistant Treasurers, and such other officers as may be appointed in accordance with the provisions of Section 6.11 of this Article VI.

Section 6.2. <u>Election, Term of Office and Qualifications</u>. The Chair of the Board and the designated officers of the Trust (except those appointed pursuant to Section 6.11) shall be elected by the Trustees at any regular or special meeting of the Trustees. Except as provided in

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Sections 6.3 and 6.4 of this Article VI, the Chair of the Board and the officers elected by the Trustees each shall hold office until their respective successors shall have been chosen and qualified. Any two such positions, except those of the Chief Executive Officer, the President and a Vice President, may be held by the same person, but no officer shall execute, acknowledge or verify any instrument in more than one capacity if such instrument be required by law, the Declaration or these By- Laws to be executed, acknowledged or verified by any two or more officers. The Chair of the Board and the Chief Executive Officer shall be selected from among the Trustees and may hold such positions only so long as they continue to be Trustees. Any Trustee or officer may be but need not be a Shareholder of the Trust.

Section 6.3. <u>Resignations and Removals</u>. The Chair of the Board or any officer may resign his or her position at any time by delivering a written resignation to the Trustees, the Chief Executive Officer, President, the Secretary or any Assistant Secretary. Unless otherwise specified therein, such resignation shall take effect upon delivery. Any person may be removed from such position with or without cause by the vote of a majority of the Trustees at any regular meeting or any special meeting. Except to the extent expressly provided in a written agreement with the Trust, no person resigning and no person removed shall have any right to any compensation for any period following his or her resignation or removal or any right to damages on account of such removal.

Section 6.4. <u>Vacancies and Newly Created Offices</u>. If any vacancy shall occur in any office by reason of death, resignation, removal, disqualification or other cause, or if any new office shall be created, such vacancies or newly created offices may be filled by the Trustees at any regular or special meeting or, in the case of any office created pursuant to Section 6.11 of this Article VI, by any officer upon whom such power shall have been conferred by the Trustees.

Section 6.5. <u>Chair of the Board</u>. The Chair of the Board shall preside at all meetings of the Trustees and shall be ex officio a member of all committees of the Trustees, except the Audit Committee, on which he or she may serve as a member if appointed. The Chair of the Board may be the chief executive officer of the Trust. Subject to the supervision of the Trustees, he or she shall have general charge of the business of the Trust, the Trust Property and the officers, employees and agents of the Trust. He or she shall have such other powers and perform such other duties as may be assigned to him or her from time to time by the Trustees.

Section 6.6. <u>Chief Executive Officer</u>. The Trustees shall designate a Chief Executive Officer, which shall serve as the principal executive officer of the Trust. In the event of a vacancy, the President shall be the Chief Executive Officer of the Trust. The Chief Executive Officer shall have general responsibility for implementation of the policies of the Trust, as determined by the Trustees, and for the management of the business and affairs of the Trust. The Chief Executive Officer shall have power in the name and on behalf of the Trust to execute any and all loans, documents, contracts, agreements, deeds, mortgages, registration statements, applications, requests, filings and other instruments in writing, and to employ and discharge employees and agents of the Trust, except in cases where the execution thereof shall be expressly delegated by the Trustees or by these By-Laws to some other officer or agent of the Trust or shall be required by law to be otherwise executed; and in general shall perform all duties incident to the office of Chief Executive Officer and such other duties as may be prescribed by the Trustees from time to time.

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Section 6.7. <u>President and Vice Presidents</u>. In the absence of a Chief Executive Officer, the President, subject to the control of the Trustees, shall have general supervision, direction and control of the business of the Trust and of its employees and shall exercise such general powers of management as are usually vested in the office of President of a corporation. If the Trust has a Chief Executive Officer, the President shall have the following responsibilities, as well as any responsibilities of the Chief Executive Officer delegated to the President. Subject to direction of the Trustees, the President shall have power in the name and on behalf of the Trust to execute any and all loans, documents, contracts, agreements, deeds, mortgages, registration statements, applications, requests, filings and other instruments in writing, and to employ and discharge employees and agents of the Trust. Unless otherwise directed by the Trustees, the President shall have full authority and power, on behalf of all of the Trustees, to attend and to act and to vote, on behalf of the Trust at any meetings of business organizations in which the Trust holds an interest, or to confer such powers upon any other persons, by executing any proxies duly authorizing such persons. The President shall have such further authorities and duties as the Trustees shall from time to time determine. In the absence or disability of the President, the Vice-Presidents in order of their rank as fixed by the Trustees or, if more than one and not ranked, the Vice-President designated by the Trustees, shall perform all of the duties of the President, and when so acting shall have all the powers of and be subject to all of the restrictions upon the President. Subject to the direction of the Trustees, and of the President, each Vice-President shall have the power in the name and on behalf of the Trust to execute any and all instruments in writing, and, in addition, shall have such other duties and powers as shall be designated from time to time by the Trustees or by the President.

Section 6.8. <u>Chief Financial Officer, Treasurer and Assistant Treasurers</u>. The Chief Financial Officer shall be the principal financial and accounting officer of the Trust and shall have general charge of the finances and books of account of the Trust. Except as otherwise provided by the Trustees, he or she shall have general supervision of the funds and property of the Trust and of the performance by the custodian appointed pursuant to Section 3.1(s) of the Declaration of its duties with respect thereto. The Chief Financial Officer shall render a statement of condition of the finances of the Trust to the Trustees as often as they shall require the same and he or she shall in general perform all the duties incident to the office of the Chief Financial Officer and such other duties as from time to time may be assigned to him or her by the Trustees.

The Treasurer or any Assistant Treasurer may perform such duties of the Chief Financial Officer as the Chief Financial Officer or the Trustees may assign. In the absence of the Chief Financial Officer, the Treasurer may perform all duties of the Chief Financial Officer. In the absence of the Chief Financial Officer and the Treasurer, any Assistant Treasurer may perform all duties of the Chief Financial Officer.

Section 6.9. <u>Chief Compliance Officer</u>. Subject to the ultimate control of the Trust by the Trustees, the Chief Compliance Officer of the Trust shall be responsible for the design, oversight and periodic review of the Trust's procedures for compliance with applicable Federal securities laws. The designation, compensation and removal of the Chief Compliance Officer shall be subject to approval by the Trustees as contemplated by Rule 38a-1 under the Investment Company Act of 1940. The Chief Compliance Officer shall have other powers and perform such other duties as may be prescribed by the Trustees (collectively or by the Chair), the Chief Executive Officer or by these By-Laws.

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Section 6.10. <u>Secretary and Assistant Secretaries</u>. The Secretary shall attend to the giving and serving of all notices of the Trust and shall record all proceedings of the meetings of the Shareholders and Trustees in one or more books to be kept for that purpose. He or she shall keep in safe custody the seal of the Trust, and shall have charge of the records of the Trust, including the register of Shares and such other books and papers as the Trustees may direct and such books, reports, certificates and other documents required by law to be kept, all of which shall at all reasonable times be open to inspection by any Trustee. He or she shall perform such other duties as appertain to his or her office or as may be required by the Trustees.

Any Assistant Secretary may perform such duties of the Secretary as the Secretary or the Trustees may assign, and, in the absence of the Secretary, he or she may perform all the duties of the Secretary.

Section 6.11. <u>Subordinate Officers</u>. The Trustees from time to time may appoint such other subordinate officers or agents as they may deem advisable, each of whom shall have such title, hold office for such period, have such authority and perform such duties as the Trustees may determine. The Trustees from time to time may delegate to one or more of the Chair of the Board, officers or agents the power to appoint any such subordinate officers or agents and to prescribe their respective rights, terms of office, authorities and duties.

**ARTICLE VII.** 

**EXECUTION OF INSTRUMENTS; VOTING OF SECURITIES** 

Section 7.1. <u>Execution of Instruments</u>. All deeds, documents, transfers, contracts, agreements, requisitions, orders, promissory notes, assignments, endorsements, checks and drafts for the payment of money by the Trust, and any other instruments requiring execution either in the name of the Trust or the names of the Trustees or otherwise may be signed by the Chair, the Chief Executive Officer, the President, a Vice President or the Secretary and by the Chief Financial Officer, Treasurer or an Assistant Treasurer, or as the Trustees may otherwise, from time to time, authorize, provided that instructions in connection with the execution of portfolio securities transactions may be signed by one such person. Any such authorization may be general or confined to specific instances.

Section 7.2. <u>Voting of Securities</u>. Unless otherwise ordered by the Trustees, the Chair, the Chief Executive Officer, the President or any Vice President shall have full power and authority on behalf of the Trustees to attend and to act and to vote, or in the name of the Trustees to execute proxies to vote, at any meeting of stockholders of any company in which the Trust may hold stock. At any such meeting such person shall possess and may exercise (in person or by proxy) any and all rights, powers and privileges incident to the ownership of such stock. The Trustees may by resolution from time to time confer like powers upon any other person or persons.

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**ARTICLE VIII.** 

**FISCAL YEAR; ACCOUNTANTS** 

Section 8.1. <u>Fiscal Year</u>. The fiscal year of the Trust shall be established, re-established or changed from time- to-time by resolution of the Trustees.

Section 8.2. <u>Accountants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustees shall employ a public accountant or a firm of independent public accountants as their accountant to examine the accounts of the Trust and to sign and certify at least annually financial statements filed by the Trust. The accountant's certificates and reports shall be addressed both to the Trustees and to the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any vacancy occurring due to the death or resignation of the accountant may be filled at a meeting called for the purpose by the vote, cast in person, of a majority of those Trustees who are not Interested Persons (within the meaning of the 1940 Act) of the Trust.

**ARTICLE IX.** 

**AMENDMENTS; COMPLIANCE WITH 1940 ACT** 

Section 9.1. <u>Amendments</u>. These By-Laws may be amended or repealed, in whole or in part, by a majority of the Trustees then in office at any meeting of the Trustees, or by one or more writings signed by such a majority.

Section 9.2. <u>Compliance with 1940 Act</u>. No provision of these By-Laws shall be given effect to the extent inconsistent with the requirements of the 1940 Act.

## Ex-99.(D)

**JPMORGAN CREDIT MARKETS FUND** 

**COMBINED RULE 18f-3 MULTI-CLASS PLAN** 

**I.**  **<u>Introduction</u>** 

Pursuant to Rule 18f-3 under the Investment Company Act of 1940, as amended (the "1940 Act"), the following sets forth the method for allocating fees and expenses among each class of shares ("Shares") of the closed-end management investment companies listed on Exhibit A that issue multiple classes of shares (the "Multi-Class Funds"), offered pursuant to an exemptive order granted by the Securities and Exchange Commission ("SEC") to each Multi-Class Fund or its affiliates. In addition, this Combined Rule 18f-3 Multi-Class Plan (the "Plan") sets forth the shareholder servicing arrangements, distribution arrangements, conversion features, exchange privileges, other shareholder services, voting rights, dividends, and per share net asset value of each class of shares in the Multi-Class Funds. The Multi-Class Funds covered by this Plan are listed on Exhibit B.

Each Multi-Class Fund is a closed-end management investment company registered with the SEC under the 1940 Act, the shares of which are registered on Form N-2 under the Securities Act of 1933. As of the effective date of this Plan, pursuant to an exemptive order granted by the SEC to each Multi-Class Fund or its affiliates, each Multi-Class Fund has elected to offer multiple classes of shares in accordance with the provisions of Rule 18f-3 and this Plan. Each Multi-Class Fund is authorized to issue multiple classes of shares representing interests in the same underlying portfolio of assets of the respective Multi-Class Fund, as described below.

**II.**  **<u>Allocation of Expenses</u>** 

Pursuant to Rule 18f-3 under the 1940 Act, each Multi-Class Fund shall allocate to each class of shares (i) any fees and expenses incurred by the Multi-Class Fund in connection with the distribution of such class of shares under a distribution plan adopted for such class of shares pursuant to Rule 12b-1, and (ii) any fees and expenses incurred by the Multi-Class Fund under a shareholder servicing agreement in connection with the provision of shareholder services to the holders of such class of shares. Each class may, at the Multi-Class Fund's Board of Trustees or Directors' (as applicable) (the "Board") discretion, also pay a different share of other expenses, not including advisory or custodial fees or other expenses related to the management of the Multi-Class Fund's assets, if these expenses are actually incurred in a different amount by that class, or if the class receives services of a different kind or to a different degree than other classes. In addition, pursuant to Rule 18f-3, each Multi-Class Fund may, at the Board's discretion, allocate the following fees and expenses to a particular class of shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. transfer agent fees identified by the transfer agent as being attributable to such class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. printing and postage expenses related to preparing and distributing materials such as shareholder reports,
prospectuses, reports and proxies to current shareholders of such class of shares or to regulatory agencies with respect to such class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. blue sky fees incurred by such class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. SEC registration fees incurred by such class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. the expense of administrative personnel and services (including, but not limited to, those of a fund accountant
or dividend paying agent charged with calculating net asset values or determining or paying dividends) as required to support the shareholders of such class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. litigation or other legal expenses relating solely to such class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. trustees or directors (as applicable) fees incurred as result of issues relating to such class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. independent accountants' fees relating solely to such class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. account expenses relating solely to such class of shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. expenses incurred in connection with any shareholder meetings as a result of issues relating to such class of
shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. any such other expenses (not including advisory or custodial fees or other expenses related to the management
of the Multi-Class Fund's assets) actually incurred in a different amount by such class of shares or related to such class' receipt of services of a different kind or to a different degree than another class, including reimbursement for
any expense support provided to such class.

All other expenses will be allocated to each class on the basis of the net assets of that class in relation to the net assets of the Multi-Class Fund. The Adviser, Distributor, Administrator and any other provider of services to the Multi-Class Funds may waive or reimburse the expenses of a particular class or classes.

Income, realized and unrealized capital gains and losses, and any expenses of a Multi-Class Fund not allocated to a particular class of such Multi-Class Fund pursuant to this Plan shall be allocated to each class of the Multi-Class Fund on the basis of the net asset value of that class in relation to the net asset value of the Multi-Class Fund.

The initial determination of the class expenses that will be allocated by each Multi-Class Fund to a particular class of shares and any subsequent changes thereto will be reviewed by the Board and approved by a vote of the Trustees or Directors, as applicable, of each Multi-Class Fund, including a majority of the Trustees or Directors, as applicable, who are not "interested persons" of each Multi-Class Fund as such term is defined in Section 2(a)(19) the 1940 Act ("Independent Members"). The Trustees or Directors, as applicable, will monitor conflicts of interest among the classes and agree to take any action necessary to eliminate conflicts.

<u>Class Arrangements.</u> 

The following charts summarize the front-end sales charges, contingent deferred sales charges, Rule 12b-1 distribution fees, shareholder servicing fees, conversion features, exchange privileges and other shareholder services applicable to each class of shares of the Multi-Class Funds. Each Multi-Class Fund shall offer such class or classes of shares as the Board of each Multi-Class Fund shall determine from time to time. Additional details regarding such fees and services are set forth in each Multi-Class Fund's current Prospectus and Statement of Additional Information.

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| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class S** | **Class I** |
| Initial Sales Load | Up to 2.25% of offering price | None<sup>1</sup> |  |
| Contingent Deferred Sales Charge (CDSC) | 0-18 Months on investments of $250,000.00 or more - 1.00% |  |  |
| Rule 12b-1 Distribution Fees | 0.50% per annum of average daily net assets. | 0.75% per annum of average daily net assets. |  |
| Service Fees | 0.25% | 0.25% | 0.25% |
| Exchange Privileges<sup>2</sup> | Class A Shares of a Multi-Class Fund may be exchanged for Class A Shares of another closed-end interval fund advised by J.P.Morgan Investment Management, Inc. ("JPMIM"), subject to meeting any investment minimum or eligibility requirements. | Class S Shares of a Multi-Class Fund may be exchanged for Class S Shares of another closed-end interval fund advised by JPMIM, subject to meeting any investment minimum or eligibility requirements. | Class I Shares of a Multi-Class Fund may be exchanged for Class I Shares of another closed-end interval fund advised by JPMIM, subject to meeting any investment minimum or eligibility requirements. |

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<sup>1</sup> No upfront sales load will be paid with respect to Class S Shares, however, certain financial intermediaries may charge, in an amount as they may determine, up to 3.5% 

<sup>2</sup> Subject to restrictions, rights and conditions set forth in the prospectuses and statements of additional information.

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<u>Other Shareholder Services.</u> 

For each Class of a Multi-Class Fund, other shareholder services may be offered as provided in the Prospectus. The Multi-Class Funds' shareholder servicing agent may subcontract with other parties for the provision of various sub-accounting, processing, communication and sub-administrative services.

<u>[Exchange Privilege.]</u> 

The exchange privilege may be exercised only in those states where the shares of the exchanged and acquired Multi-Class Funds may be legally sold. All exchanges discussed herein are made at the net asset value of the exchanged shares, except as provided below. In general, the same rules and procedures that apply to sales and purchases apply to exchanges. All exchanges are based upon the net asset value that is next calculated after the Multi-Class Fund receives an order, provided the exchange out of one Multi-Class Fund must occur before the exchange into the other Multi-Class Fund. Therefore, in order for an exchange to take place on the date that the order is submitted, the order must be received prior to the close of both the Multi-Class Fund that is being exchanged into and the Multi-Class Fund is being exchanged out of, otherwise, the exchange will occur on the following business day on which both Multi-Class Funds are open. The Companies do not impose a charge for processing exchanges of shares. However, a sales charge may be payable in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Shareholders owning other classes of a Multi-Class Fund will pay a sales charge if they exchange their shares
for Class A shares and they do not qualify for a sales charge waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Shareholders owning Class A shares of a Multi-Class Fund will pay a sales charge if they exchange their
Class A shares for Class A shares of another Multi-Class Fund and the Multi-Class Fund from which they are exchanging did not charge a sales charge, but the Multi-Class Fund into which they are exchanging does. In connection with the
foregoing, shareholders would pay the sales charge applicable to the Multi-Class Fund into which they are exchanging.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) If a Shareholder exchanges Class S Shares of a Multi-Class Fund for Class S Shares, respectively, of
another Multi-Class Fund, the Shareholder will not pay a sales charge at the time of the exchange, however:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The current holding period for the shareholder's exchanged Class S Shares, is carried over to the
new shares.

<u>Additional Information Regarding Exchanges.</u> 

The Companies may change the terms or conditions of the exchange privilege discussed herein through amendment to this Plan. If an exchange offer is terminated or amended materially, the changes to the Plan will only be implemented after sixty (60) days' written notice to shareholders.

<u>Dividends.</u> 

Generally, shareholders automatically receive all income dividends and capital gain distributions in additional shares of the same class at the net asset value next determined as described in the applicable prospectus, unless the shareholder has elected to take such payment in cash. Notwithstanding the foregoing, a shareholder that exchanges into shares of a Multi-Class Fund that accrues dividends daily will not accrue a dividend on the day of the exchange in the Multi-Class Fund into which it exchanges. A shareholder that exchanges out of shares of a Multi-Class Fund that accrues a daily dividend will accrue a dividend on the day of the exchange in the Multi-Class Fund out of which it exchanges.

In the absence of waivers, the amount of dividends payable on some classes will be more than the dividends payable on other classes of shares because of the distribution expenses and/or service fees charged to the various classes of shares.

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<u>Board Review.</u> 

The Board of each Multi-Class Fund shall review this Plan as frequently as it deems necessary. Prior to any material amendment(s) to this Plan, the Board, including a majority of the Independent Members, shall find that the Plan, as proposed to be amended (including any proposed amendments to the method of allocating class and/or fund expenses), is in the best interest of each class of shares of a Multi-Class Fund individually and the Multi-Class Fund as a whole. In considering whether to approve any proposed amendment(s) to the Plan, the Board shall request and evaluate such information as they consider reasonably necessary to evaluate the proposed amendment(s) to the Plan.

In making its determination to approve this Plan, the Board of each Multi-Class Fund has focused on, among other things, the relationship between or among the classes and have examined potential conflicts of interest among classes regarding the allocation of fees, services, waivers and reimbursements of expenses, and voting rights. The Board has evaluated the level of services provided to each class and the cost of those services to ensure that the services are appropriate and the allocation of expenses is reasonable. In approving any subsequent amendments to this Plan, the Board shall focus on and evaluate such factors as well as any others deemed necessary by the Board.

Adopted effective: December 10, 2025

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**EXHIBIT A** 

**Closed-End Investment Companies Adopting this Combined Rule 18f-3 Multi-Class Plan** 

**(as of December 10, 2025)** 

**<u>Name of the Multi-Class Fund</u>**

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| | |
|:---|:---|
| **Name of Entity** | **State and Form of Organization** |
| JPMorgan Credit Markets Fund | Delaware statutory trust |

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## Ex-99.(E)

DIVIDEND REINVESTMENT PLAN

OF

JPMORGAN CREDIT MARKETS FUND

JPMorgan Credit Markets Fund, a Delaware statutory trust (the "Fund"), hereby adopts the following Dividend Reinvestment Plan (the "Plan") with respect to distributions declared by its Board of Trustees (the "Board") on its shares of beneficial interest (the "Shares"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Participation; Agent</u>. The Fund's Plan is available to shareholders of record of the Shares.
SS&C GIDS, Inc. ("SS&C") acting as agent for each participant in the Plan, will apply income dividends or capital gains or other distributions (each, a "Distribution" and collectively, "Distributions"),
net of any applicable U.S. withholding tax, that become payable to such participant on Shares (including shares held in the participant's name and shares accumulated under the Plan), to the purchase of additional whole and fractional Shares
for such participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Eligibility and Election to Participate</u>. Participation in the Plan is limited to registered owners of
Shares. The Fund's Board reserves the right to amend or terminate the Plan. Shareholders automatically participate in the Plan, unless and until an election is made to withdraw from the Plan on behalf of such participating shareholder. If
participating in the Plan, a shareholder is required to include all of the Shares owned by such shareholder in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Share Purchases</u>. When the Fund declares a Distribution, SS&C, on the shareholder's behalf,
will receive additional authorized shares from the Fund either newly issued or repurchased from shareholders by the Fund and held as treasury stock. The number of shares to be received when Distributions are reinvested will be determined by dividing
the amount of the Distribution by the Fund's net asset value per share. There will be no sales load charged on Shares issued to a shareholder under the Plan. All shares purchased under the Plan will be held in the name of each participant. In
the case of shareholders, such as banks, brokers or nominees, that hold shares for others who are beneficial owners participating under the Plan, SS&C will administer the Plan on the basis of the number of shares certified from time to time by
the record shareholder as representing the total amount of shares registered in the shareholder's name and held for the account of beneficial owners participating under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Timing of Purchases</u>. The Fund expects to issue Shares pursuant to the Plan, immediately following each
Distribution payment date and SS&C will make every reasonable effort to reinvest all Distributions on the day the Distribution is paid (except where necessary to comply with applicable securities laws) by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Account Statements</u>. SS&C will maintain all shareholder accounts and furnish written confirmations of
all transactions in the accounts, including information needed by shareholders for personal and tax records. SS&C will hold shares in the account of the shareholders in non-certificated form in
the name of the participant, and each shareholder's proxy, if any, will include those shares purchased pursuant to the Plan. SS&C will confirm to each participant each acquisition made pursuant to the Plan as soon as practicable but not
later than 10 business days after the date thereof. No less frequently than quarterly, SS&C will provide to each participant an account statement showing the Distribution, the number of shares purchased with the Distribution, and the year-to-date and cumulative Distributions paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Expenses</u>. There will be no direct expenses to participants for the administration of the Plan. There is
no direct service charge to participants with regard to purchases under the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants. All fees associated with the Plan will be paid by the
Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Taxation of Distributions</u>. The reinvestment of Distributions does not relieve the participant of any
taxes which may be payable on such Distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Voting of Shares</u>. Shares issued pursuant to the Plan will have the same voting rights as the Shares
issued pursuant to the Fund's public offering.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Absence of Liability</u>. Neither the Fund nor SS&C shall have any responsibility or liability beyond
the exercise of ordinary care for any action taken or omitted pursuant to the Plan, nor shall they have any duties, responsibilities or liabilities except such as expressly set forth herein. Neither the Fund nor SS&C shall be liable for any act
done in good faith or for any good faith omission to act, including, without limitation, any claims of liability: (a) arising out of the failure to terminate a participant's account prior to receipt of written notice of such
participant's death, or (b) with respect to prices at which shares are purchased or sold for the participant's account and the terms on which such purchases and sales are made. NOTWITHSTANDING THE FOREGOING, LIABILITY UNDER THE U.S.
FEDERAL SECURITIES LAWS CANNOT BE WAIVED.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Termination of Participation</u>. A shareholder who does not wish to have Distributions automatically
reinvested may terminate participation in the Plan at any time by written instructions to that effect to SS&C. Such written instructions must be received by SS&C three (3) days prior to the record date of the Distribution or the
shareholder will receive such Distribution in Shares through the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Amendment, Supplement, Termination, and Suspension of Plan</u>. This Plan may be amended, supplemented, or
terminated by the Fund at any time in its sole and absolute discretion. The amendment or supplement shall be filed with the Securities and Exchange Commission as an exhibit to a subsequent appropriate filing made by the Fund and shall be deemed to
be accepted by each participant unless, prior to its effective date thereof, SS&C receives written notice of termination of the participant's account. Amendment may include an appointment by the Fund or SS&C with the approval of the
Fund of a successor agent, in which event such successor shall have all of the rights and obligations of SS&C under this Plan. The Fund may suspend the Plan at any time without notice to the participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Governing Law</u>. This Plan and the authorization form signed by the participant (which is deemed a part of
this Plan) and the participant's account shall be governed by and construed in accordance with the laws of the State of New York.

## Ex-99.(G)

**INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT** 

**J.P. Morgan Investment Management Inc.** 

This INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT (the "Agreement") is made this [ ] day of [ ], 2025, by and between JPMorgan Credit Markets Fund (the "Fund") and J.P. Morgan Investment Management Inc. (the "Adviser").

WHEREAS, the Fund is a Delaware statutory trust registered as a closed-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Adviser is engaged primarily in rendering investment advisory and management services and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended;

WHEREAS, the Fund wishes to retain the Adviser to provide investment advisory and management services to the Fund; and

WHEREAS, the Adviser is willing to furnish such services on the terms and conditions hereinafter set forth.

NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund hereby appoints the Adviser to act as investment adviser of the Fund for the period and on the terms
set forth in this Agreement. The Adviser accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund shall at all times keep the Adviser fully informed with regard to the securities owned by it, its
funds available, or to become available, for investment, and generally as to the condition of its affairs. It shall furnish the Adviser with such other documents and information with regard to its affairs as the Adviser may from time to time
reasonably request.

3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Subject to the supervision of the Fund's Board of Trustees (the "Board"), the Adviser shall
regularly provide the Fund with investment advice, management and supervision and shall furnish a continuous investment program for the Fund's portfolio of securities and other investments consistent with the Fund's investment
objectives, policies and restrictions, as stated in the Fund's current Prospectus and Statement of Additional Information, and in accordance with any exemptive orders issued by the Securities and Exchange Commission ("SEC")
applicable to the Fund and any SEC staff no-action letters applicable to the Fund. The Adviser shall determine from time to time what securities and other investments will be purchased (including, as permitted
in accordance with this paragraph, Portfolio Funds (as defined in the Fund's registration statement) and direct or indirect (through special purpose vehicles or other entities) in equity or debt securities of portfolio companies alongside
Portfolio Funds and other private markets firms, swap agreements, options, forwards and futures), retained, sold or exchanged by the Fund and what portion of the assets of the Fund's portfolio will be held in the

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various securities and other investments in which the Fund invests, and shall implement those decisions, all subject to the provisions of the Fund's Agreement and Declaration of Trust and By-Laws, as may be amended and/or restated from time to time (collectively, the "Governing Documents"), the 1940 Act, and the applicable rules and regulations promulgated thereunder by the SEC and interpretive guidance issued thereunder by the SEC staff and any other applicable federal and state law, as well as the investment objectives, policies and restrictions of the Fund and any exemptive orders and SEC staff no-action letters applicable to the Fund referred to above, and any other specific policies adopted by the Board and disclosed to the Adviser. The Adviser is authorized as the agent of the Fund to give instructions to the custodian of the Fund and any sub-custodian or prime broker or other intermediary as to deliveries of securities and other investments and payments of cash in respect of transactions or cash margin calls for the account of the Fund. Subject to applicable provisions of the 1940 Act and direction from the Board, the investment program to be provided hereunder may entail the investment of all or substantially all of the assets of the Fund in one or more investment companies or issuers excepted from the definition of investment company under the 1940 Act. The Adviser will place orders pursuant to its investment determinations for the Fund either directly with the issuer, seller or with any broker or dealer, foreign currency dealer, futures commission merchant, counterparty or others selected by it. In connection with the selection of such brokers or dealers and the placing of such orders, subject to applicable law, brokers or dealers may be selected who also provide brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) to the Fund and/or the other accounts over which the Adviser or its affiliates exercise investment discretion. The Adviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Fund, which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer. This determination may be viewed in terms of either that particular transaction or the overall responsibilities that the Adviser and its affiliates have with respect to accounts over which they exercise investment discretion. The Board may adopt policies and procedures that modify and restrict the Adviser's authority regarding the execution of the Fund's portfolio transactions provided herein. The Adviser shall also provide advice and recommendations with respect to other aspects of the business and affairs of the Fund, shall exercise voting rights, rights to consent to corporate action and any other rights pertaining to the Fund's portfolio securities subject to such direction as the Board may provide, and shall perform such other functions of investment management and supervision as may be directed by the Board and agreed to by the Adviser. The Adviser may execute on behalf of the Fund certain agreements, instruments and documents in connection with the services performed by it under this Agreement. These may include, without limitation, transfer agreements, brokerage agreements, clearing agreements, account documentation, futures and option agreements, swap

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agreements, other investment related agreements, and any other agreements, documents or instruments the Adviser believes are appropriate or desirable in performing its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Subject to the direction and control of the Board, the Adviser shall perform or cause to be performed such
investment management services as may from time to time be reasonably requested by the Fund as necessary for the operation of the Fund. The Adviser will act as the Fund's liaison with administrators, subadministrators, custodians,
depositories, transfer agents, pricing agents, dividend disbursing agents, financial intermediaries, other shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other
persons as may reasonably be requested by the Trustees of the Fund. Notwithstanding the foregoing, the Adviser shall not be deemed to have assumed any duties with respect to, and shall not be responsible for, the distribution of the shares of the
Fund, nor shall the Adviser be deemed to have assumed or have any responsibility with respect to functions specifically assumed by any transfer agent, fund accounting agent, custodian, shareholder servicing agent or other agent, in each case
employed by the Fund to perform such functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Fund hereby authorizes any entity or person associated with the Adviser, which is a member of a national
securities exchange, to effect any transaction on the exchange for the account of the Fund which is permitted by Section 11(a) of the Exchange Act and Rule 11a2-2(T) thereunder, and the Fund hereby
consents to the retention of compensation for such transactions in accordance with Rule 11a2-2(T)(a)(2)(iv).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Subject to the Board's approval, at the expense of the Adviser and to the extent permitted by any
exemptive orders or SEC staff no-action letters applicable to the Fund, the Adviser or the Fund may enter into contracts with one or more investment subadvisers, including without limitation, affiliates of the
Adviser, in which the Adviser delegates to such investment subadvisers any or all its duties specified hereunder, on such terms as the Adviser will determine to be necessary, desirable or appropriate, provided that in each case the Adviser shall
supervise the activities of each such subadviser and further provided that such contracts impose on any investment subadviser bound thereby all the conditions to which the Adviser is subject hereunder and that such contracts are entered into in
accordance with and meet all applicable requirements of the 1940 Act.

5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Adviser shall oversee the maintenance of all books and records with respect to the Fund's securities
transactions and the keeping of the Fund's books of account in accordance with all applicable federal and state laws and regulations. In compliance with the requirements of Rule 31a-3 under the 1940 Act,
the Adviser hereby agrees that any records that it maintains for the Fund are the property of the Fund, and further agrees to surrender promptly to the Fund any of such records upon the Fund's request. The Adviser further agrees to arrange for
the preservation of the records required to be maintained by Rule 31a-1 under the 1940 Act for the

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periods prescribed by Rule 31a-2 under the 1940 Act. The Adviser shall authorize and permit any of its directors, officers and employees, who may be elected as Board members or officers of the Fund, to serve in the capacities in which they are elected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Adviser shall bear all expenses, and shall furnish all necessary services, facilities and personnel, in
connection with its responsibilities under this Agreement. Other than as herein specifically indicated, the Adviser shall not be responsible for the Fund's expenses, including, without limitation, advisory fees; incentive fees; distribution
fees; fees for administrative services; servicing fees; interest; taxes; governmental fees; voluntary assessments and other expenses incurred in connection with membership in investment company organizations; organization costs of the Fund; the cost
(including brokerage commissions, transaction fees or charges, if any) in connection with the purchase or sale of the Fund's securities and other investments and any losses in connection therewith; fees and expenses of custodians, transfer
agents, financial intermediaries, registrars, independent pricing vendors or other agents; acquisition or disposition fees; professional fees relating to investments, including expenses of consultants, investment bankers, attorneys, accountants and
other experts; fees and expenses relating to software tools, programs or other technology (including risk management software, fees to risk management services providers, third-party software licensing, implementation, data management and recovery
services and custom development costs); research and market data (including news and quotation equipment and services, and any computer hardware and connectivity hardware (e.g., telephone and fiber optic lines) incorporated into the cost of
obtaining such research and market data); taxes; legal expenses (including in connection with investment activities); loan commitment fees; expenses relating to share certificates; expenses relating to the issuing and redemption or repurchase of the
Fund's shares and servicing shareholder accounts; any costs and expenses associated with or related to due diligence performed with respect to the Fund's offering of its shares, including but not limited to costs associated with or
related to due diligence activities performed by, on behalf of, or for the benefit of broker-dealers, registered investment advisers, and third-party due diligence providers expenses of registering and qualifying the Fund's shares for sale
under applicable federal and state law; expenses of preparing, setting in print, printing, mailing and distributing prospectuses and statements of additional information and any supplements thereto, reports, proxy statements, notices and dividends
to the Fund's shareholders; costs of stationery; website costs; fees and expenses of Trustees not also serving in an executive officer capacity for the Fund or the Adviser; costs of meetings of the Board or any committee thereof, meetings of
shareholders and other meetings of the Fund; Board fees; audit fees; travel expenses of officers, members of the Board and employees of the Fund, if any; costs associated with reporting and compliance obligations under the 1940 Act and applicable
federal and state securities laws, including compliance with The Sarbanes-Oxley Act of 2002; and the Fund's pro rata portion of premiums on any fidelity bond and other insurance covering the Fund and its officers, Board members and employees;
litigation, arbitration, mediation, or government investigation expenses and any non-recurring

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or extraordinary expenses as may arise, including, without limitation, those relating to actions, suits or proceedings to which the Fund is a party and any indemnification expenses as provided for in the Fund's Governing Documents; expenses of the administration of the Fund, including negotiation of contracts and fees with and the monitoring of performance and billings of the Fund's transfer agent, shareholder servicing agents, custodian and other independent contractors or agents; and compliance, fund accounting, regulatory reporting, and tax reporting services.

It also is understood and agreed that if persons associated with the Adviser or any of its affiliates, including persons who are officers of the Fund, provide accounting, legal, clerical, compliance or administrative services to the Fund at the request of the Fund, the Fund may reimburse the Adviser and its affiliates for their costs in providing such accounting, legal, clerical, compliance or administrative services to the Fund (which costs may include an allocation of overhead including rent and the allocable portion of the salaries and benefits of the relevant persons and their respective staffs, including travel expenses), using a methodology for determining costs approved by the Board. Nothing contained herein shall be construed to restrict the Fund's right to hire its own employees or to contract for services to be performed by third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. No member of the Board, officer or employee of the Fund shall receive from the Fund any salary or other
compensation as such member of the Board, officer or employee while he or she is at the same time a director, officer, or employee of the Adviser or any affiliated company of the Adviser, except as the Board may decide. This paragraph shall not
apply to Board members, executive committee members, consultants and other persons who are not regular members of the Adviser's or any affiliated company's staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In consideration of the services provided by the Adviser under this Agreement, the Fund will pay the Adviser an
advisory fee (the "Advisory Fee") as indicated on Schedule A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Advisory Fee is payable monthly in arrears within 5 business days after the completion of the net asset
value computation for the month. For purposes of determining the Advisory Fee payable to the Adviser, the Fund's net asset value will be calculated prior to the inclusion of any amounts of the Advisory Fee payable to the Adviser or to any
purchases or repurchases of shares of the Fund or any distributions by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. For the purpose of determining fees payable to the Adviser under this Section 7, the value of the
Fund's assets will be computed at the times and in the manner specified in the registration statement, and on days on which the value of Fund assets are not so determined, the asset value computation to be used will be as determined on the
immediately preceding day on which the assets were determined. Furthermore, fees payable to the Adviser under this Section 7 will be earned and attributed to each class of the Fund's shares based on the net asset value and net profits of
the Fund attributable to each such class of shares and in accordance with U.S. Generally Accepted Accounting Principles applicable to the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Adviser assumes no responsibility under this Agreement other than to render the services called for
hereunder, in good faith, and shall not be liable for any error of judgment or mistake of law, or for any loss arising out of any investment or for any act or omission in the execution of securities transactions for the Fund, provided that nothing
in this Agreement shall protect the Adviser against any liability to the Fund to which the Adviser would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties or by reason of its
reckless disregard of its obligations and duties hereunder. As used in this Section 8, the term "Adviser" shall include any affiliates of the Adviser performing services for the Fund contemplated hereby and the partners,
shareholders, directors, officers and employees of the Adviser and such affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Nothing in this Agreement shall limit or restrict the right of any director, officer, or employee of the
Adviser who may also be a Board member, officer, or employee of the Fund, to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any other business, whether of a similar nature or a
dissimilar nature, nor to limit or restrict the right of the Adviser to engage in any other business or to render services of any kind, including investment advisory and management services, to any other fund, firm, individual or association. If the
purchase or sale of securities or other assets consistent with the investment policies of the Fund or one or more other accounts of the Adviser is considered at or about the same time, transactions in such securities or other assets will be
allocated among the accounts in a manner deemed equitable by the Adviser. Such transactions may be combined, in accordance with applicable laws and regulations, and consistent with the Adviser's policies and procedures as presented to the
Board from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. On occasions when the Adviser deems the purchase or sale of a security or other financial instrument to be in
the best interest of the Fund, as well as other funds or accounts managed by the Adviser or its affiliates ("JPM-advised funds"), the Adviser is authorized, but not required, to aggregate purchase
and sale orders for securities or other financial instruments held (or to be held) by the Fund with similar orders being made on the same day for other JPM-advised funds to the extent permitted by the 1940
Act. When an order is so aggregated, the Adviser may allocate the recommendations or transactions among all accounts and portfolios for whom the recommendation is made or transaction is effected. The Adviser will endeavor to allocate investment
opportunities in a manner that, over a period of time, is fair and equitable, and in any event consistent with any fiduciary duties owed to the Fund and in an effort to avoid favoring one client over another and taking into account all relevant
facts and circumstances, including (without limitation): (i) differences with respect to available capital, (ii) differences with respect to investment objectives or current investment strategies, (iii) differences in risk profile at the
time the opportunity becomes available, (iv) the potential transaction and other costs of allocating an opportunity among the JPM-advised funds, (v) potential conflicts of interests, (vi) the
nature of the investment or transaction, (vii) current and anticipated market and general economic conditions and (viii) existing and prior positions in such investment opportunity. The Adviser and the Fund recognize that in some cases
this procedure may adversely affect the size of the position obtainable for the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. For the purposes of this Agreement, the Fund's "net assets" shall be determined as provided
in the Fund's then-current Prospectus and Statement of Additional Information and the terms "assignment," "interested person," and "majority of the outstanding voting securities" shall have the meanings
given to them by Section 2(a) of the 1940 Act, subject to such exemptions as may be granted by the SEC by any rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. This Agreement will become effective with respect to the Fund on the date set forth below the Fund's name
on <u>Schedule A</u>, provided that it shall have been approved by the Board and by the shareholders of the Fund in accordance with the requirements of the 1940 Act and, unless sooner terminated as provided herein, will continue in effect until the
second anniversary of the date of effectiveness. Thereafter, if not terminated, this Agreement shall continue in effect with respect to the Fund, so long as such continuance is specifically approved at least annually in the manner required by the
1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. This Agreement is terminable with respect to the Fund without penalty by the Board or by vote of a majority of
the outstanding voting securities of the Fund, in each case on not more than 60 days' nor less than 30 days' written notice to the Adviser, or by the Adviser upon not less than 60 days' written notice to the Fund, and will be
terminated upon the mutual written consent of the Adviser and the Fund. This Agreement shall terminate automatically in the event of its assignment by the Adviser and shall not be assignable by the Fund without the consent of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The Adviser agrees that for services rendered to the Fund, or for any claim by it in connection with services
rendered to the Fund, it shall look only to assets of the Fund for satisfaction. The undersigned officer of the Fund has executed this Agreement not individually, but as an officer under the Fund's Agreement and Declaration of Trust and the
obligations of this Agreement are not binding upon any of the Trustees, officers or shareholders of the Fund individually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an
instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought, and no material amendment of the Agreement shall be effective until approved in the manner required by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes all
prior agreements and understandings relating to the subject matter hereof. No provision of this Agreement is intended to conflict with any applicable law. Should any part of this Agreement be held or made invalid by a court decision, statute, rule
or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding on and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. This Agreement does not, and is not intended to, create any third-party beneficiary or otherwise confer any
rights, privileges, claims or remedies upon any shareholder or other person other than the parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws
of the State of New York without regard to conflicts of laws principles. Any legal suit, action or proceeding related to, arising out of or concerning this Agreement shall be brought only in the U.S. District Court for the Southern District of New
York, or if such action may not be brought in that court, then such action shall be brought in the Supreme Court of the State of New York sitting in New York County (including its appellate division) (the "Designated Courts"). Each party
(a) consents to jurisdiction in the Designated Courts; (b) waives any objection to venue in either Designated Court; and (c) waives any objection that either Designated Court is an inconvenient forum. For any action commenced in the
Supreme Court of the State of New York, application shall be submitted to the Commercial Division.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Subject to the proviso of the first sentence of Section 8 of this Agreement, the Adviser shall not be
liable for any losses caused directly or indirectly by circumstances beyond the Adviser's reasonable control, including, without limitation, government restrictions, exchange or market rulings, suspensions of trading, acts of civil or military
authority, national emergencies, riots, terrorism, war, or such other event of similar nature, labor difficulties, non-performance by a third party not hired or otherwise selected by the Adviser to provide
services in connection with this Agreement, natural disaster, casualty, elements of nature, fires, earthquakes, floods, or other catastrophes, acts of God, mechanical breakdowns, or malfunctions, failure or disruption of utilities, communications,
computer or information technology (including, without limitation, hardware or software), internet, firewalls, encryptions systems, security devices, or power supply.

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers thereunto duly authorized.

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| | |
|:---|:---|
| JPMORGAN CREDIT MARKETS FUND | JPMORGAN CREDIT MARKETS FUND |
| By: | By: |
| Name: | Name: |
| Title: | Chief Executive Officer |

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| |
|:---|
| J.P. MORGAN INVESTMENT MANAGEMENT INC. |
| By: |
| Name: |
| Title: |

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**Schedule A** 

**Date:** The date the Fund commences investment operations following the time its registration statement is declared effective.

**Advisory Fee** 

In consideration of the advisory services provided by the Adviser, the Fund will pay the Adviser an Advisory Fee at an annual rate of 1.00% based on the value of the Fund's net assets calculated and accrued daily, and payable monthly in arrears within five (5) business days after the completion of the net asset value computation for the month.

## Ex-99.(H)(1)

**DISTRIBUTION AGREEMENT** 

**This distribution agreement ("Agreement") is dated as of the [ ] day of [December 2025], by and between each of the entities listed on Schedule A (each referred to herein as the "Fund"), as such Schedule may be amended from time to time, and J.P. Morgan Institutional Investments Inc. ("Distributor"), a Delaware corporation.** 

**WHEREAS**, the Fund is a closed-end management investment company registered with the Securities and Exchange Commission ("Commission") under the Investment Company Act of 1940, as amended ("1940 Act") that offers its common shares of beneficial interest ("Shares") for sale continuously;

**WHEREAS**, the Fund's Shares are currently divided into classes and the Fund currently offers the classes of Shares set forth in Schedule B hereto as such Schedule may be amended from time to time;

**WHEREAS**, the Distributor is registered as a broker-dealer with the Commission under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and is a member of Financial Industry Regulatory Authority, Inc. ("FINRA"); and

**WHEREAS**, the Fund wishes to retain the Distributor to serve as distributor for the Shares and for such additional classes of Shares that the Fund may issue in the future, on the terms and conditions set forth below;

**WHEREAS**, the Fund has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act with respect to certain of its classes of Shares (the "Plan") authorizing payments by the Fund to the Distributor with respect to the distribution of such classes of Shares.

**NOW, THEREFORE**, in consideration of the mutual premises and covenants herein set forth, the parties agree as follows:

**1. SERVICES AS DISTRIBUTOR** 

**1.1. Distribution Agent** 

Distributor will act as principal underwriter and agent for the distribution of the Shares covered by the registration statement and prospectus of the Fund then in effect under the Securities Act of 1933, as amended ("Securities Act"). The Fund grants Distributor the right to sell its Shares authorized for issue, at the net asset value per Share, plus any applicable sales charges, in accordance with the Prospectus, as agent and on behalf of the Fund, during the term of this Agreement and subject to the registration requirements of the Securities Act, the rules and regulations of the SEC, the laws governing the sale of securities in the various states ("Blue Sky Laws") and the terms of the Prospectus. As used in this Agreement, the term "registration statement" shall mean the registration statement that is filed with the Commission on Form N-2 registering a continuous offering of its Shares under the 1940 Act and the Securities Act, together with any amendments thereto. The term "Prospectus" shall mean each form of prospectus and

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Statement of Additional Information used by the Fund for delivery to shareholders and prospective shareholders after the effective dates of the above referenced registration statements, as may be amended, supplemented or replaced from time to time.

Notwithstanding Distributor's appointment as principal underwriter and distributor of Shares, the Fund reserves the right to make sales of Shares without sales charges consistent with the terms of the Prospectus, including direct sales of Shares, and to engage in other legally authorized transactions in Shares. Such other transactions may include, without limitation, transactions between the Fund, or any class thereof, and its shareholders only; transactions involving the reorganization of the Fund; and transactions involving the merger or combination of the Fund with another corporation or trust.

**1.2. Solicitation and Promotion** 

Distributor agrees to use a reasonable best efforts basis to solicit orders for the sale of the Shares and will undertake such advertising and promotion as it believes reasonable in connection with such solicitation. The Distributor agrees that no offer or sale of Shares will be made in any state or jurisdiction, or to any prospective investor located in any state or jurisdiction, where Shares have not been registered or qualified for offer and sale under applicable state securities laws unless Shares are exempt from the registration or qualification requirements of such laws. The Distributor agrees to provide or cause to be provided a current Prospectus, including any written supplements, to prospective shareholders in accordance with the prospectus delivery requirements under the Securities Act. The Distributor may prepare, print and distribute such other sales literature and advertising materials in connection with the offering of Shares as it deems appropriate, provided that the Fund has previously approved such other sales literature and advertising materials. Without limiting the foregoing, the Distributor (which may include its affiliates) shall perform or supervise the performance by others of the distribution and marketing services set forth herein.

The Fund understands that Distributor may presently and in the future be the distributor of the shares of several investment companies or series (together, "Companies") including Companies having investment objectives similar to those of the Fund. The Fund further understands that investors and potential investors in the Fund may invest in shares of such other Companies. The Fund agrees that Distributor's duties to such Companies shall not be deemed in conflict with its duties to the Fund under this paragraph 1.2.

Distributor may finance appropriate activities which it deems reasonable which are primarily intended to result in the sale of the Shares, including, but not limited to, advertising, compensation of underwriters, dealers and sales personnel, the printing and mailing of prospectuses to other than current Shareholders, and the printing and mailing of sales literature.

**1.3. Sales of Shares** 

Distributor will have the right, as agent, to sell Shares to broker-dealers that are members of FINRA and who have entered into selling agreements with Distributor; or through other financial intermediaries, in each case against orders therefore. In consideration of these rights granted to the Distributor, the Distributor agrees to use all commercially reasonable efforts in connection with the sale of Shares; <u>provided</u>, <u>however</u>, that the Distributor will not be prevented from entering into

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like arrangements (including arrangements involving the payment of underwriting commissions) with other issuers. The provisions of this paragraph do not obligate the Distributor to register as a broker or dealer under the Blue Sky Laws of any jurisdiction or laws of any foreign jurisdiction in which it is not now registered or to maintain its registration in any jurisdiction in which it is not now registered or obligate the Distributor to sell any particular number of Shares. The Distributor will not direct remuneration from commissions paid by the Fund for portfolio securities transactions to a broker or dealer for promoting or selling Shares. The Fund reserves the right to refuse at any time or times to sell any of its Shares for any reason deemed adequate by it. All orders will be subject to acceptance and confirmation by the Fund. Throughout the term of this Agreement, the Distributor shall maintain such licenses and registrations as are necessary to permit it and its representatives and agents to provide the services hereunder.

**1.4. Compliance** 

In its capacity as distributor of the Shares, all activities of Distributor and its partners, agents, and employees shall comply with all applicable laws, rules and regulations, including, without limitation, the 1940 Act, all rules and regulations promulgated by the Commission thereunder and all rules and regulations adopted by any securities association registered under the Exchange Act. Distributor may, without further consent on the part of the Fund, subcontract for the performance of any services hereof with any affiliated or unaffiliated entity that is duly registered as a broker or dealer pursuant to Section 15 of the Exchange Act, provided, however, that Distributor shall be fully responsible to the Fund for the acts and omissions of any party with whom it contracts.

**1.5. Order Transmission** 

Distributor will transmit any orders received by it for purchase or repurchase requests of the Shares to the transfer agent and custodian for the Fund.

**1.6. Right to Decline Orders** 

Whenever in their judgment such action is warranted by unusual market, economic or political conditions, or by abnormal circumstances of any kind, the Fund's officers may decline to accept any orders for, or make any sales of, the Shares until such time as those officers deem it advisable to accept such orders and to make such sales.

**1.7. Selling Agreements** 

The Distributor is authorized to enter into written agreements ("<u>Sales Agreements</u>") with banks, broker/dealers, insurance companies, registered investment advisers and other financial institutions (collectively, "<u>Intermediaries</u>"), on terms and conditions consistent with this Agreement and all applicable laws, regulations and exemptive relief, and to fix therein the portion of the sales charge, if any, that may be allocated to the Intermediaries on such terms and conditions as the Distributor will deem necessary or appropriate. The Sales Agreements may be on the general forms that are approved by the Board (as defined below). The Distributor also may enter into other forms of agreements relating to selling agent activities and support as it deems appropriate, provided that the Distributor determines that the Fund's responsibility or liability to any person under, or on account of any acts or statements of any such Intermediary under, any such agreement does not exceed its responsibility or liability under the general form(s) of Sales

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Agreement approved by the Board, and provided further that the Distributor determines that the overall terms of any such agreement are not materially less advantageous to the Fund than the overall terms of the general form(s) of Sales Agreement approved by the Board. Shares sold to Intermediaries will be for resale by such Intermediaries only at the public offering price set forth in the applicable Prospectus or as otherwise permissible under the federal and state securities laws. With respect to Intermediaries who are acting as brokers or dealers within the United States, the Distributor will offer and sell Shares, as agent for the Fund, only to such Intermediaries who are members in good standing of FINRA. The Fund acknowledges that Distributor may act as the Fund's agent for transmitting, or arranging for transmission of, distribution fees to be paid to Intermediaries in accordance with arrangements between the Distributor and such Intermediaries. The Distributor will require that all Sales Agreements require Intermediaries to offer Shares only to those persons the Distributor or Intermediary making such offering of Shares (a) meeting the investor eligibility standards, if any, set forth in the Prospectus and (b) who subscribe for no less than the minimum denominations as specified in the Prospectus or as the Fund or Distributor shall advise. Distributor will act only on its own behalf as principal if it chooses to enter into Sales Agreements.

**1.8. Qualification of Shares** 

The Fund agrees at its own expense to execute any and all documents and to furnish any and all information and otherwise to take all actions that may be reasonably necessary in connection with the qualification of the Shares for sale in such states as Distributor may designate.

**1.9. Information Furnished** 

The Fund shall furnish from time to time, for use in connection with the sale of the Shares, such information with respect to the Fund and the Shares as Distributor may reasonably request; and the Fund warrants that the statements contained in any such information shall fairly show or represent what they purport to show or represent. The Fund shall also furnish Distributor upon request with:

(a) unaudited semi-annual statements of the Fund's books and accounts prepared by the Fund's administrator; and

(b) from time to time such additional information regarding the financial condition of the Funds as Distributor may reasonably request.

**1.10. Registration Statements and Prospectuses** 

The Fund represents to Distributor that, with respect to the Shares, all registration statements and prospectuses filed by the Fund with the Commission under the Securities Act have been prepared in conformity with requirements of the Securities Act and rules and regulations of the Commission thereunder. The registration statement and prospectuses contain all statements required to be stated therein in conformity with the Securities Act and the rules and regulations of the Commission and all statements of fact contained in any such registration statement and prospectuses are true and correct. Furthermore, neither any registration statement nor any prospectus includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading to a purchaser of the Shares. The Fund shall not file any amendment to any registration statement or

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supplement to any prospectus without giving Distributor reasonable notice thereof in advance; provided, however, that nothing contained in this Agreement shall in any way limit the Fund's right to file at any time such amendments to any registration statement and/or supplements to any prospectus, of whatever character, as the Fund may deem advisable, such right being in all respects absolute and unconditional.

**1.11. Indemnification by Fund** 

The Fund agrees to indemnify, defend and hold harmless the Distributor, each of its directors, officers, employees and each person, if any, who controls, is controlled by or is under common control with, the Distributor within the meaning of Section 15 of the Securities Act (collectively, the "<u>Distributor Indemnified Parties</u>") from and against any and all losses, claims, damages or liabilities, joint or several, whatsoever (including any investigation, legal or other expenses incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted) to which the Distributor Indemnified Parties may become subject, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any Prospectus or any document incorporated by reference therein or filed as an exhibit thereto, or any marketing literature or materials distributed on behalf of the Fund with respect to the securities covered by the Prospectus (the "<u>Covered Documents</u>") or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse the Distributor for any legal or other expenses reasonably incurred by the Distributor in connection with investigating or defending any such action or claim as such expenses are incurred; <u>provided</u>, <u>however</u>, that the Fund shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission to state a material fact in connection with the giving of such information required to be stated in such answers or necessary to make the answers not misleading made in the Covered Documents about the Distributor in reliance upon and in conformity with written information furnished to the Fund by the Distributor expressly for use therein. In no case is the indemnity by the Fund in favor of the Distributor or any other person to be deemed to protect the Distributor or any other person against any liability to the Fund or its shareholders to which the Distributor or such person otherwise would be subject by reason of willful misfeasance, bad faith, or gross negligence, in the performance of its duties, or by reason of its reckless disregard of its obligations and duties under this Agreement.

**1.12. Indemnification by Distributor** 

Distributor agrees to indemnify, defend and hold harmless the Fund, each of its trustees, officers, employees and each person, if any, who controls, is controlled by or is under common control with, the Fund within the meaning of Section 15 of the Securities Act (collectively, the "<u>Fund Indemnified Parties</u>") from and against any and all losses, claims, damages or liabilities, joint or several, whatsoever (including any investigation, legal or other expenses incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted) to which the Fund Indemnified Parties may become subject, to the extent, but only to the extent, that an untrue statement or alleged untrue statement or omission or alleged omission was made in a Covered Document, in reliance upon and in conformity with written information furnished to the Fund by or on behalf of the Distributor.

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**1.13 Indemnification Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (a) If any action or claim shall be brought against any Distributor Indemnified Party or Fund Indemnified Party
(any such party, an " <u>Indemnified Party</u> " and collectively, the " <u>Indemnified Parties</u> "), in respect of which indemnity may be sought against the other party hereto, such Indemnified Party shall promptly notify the
indemnifying party in writing, and the indemnifying party shall assume the defense thereof, including the employment of counsel and payment of all fees and expenses; but the failure to notify the indemnifying party shall not relieve it from any
liability which it may have to any Indemnified Party except to the extent such indemnifying party has been materially prejudiced by such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (b) Any Indemnified Party shall have the right to employ separate counsel in any such action and participate in
the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the indemnifying party has agreed in writing to pay such fees and expenses, (ii) the indemnifying party has failed
to assume the defense and employ counsel, or (iii) the named parties to any such action (including any impleaded party) included such Indemnified Party and the indemnifying party and such Indemnified Party shall have been advised by counsel
that there may be one or more legal defenses available to it which are different from or additional to those available to the indemnifying party or which may also result in a conflict of interest (in which case if such Indemnified Party notifies the
indemnifying party, the indemnifying party shall not have the right to assume the defense of such action on behalf of such Indemnified Party), it being understood, however, that the indemnifying party shall not, in connection with any one such
action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys for all
such Indemnified Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (c) No indemnifying party shall, without the written consent of the Indemnified Party, effect the settlement or
compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the Indemnified Party is an actual or
potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the Indemnified Party from all liability arising out of such action or claim and (ii) does not include a
statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (d) The indemnifying party shall not be liable for any settlement of any such action effected without its written
consent, but if such action is settled with the written consent of the indemnifying party, or if there shall be a final judgment for the plaintiff in any such action and the time for filing all appeals has expired, the indemnifying party agrees to
indemnify and hold harmless any Indemnified Party from and against any loss or liability by reason of such settlement or judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (e) The obligations of the indemnifying party under this Section 1.13 shall be in addition to any liability
that the indemnifying party may otherwise have.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (f) The indemnifying party's representations and warranties in this Agreement shall remain operative and in
full force and effect regardless of any investigation made by or on behalf of the Indemnified Party, and shall survive the delivery of any Shares and the termination of this Agreement.

**1.14 Contribution** 

If the indemnification provided for in this Section 1 is insufficient or unavailable to any Indemnified Party under this Section 1 in respect of any losses, claims, damages, liabilities or expenses referred to therein, then the indemnifying party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by damages, liabilities or expenses in such proportion as is appropriate to reflect the relative benefits received by the Fund on the one hand and the Distributor on the other from the offering of the Shares. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law or if the Indemnified Party failed to give the notice required under Section 1.13(a), above, then each indemnifying party shall contribute to such amount paid or payable by such Indemnified Party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Fund on the one hand and the Distributor on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by the Fund on the one hand and the Distributor on the other shall be deemed to be in the same proportion as the amount of gross proceeds received by the Fund from the offering of the Shares under this Agreement (expressed in dollars) bears to the net profits received by the Distributor under this Agreement. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Fund on the one hand or the Distributor on the other and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Fund and the Distributor agree that it would not be just and equitable if contributions pursuant to this Section 1.14 were determined by *pro rata* allocation or by any other method of allocation which does not take account of the equitable considerations referred to herein. The amount paid or payable by an Indemnified Party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above shall be deemed to include any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

**1.15 Consequential Damages** 

In no event and under no circumstances will either party to this Agreement be liable to anyone, including, without limitation, the other party, for consequential damages for any act or failure to act under any provision of this Agreement.

**1.16 Limitation of Liability** 

The obligations of the Fund entered into in the name of the Fund or on behalf thereof by any of its trustees, officers, employees or agents are made not individually, but in such capacities, and are

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not binding upon any of the trustees, officers, employees, agents or shareholders of the Fund personally, but bind only the assets of the Fund, and all persons dealing with the Fund must look solely to the assets of the Fund for the enforcement of any claims against the Fund.

**1.17. Suspension of Sales** 

No Shares shall be offered by either Distributor or the Fund under any of the provisions of this Agreement and no orders for the purchase or repurchase request of Shares hereunder shall be accepted by the Fund if and so long as the effectiveness of the registration statement then in effect or any necessary amendments thereto shall be suspended under any of the provisions of the Securities Act or if and so long as a current prospectus as required by Section 10(b)(2) of the Securities Act is not on file with the Commission; provided, however, that nothing contained in this paragraph 1.12 shall in any way restrict or have an application to or bearing upon the Fund's obligation to repurchase Shares from any Shareholder in accordance with the provisions of the 1940 Act, the Fund's prospectuses, charter or declaration of trust (as applicable) or by-laws.

**1.18. Notification Requirements** 

The Fund agrees to advise Distributor as soon as reasonably practical by a notice in writing delivered to Distributor or its counsel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (a) of any request by the Commission for amendments to the registration statement or prospectus then in effect or
for additional information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (b) in the event of the issuance by the Commission of any stop order suspending the effectiveness of the
registration statement or prospectus then in effect or the initiation by service of process on the Fund of any proceeding for that purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (c) of the happening of any event that makes untrue any statement of a material fact made in the registration
statement or prospectuses then in effect or which requires the making of a change in such registration statement or prospectus in order to make the statements therein not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (d) of all actions of the Commission with respect to any amendment to any registration statement or prospectuses
which may from time to time be filed with the Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (e) of the commencement of any litigation or proceedings against the Fund or any of its officers or Trustees in
connection with the issue and sale of any Shares.

**1.19. Confidentiality** 

The Fund and Distributor acknowledges and understands that any and all technical, trade secret, or business information, including, without limitation, financial information, business or marketing strategies or plans or product development, which is disclosed to the other or is otherwise obtained by the other, its affiliates, agents or representatives during the term of this Agreement (the "Proprietary Information") is confidential and proprietary, constitutes trade secrets of the owner, and is of great value and importance to the success of the owner's business. Each party agrees that should it come into possession of Proprietary Information, it will use its best efforts to hold such information in confidence and shall refrain from using, disclosing or distributing any such

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information except (i) as may be necessary in the ordinary course of performing the services and transactions contemplated by this Agreement; (ii) with the written consent of the other party; or (iii) as required by law or judicial process, or as requested by any governmental agency or regulatory authority. Proprietary Information shall not include information a party to this Agreement can clearly establish was (a) known to the party prior to this Agreement; (b) rightfully acquired by the party from third parties whom the party reasonably believes are not under an obligation of confidentiality to the other party to this Agreement; (c) placed in public domain without fault of the party or its affiliates; or (d) independently developed by the party without reference to, or reliance upon, Proprietary Information. In the event that a party ("disclosing party") is requested or required by law to disclose any Proprietary Information, the disclosing party shall provide the other party ("non-disclosing party") with prompt written notice, unless notice is prohibited by law, of any such request or requirement so that the non-disclosing party may seek a protective order or other appropriate remedy; provided that no such notification shall be required in respect of any disclosure to any governmental agency or regulatory authority having jurisdiction over the disclosing party or its affiliates.

The Fund and Distributor acknowledge and agree on behalf of themselves and their directors, trustees, officers and employees that they may receive from each other information, or access to information, about the customers or about consumers generally (each as defined under Regulation S-P and collectively, "Customer Information") including, but not limited to, non-public personal information such as a customer's name, address, telephone number, social security/government ID, account relationships, account balances and account histories. All information, including Customer Information, obtained pursuant to this Agreement shall be considered confidential information. Each party agrees to restrict access to Customer Information to personnel who require access to effect the services set forth in this Agreement. Neither party shall disclose such confidential information to any other person or entity or use such confidential information other than as necessary to carry out the purposes of this Agreement, including its use under sections 248.14 and 248.15 of Regulation S-P (17 CFR 248.1 - 248.30) in the ordinary course of carrying out the purposes of the Distribution Agreement.

Distributor agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (a) Limit access to Customer Information to employees who have a need to know such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (b) Develop, implement and maintain written policies and procedures reasonably designed to safeguard and maintain
the confidentiality and security of Customer Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (c) Use Customer Information only to carry out the purposes for which it was disclosed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (d) Notify the Fund's investment adviser promptly, but in no event later than 72 hours, after becoming
aware of a breach in security resulting in unauthorized access to Distributor's customer information system.

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Distributor shall not directly or through an affiliate, disclose an account number or similar form of access number or access code for an account for use in telemarketing, direct mail marketing, or marketing through electronic mail, except as permitted in Section 248.12 of Regulation S-P.

**1.20. Governing Law** 

This Agreement shall be governed by the laws of the State of New York.

**1.21. Compliance Policies** 

The Distributor shall maintain policies and procedures that are reasonably designed to prevent violations of the federal securities laws, and shall employ personnel to administer the policies and procedures who have the requisite level of skill and competence required to effectively discharge its responsibilities. The Distributor shall also provide the Fund's chief compliance officer with periodic reports, certifications and other assistance regarding its compliance with the federal securities laws, including in respect of Rule 38a-1 under the 1940 Act, and shall promptly provide special reports in the event of any material violation of the federal securities laws.

**2. TERM, DURATION AND TERMINATION** 

This Agreement shall become effective on the date first written above and, unless sooner terminated as provided herein, shall continue in effect until one year following the date of its execution, and thereafter for successive periods of one year if the form of this Agreement is approved at least annually by the Fund's Board of Trustees or Directors (as applicable) (the "Board"), and by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (a) the vote of a majority of those members of the Board who are not "interested persons" of and have
no direct or indirect financial interest in the operation of this Agreement or any agreements related to it, cast in person at a meeting called or otherwise in compliance with applicable exemptive relief, among other things, for the purpose of
voting on such approval; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (b) the vote of the Board or the vote of a majority of the outstanding voting securities of such Fund.

This Agreement may be terminated with respect to a Fund without penalty, on not less than 60 days prior written notice, by the Board, by vote of a majority of the outstanding voting securities of the Fund or by Distributor. The termination of this Agreement with respect to one Fund shall not result in the termination of the Agreement with respect to any other Fund. This Agreement will also terminate automatically in the event of its assignment. As used in this paragraph the terms, "vote of a majority of the outstanding voting securities," "assignment" and "interested person" will have the respective meanings specified in the 1940 Act, subject to such exemptions as may be granted by the SEC by any rule, regulation or order.

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**3. SALE OF SHARES SUBJECT TO A FRONT-END SALES LOAD** 

**3.1. Provisions for Front-End Load Shares** 

Under this Agreement, the following provisions shall apply with respect to the sale of and payment for those Shares sold at an offering price which includes a front-end sales load ("Front-End Load Shares") as described in the prospectuses of the Funds identified on Schedule C hereto (collectively, the "Front-End Load Funds"; individually, a "Front-End Load Fund"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (a) Distributor shall have the right to purchase Front-End Load Shares
from the Front-End Load Funds at their net asset value and to sell such Shares to the public against orders therefor at the applicable public offering price, as defined in Section 3.2 below. Distributor
also shall have the right to pay all or a portion of the sales charge referred to in Section 3.2 below to brokers, dealers, and other financial institutions and intermediaries selling Front-End Load
Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (b) Prior to the time of delivery of any Front-End Load Shares by a Front-End Load Fund to, or on the order of, Distributor, Distributor shall pay or cause to be paid to the Front-End Load Fund or to its order an amount in Boston or New York
clearing house funds equal to the applicable net asset value of such Shares. Distributor may retain all or a portion of any sales charge payable to brokers, dealers, and other financial institutions and intermediaries.

**3.2. Public Offering Price** 

The public offering price of Front-End Load Shares of a Front-End Load Fund shall be the net asset value of the Share, plus any applicable sales charge, all as set forth in the current Prospectus of the Front-End Load Fund. The net asset value of Front-End Load Shares shall be determined in accordance with the provisions of the Fund's charter or declaration of trust, as applicable, by-laws, and the then-current Prospectus of the Front-End Load Fund.

**3.3. Issuance at Net Asset Value** 

The Front-End Load Funds reserve the right to issue, transfer or sell Front-End Load Shares at net asset value in connection with mergers, pro rata distributions, subscription rights, exchange and reinvestment privileges, and as otherwise described in the current Prospectus.

**4. SHARES SUBJECT TO A RULE 12b-1 FEE** 

**4.1. Distribution Plan Classes** 

Under this Agreement, the following provisions shall apply with respect to Shares of Classes of the Fund, other than those of a Class featuring a contingent deferred sales charge ("CDSC"), that are subject to a fee under a Distribution Plan established pursuant to Rule 12b-1 under the 1940 Act ("Plan") as described in the Prospectus of the Fund and identified on Schedule C hereto (collectively, the "Distribution Plan Classes;" individually, a "Distribution Plan Class"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (a) Distributor shall receive from the Fund all distribution fees, as applicable, at the rate and under the terms
and conditions set forth in each Plan adopted by each Distribution Plan Class of each Fund, as such Plans may be amended from time to time, and subject to any further limitations on such fees as the Board may impose.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (b) Distributor may reallow any or all of the distribution fees which it is paid by the Fund with respect to each
Distribution Plan Class of each Fund to such brokers, dealers and other financial institutions and intermediaries as Distributor may from time to time determine.

**5. SHARES SUBJECT TO A CONTINGENT DEFERRED SALES CHARGE** 

**5.1. CDSC Class Shares** 

The Fund may offer Shares subject to a CDSC. Distributor may pay brokers, dealers and other financial institutions and intermediaries commissions with regard to the sale of CDSC Shares. Under this Agreement, the following provisions shall apply with respect to Shares of a Class featuring a CDSC (a "CDSC Class") as described in the Prospectus of the Fund and identified on Schedule C hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (a) Distributor shall be entitled to receive all CDSC payments on Shares of a CDSC Class. Distributor may assign
or sell to a third party (a "CDSC Financing Entity") all or a part of the CDSC payments on Shares of a CDSC Class that Distributor is entitled to receive under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (b) Distributor shall be entitled to receive all distribution fees at the rate and under the terms and conditions
set forth in the Plan adopted by the Fund with respect to a CDSC Class on Shares sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (c) Distributor shall not be required to offer or sell Shares of a CDSC Class if the Plan adopted by the
CDSC Class is terminated and unless and until it has received a binding commitment from a CDSC Financing Entity satisfactory to Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (d) Distributor may enter into arrangements regarding the financing of commissions pertaining to the sale of
shares of a CDSC Class only upon written approval of the Fund's Chief Financial Officer, Treasurer, or their designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (e) Distributor and the Fund hereby agree that the terms and conditions set forth herein regarding the offer and
sale of Shares of a CDSC Class may be amended upon approval of both parties in order to comply with the terms and conditions of any agreement with a CDSC Financing Entity.

**6. LIMITATION OF LIABILITY OF THE BOARD AND SHAREHOLDERS** 

The obligations of the Fund entered into in the name or on behalf thereof by any of the Board, representatives or agents are made not individually, but in such capacities, and are not binding upon any of the Board members, Shareholders or representatives of the Fund personally, but bind only the assets of the Fund, and all persons dealing with class of Shares of the Fund must look solely to the assets of the Fund belonging to class for the enforcement of any claims against the Fund.

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The execution and delivery of this Agreement have been authorized by the Fund's Board, and this Agreement has been signed and delivered by an authorized officer of the Fund, acting as such, and neither such authorization by the Board nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the property of the Fund as provided in the Fund's charter or declaration of trust (as applicable) and by-laws.

**7. ANTI-MONEY LAUNDERING** 

Distributor acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (a) it is registered as a broker-dealer with the Commission under the Exchange Act and a member of FINRA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (b) it is and will continue to be in compliance with all applicable laws and regulations aimed at the prevention
and detection of money laundering and/or the financing of terrorism activities including Bank Secrecy Act, as amended by USA PATRIOT Act, U.S. Treasury Department, including the Office of Foreign Asset Control ("OFAC"), Financial Crimes
and Enforcement Network ("FinCEN") and the Commission (collectively, "Money Laundering Laws") in its duties as a Distributor under this Agreement, *provided that* such duties and corresponding compliance with Money
Laundering Laws are not delegated or otherwise carried out by placement agents, financial intermediaries, the Fund's administrator or the Fund's transfer agent pursuant to separate agreements between such party and the Fund or
Distributor, *provided further that* any such delegation or other arrangement must be approved in advance by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (c) it has an anti-money laundering program ("AML Program"), that at minimum includes, (i) an
AML compliance officer designated to administer and oversee the AML Program, (ii) ongoing training for appropriate personnel, (iii) internal controls and procedures reasonably designed to prevent and detect suspicious activity monitoring
and terrorist financing activities; (iv) appropriate risk-based procedures for conducting ongoing customer due diligence, including: (a) understanding the nature and purpose of customer relationships for the purpose of developing a
customer risk profile and (b) conducting ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information (including beneficial ownership information of legal entity customers);
and (v) appropriate record keeping procedures.

Each of Distributor and the Fund agrees that it will take such further steps, and cooperate with the other, to facilitate compliance with Money Laundering Laws, including but not limited to the provision of copies of its written procedures, policies and controls related thereto ("AML Operations"). Distributor undertakes that it will grant to the Fund, the Fund's compliance officer and the applicable regulatory agencies, reasonable access to copies of Distributor's AML Operations, books and records pertaining to the Fund.

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**8. RECORDS** 

The books and records pertaining to the Fund, which are in the possession or under the control of Distributor, will be prepared and maintained as required under the 1940 Act and other applicable securities laws, rules and regulations. The Fund and its authorized persons will have access to such books and records at all times during the Distributor's normal business hours. Upon the reasonable request of the Fund, the Distributor will provide copies of such books and records to the Fund or its authorized persons, at the Fund's expense.

**9. EXPENSES** 

**9.1 Fund Expenses** 

The Fund will pay all fees and expenses (i) in connection with the preparation, setting in type and filing of any Prospectus under the Securities Act and amendments for the issue of its Shares; (ii) in connection with the registration and qualification of Shares for sale in the various states in which the Board will determine advisable to qualify such Shares for sale; (iii) of preparing, setting in type, printing and mailing any report or other communication to shareholders of the Fund in their capacity as such; (iv) charges by FINRA in connection with FINRA review of Fund advertising and marketing materials; and (v) of preparing, setting in type, printing and mailing any Prospectus sent to existing shareholders.

**9.2 Distributor Expenses** 

Distributor will pay all of its costs and expenses (other than expenses which one or more dealers may bear pursuant to any agreement with Distributor) incurred by it in connection with the performance of its distribution duties hereunder.

**10. MISCELLANEOUS** 

**10.1 Independent Contractor** 

The Distributor will undertake and discharge its obligations hereunder as an independent contractor. Neither Distributor nor any of its officers, directors, employees or representatives is or will be an employee of the Fund in connection with the performance of Distributor's duties hereunder. Distributor will be responsible for its own conduct and the employment, control, compensation and conduct of its agents and employees, and for any injury to such agents or employees or to others through its agents and employees.

**10.2 Notices** 

All notices provided for or permitted under this Agreement will be deemed effective upon receipt, and will be in writing and (a) delivered personally, (b) sent by commercial overnight courier with written verification of receipt, (c) sent via electronic mail, or (d) sent by certified or registered U.S. mail, postage prepaid and return receipt requested, to the party to be notified, at the address for such party set forth below. Notices to the Distributor will be sent to the attention of: James Hoffman, JPMorgan Institutional Investments Inc., 277 Park Avenue, New York, NY 10172. Notices to the Fund will be sent to the attention of: Glenn Hill, J.P. Morgan Investment Management Inc., 277 Park Avenue, New York, NY 10172.

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**10.3 Dispute Resolution** 

Whenever either party desires to institute legal proceedings against the other party concerning this Agreement, it will provide written notice to that effect to such other party. The party providing such notice will refrain from instituting said legal proceedings for a period of thirty (30) days following the date of provision of such notice. During such period, the parties will attempt in good faith to amicably resolve their dispute by negotiation among their executive officers.

**10.4 Force Majeure** 

No breach of any obligation of a party to this Agreement (other than obligations to pay amounts owed) will constitute an event of default or breach to the extent it arises out of a cause, existing or future, that is beyond the control and without negligence of the party otherwise chargeable with breach or default, including without limitation: work action or strike; lockout or other labor dispute; flood; war; riot; theft; act of terrorism, earthquake or natural disaster. Either party desiring to rely upon any of the foregoing as an excuse for default or breach will, when the cause arises, give to the other party prompt notice of the facts which constitute such cause; and, when the cause ceases to exist, give prompt notice thereof to the other party.

**10.5 Entire Agreement; Amendments** 

This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement, draft or agreement or proposal with respect to the subject matter hereof. This Agreement may not be amended or changed except in writing and shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors.

**11. COUNTERPARTS** 

This Agreement may be executed by the parties in any number of counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same Agreement.

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IN WITNESS WHEREOF

The parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first written above.

**JPMorgan Credit Markets Fund** 

By:

Name:

Title:

**ACCEPTED BY:** 

**J.P. Morgan Institutional Investments Inc.** 

By:

Name:

Title:

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**Schedule A** 

<u> Fund</u> <u> State and Form of Organization</u> <br> JPMorgan Credit Markets Fund Delaware Statutory Trust

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**Schedule B** 

<u> Fund</u> <u> Share Class</u> <br> JPMorgan Credit Markets Fund Class S Class A Class I

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**Schedule C** 

<u> Fund</u> <u> Front-End Load Class</u> <u> Distribution Plan Class</u> <u> CDSC Class</u> <br> JPMorgan Credit Markets Fund Class A Class S Class A Class A

## Ex-99.(H)(2)

**J.P. MORGAN INSTITUTIONAL INVESTMENTS INC.** 

***SALES AGREEMENT***

This Agreement is entered into between the financial institution executing this Agreement ("Financial Intermediary") and J.P. Morgan Institutional Investments Inc. ("JPMII") with respect to each of the closed-end management investment companies registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "Investment Company Act"), listed on Exhibit A hereto (each, a "Fund" and collectively, the "Funds") for whose shares ("Shares") JPMII serves as Distributor and for whom JPMII provides distribution ****services.

**A.**  **<u>Financial Intermediary</u>.** 

**1.** **Status of Financial Intermediary.** 

Financial Intermediary represents and warrants to JPMII:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) That it is a broker or dealer as defined in Section 3(a)(4) or 3(a)(5) of the Securities Exchange Act of
1934, as amended ("Exchange Act"); that it is registered with the SEC pursuant to Section 15 of the Exchange Act; that it is a member of the Financial Industry Regulatory Authority ("FINRA") or, in the alternative, that
it is a foreign dealer not eligible for membership in FINRA but nevertheless agrees to abide by all the rules and regulations of the SEC and FINRA which are binding upon underwriters and dealers in the distribution of securities of investment
companies; that its customers' accounts are insured by the Securities Investors Protection Corporation ("SIPC"); and that, during the term of this Agreement, it will abide by all of the rules and regulations of FINRA including,
without limitation, FINRA Conduct Rules, and all applicable federal or state law, rule or regulations under state and federal law ("Applicable Law"). Financial Intermediary agrees to notify JPMII immediately in the event of (1) the
termination of its coverage by SIPC, (2) its expulsion or suspension from FINRA or any foreign equivalent, (3) its being found to have violated any Applicable Law arising out of its activities as a broker-dealer or in connection with this Agreement, or which may otherwise affect in any material way its ability to act in accordance with the terms of this Agreement or (4) any other event or action
related to registration, whether voluntary or involuntary, which may otherwise affect in any material way its ability to act in accordance with the terms of this Agreement. Financial Intermediary's expulsion from FINRA or any foreign
equivalent will automatically terminate this Agreement immediately without notice. Suspension of Financial Intermediary from FINRA for violation of any Applicable Law will terminate this Agreement effective immediately upon JPMII's written
notice of termination to Financial Intermediary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) That it is a bank, as that term is defined in Section 3(a)(6) of the Exchange Act, that engages in
activities described in Section 3(a)(4) of the Exchange Act and that, during the term of this Agreement, it will abide by the rules and regulations of those state and federal authorities with appropriate jurisdiction over the Financial
Intermediary. Financial Intermediary agrees to notify JPMII immediately of any action by or communication from state or federal banking authorities, state securities authorities, the SEC, or any other party which may affect its status as a bank or
which may otherwise affect in any material way its ability to act in accordance with the terms of this Agreement. Any action or decision of any of the foregoing regulatory authorities or any court of appropriate jurisdiction which affects Financial
Intermediary's ability to act in accordance with the terms of this Agreement, including the loss of its exemption from registration as a broker, will terminate this Agreement effective upon JPMII's written notice of termination to
Financial Intermediary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) That Financial Intermediary is registered with the appropriate securities authorities in all states,
territories and jurisdictions in which its activities make such registration necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) That it will maintain membership with the National Securities Clearing Corporation
("NSCC") and any other similar successor organization to sponsor a participant number for the Fund so as to enable

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the Shares to be traded through the Depository Trust Clearing Corporation's ("DTCC") Mutual Fund Settlement Entry and Registration Verification system ("Fund/SERV"), and/or the DTCC's Networking system ("Networking"), Financial Intermediary has executed and filed with the DTCC the standard Networking agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) process accounts through Networking and the purchase, redemption, transfer and exchange of shares in such
accounts through Fund/SERV (Networking and Fund/SERV being programs operated by NSCC on behalf of NSCC's participants, including the Fund), in accordance with, instructions transmitted to and received by Financial Intermediary by transmission
from NSCC on behalf of broker-dealers and banks which have been established by, or in accordance with the instructions of authorized persons, as hereinafter defined on the dealer file maintained by Financial Intermediary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) issue instructions to the Fund's custodian for the settlement of transactions between the Fund and NSCC
(acting on behalf of its broker-dealer and bank participants);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) provide account and transaction information from the affected Fund's records on an appropriate computer
system in accordance with NSCC's Networking and Fund/SERV rules for those broker-dealers and maintain shareholder accounts through Networking; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) and all representations, warranties and covenants made in this Agreement shall remain true and correct
throughout the duration of the Agreement, and if any such representations, warranties or covenants ceases to be true and correct, Financial Intermediary will promptly inform JPMII of any such occurrence.

**2.** **Financial Intermediary Acts as Agent for its Customers.** 

The parties agree that in performing its services under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Financial Intermediary is acting as agent for its customer and covenants and agrees to comply with all
applicable terms and conditions of the Registration Statement, as defined below, except that in connection with orders for the purchase of Shares on behalf of any IRAs, 401(k) plans or other retirement plan accounts, by mail, telephone, or wire,
Financial Intermediary shall agree it acts as agent for the custodian or trustee of such plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The customer is for all purposes the customer of Financial Intermediary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each transaction is initiated solely upon the order of the customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As between Financial Intermediary and its customer, the customer will have full beneficial ownership of all
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each transaction shall be for the account of the customer and not for Financial Intermediary's account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each transaction shall be without recourse to Financial Intermediary provided that Financial Intermediary acts
in accordance with the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Except for the limited purpose of receiving orders to purchase, redeem, tender or repurchase (as applicable) or
exchange Shares ("Orders") for Share transactions from its customers as described in Section B. of this Agreement Financial Intermediary shall have no authority to act as agent for JPMII or the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Financial Intermediary acknowledges that the Fund will make Repurchase Offers (as defined below) from time to
time as described in the Prospectus and Section B.1 of this Agreement. Financial Intermediary acknowledges that such Repurchase Offers represent the only expected liquidity opportunity for holders of Shares; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding any other provision of this Agreement to the contrary, nothing in this Agreement contemplates
or requires that JPMII provide any services, deal directly with or give any recommendations to any retail customer or retail investor for purposes of SEC Regulation Best Interest or Form CRS, it being understood and agreed between and among the
parties that JPMII will act only as a wholesale distributor for Funds through third-party dealers and selling agents, which will deal with such retail customers or retail investor.

**B.**  **<u>Sales of Fund Shares</u>.** 

**1.** **Offer and Sale of Shares** 

Financial Intermediary will offer and sell Shares only in accordance and in compliance with the terms and conditions of the applicable current prospectus ("Prospectus") and Statement of Additional Information ("SAI," and together with the Prospectus, the "Registration Statement") and applicable rules, regulations and requirements. Financial Intermediary will make no representations concerning any Shares not included in the Registration Statement or in any authorized supplemental sales material supplied to Financial Intermediary by JPMII or the Funds. Financial Intermediary agrees to deliver to each of its customers making purchases of Shares, prior to the time of sale, a copy of the Prospectus and a fee disclosure statement, including relating to any Financial Intermediary-charged commissions. Financial Intermediary agrees to record on the order the date and time on which the order for the purchase or sale of Shares was received by Financial Intermediary, and to forward promptly such orders to JPMII in time for processing at the public offering price next determined after receipt of such orders by Financial Intermediary, in each case as described in the Prospectus.

Financial Intermediary acknowledges that the Fund has adopted, pursuant to Rule 23c-3 under the Investment Company Act, a fundamental policy, which cannot be changed without shareholder approval, requiring the Fund to offer to repurchase at least 5% and up to 25% of its Shares at net asset value on a quarterly basis ("Repurchase Offers"). Repurchase of Shares will be made at the net asset value of such Shares in accordance with the applicable Repurchase Offer and the Prospectus less any applicable repurchase fee permitted by Rule 23c-3 under the Investment Company Act. Financial Intermediary agrees to promptly transmit to its customers any Repurchase Offer notification received from JPMII within the time period specified in the Prospectus and in such notification, and to use its reasonable best efforts to transmit repurchase requests from its customers to the Fund or its transfer agent or other designee by the applicable repurchase request deadline as specified in the Prospectus or such notification. Financial Intermediary expressly acknowledges and agrees that Shares will not be repurchased by either the Fund (other than through Repurchase Offers, or other tender offers from time to time, if any) or JPMII, and that no secondary market for the Shares exists currently or is expected to develop, and therefore that the Shares have very limited liquidity and are appropriate only as a long-term investment. Financial Intermediary also expressly acknowledges and agrees that, in the event one or more of its customers cancel their order for Shares after confirmation, such Shares may not be repurchased, remarketed or otherwise disposed of by or through JPMII. Any representation as to a Repurchase Offer or other tender offer by the Fund, other than that which is set forth in the Prospectus or a Repurchase Offer notice issued by the Fund, is expressly prohibited.

**2.** **Execution of Orders for Purchase and Repurchase of Shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All accepted Orders for the purchase of any Shares shall be executed at the next determined public offering
price per share (i.e., the net asset value per share plus the applicable initial sales load, if any) and all accepted Orders for the redemption, tender or repurchase (as applicable) of any Shares shall be executed at the next determined net asset
value per share, in each case as described in the Registration Statement. Any applicable deferred sales charge, redemption fee, liquidity fee or similar charge or fee will be deducted by the Funds prior to the transmission of the redemption proceeds
to Financial Intermediary or its customer. JPMII and the Funds reserve the right to reject any purchase request in their sole discretion.

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The execution of all Orders for Share transactions will be subject to the terms of the Registration Statement and JPMII's written instructions to Financial Intermediary from time to time, and if executed through Fund/SERV, the DTCC's rules and procedures. Specifically, the Financial Intermediary certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Orders received by Financial Intermediary or its "Correspondents" (as defined in Section
B.2.(f) below) prior to the close of a Fund (each close of a Fund, a "Market Close") on any day that a Fund is open for business ("Day 1") will be electronically transmitted to the Funds on the next day that the Fund is open
for business ("Day 2") (such Orders are referred to as "Day 1 Trades"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Orders received by Financial Intermediary or its Correspondents after the final Market Close on Day 1, but
prior to the final Market Close on Day 2 ("Day 2 Trades") will be electronically transmitted to the Funds on the second day that the Fund is open for business following Day 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Where Financial Intermediary serves as a Fund's agent for the purpose of receiving Orders, Orders that
the Financial Intermediary does not transmit to the Fund before the time set forth above may be, in the Fund's discretion, adjusted by transactions on an as-of basis, provided, however, that any cost or
loss to the Fund, JPMII or their affiliates of such transactions shall be borne exclusively by the Financial Intermediary, including without limitation, damages, costs, or expenses resulting from errors in calculating the Fund's NAV,
reprocessing of the Fund's Orders, or the payment of dividends by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Day 1 Trades will be effected at the net asset value per share next calculated by the Fund following receipt of
the trade by the Financial Intermediary or its Correspondents on Day 1, and Day 2 Trades will be effected at the net asset value per share next calculated by the Fund following receipt of the trade by Financial Intermediary or its Correspondents on
Day 2. Dividends shall accrue as set forth in the applicable Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon JPMII's reasonable request, Financial Intermediary agrees to promptly provide JPMII with information
separating customer Orders received before and after a designated Market Close in Order for JPMII to validate the timing of Financial Intermediary's receipt of Orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Financial Intermediary agrees that neither the Funds, JPMII nor any of their affiliates or agents will have
any responsibility or liability to review any purchase, redemption or repurchase request which is presented by Financial Intermediary (i) to determine whether such request is genuine or authorized by the Financial Intermediary's customer
or (ii) to determine the suitability of a particular Fund or class of Shares for such customer. The Funds, JPMII and their affiliates and agents will be entitled to rely conclusively on any purchase or redemption request communicated to the
Funds by Financial Intermediary, and will have no liability whatsoever for any losses, claims or damages to or against Financial Intermediary or any of its customers resulting from the failure of Financial Intermediary to transmit any such request,
or from any errors contained in any request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Payments for Shares shall be made as specified in the Registration Statement. If payment for any purchase Order
is not received in accordance with the terms of the Registration Statement, JPMII reserves the right, without notice, to cancel the sale and to hold the Financial Intermediary responsible for any loss sustained as a result thereof, including loss of
profit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Financial Intermediary confirms that it will be considered the Funds' agent for the sole purpose of
receiving purchase, redemption or repurchase Orders from its customers and transmitting them to the Funds. Financial Intermediary may authorize such intermediaries as it deems appropriate ("Correspondents") to receive Orders on the
Funds' behalf. Financial Intermediary shall be liable to the Funds for each Correspondent's compliance with applicable regulations, requirements and this Section B.2. to the same extent as if Financial Intermediary itself had acted or
failed to act instead of the Correspondent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Financial Intermediary agrees to maintain records of all purchases and sales of Shares made through Financial
Intermediary for at least the period required under Applicable Law and to furnish JPMII with copies of such records upon its request and, upon request from a regulatory authority or as required under Applicable Law, to furnish such regulatory
authority with copies of such records.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Financial Intermediary certifies that it will at all times follow Applicable Law in connection with the
handling of Orders for transactions in the Funds, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Applicable rules under the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The provisions of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Financial Intermediary further certifies that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has adopted and implemented and will monitor, on a continuous basis, its compliance with procedures reasonably
designed to prevent violations of Applicable Law and Registration Statement requirements with respect to late trading, market timing and abusive trading practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has determined that each Correspondent has adopted and implemented and will monitor, on a continuous basis, its
compliance with its own internal procedures reasonably designed to prevent violations of relevant law, regulation and Registration Statement requirements with respect to late trading, market timing and abusive trading practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) will provide information and further certification to JPMII or its designee to verify compliance with this
Section B.2; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) will cooperate in monitoring and enforcing the Fund's market timing, late trading, and any redemption,
tender or repurchase fee policies (as applicable) as set forth in the Registration Statement and such other policies established by the Fund from time to time.

**3.** **Shareholder Information.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Financial Intermediary agrees to provide the Fund, upon written request, the taxpayer identification number ("TIN"), the Individual/International Taxpayer Identification Number ("ITIN"), or other government-issued identifier ("GII"), if known, of any or all Shareholder(s) and the amount, date, name or other identifier of any investment professional(s) associated with the Shareholder(s) (if known), and transaction type (purchase, redemption, tender, repurchase, transfer, or exchange) of every purchase, redemption, tender, repurchase, transfer, or exchange of Shares held through a Financial Intermediary Fund Account during the period covered by the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Requests must set forth a specific period, not to exceed one year from the date of the request, for which
transaction information is sought. A request may be ongoing and continuous (e.g., for each trading day throughout the year) or for specified periods of time. The Fund may request transaction information older than one year from the date of the
request as it deems necessary to investigate compliance with policies established or utilized by the Fund for the purpose of eliminating or reducing market timing and abusive trading practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (a) Financial Intermediary agrees to provide, promptly upon request of the Fund or its designee, the requested
information specified in Section 3(a). If requested by the Fund or its designee, Financial Intermediary agrees to use best efforts to determine promptly whether any specific person about whom it has received the identification and transaction
information specified in Section 3(a) is itself a financial intermediary ("indirect intermediary") and, upon further request of the Fund or its designee, promptly either (i) provide (or arrange to have provided) the information
set forth in 3(a) for those shareholders who hold an account with an indirect intermediary; or (ii) restrict or prohibit the indirect intermediary from purchasing, in nominee name on behalf of other persons, securities issued by the Fund.
Financial Intermediary additionally agrees to inform the Fund whether it plans to perform (i) or (ii).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Responses required by this paragraph must be communicated in writing and in a format mutually agreed upon by the parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent practicable, the format for any transaction information provided to the Fund should be consistent with the DTCC Standardized Data Reporting Format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Fund agrees not to use the Shareholder information received from Financial Intermediary pursuant to this
Agreement for marketing or any other similar purpose without the prior written consent of Financial Intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Intermediary agrees to execute written instructions from the Fund to restrict or prohibit further purchases or exchanges of Shares by a Shareholder that has been identified by the Fund as having engaged in transactions in the Fund's Shares (directly or indirectly through a Financial Intermediary Fund Account) that violate policies established for the purpose of eliminating or reducing market timing and abusive trading practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Instructions to restrict or prohibit trading must include the TIN, ITIN, or GII, if known, and the specific
restriction(s) to be executed. If the TIN, ITIN, or GII is not known, the instructions must include an equivalent identifying number of the Shareholder(s) or the Financial Intermediary Fund Account(s) or other agreed upon information to which the
instruction relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Financial Intermediary agrees to execute instructions as soon as reasonably practicable, but not later than
five business days after receipt of the instructions by the Financial Intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Financial Intermediary must provide written confirmation to the Fund that instructions have been executed.
Financial Intermediary agrees to provide confirmation as soon as reasonably practicable, but not later than ten business days after the instructions have been executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of this Section B.3 of the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The term "Financial Intermediary Fund Account" means a direct or networked Shareholder account with
the Fund maintained by Financial Intermediary or an omnibus account with the Fund maintained by Financial Intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The term "Fund" includes the Funds, JPMorgan Distribution Services, Inc., J.P. Morgan Institutional
Investments Inc., which is the Fund's principal underwriter, and the Fund's transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The term "Shares" means the interests of Shareholders corresponding to the securities of record
issued by the Fund under the Investment Company Act that are held by or through a Financial Intermediary Fund Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The term "Shareholder" means (i) the beneficial owner of Shares held by or through a Financial
Intermediary Fund Account; (ii) a participant in an employee benefit plan owning Shares held by or through a Financial Intermediary Fund Account, notwithstanding that the employee benefit plan may be deemed to be the beneficial owner of Shares;
and (iii) the holder of interests in a variable annuity or variable life insurance contract issued by Financial Intermediary owning Shares held by or through a Financial Intermediary Fund Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The term "written" and/or "in writing" includes electronic writings and facsimile
transmissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The term "Financial Intermediary" shall mean a "financial intermediary" as defined in
Rule 22c-2 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The term "purchase" does not include the automatic reinvestment of dividends.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The term "promptly" as used in Section 3(a)(ii) shall mean as soon as practicable but in no
event later than ten business days from the Financial Intermediary's receipt of the request for information from the Fund or its designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If Financial Intermediary believes that a customer's contact information has changed, JPMII may request such information from Financial Intermediary but has no obligation to do so. Financial Intermediary agrees that if Financial Intermediary or a customer does not provide to JPMII any changes in such customer's account information, or if it or a customer fails to provide any backup documentation that JPMII reasonably requests to verify changes to a customer's account information, then JPMII will continue to rely upon the account information without giving effect to any changes, and JPMII will have no liability whatsoever for continuing to rely upon such information.

**4.** **Multi-Class Distribution Arrangements.** 

Financial Intermediary understands and acknowledges that the Funds may offer Shares in multiple classes, and represents and warrants that it has established compliance procedures designed to ensure (i) that its customers are made aware of the terms of each available class of Shares, (ii) that each customer is offered only Shares that are suitable investments for such customer, (iii) that each customer is given the opportunity to obtain sales charge break points or other sales charge reductions and discounts (as applicable) as detailed in the Registration Statement, and (iv) proper supervision of its representatives in recommending and offering the Shares of multiple classes to its customers.

**5.** **Blue Sky.** 

JPMII will make available to Financial Intermediary, via DTCC's Mutual Fund Service Profile II a list of the states or other jurisdictions in which Shares are eligible for sale, which list may be revised from time to time. Financial Intermediary agrees to sell or offer to sell Shares only in the states and other jurisdictions appearing on the most recent list made available by JPMII. Financial Intermediary will not knowingly accept or act upon any instructions to purchase Shares from a customer located outside the United States of America or for the account of any non-US person.

Financial Intermediary agrees to provide each Fund, each Fund's transfer agent and/or other parties designated by them with an automated file in a form mutually agreeable to JPMII and Financial Intermediary, on a daily basis, containing information necessary for the Fund to make blue sky and other regulatory filings, including, without limitation: (1) the amount of sales by state or jurisdiction of residence for each Fund shareholder for which Financial Intermediary provides services under this Agreement; (2) information designating whether each sale is an initial or subsequent purchase; (3) social codes or other account type fields for each sale; and (4) such other information as is necessary to determine the amounts exempt from reporting under state law. For purposes of (1), if requested by JPMII, the Financial Intermediary shall, with respect to the sales for such shareholder, provide the amount of sales by state or jurisdiction of residence where the investment decision to invest in the Fund is made rather than where the shareholder is located to the extent Financial Intermediary has knowledge that the investment decision is made in a state other than the state or jurisdiction of residence of the shareholder.

**6.** **Initial Sales Loads Payable to Financial Intermediary.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each purchase Order accepted by JPMII, Financial Intermediary will be entitled to receive the applicable
percentage of the initial sales load, if any, as established by JPMII from the amount paid by Financial Intermediary's customer. The initial sales loads for any Fund shall be those set forth in the Registration Statement. The portion of the
initial sales load payable to Financial Intermediary may be changed at any time, at JPMII's sole discretion, upon written notice to Financial Intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Orders may be settled by Financial Intermediary either (i) by payment of the full purchase price less an
amount equal to Financial Intermediary's applicable percentage of the initial sales load, or (ii) by payment of the full purchase price, in which case JPMII shall pay Financial Intermediary, not less frequently than monthly, the aggregate
sales loads due to it on settled purchase Orders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Based upon the settlement method chosen by Financial Intermediary, it shall be the obligation of Financial
Intermediary to either (i) assess the appropriate initial sales load for each purchase Order and to forward the public offering price, net of the amount of the initial sales load to be reallocated to Financial Intermediary, to JPMII, or
(ii) to provide JPMII with all necessary information regarding the application of the appropriate initial sales load to each purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Sales charge reductions, discounts, and waivers may be available as provided in the Registration Statement. To
obtain any such reductions, JPMII must be notified promptly when a transaction or transactions would qualify for the reduced charge and Financial Intermediary must submit information that is sufficient (in the discretion of JPMII) to substantiate
qualification therefore. The foregoing shall include advising JPMII of any Letter of Intent signed by Financial Intermediary's customer or of any Right of Accumulation available to such customer. If Financial Intermediary fails to so advise
JPMII, Financial Intermediary will be liable for the return of any commissions plus interest thereon. Rights of Accumulation (including rights under a Letter of Intent) are available, if at all, only as set forth in the Registration Statement, and
Financial Intermediary hereby authorizes any adjustment to its account (and will be liable for any refund) to the extent any allowance, discount or concession is made and the conditions therefor are not fulfilled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that Financial Intermediary notifies JPMII in writing that Financial Intermediary elects to waive
the initial sales load, and if the Registration Statement permits such waiver, the initial load will not be assessed on the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Neither the Fund nor JPMII shall have any responsibility to correct the payment or assessment of an incorrect
initial sales load due to the failure of the Financial Intermediary to fulfill the foregoing obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Financial Intermediary acknowledges and agrees that the Fund may, upon thirty (30) days' prior
written notice to JPMII, suspend or eliminate the payment of any compensation or other Financial Intermediary compensation, by amendment, sticker, or supplement to the Prospectus for the Fund, except that the Fund may, without prior notice to JPMII,
suspend or eliminate the payment of any compensation or other Financial Intermediary compensation, by amendment, sticker, or supplement to the Prospectus for the Fund in cases where such suspension or elimination is required (a) pursuant to the
dictates of any relevant regulatory agency with jurisdiction over the Fund, JPMII, or Financial Intermediary or (b) otherwise by operation of law. JPMII agrees to notify Financial Intermediary promptly upon receiving notice of any suspension or
elimination of the payment of any compensation to JPMII or Financial Intermediary by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Financial Intermediary will comply with FINRA Rule 2341, or any successor rule thereof. In accordance with
FINRA Rule 2341, the parties understand and agree that, pursuant to limitations imposed by FINRA, no payments will be made to Financial Intermediary under this Agreement to the extent payments made to Financial Intermediary and any other FINRA
member in respect of distribution or sales services exceed, in the aggregate, (a) with respect to the front-end sales charge (as defined under FINRA Rule 2341) in connection with the sale of Shares
pursuant to this Agreement, 3.25% of the total proceeds received by the Fund in respect of sales of Shares registered under the Fund's current registration statement on Form N-2 and (b) with respect
to any asset-based, front-end, and deferred sales charge (as defined under FINRA Rule 2341), 6.25% of the total proceeds received by the Fund in respect of sales of Shares registered under the Fund's
current registration statement on Form N-2; provided, however, that JPMII agrees that it will not take any action that would cause Financial Intermediary to receive, in respect of any customer, less than the
Maximum Compensation in respect of such customer. For purposes hereof, "Maximum Compensation" means, in respect of any customer, the cumulative amount of asset-based, front-end and deferred
distribution fees payable hereunder for so long as the customer remains an investor in the Fund, not to exceed in the aggregate the product of 6.25% multiplied by the aggregate offering price of the Shares received by the Fund in respect of such
investor, in accordance with FINRA Rule 2341. Financial Intermediary represents that it is subject to FINRA Rule 2030 (the "Rule"). Financial Intermediary represents that it has policies and procedures to ensure compliance with the Rule
and is currently in compliance with the Rule. Moreover, Financial Intermediary represents that neither it nor any of its Covered Associates (i.e., any general partner, managing member or executive officer of Financial Intermediary, as well as any
person with a similar status or function, (ii) any associated person of Financial Intermediary who engages in distribution or solicitation activities with a government entity, (iii) any associated person of Financial Intermediary who
supervises,

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directly or indirectly, the government entity distribution or solicitation activities of a person in (ii) above, and (iv) any political action committee controlled by Financial Intermediary or one of its Covered Associates) has made, directly or indirectly, any contributions that prohibit Financial Intermediary from engaging in solicitation activities for compensation under the Rule (a "Triggering Contribution"). Financial Intermediary hereby agrees that neither it nor its Covered Associates will make a Triggering Contribution or violate the Rule while engaged hereunder. If Financial Intermediary breaches this provision and becomes aware of a Triggering Contribution or a violation of the Rule, it shall promptly provide written notice to JPMII of the nature of the Triggering Contribution or violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Financial Intermediary agrees that it will monitor on an ongoing basis the receipt of underwriting
compensation, if any, set forth in the Prospectus in connection with the distribution of Shares and the rendering to customers in the Fund of ongoing investor and account maintenance services and will report thereon to JPMII no less frequently than
quarterly. As used herein, "sales charges" means all amounts constituting sales charges under Rule 2341(b)(8) of the FINRA Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) No portion of the compensation paid to Financial Intermediary by JPMII hereunder shall be remitted or otherwise
paid to any third party by Financial Intermediary without the prior written consent of JPMII, which consent may be withheld in JPMII's sole discretion. Except as noted in this Agreement, Financial Intermediary will not accept any direct or
indirect compensation from any person or entity other than as set forth in this Section B.6 in connection with the offer or sale of Shares without the prior written agreement of JPMII.

**7.** **Contingent Deferred Sales Charges and Advance Commissions Payable to Financial Intermediary.** 

(a) Upon the purchase of certain Shares, JPMII will pay Financial Intermediary an advance commission as described
in the Fund's Registration Statement. This amount is not to be considered an initial sales load and will not be deducted from the public offering price of the Shares. A contingent deferred sales charge ("CDSC") will be assessed
upon the repurchase of Shares held for less than a specified time period, as described in the Registration Statement.

(b) In the event that Financial Intermediary notifies JPMII in writing that Financial Intermediary elects to waive
such advance commission, and if the Fund's Registration Statement permits such a waiver, the advance commission will not be paid and the CDSC will not be charged upon the repurchase of the relevant Shares. Neither the Fund nor JPMII shall have
any responsibility to correct the assessment of an incorrect CDSC due to the failure of the Financial Intermediary to fulfill the foregoing obligation.

(c) In the event that Financial Intermediary maintains an omnibus account with the Funds' transfer agent,
Financial Intermediary must be able to account for share ownership periods used in calculating the CDSC in order to receive advanced commissions from JPMII.

**C.**  **<u>Distribution Services and Fees</u>.** 

**1.** **Agreement to Provide Distribution Services.** 

JPMII hereby appoints Financial Intermediary to furnish sales and marketing services to its customers who invest in and own Shares that pay a distribution fee under distribution plans adopted by the Funds pursuant to Rule 12b-1 under the Investment Company Act ("Rule 12b-1 Fees").

**2.** **Asset-Based Sales Loads Payable to Financial Intermediary.** 

During the term of this Agreement, JPMII will pay Financial Intermediary Rule 12b-1 Fees as set forth in the Registration Statement. JPMII may, in its sole discretion, reduce the amount of, or eliminate entirely, Rule 12b-1 Fee payments. In addition, Rule 12b-1 Fees may be reduced or eliminated at any time if the distribution plans under which the fees are paid are materially amended or terminated either by the Board of the Funds or by vote of a majority of the outstanding Shares. JPMII reserves the right not to pay Rule 12b-1 Fees to Financial Intermediary if Financial Intermediary's 12b-1 Fee payments for a given month are deemed to be de minimis.

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JPMII currently adheres to a $25.00 de minimis threshold, but reserves the right to change that threshold from time to time. Fees are paid on assets held in accounts on the Fund's Transfer Agency system where the Firm is listed as dealer of record.

For the payment period in which this Agreement becomes effective or terminates, there shall be an appropriate pro-ration of Rule 12b-1 Fee payment on the basis of the number of days that this Agreement is in effect during the period.

**D.**  **<u>Networking</u>.** 

If the parties plan to participate in Networking, each agrees to do so pursuant to the standard Networking agreement it has executed and filed with the DTCC and the DTCC's rules and procedures.

**E.**  **<u>Delivery of Prospectuses and Reports to Customers</u>.** 

Financial Intermediary will forward or cause to be forwarded to customers the Funds' current effective prospectus, currently effective SAI, periodic financial reports, proxy materials and other Fund communications as required to be delivered to, or received by, customers under Applicable Law or as reasonably requested by JPMII or a Fund. Financial Intermediary shall respond to requests for a Prospectus, SAI, currently effective annual report or currently effective semi-annual report made by a customer directly to Financial Intermediary with the documents that JPMII or a Fund has provided to it hereunder, including any applicable supplements, as required under Applicable Law. Unless instructed by JPMII or a Fund to the contrary, Financial Intermediary may consolidate or utilize "household" mailing for the delivery of the above-described materials where permissible under, and in accordance with, Applicable Law, and, unless instructed by JPMII or a Fund to the contrary, the delivery of the materials may be accomplished via electronic means, so long as the methodologies utilized by Financial Intermediary comply with Applicable Law relating to the delivery and receipt of such materials, including, but not limited to, that Financial Intermediary received informed consent from all applicable shareholders permitting the method and manner of such use, and Financial Intermediary maintains, and agrees to provide to JPMII or a Fund upon request, records of each such delivery.

**F.**  **<u>Indemnification</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Financial Intermediary shall indemnify and hold harmless JPMII, each Fund, the transfer agent of the Funds, and
their respective subsidiaries, affiliates, officers, directors (or trustees), and employees from all claims, liabilities, losses or costs (including reasonable attorney's fees) arising directly from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any breach by Financial Intermediary of any representations, covenants or warranties in this Agreement or a
material breach of any provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any actions or omissions of JPMII, any Fund, the transfer agent of the Funds, and their subsidiaries,
affiliates, officers, directors (or trustees), and employees in reliance upon any oral, written or computer or electronically transmitted instructions, documents or materials believed to be genuine and to have been given by or on behalf of Financial
Intermediary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any willful misconduct or negligence (as measured by industry standards) of Financial Intermediary, its agents
and employees, in the performance of, or failure to perform, its obligations under this Agreement, or any reckless disregard of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. JPMII shall indemnify and hold harmless Financial Intermediary and its subsidiaries, affiliates, officers,
directors, and employees from and against any and all claims, liabilities, losses or costs (including reasonable attorney's fees) arising directly from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any breach by JPMII of any representations, covenants or warranties in this Agreement or any material breach of
any provision of this Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any alleged untrue statement of a material fact contained in any Fund's Registration Statement or any
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements contained therein not misleading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any willful misconduct or negligence (as measured by industry standards) of JPMII, its agents and employees, in
the performance of, or failure to perform, its obligations under this Agreement, or any reckless disregard of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Neither JPMII nor Financial Intermediary shall be liable for special, consequential or incidental damages. The
indemnification provided for hereunder shall be in addition to any liability, which the parties may otherwise have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The agreement of the parties in this Section F. to indemnify each other is conditioned upon the party entitled
to indemnification ("Indemnified Party") giving notice to the party required to provide indemnification ("Indemnifying Party") promptly after the summons or other first legal process for any claim as to which indemnity may be
sought is served on the Indemnified Party. Such notice will be given by any means of prompt delivery that provides confirmation of receipt to the address provided by each party in this Agreement. The Indemnified Party shall permit the Indemnifying
Party to assume the defense of any such claim or any litigation resulting from it, provided that counsel for the Indemnifying Party who shall conduct the defense of such claim or litigation shall be approved by the Indemnified Party (which approval
shall not unreasonably be withheld), and that the Indemnified Party may participate in such defense at its expense. If the Indemnifying Party does not elect to assume the defense, the Indemnifying Party will reimburse the Indemnified Party for the
reasonable fees and expenses of any counsel retained by it. The failure of the Indemnified Party to give notice as provided in this Section F.4. shall not affect the Indemnified Party's right to indemnification hereunder except to the extent
that the Indemnifying Party's interest are actually prejudiced thereby. No Indemnifying Party, in the defense of any such claim or litigation, shall, without the written consent of the Indemnified Party, consent to entry of any judgment or
enter into any settlement that does not include as an unconditional term the giving by the claimant or plaintiff to the Indemnified Party of a release from all liability in respect to such claim or litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The provisions of this Section F shall survive the termination of this Agreement.

**G.**  **<u>Confidentiality</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each party acknowledges and understands that any and all technical, trade secret, or business information,
including, without limitation, financial information, business or marketing strategies or plans or product development, which is disclosed to the other or is otherwise obtained by the other, its affiliates, agents or representatives during the term
of this Agreement (the "Proprietary Information") is confidential and proprietary, constitutes trade secrets of the owner, and is of great value and importance to the success of the owner's business. Each party agrees that should
it come into possession of Proprietary Information, it will use its best efforts to hold such information in confidence and shall refrain from using, disclosing or distributing any such information except (i) as may be necessary in the ordinary
course of performing the services and transactions contemplated by this Agreement; (ii) with the written consent of the other party; or (iii) as required by law or judicial process, or as requested by any governmental agency or regulatory
authority. Proprietary Information shall not include information a party to this Agreement can clearly establish was (a) known to the party prior to this Agreement; (b) rightfully acquired by the party from third parties whom the party
reasonably believes are not under an obligation of confidentiality to the other party to this Agreement; (c) placed in public domain without fault of the party or its affiliates; or (d) independently developed by the party without
reference to, or reliance upon, Proprietary Information. In the event that a party ("disclosing party") is requested or required by law to disclose any Proprietary Information, the disclosing party shall provide the other party ("non-disclosing party") with prompt written notice, unless notice is prohibited by law, of any such request or requirement so that the non-disclosing party may
seek a protective order or other appropriate remedy; provided that no such notification shall be required in respect of any disclosure to any governmental agency or regulatory authority having jurisdiction over the disclosing party or its
affiliates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All information, including "nonpublic personal information" as that term is defined in Regulation S-P, relating to shareholders of the Funds who are customers of Financial Intermediary are and shall remain the sole property of the Funds and the Financial Intermediary and shall not be disclosed to or used by the
Funds, the Financial Intermediary, JPMII, or their affiliates for any purpose except in the performance of their respective duties and responsibilities under this Agreement and except for servicing and informational mailings relating to the Funds or
as permitted by Rule 15 of Regulation S-P. Notwithstanding the foregoing, this Section G shall not prohibit the Financial Intermediary, the Funds, JPMII, or any of their affiliates from utilizing the names of
customers of Financial Intermediary for any purpose if the names are obtained in any manner other than from Financial Intermediary pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If applicable, Financial Intermediary will deliver the Funds' privacy policy as required by Regulation S-P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The provisions of this Section G shall survive the termination of this Agreement.

**H.**  **<u>Anti-Money Laundering Program</u>.** 

Financial Intermediary represents that it has established an Anti-Money Laundering Program ("AML Program") that is designed to comply with applicable U.S. laws, regulations, and guidance, including rules of self-regulatory organizations, relating to the prevention of money laundering, terrorist financing, and related financial crimes. Its AML Program includes written policies and procedures regarding the (i) verification of the identity of its customers and the source of the customers' funds, and (ii) reporting of any suspicious transactions in a customer's account. Financial Intermediary agrees to cooperate with JPMII to satisfy JPMII's AML due diligence policies, which may include annual AML compliance certifications, periodic AML due diligence reviews and/or other requests deemed necessary to ensure its compliance with the AML regulations. Financial Intermediary will (but only to the extent consistent with applicable law) take all steps necessary and appropriate to provide the Funds and/or JPMII with any requested information about its customers and their Fund accounts in the event that the Funds and/or JPMII shall request such information due to an inquiry or investigation by any law enforcement, regulatory, or administrative authority.

**I.**  **<u>ERISA.</u>** 

Financial Intermediary acknowledges and agrees that when JPMII engages in marketing and sales activities with Financial Intermediary pursuant to this Agreement (i) JPMII does not acknowledge that it is a fiduciary ("Fiduciary") within the meaning of Section 3(21) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA") with respect to any Customer of Financial Intermediary the assets of which are subject to regulation under Title I of ERISA and/or Section 4975 of the Internal Revenue Code of 1986, as amended (the "Code") (including any assets of Financial Intermediary's customer that are held in an investment contract, product or entity that are deemed to hold plan assets subject to such regulation as determined pursuant to Section 3(42) of ERISA and the regulations promulgated thereunder) (collectively, "Plan Investors"); (ii) JPMII specifically disclaims such Fiduciary status whether or not JPMII participates in any arrangement in which a Plan Investor or its representatives may be present, as requested by or at the direction of Financial Intermediary; and (iii) JPMII does not recommend the use of any Fund to a specific Plan Investor or category of Plan Investors. In addition, Financial Intermediary acknowledges and agrees that Financial Intermediary is a fiduciary under ERISA and is responsible for evaluating the investment risks, including the investment program contemplated by this Agreement, and it exercised independent judgment in connection with its decision to appoint JPMII as set forth herein.

To the extent Shares are purchased by Financial Intermediaries' customers through a defined contribution plan subject to Title I ERISA (a "Plan"): (i) the arrangements provided for in this Agreement will be disclosed to the Plan(s) through their representatives and; (ii) Financial Intermediary represents and warrants that its receipt of fees pursuant to this Agreement and the provision of the services contemplated herein to any Plan(s) will not constitute a non-exempt "prohibited transaction" as such term is defined in Section 406 of ERISA and Section 4975 of the Code.

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**J.**  **<u>Miscellaneous</u>.** 

**1.** **Use of Names.** 

Neither party shall use the name (or any trademark, trade name, service mark or logo) of the other party or its affiliates or of the Funds in any manner without the other party's written consent, except as required by any applicable federal or state law, rule or regulation, and except that Financial Intermediary may identify the Funds in a listing of funds offered by Financial Intermediary.

**2.** **Security Against Unauthorized Use of Funds' Recordkeeping Systems.** 

Financial Intermediary agrees to provide such security as is necessary to prevent any unauthorized use of the Funds' recordkeeping system, accessed via (a) the world wide web or any URL maintained by the Funds or JPMII, (b) a networking/data access arrangement or (c) computer hardware or software provided to Financial Intermediary by JPMII.

**3.** **Certification of Customers' Taxpayer Identification Numbers.** 

Financial Intermediary agrees to obtain any taxpayer identification number certification from its customers required under the Code and any applicable U.S. Treasury regulations, and to provide JPMII, or its designee with timely written notice of any failure to obtain such taxpayer identification number certification in order to enable the implementation of any required backup withholding. Financial Intermediary will not knowingly accept or act upon any instruction to purchase Shares from a customer located outside the United States of America or for the account of any non-US person unless otherwise agreed by the parties.

**4.** **Notices.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise specifically provided in this Agreement, all notices required or permitted to be given
pursuant to this Agreement shall be given in writing and delivered by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) personal delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) postage prepaid, registered or certified United States first class mail, return receipt requested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) overnight courier services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) facsimile or similar electronic means of delivery (with a confirming copy by mail as provided herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise notified in writing, all such notices shall be given or sent to the other party at the address
on the signature page hereof, Attention: President, or by email.

**5.** **Records.** 

Financial Intermediary will maintain all records (1) required to be kept by state and federal law, regulation or rules relating to the provision of the services contemplated under the Agreement, (2) necessary or appropriate to demonstrate its compliance with the terms and conditions of the Registration Statement or the Agreement, or (3) necessary to make required regulatory reports. Upon the request of JPMII, a Fund or their authorized agents, Financial Intermediary shall provide any current annual reports on internal controls prepared by an independent auditor pursuant to either Statement for Attestation Engagements No. 18 ("SSAE 18") (or any successor provision) or the Financial Intermediary Controls and Compliance Assessment ("FICCA"), and such other similar or related documents as reasonably requested (collectively, "Audit Documents"). Financial Intermediary acknowledges that JPMII or the Funds may use a third party vendor to review and assess the contents of the Audit Documents, and, notwithstanding anything herein to the contrary, Financial Intermediary consents to JPMII and the Funds sharing such Audit Documents with the third party vendor.

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**6.** **Delegation of Duties.** 

Either party may employ an affiliate or a third party to perform any services required to enable the party to perform its functions under this Agreement. The delegating party will act in good faith in the selection, use and monitoring of affiliates and other third parties, and any delegation or appointment hereunder shall not relieve the delegating party of any of its obligations under this Agreement. The delegating party agrees that it remains liable to the other party for an affiliate's or third party's compliance with this Agreement, applicable regulations and requirements to the same extent as if the delegating party itself had acted or failed to act instead of the affiliate or third party.

**7.** **Effective Date, Amendment and Termination.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the date executed by both parties. This Agreement supersedes any
other agreements between the parties with respect to the offer and sale of Shares and other matters covered herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue in effect, with respect to Rule 12b-1 Fees payable by each Fund, until one year following the date of its execution, and thereafter for successive periods of one year if the form of this Agreement is approved at least annually by the Board of the Funds, including a majority of the
members of the Board of the Funds who are not interested persons of the Funds cast in person at a meeting called for that purpose or pursuant to exemptive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be amended by JPMII from time to time by the following procedure. JPMII will mail a copy of
the amendment to Financial Intermediary's address, as shown below. If Financial Intermediary does not object to the amendment within thirty (30) days after its receipt, the amendment will become part of the Agreement. Financial
Intermediary's objection must be in writing and be received by JPMII within such thirty days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, this Agreement may be terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at any time, without the payment of any penalty, by the vote of a majority of the members of the Board of the
Funds who are not interested persons of the Funds or by a vote of a majority of the outstanding voting Shares as defined in the Investment Company Act on not more than sixty (60) days' written notice to the parties to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) automatically in the event of the Agreement's assignment as defined in the Investment Company Act, upon
the termination of the Distribution Agreement between the Funds and JPMII, or upon the termination of the applicable distribution plan(s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by any party to this Agreement without cause by giving the other party at least thirty (30) days'
written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The termination of this Agreement with respect to any one Fund will not cause the Agreement's termination
with respect to any other Fund.

**8.** **Incorporation of Exhibit A** 

Financial Intermediary and JPMII agree that the attached Exhibit A is incorporated into and made a part of this Agreement and all references herein to the Agreement shall include such Exhibit.

**9.** **Authorization.** 

Financial Intermediary and JPMII each represents to the other (i) that it has the requisite authority to enter into and perform its responsibilities under this Agreement; and (ii) that this Agreement constitutes its valid and binding obligation.

**10.** **Governing Law.** 

This Agreement shall be construed in accordance with the laws of the State of New York.

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**11.** **Counterparts; Severability.** 

This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. In the event that one or more provisions of this Agreement shall be held by any court to be invalid, void or unenforceable, the remaining provisions shall nevertheless remain and continue in full force and effect. Facsimile or electronic PDF transmissions of any executed original document and/or retransmission of any executed facsimile or electronic PDF transmission shall be deemed to be the same as the delivery of an executed original. For the avoidance of doubt, a party's execution and delivery of this Agreement by electronic signature and electronic transmission (jointly, an "Electronic Signature"), including via DocuSign or other similar method, shall constitute the execution and delivery of a counterpart of this Agreement by or on behalf of such party and shall bind such party to the terms of this Agreement. The parties hereto agree that this Agreement and any additional information incidental hereto may be maintained as electronic records. Any party executing and delivering this Agreement by an Electronic Signature further agrees to take any and all reasonable additional actions, if any, evidencing its intent to be bound by the terms of this Agreement, as may be reasonably requested by JPMII.

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**J.P. MORGAN INSTITUTIONAL INVESTMENTS INC.** 

FINRA CRD Number: 102920

Street Address:

383 Madison Avenue

New York, NY 10179

By:<u> </u>

Name:<u> </u>

Title:<u> </u>

Date:<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Intermediary Name FINRA CRD Number

(Please Print or Type)

Address<u> </u>

City: State<u> </u>Zip Code<u> </u>

Phone: Fax: ______________________________________

By:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signature

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Title

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Print Name or Type Name

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Dated

<u>Wire Instructions:</u> 

Bank Name: ______________________________________________________________________________________________

Account Name: ____________________________________________________________________________________________

ABA Routing Number: ______________________________ Account Number: ______________________________

FFC: ____________________________________________

Additional reference details to include in the wire: _________________________________________________________________

Email address(es) per payment confirm statements to be sent: _______________________________________________________

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EXHIBIT A

FUNDS

JPMorgan Credit Markets Fund

## Ex-99.(H)(3)

J.P. MORGAN INSTITUTIONAL INVESTMENTS INC.

**SERVICE AGREEMENT** 

Shareholder Servicing

This Agreement is entered into between the financial institution executing this Agreement ("Financial Intermediary") and J.P. Morgan Institutional Investments Inc. ("JPMII").

RECITALS

WHEREAS, JPMII serves as the Shareholder Servicing Agent for each of the closed-end management investment companies registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "Investment Company Act"), listed on Exhibit A (each, a "Fund"; collectively, the "Funds") each with one or more classes of shares pursuant to a Shareholder Servicing Agreement effective as of [ ], 2025 (the "Shareholder Servicing Agreement");

WHEREAS, pursuant to the Shareholder Servicing Agreement, JPMII is authorized to delegate the provision of some or all of the services contemplated by the Shareholder Servicing Agreement to financial intermediaries; and

WHEREAS, JPMII desires to retain Financial Intermediary to provide such services to owners or beneficial owners of shares of the Funds that Financial Intermediary makes available to its customers ("Customers") on the terms and conditions set forth herein.

AGREEMENT

NOW THEREFORE, in consideration of the mutual promises set forth herein, the parties agree as follows:

**I. Services**.

Financial Intermediary shall accept Customers' instructions for transactions in the classes of shares (each, a "Class") of the Funds (collectively, "Shares") and transmit them to the Funds in accordance and in compliance with the terms and conditions of the applicable current prospectus ("Prospectus") and Statement of Additional Information ("SAI," and together with the Prospectus, the "Registration Statement"), the applicable rules, regulations and requirements, and the operating procedures set forth on Exhibit B. In addition, Financial Intermediary will provide to its Customers each of the applicable services specified in Exhibit C.

**II. Transactions in Shares.** 

A. Financial Intermediary acknowledges that the Fund has adopted, pursuant to Rule 23c-3 under the Investment Company Act, a fundamental policy, which cannot be changed without shareholder approval, requiring the Fund to offer to repurchase at least 5% and up to 25% of its Shares at net asset value on a quarterly basis ("Repurchase Offers"). Financial Intermediary agrees to promptly transmit to its Customers any Repurchase Offer notification received from JPMII within the time period specified in the Prospectus and in such notification, and to use its reasonable best efforts to transmit repurchase requests from its Customers to the Fund or its transfer agent or other designee by the applicable repurchase request deadline as specified in the Prospectus or such notification. Financial Intermediary expressly acknowledges and agrees that Shares will not be repurchased by either the Fund (other than through

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Repurchase Offers, or other tender offers from time to time, if any) or JPMII, and that no secondary market for the Shares exists currently or is expected to develop, and therefore that the Shares have very limited liquidity and are appropriate only as a long-term investment. Financial Intermediary also expressly acknowledges and agrees that, in the event one or more of its customers cancel their order for Shares after confirmation, such Shares may not be repurchased, remarketed or otherwise disposed of by or through JPMII. Any representation as to a Repurchase Offer or other tender offer by the Fund, other than that which is set forth in the Prospectus or a Repurchase Offer notice issued by the Fund, is expressly prohibited.

B. The Funds will execute all accepted orders for the purchase of any Shares at the next determined public offering price per share (i.e., the net asset value per share plus the applicable initial sales load, if any). JPMII and the Funds reserve the right to reject any purchase request in their sole discretion.

The Financial Intermediary agrees that neither the Funds, JPMII nor any of their affiliates or agents will have any responsibility or liability to review any purchase, redemption or repurchase request which is presented by Financial Intermediary (i) to determine whether such request is genuine or authorized by the Customer or (ii) to determine the suitability of a particular Fund or Class for such Customer. The Funds, JPMII and their affiliates and agents will be entitled to rely conclusively on any purchase, redemption or repurchase request communicated to the Funds by Financial Intermediary, and will have no liability whatsoever for any losses, claims or damages to or against Financial Intermediary or any Customer resulting from the failure of Financial Intermediary to transmit any such request, or from any errors contained in any request.

C. Financial Intermediary confirms that it will be considered the Funds' agent for the sole purpose of receiving purchase, redemption or repurchase orders from Customers and transmitting them to the Funds. Financial Intermediary may authorize such intermediaries as it deems appropriate ("Correspondents") to receive orders on the Funds' behalf. Financial Intermediary shall be liable to the Funds for each Correspondent's compliance with applicable regulations, requirements and this Section II to the same extent as if Financial Intermediary itself had acted or failed to act instead of the Correspondent.

D. Financial Intermediary agrees to maintain records of all purchases and sales of Shares made through Financial Intermediary for at least the period required under Applicable Law and to furnish JPMII with copies of such records upon its request and, upon request from a regulatory authority or as required under Applicable Law, to furnish such regulatory authority with copies of such records.

E. Financial Intermediary certifies that it will at all times follow all applicable rules, regulations and requirements in connection with the handling of orders for transactions in the Funds, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) applicable rules under the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the provisions of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Registration Statement.

F. Financial Intermediary further certifies that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has adopted and implemented and will monitor, on a continuous basis, its compliance with procedures reasonably
designed to prevent violations of all applicable laws, rules, regulations and Registration Statement requirements with respect to late trading, market timing and abusive trading practices (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has determined that each Correspondent has adopted and implemented and will monitor, on a continuous basis, its
compliance with its own internal procedures reasonably

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designed to prevent violations of relevant law, regulation and Registration Statement requirements with respect to late trading, market timing and abusive trading practices (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) will provide information and further certification to JPMII or its designee to verify compliance with this
Section II and Section D in Exhibit B; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) will cooperate in monitoring and enforcing the Fund's market timing, late trading, and any redemption,
tender or repurchase fee policies (as applicable) as set forth in the Registration Statement and such other policies established by the Fund from time to time.

G. The parties agree that in performing its services under to this Agreement: (i) Financial Intermediary is acting as agent for the Customer and covenants and agrees to comply with all applicable terms and conditions of the Registration Statement, except that in connection with orders for the purchase of Shares on behalf of any IRAs, 401(k) plans or other retirement plan accounts, by mail, telephone, or wire, Financial Intermediary shall agree it acts as agent for the custodian or trustee of such plans; (ii) the Customer is for all purposes the customer of Financial Intermediary; (iii) each transaction is initiated solely upon the order of the Customer; (iv) as between Financial Intermediary and the Customer, the Customer will have full beneficial ownership of all Shares; (v) each transaction shall be for the account of the Customer and not for Financial Intermediary's account; (vi) each transaction shall be without recourse to Financial Intermediary provided that Financial Intermediary acts in accordance with the terms of this Agreement; and (vii) except for the limited purpose of receiving orders to purchase, redeem, tender, repurchase or exchange Shares ("Orders") for Share transactions from its customers, Financial Intermediary shall be deemed an independent contractor shall have no authority to act as agent for JPMII or the Funds.

H. Notwithstanding any other provision of this Agreement to the contrary, nothing in this Agreement contemplates or requires that JPMII provide any services, deal directly with or give any recommendations to any retail customer or retail investor for purposes of SEC Regulation Best Interest or Form CRS, it being understood and agreed between and among the parties that JPMII will act only as a wholesale distributor for Funds through third-party dealers and selling agents, which will deal with such retail customers or retail investors.

**III. Shareholder Information** 

A. Financial Intermediary agrees to provide the Fund, upon written request, the taxpayer identification number ("TIN"), the Individual/International Taxpayer Identification Number ("ITIN"), or other government-issued identifier ("GII"), if known, of any or all Shareholder(s) and the amount, date, name or other identifier of any investment professional(s) associated with the Shareholder(s) (if known), and transaction type (purchase, redemption, tender, repurchase, transfer, or exchange) of every purchase, redemption, tender, repurchase, transfer, or exchange of Shares held through a Financial Intermediary Fund Account during the period covered by the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Requests must set forth a specific period, not to exceed one year from the date of the request, for which
transaction information is sought. A request may be ongoing and continuous (e.g., for each trading day throughout the year) or for specified periods of time. The Fund may request transaction information older than one year from the date of the
request as it deems necessary to investigate compliance with policies established or utilized by the Fund for the purpose of eliminating or reducing market timing and abusive trading practices.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Financial Intermediary agrees to provide, promptly upon request of the Fund or its designee, the requested
information specified in Section III.A. If requested by the Fund or its designee, Financial Intermediary agrees to use best efforts to determine promptly whether any specific person about whom it has received the identification and transaction
information specified in Section III.A. is itself a financial intermediary ("indirect intermediary") and, upon further request of the Fund or its designee, promptly either (i) provide (or arrange to have provided) the information
set forth in 3(a) for those shareholders who hold an account with an indirect intermediary; or (ii) restrict or prohibit the indirect intermediary from purchasing, in nominee name on behalf of other persons, securities issued by the Fund.
Financial Intermediary additionally agrees to inform the Fund whether it plans to perform (i) or (ii). Responses required by this paragraph must be communicated in writing and in a format mutually agreed upon by the parties; and to the extent
practicable, the format for any transaction information provided to the Fund should be consistent with the Depository Trust Clearing Corporation ("DTCC") Standardized Data Reporting Format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Fund agrees not to use the Shareholder information received from Financial Intermediary pursuant to this
Agreement for marketing or any other similar purpose without the prior written consent of Financial Intermediary.

B. Financial Intermediary agrees to execute written instructions from the Fund to restrict or prohibit further purchases or exchanges of Shares by a Shareholder that has been identified by the Fund as having engaged in transactions in the Fund's Shares (directly or indirectly through a Financial Intermediary Fund Account) that violate policies established for the purpose of eliminating or reducing market timing and abusive trading practices (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Instructions to restrict or prohibit trading must include the TIN, ITIN, or GII, if known, and the specific
restriction(s) to be executed. If the TIN, ITIN, or GII is not known, the instructions must include an equivalent identifying number of the Shareholder(s) or the Financial Intermediary Fund Account(s) or other agreed upon information to which the
instruction relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Financial Intermediary agrees to execute instructions as soon as reasonably practicable, but not later than
five business days after receipt of the instructions by the Financial Intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Financial Intermediary must provide written confirmation to the Fund that instructions have been executed.
Financial Intermediary agrees to provide confirmation as soon as reasonably practicable, but not later than ten business days after the instructions have been executed.

C. For purposes of this Section III of the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The term "Financial Intermediary Fund Account" means a direct or networked Shareholder account with
the Fund maintained by Financial Intermediary or an omnibus account with the Fund maintained by Financial Intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The term "Fund" includes the Funds, JPMorgan Distribution Services, Inc., J.P. Morgan Institutional
Investments Inc., which is the Fund's principal underwriter, and the Fund's transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The term "Shares" means the interests of Shareholders corresponding to the securities of record
issued by the Fund under the Investment Company Act that are held by or through a Financial Intermediary Fund Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The term "Shareholder" means (i) the beneficial owner of Shares held by or through a Financial
Intermediary Fund Account; (ii) a participant in an employee benefit plan owning Shares held by or through a Financial Intermediary Fund Account, notwithstanding that the employee benefit plan may be deemed to be the beneficial owner of Shares;
and (iii) the holder of interests in a variable annuity or variable life insurance contract issued by Financial Intermediary owning Shares held by or through a Financial Intermediary Fund Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The term "written" and/or "in writing" includes electronic writings and facsimile
transmissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The term "Financial Intermediary" shall mean a "financial intermediary" as defined in
Rule 22c-2 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The term "purchase" does not include the automatic reinvestment of dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The term "promptly" as used in Section III.A.ii. shall mean as soon as practicable but in no event
later than ten business days from the Financial Intermediary's receipt of the request for information from the Fund or its designee.

**IV. Representations, Warranties and Covenants** 

A. JPMII represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It has the requisite authority to enter into this Agreement and to make the payments contemplated herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) That the payment to Financial Intermediary of any fees pursuant hereto is authorized under the Shareholder
Servicing Agreement.

B. Financial Intermediary represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It has the requisite authority to enter into this Agreement and to perform the services contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The execution and delivery of this Agreement and the performance of the services contemplated herein have been
duly authorized by all necessary corporate action on its part, and this Agreement constitutes the valid and binding obligation of Financial Intermediary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) It currently does, and will, conduct its activities hereunder in material conformity with all applicable
federal, state and industry laws or regulations and will disclose its receipt of fees hereunder to Customers (and, if required, will obtain their consent to such receipt) in accordance with applicable laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) That it will maintain membership with the National Securities Clearing Corporation ("NSCC") and any
other similar successor organization to sponsor a participant number for the Fund so as to enable the Shares to be traded through the Depository Trust Clearing Corporation's ("DTCC") Mutual Fund Settlement Entry and Registration
Verification system ("Fund/SERV"), and/or the DTCC's Networking system ("Networking"), Financial Intermediary has executed and filed with the DTCC the standard Networking agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Process accounts through Networking and the purchase, redemption, tender, repurchase, transfer and exchange of
shares in such accounts through Fund/SERV (Networking and Fund/SERV being programs operated by NSCC on behalf of NSCC's participants, including the Fund), in accordance with, instructions transmitted to and received by Financial Intermediary
by transmission from NSCC on behalf of broker-dealers and banks which have been established by, or in accordance with the instructions of authorized persons, as hereinafter defined on the dealer file maintained by Financial Intermediary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Issue instructions to the Fund's custodian for the settlement of transactions between the Fund and NSCC
(acting on behalf of its broker-dealer and bank participants);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Provide account and transaction information from the affected Fund's records on an appropriate computer
system in accordance with NSCC's Networking and Fund/SERV rules for those broker-dealers and maintain shareholder accounts through Networking;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The providing of its services set forth on Exhibit C hereof will in no event be primarily intended to result in
the sale of Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) It will maintain comprehensive general liability coverage and will carry a fidelity bond covering it and each
of its employees and authorized agents with limits of not less than those considered commercially reasonable and appropriate under current industry practices, each issued by a qualified insurance carrier with a Financial Strength Rating from A.M.
Best Company rating of at least "A," and, upon JPMII's request, it will furnish a certificate of insurance evidencing such coverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) All representations, warranties and covenants made in this Agreement shall remain true and correct throughout
the duration of the Agreement, and if any such representations, warranties or covenants ceases to be true and correct, Financial Intermediary will promptly inform JPMII of any such occurrence.

Each party hereto agrees to provide to the other such information or documentation necessary for such party to fulfill its obligations hereunder and such other information or documentation as either party may reasonably request.

**V. Fees** 

For the services provided by Financial Intermediary hereunder, JPMII agrees to pay to Financial Intermediary a fee with respect to each Fund, which fee is calculated daily and paid monthly as set forth on Exhibit D. If JPMII is waiving its shareholder servicing fee from a Fund to manage the Fund's expenses in extraordinary market conditions, JPMII may, in its sole discretion, reduce the amount of, or eliminate entirely, the service fee payable to Financial Intermediary with respect to such Fund. If JPMII reduces the service fee payable to Financial Intermediary, it will pay Financial Intermediary a fee at a blended rate that reflects the average reduction in the fee rate applicable to the shareholder service fee paid by the Fund to JPMII for the month.

Financial Intermediary's acceptance of any fees hereunder shall constitute its representation (which shall survive any payment of such fees and any termination of this Agreement and shall be reaffirmed each time Financial Intermediary accepts a fee hereunder) that the fees set forth on Exhibit D are appropriate and reasonable based upon the services Financial Intermediary provides to Customers holding such Shares.

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**VI. Indemnification** 

A. Financial Intermediary shall indemnify and hold harmless JPMII, each Fund, the transfer agent of the Funds, and their respective subsidiaries, affiliates, officers, directors (or trustees), and employees from all claims, liabilities, losses or costs (including reasonable attorney's fees) arising directly from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any breach by Financial Intermediary of any representations, covenants or warranties in this Agreement or a
material breach of any provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any actions or omissions of JPMII, any Fund, the transfer agent of the Funds, and their subsidiaries,
affiliates, officers, directors (or trustees), and employees in reliance upon any oral, written or computer or electronically transmitted instructions, documents or materials believed to be genuine and to have been given by or on behalf of Financial
Intermediary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any willful misconduct or negligence (as measured by industry standards) of Financial Intermediary, its agents
and employees, in the performance of, or failure to perform, its obligations under this Agreement, or any reckless disregard of its obligations under this Agreement.

B. JPMII shall indemnify and hold harmless Financial Intermediary and its subsidiaries, affiliates, officers, directors, and employees from and against any and all claims, liabilities, losses or costs (including reasonable attorney's fees) arising directly from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any breach by JPMII of any representations, covenants or warranties in this Agreement or any material breach of
any provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any alleged untrue statement of a material fact contained in any Fund's Registration Statement or any
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements contained therein not misleading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any willful misconduct or negligence (as measured by industry standards) of JPMII, its agents and employees, in
the performance of, or failure to perform, its obligations under this Agreement, or any reckless disregard of its obligations under this Agreement.

C. Neither JPMII nor Financial Intermediary shall be liable for special, consequential or incidental damages. The indemnification provided for hereunder shall be in addition to any liability which the parties may otherwise have*.***

D. The agreement of the parties in this Section VI to indemnify each other is conditioned upon the party entitled to indemnification ("Indemnified Party") giving notice to the party required to provide indemnification ("Indemnifying Party") promptly after the summons or other first legal process for any claim as to which indemnity may be sought is served on the Indemnified Party. Such notice will be given by any means of prompt delivery that provides confirmation of receipt to the address provided by each party in this Agreement. The Indemnified Party shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting from it, provided that counsel for the Indemnifying Party who shall conduct the defense of such claim or litigation shall be approved by the Indemnified Party (which approval shall not unreasonably be withheld), and that the Indemnified Party may participate in such defense at its expense. If the Indemnifying Party does not elect to assume the defense, the Indemnifying Party will reimburse the Indemnified Party for the reasonable fees and expenses of any

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counsel retained by it. The failure of the Indemnified Party to give notice as provided in this Section VI.D. shall not affect the Indemnified Party's right to indemnification hereunder except to the extent that the Indemnifying Party's interest are actually prejudiced thereby. No Indemnifying Party, in the defense of any such claim or litigation, shall, without the written consent of the Indemnified Party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term the giving by the claimant or plaintiff to the Indemnified Party of a release from all liability in respect to such claim or litigation.

E. The provisions of this Section VI shall survive the termination of this Agreement.

**VII. Confidentiality** 

A. Each party acknowledges and understands that any and all technical, trade secret, or business information, including, without limitation, financial information, business or marketing strategies or plans or product development, which is disclosed to the other or is otherwise obtained by the other, its affiliates, agents or representatives during the term of this Agreement (the "Proprietary Information") is confidential and proprietary, constitutes trade secrets of the owner, and is of great value and importance to the success of the owner's business. Each party agrees that should it come into possession of Proprietary Information, it will use its best efforts to hold such information in confidence and shall refrain from using, disclosing or distributing any such information except (i) as may be necessary in the ordinary course of performing the services and transactions contemplated by this Agreement; (ii) with the written consent of the other party; or (iii) as required by law or judicial process or as requested by any governmental agency or regulatory authority. Proprietary Information shall not include information a party to this Agreement can clearly establish was (a) known to the party prior to this Agreement; (b) rightfully acquired by the party from third parties whom the party reasonably believes are not under an obligation of confidentiality to the other party to this Agreement; (c) placed in public domain without fault of the party or its affiliates; or (d) independently developed by the party without reference to, or reliance upon, Proprietary Information. In the event that a party ("disclosing party") is requested or required by law to disclose any Proprietary Information, the disclosing party shall provide the other party ("non-disclosing party") with prompt written notice, unless notice is prohibited by law, of any such request or requirement so that the non-disclosing party may seek a protective order or other appropriate remedy; provided that no such notification shall be required in respect of any disclosure to any governmental agency or regulatory authority having jurisdiction over the disclosing party or its affiliates.

B. All information, including "nonpublic personal information" as that term is defined in Regulation S-P, relating to shareholders of the Funds who are Customers is and shall remain the sole property of the Funds and the Financial Intermediary and shall not be disclosed to or used by the Funds, the Financial Intermediary, JPMII, or their affiliates for any purpose except in the performance of their respective duties and responsibilities under this Agreement and except for servicing and informational mailings relating to the Funds or as permitted by Rule 15 of Regulation S-P. Notwithstanding the foregoing, this Section VII.B. shall not prohibit the Financial Intermediary, the Funds, JPMII, or any of their affiliates from utilizing the names of Customers, for any purpose if the names are obtained in any manner other than from Financial Intermediary pursuant to this Agreement.

C. If applicable, Financial Intermediary will deliver the Funds' privacy policy as required by Regulation S-P.

D. The provisions of this Section VII shall survive the termination of this Agreement.

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**VIII. ERISA** 

Financial Intermediary acknowledges and agrees that when JPMII makes Funds available to Financial Intermediary pursuant to this Agreement (i) JPMII does not acknowledge that it is a fiduciary ("Fiduciary") within the meaning of Section 3(21) of ERISA with respect to any Customer the assets of which are subject to regulation under Title I of ERISA and/or Section 4975 of the Internal Revenue Code of 1986, as amended (the "Code") (including any Customer assets that are held in an investment contract, product or entity that are deemed to hold plan assets subject to such regulation as determined pursuant to Section 3(42) of ERISA and the regulations promulgated thereunder) (collectively, "Plan Investors"); (ii) JPMII specifically disclaims such Fiduciary status whether or not JPMII participates in any arrangement in which a Plan Investor or its representatives may be present, as requested by or at the direction of Financial Intermediary; and (iii) JPMII does not recommend the use of any Fund to a specific Plan Investor or category of Plan Investors. In addition, Financial Intermediary acknowledges and agrees that Financial Intermediary is a fiduciary under ERISA and is responsible for evaluating the investment risks, including the investment program contemplated by this Agreement, and it exercised independent judgment in connection with its decision to appoint JPMII as set forth herein.

To the extent Shares are purchased by Financial Intermediaries' customers through a defined contribution plan subject to Title I ERISA (a "Plan"): (i) the arrangements provided for in this Agreement will be disclosed to the Plan(s) through their representatives and; (ii), Financial Intermediary represents and warrants that its receipt of fees pursuant to this Agreement and the provision of the services contemplated herein to any Plan(s) will not constitute a non-exempt "prohibited transaction" as such term is defined in Section 406 of ERISA and Section 4975 of the Code.

**IX. Effective Date, Amendment and Termination** 

A. This Agreement shall become effective as of the date executed by both parties

B. This Agreement may be amended by JPMII from time to time by the following procedure. JPMII will mail a copy of
the amendment to Financial Intermediary's address, as shown below. If Financial Intermediary does not object to the amendment within thirty (30) days after its receipt, the amendment will become part of the Agreement. Financial
Intermediary's objection must be in writing and be received by JPMII within such thirty days

C. This Agreement may be terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by any party as to any Fund without cause by giving the other party at least thirty (30) days'
written notice. The termination of this Agreement with respect to any one Fund will not cause the Agreement's termination with respect to any other Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding the foregoing, this Agreement may be terminated at any time if required by applicable law,
rule, regulation, order, or instruction by a court of competent jurisdiction or regulatory body or self-regulatory organization with jurisdiction over JPMII or Financial Intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) This Agreement also shall terminate immediately upon termination of the Shareholder Servicing Agreement.

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**X. Miscellaneous** 

A. <u>Custody</u>. Financial Intermediary represents and warrants, and JPMII acknowledges, that Shares maintained by the Fund for Customers hereunder are held in custody for the exclusive benefit of customers of Financial Intermediary and shall be held free of any right, charge, security interest, lien or claim against Financial Intermediary in favor of the Fund or its agents acting on behalf of the Fund.

B. <u>Use of Names</u>. Neither party shall use the name (or any trademark, trade name, service mark or logo) of the other party or its affiliates or, in the case of Financial Intermediary, of the Funds, in any manner without the other party's written consent, except as required by any applicable federal or state law, rule or regulation, and except that Financial Intermediary may identify the Funds in a listing of funds offered by Financial Intermediary.

C. <u>Anti-Money Laundering.</u> Financial Intermediary represents that it has established an Anti-Money Laundering Program ("AML Program") that is designed to comply with applicable U.S. laws, regulations, and guidance, including rules of self-regulatory organizations, relating to the prevention of money laundering, terrorist financing, and related financial crimes. Its AML Program includes written policies and procedures regarding the (i) verification of the identity of its Customers and the source of Customers' funds, and (ii) reporting of any suspicious transactions in a Customer's account. Financial Intermediary agrees to cooperate with JPMII to satisfy JPMII's AML due diligence policies, which may include annual AML compliance certifications, periodic AML due diligence reviews and/or other requests deemed necessary to ensure its compliance with the AML regulations. Financial Intermediary will (but only to the extent consistent with applicable law) take all steps necessary and appropriate to provide the Funds and/or JPMII with any requested information about Customers and their Fund accounts in the event that the Funds and/or JPMII shall request such information due to an inquiry or investigation by any law enforcement, regulatory, or administrative authority.

D. <u>Certification of Customers' Taxpayer Identification Numbers.</u> Financial Intermediary agrees to obtain any taxpayer identification number certification from its customers required under the Code, and any applicable U.S. Treasury regulations, and to provide JPMII, or its designee with timely written notice of any failure to obtain such taxpayer identification number certification in order to enable the implementation of any required backup withholding. Financial Intermediary will not knowingly accept or act upon any instruction to purchase Shares from a customer located outside the United States of America or for the account of any non-US person.

F. <u>Nonexclusivity</u>. JPMII acknowledges that Financial Intermediary may perform services similar to those to be provided under this Agreement to other investment companies, investment company sponsors, or service providers to investment companies. JPMII may enter into other similar agreements for the provision of shareholder services with any other person or persons without Financial Intermediary's consent.

G. <u>Force Majeure</u>. Neither Financial Intermediary nor JPMII nor their respective affiliates shall be liable to the other or to any Fund for any damage, claim or other loss whatsoever caused by circumstances or events beyond its reasonable control, provided that such party has exercised such reasonable diligence as the circumstances require.

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H. <u>Security Against Unauthorized Use of Funds' Recordkeeping Systems.</u> Financial Intermediary agrees to provide such security as is necessary to prevent any unauthorized use of the Funds' recordkeeping system, accessed via (a) the world wide web or any URL maintained by the Funds or JPMII, (b) a networking/data access arrangement or (c) computer hardware or software provided to Financial Intermediary by JPMII.

I. <u>Notices</u>. Except as otherwise specifically provided in this Agreement, all notices required or permitted to be given pursuant to this Agreement shall be given in writing and delivered by: (i) personal delivery; (ii) postage prepaid, registered or certified United States first class mail, return receipt requested; (iii) overnight courier services; or (iv) facsimile or similar electronic means of delivery (with a confirming copy by mail as provided herein). Unless otherwise notified in writing, all such notices shall be given or sent to the other party at the address on the signature page hereof, Attention: President, or by email.

J. <u>Records</u>. Financial Intermediary will maintain all records (1) required to be kept by state and federal law, regulation or rules relating to the provision of the services contemplated under the Agreement, (2) necessary or appropriate to demonstrate its compliance with the terms and conditions of the Registration Statement or the Agreement, or (3) necessary to make required regulatory reports. Upon the request of JPMII, a Fund or their authorized agents, Financial Intermediary shall provide any current annual reports on internal controls prepared by an independent auditor pursuant to either Statement for Attestation Engagements No. 18 ("SSAE 18") (or any successor provision) or the Financial Intermediary Controls and Compliance Assessment ("FICCA"), and such other similar or related documents as reasonably requested (collectively, "Audit Documents"). Financial Intermediary acknowledges that JPMII or the Funds may use a third party vendor to review and assess the contents of the Audit Documents, and, notwithstanding anything herein to the contrary, Financial Intermediary consents to JPMII and the Funds sharing such Audit Documents with the third party vendor.

K. <u>Delegation of Duties</u>. Either party may employ an affiliate or a third party to perform any services required to enable the party to perform its functions under this Agreement. The delegating party will act in good faith in the selection, use and monitoring of affiliates and other third parties, and any delegation or appointment hereunder shall not relieve the delegating party of any of its obligations under this Agreement. The delegating party agrees that it remains liable to the other party for an affiliate's or third party's compliance with this Agreement, applicable regulations and requirements to the same extent as if the delegating party itself had acted or failed to act instead of the affiliate or third party.

L. <u>Assignment and Governing Law</u>. This Agreement may not be transferred or assigned (as that term is defined in the Investment Company Act) by either JPMII or Financial Intermediary without the written consent of both parties, and shall be construed in accordance with the laws of the State of New York.

M. <u>Counterparts; Severability</u>. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. In the event that one or more provisions of this Agreement shall be held by any court to be invalid, void or unenforceable, the remaining provisions shall nevertheless remain and continue in full force and effect. Facsimile or electronic PDF transmissions of any executed original document and/or retransmission of any executed facsimile or electronic PDF transmission shall be deemed to be the same as the delivery of an executed original. For the avoidance of doubt, a party's execution and delivery of this Agreement by electronic signature and electronic transmission (jointly, an "Electronic Signature"), including via DocuSign or other similar method, shall constitute the execution and delivery of a counterpart of this Agreement by or on behalf of such party and shall bind such party to the terms of this Agreement. The parties hereto agree that this Agreement and any additional information incidental hereto may be maintained as electronic records. Any party executing and delivering this Agreement by an Electronic Signature further agrees to take any and all reasonable additional actions, if any, evidencing its intent to be bound by the terms of this Agreement, as may be reasonably requested by JPMII.

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N. <u>Incorporation of Exhibits A, B, C and D</u>. Financial Intermediary and JPMII agree that the attached Exhibits A, B, C and D are incorporated into and made a part of this Agreement and all references herein to the Agreement shall include such Exhibits.

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**J.P. MORGAN INSTITUTIONAL INVESTMENTS INC.** 

FINRA CRD Number: 102920

Street Address:

383 Madison Avenue

New York, NY 10179

By:<u> </u>

Name:<u> </u>

Title:<u> </u>

Date:<u> </u>

Email:<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Intermediary Name FINRA CRD Number

(Please Print or Type)

Address<u> </u>

City: State<u> </u>Zip Code<u> </u>

Phone:<u> </u> Fax: ______________________________________

By:<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signature

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Print Name or Type Name

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Title

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Email

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EXHIBIT A

FUNDS

JPMorgan Credit Markets Fund

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EXHIBIT B

OPERATING PROCEDURES

JPMII and Financial Intermediary shall follow the following operating procedures in connection with transactions in Fund Shares by Customers through Financial Intermediary, except as otherwise agreed to in writing by the parties.

A. Net asset value per share is generally provided on a daily basis. Net asset value can be provided directly to Financial Intermediary upon request.

B. JPMII will furnish notice of the declaration of any income, dividends, or capital gains distributions payable by the Funds. This information will include the ex, record and payable dates along with the Fund's reinvestment price.

C. Dividends and capital gains distributions paid for each of the Funds are automatically reinvested in additional shares of the same Fund unless the Customer has elected to have them paid in cash.

D. Execution of orders for Shares

The execution of all orders for Share transactions will be subject to the terms of the Registration Statement, these Operating Procedures, JPMII's written instructions to Financial Intermediary from time to time and, if executed through Fund/SERV, the DTCC's rules and procedures.

1. Funds

(a) The Financial Intermediary certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) orders to purchase shares received by Financial Intermediary or its Correspondents (as defined in Section II.C.
of the Agreement) prior to the close of a Fund (each close of a Fund, a "Market Close") on any day that a Fund is open for business ("Day 1") will be electronically transmitted to the Funds on the next day that the Fund is
open for business ("Day 2") (such orders are referred to as "Day 1 Trades"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) orders to purchase shares received by Financial Intermediary or its Correspondents after the final Market Close
on Day 1, but prior to the final Market Close on Day 2 ("Day 2 Trades") will be electronically transmitted to the Funds on the second day that the Fund is open for business following Day 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Where Financial Intermediary serves as a Fund's agent for the purpose of receiving Orders, Orders that
the Financial Intermediary does not transmit to the Fund before the time set forth above may be, in the Fund's discretion, adjusted by transactions on an as-of basis, provided, however, that any cost or
loss to the Fund, JPMII or their affiliates of such transactions shall be borne exclusively by the Financial Intermediary, including without limitation, damages, costs, or expenses resulting from errors in calculating the Fund's NAV,
reprocessing of the Fund's Orders, or the payment of dividends by the Fund.

(b) Day 1 Trades will be effected at the NAV next calculated by the Fund following receipt of the trade by Financial Intermediary or its Correspondents on Day 1, and Day 2 Trades will be effected at the NAV next calculated by the Fund following receipt of the trade by the Financial Intermediary or its Correspondents on Day 2. Dividends shall accrue as set forth in the applicable Registration Statement.

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(c) Upon JPMII's reasonable request, Financial Intermediary agrees to promptly provide JPMII with information separating customer orders received before and after a designated Market Close in order for JPMII to validate the timing of Financial Intermediary's receipt of orders.

F. Issuance and transfer of each Fund's shares will be by book entry only. The Funds will not issue stock certificates.

G. JPMII will make available to Financial Intermediary, via the [DTCC's Mutual Fund Service Profile II], a list of the states or other jurisdictions in which Shares are eligible for sale, which list may be revised from time to time. Financial Intermediary agrees to sell or offer to sell Shares only in the states and other jurisdictions appearing on the most recent list made available by JPMII. Financial Intermediary will not knowingly accept or act upon any instruction to purchase Shares from a customer located outside the United States of America or for the account of any non-US person unless otherwise agreed by the parties.

H. Financial Intermediary agrees to provide each Fund, each Fund's transfer agent and/or other parties designated by them with an automated file in a form mutually agreeable to JPMII and Financial Intermediary, on a daily basis, containing information necessary for the Fund to make blue sky and other regulatory filings, including, without limitation: (1) the amount of sales by state or jurisdiction of residence for each Fund shareholder for which Financial Intermediary provides services under this Agreement; (2) information designating whether each sale is an initial or subsequent purchase; (3) social codes or other account type fields for each sale; and (4) such other information as is necessary to determine the amounts exempt from reporting under state law. For purposes of (1), if requested by JPMII, the Financial Intermediary shall, with respect to the sales for such shareholder, provide the amount of sales by state or jurisdiction of residence where the investment decision to invest in the Fund is made rather than where the shareholder is located to the extent Financial Intermediary has knowledge that the investment decision is made in a state other than the state or jurisdiction of residence of the shareholder.

I. The Fund or its designee will provide Financial Intermediary with confirmations of executed trades through [Fund/SERV] when applicable or by mail or electronic means. Periodic account statements will be provided to Financial Intermediary showing the total number of Shares held, Share transactions, dividends and other distribution during the statement period, and such other information as may be required from time to time.

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EXHIBIT C

Services Provided by Financial Intermediary

Pursuant to the Services Agreement to which this is attached and made a part, Financial Intermediary hereby agrees to provide each of the applicable personal shareholder liaison services and account information services ("Shareholder Services") described in this Exhibit C.

For purposes of this Agreement, Shareholder Services shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Answering Customer inquiries (through electronic and other means) regarding account status and history, the
manner in which purchases and redemptions, tenders or repurchases (as applicable) of the Shares may be effected, and certain other matters pertaining to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Providing Customers with information through electronic means;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Furnishing Customer sub-accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Providing and maintaining pre-authorized investment plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Where applicable, assisting Customers in completing a subscription agreement, application forms, designating
and changing dividend options, account designations, and addresses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Arranging for or assisting Customers with respect to the wiring of the funds to and from Customer accounts in
connection with Customer orders to purchase, redeem, tender or repurchase (as applicable) or exchange Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Verifying shareholder requests for changes to account information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) Handling correspondence from Customers about their accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Assisting in establishing and maintaining Customer accounts with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) Issuing confirmations for transactions by Customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) Performing similar account administrative services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) Providing such other shareholder services as the Fund or a Customer may reasonably request, to the extent
permitted by applicable law.

Financial Intermediary will forward or cause to be forwarded to customers the Funds' current effective prospectus, currently effective SAI, periodic financial reports, proxy materials and other Fund communications as required to be delivered to, or received by, customers under applicable laws, rules and regulations ("Applicable Law") or as reasonably requested by JPMII or a Fund. Financial Intermediary shall respond to requests for a Prospectus, SAI, currently effective annual report or currently effective semi-annual report made by a customer directly to Financial Intermediary with the documents that JPMII or a Fund has provided to it hereunder, including any applicable supplements, as required under Applicable Law. Unless instructed by JPMII or a Fund to the contrary, Financial Intermediary may consolidate or utilize "household" mailing for the delivery of the above-described materials where permissible under, and in accordance with, Applicable Law, and, unless instructed by JPMII or a Fund to the contrary, the delivery of the materials may be accomplished via electronic means, so long as the methodologies utilized by Financial Intermediary comply with Applicable Law relating to the delivery and receipt of such materials, including, but not limited to, that Financial Intermediary received informed consent from all applicable shareholders permitting the method and manner of such use, and Financial Intermediary maintains, and agrees to provide to JPMII or a Fund upon request, records of each such delivery.

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EXHIBIT D

Calculation and Payment of Fees Pursuant to Section V

A. For the services provided by Financial Intermediary hereunder, JPMII agrees to pay to Financial Intermediary a fee set forth below, with respect to the classes of Shares of each Fund set forth below, calculated daily and paid monthly in arrears, at an annual rate based on the average daily net asset value of the total number of such shares of a Fund held in accounts at Financial Intermediary (determined by multiplying the number of such shares times the publicly-reported net asset value of each share), excluding the value of (i) shares held in an account with Financial Intermediary prior to the effective date of the Agreement as to the Fund issuing such shares and (ii) shares first placed or purchased in an account with Financial Intermediary after the termination of the Agreement as to the Fund issuing such shares; all as follows:

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| | |
|:---|:---|
| **Share Class** | **Service Fees** |
|  A | [0.25%] |
|  S | [0.25%] |
|  I | [0.25%] |

---

\* List of Funds is determined by JPMII in its sole discretion and may be modified from time to time. List of Funds will be provided upon request.

JPMII reserves the right not to pay fees to Financial Intermediary if Financial Intermediary's fee payments for a given month are deemed to be de minimis. JPMII currently adheres to a $25.00 de minimis threshold, but reserves the right to change that threshold from time to time.

B. JPMII shall pay Financial Intermediary such fee by wire transfer or other form acceptable to Financial Intermediary and the payment shall be separate from payments related to redemption or repurchase proceeds and distributions.

## Ex-99.(H)(4)

**JPMORGAN FUNDS** 

**COMBINED DISTRIBUTION PLAN** 

**Section 1.** This Combined Distribution Plan ("Plan") has been adopted by each of the entities listed on Schedule A, each of which is a closed-end registered management investment company registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended ("1940 Act"), (each referred to herein as the "Fund"), pursuant to Rule 12b-1 under the 1940 Act and pursuant to an exemptive order granted by the SEC to each Fund or its affiliates in accordance with the provisions of Rule 18f-3 under the 1940 Act, and relates to the classes of shares of beneficial interest ("Shares") specified in Schedule B (each a "Class").

**Section 2.** Each Fund may incur with respect to a Class, expenses at the annual rate listed under the column "Distribution Fee" on Schedule B, subject to the limitations imposed, from time to time, by applicable rules of the Financial Industry Regulatory Authority on each Fund and its distributor ("Distributor").

**Section 3.** Amounts set forth under the column "Distribution Fee" on Schedule B may be used to finance any activity that is primarily intended to result in the sale of the Shares, including, but not limited to, (i) the development, formulation and implementation of marketing and promotional activities, including direct mail promotions and television, radio, magazine, newspaper, electronic and media advertising; (ii) the preparation, printing and distribution of prospectuses, statements of additional information and reports and any supplements thereto (other than prospectuses, statements of additional information and reports and any supplements thereto used for regulatory purposes or distributed to existing shareholders of each Fund); (iii) the preparation, printing and distribution of sales and promotional materials and sales literature which is provided to various entities and individuals, including brokers, dealers, financial institutions, financial intermediaries, shareholders, and prospective investors in each Fund; (iv) expenditures for sales or distribution support services, including meetings with and assistance to brokers, dealers, financial institutions, and financial intermediaries and in-house telemarketing support services and expenses; (v) obtaining and preparation of information, analyses, surveys, and opinions with respect to marketing and promotional activities, including those based on meetings with and feedback from the Distributor's sales force and others including potential investors, shareholders and financial intermediaries; (vi) commissions, incentive compensation, finders fees, or other compensation paid to, and expenses of employees of the Distributor, brokers, dealers, and other financial institutions and financial intermediaries that are attributable to any distribution and/or sales support activities, including interest expenses and other costs associated with financing of such commissions, incentive compensation, other compensation, fees, and expenses; (vii) travel, promotional materials, equipment, printing, delivery and mailing costs, overhead and other office expenses of the Distributor and its sales force attributable to any distribution and/or sales support activities, including meetings with brokers, dealers, financial institutions and financial intermediaries in order to provide them with information regarding the Funds and their investment process and management; (viii) the costs of implementing and administering this Plan; (ix) expenses of organizing and conducting sales seminars; and (x) any other costs and expenses relating to any distribution and/or sales support activities. To the extent that amounts paid hereunder are not used specifically to reimburse the Distributor for any such cost or expense, such

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amounts may be treated as compensation for the Distributor's distribution-related services. All amounts expended pursuant to the Plan shall be paid to the Distributor and are the legal obligation of the applicable Fund and not of the Distributor.

**Section 4.** This Plan shall not take effect until it has been approved, together with any related agreements, by votes of the majority of both (a) the Board of Trustees or Directors, as applicable (the "Board"), of the Fund and (b) those trustees or directors, as applicable, of the Fund who are not "interested persons" of each Fund (as defined in the 1940 Act) and have no direct or indirect financial interest in the operation of this Plan or any agreements related to it ("Non-Interested Board Members"), cast in person at a meeting called or otherwise in compliance with applicable exemptive relief, among other things, for the purpose of voting on this Plan or such agreements.

**Section 5.** Unless sooner terminated pursuant to Section 7 of this Plan, this Plan shall continue in effect for a period of one year from the date it takes effect and thereafter shall continue in effect so long as such continuance is specifically approved at least annually in the manner provided in Section 4 of this Plan.

**Section 6.** The Distributor shall provide to the Board and the Board shall review, at least quarterly, a written report of the amounts expended in accordance with the Plan and the purposes for which such expenditures were made.

**Section 7.** This Plan may be terminated at any time with respect to any Class by vote of a majority of the Non-Interested Board Members, or by the "vote of a majority of the outstanding voting securities" (as defined in the 1940 Act) of such Class.

**Section 8.** Any agreement related to this Plan shall be made in writing and shall provide:

**(a)** that, with respect to any Fund or Class, such agreement may be terminated at any time, without payment of any penalty, by the vote of a majority of the Non-Interested Board Members or by the "vote of a majority of the outstanding voting securities" (as defined in the 1940 Act) of such Fund or Class, on not more than sixty (60) days' written notice to any other party to the agreement; and

**(b)** that such agreement shall terminate automatically in the event of its "assignment" (as defined in the 1940 Act).

**Section 9.** This Plan may not be amended with respect to any Class of any Fund to increase materially the amount of distribution expenses provided for in the column "Distribution Fee" on Schedule B hereto unless such amendment is approved by a "vote of a majority of the outstanding voting securities" (as defined in the 1940 Act) of such Class, and no material amendment to the Plan shall be made unless approved in the manner provided for in Section 4 of this Plan.

**Section 10.** The provisions of the Plan are severable for each Class set forth herein, and whenever any action is to be taken with respect to the Plan, such action will be taken separately for each Class affected.

Adopted: December 10, 2025

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**SCHEDULE A** 

JPMorgan Credit Markets Fund

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**SCHEDULE B** 

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| | |
|:---|:---|
| **Share Class** | **12b-1 Fee** |
|  Class A | 0.50% |
|  Class S | 0.75% |
|  Class I |  |

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## Ex-99.(J)

![LOGO](g930911dsp067.jpg)

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**Table of Contents** 

**1.** **INTENTION OF THE PARTIES; DEFINITIONS** **1** 

**1.1** **Intention of the Parties.** **1** 

**1.2** **Definitions.** **1** 

**2.** **WHAT BANK IS REQUIRED TO DO** **5** 

**2.1** **Set Up Accounts.** **5** 

**2.2** **Cash Account** **6** 

**2.3** **Segregation of Assets; Nominee Name** **6** 

**2.4** **Settlement of Trades.** **8** 

**2.5** **Contractual Settlement Date Accounting.** **8** 

**2.6** **Actual Settlement Date Accounting.** **9** 

**2.7** **Income Collection (AutoCredit<sup>®</sup>)** **9** 

**2.8** **Certain Ministerial Acts.** **9** 

**2.9** **Corporate Actions.** **10** 

**2.10** **Class Action Litigation** **11** 

**2.11** **Proxies** **11** 

**2.12** **Statements and Information Available On-Line and other Reports.** **12** 

**2.13** **Access to Bank's Records.** **13** 

**2.14** **Maintenance of Financial Assets at Subcustodian Locations.** **14** 

**2.15** **Tax Relief Services.** **14** 

**2.16** **Fund Accounting Services.** **14** 

**2.17** **Restricted Markets** **15** 

**2.18** **Compliance with SEC rule 17f-5 ("Rule 17f-5")** **15** 

**2.19** **Compliance with SEC rule 17f-7 ("Rule 17f-7")** **17** 

**2.20** **Notifications.** **18** 

**2.21** **Agency Services to Facilitate Certain Foreign Exchange Transactions.** **18** 

**2.22** **Change Requests.** **18** 

**3.** **INSTRUCTIONS** **19** 

**3.1** **Acting on Instructions; Method of Instruction; Unclear Instructions.** **19** 

**3.3** **Instructions; Contrary to Law/Market Practice** **20** 

**3.4** **Cut-off Times** **21** 

**3.5** **Electronic Access.** **21** 

ii

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| | | | |
|:---|:---|:---|:---|
| **4.** | **FEES, EXPENSES AND OTHER AMOUNTS OWING TO BANK** | **FEES, EXPENSES AND OTHER AMOUNTS OWING TO BANK** | **21** |
|  | **4.1** | **Fees and Expenses.** | **21** |
|  | **4.2** | **Overdrafts** | **22** |
|  | **4.3** | **Bank's Right Over Securities; Set-off** | **22** |
| **5.** | **SUBCUSTODIANS, SECURITIES DEPOSITORIES, AND OTHER AGENTS** | **SUBCUSTODIANS, SECURITIES DEPOSITORIES, AND OTHER AGENTS** | 25 |
|  | **5.1** | **Appointment of Subcustodians; Use of Securities Depositories** | **25** |
|  | **5.2** | **Liability for Subcustodians** | **26** |
|  | **5.3** | **Use of Agents.** | **27** |
| **6.** | **ADDITIONAL PROVISIONS RELATING TO CUSTOMER** | **ADDITIONAL PROVISIONS RELATING TO CUSTOMER** | **27** |
|  | **6.1** | **Representations of Customer and Bank.** | **27** |
|  | **6.2** | **Customer to Provide Certain Information to Bank** | **28** |
|  | **6.3** | **Customer is Liable to Bank Even if it is Acting for Another Person.** | **28** |
|  | **6.4** | **Special Settlement Services** | **29** |
| **7.** | **WHEN BANK IS LIABLE TO CUSTOMER** | **WHEN BANK IS LIABLE TO CUSTOMER** | **29** |
|  | **7.1** | **Standard of Care; Liability.** | **29** |
|  | **7.2** | **Force Majeure.** | **31** |
|  | **7.3** | **Bank May Consult With Counsel.** | **32** |
|  | **7.4** | **Bank Provides Diverse Financial Services and May Generate Profits as a** |  |
|  |  | **Result** | **32** |
|  | **7.5.** | **Assets Held Outside Bank's Control** | **32** |
|  | **7.6.** | **Service Locations** | **33** |
| **8.** | **TAXATION** | **TAXATION** | **33** |
|  | **8.1** | **Tax Obligations.** | **33** |
|  | **8.2** | **Tax Relief Services.** | **34** |
| **9.** | **TERMINATION; EXIT PROCEDURE** | **TERMINATION; EXIT PROCEDURE** | **34** |
|  | **9.1** | **Term; Termination.** | **34** |
|  | **9.2.** | **Exit Procedure** | **35** |
|  | **9.3.** | **Inactive Securities Accounts** | **35** |
|  | **9.4** | **Appointment of Successor Custodian.** | **36** |
| **10.** | **MISCELLANEOUS** | **MISCELLANEOUS** | **36** |
|  | **10.1** | **Notices.** | **36** |
|  | **10.2** | **Successors and Assigns** | **37** |
|  | **10.3** | **Interpretation.** | **37** |
|  | **10.4** | **Entire Agreement.** | **37** |
|  | **10.5** | **Information Concerning Deposits Held by Bank in the U.S.** | **37** |

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iii

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| | | |
|:---|:---|:---|
| **10.6** | **Information Concerning Deposits at Bank's Non-U.S. Branch.** | **38** |
| **10.7** | **Insurance.** | **39** |
| **10.8** | **Governing Law and Jurisdiction.** | **39** |
| **10.9** | **Severability; Waiver; and Survival.** | **40** |
| **10.10** | **Counterparts** | **40** |
| **10.11** | **Security Holding Disclosure.** | **40** |
| **10.12** | **U.S. Regulatory Disclosure.** | **40** |
| **10.13** | **Confidentiality.** | **41** |
| **10.14** | **Data Privacy.** | **42** |
| **10.15** | **No Third-Party Beneficiaries.** | **43** |
| **10.16** | **Several Obligations of the Funds.** | **43** |
| **10.17** | **Use of J.P. Morgan's Name.** | **43** |
| **10.18** | **Redistribution of Data from Third Parties** | **43** |
| **SCHEDULE A** | **SCHEDULE A** | **45** |
| **SCHEDULE B** | **SCHEDULE B** | **46** |
| **SCHEDULE C** | **SCHEDULE C** | **47** |
| **EXHIBIT A to Schedule C** | **EXHIBIT A to Schedule C** | **49** |
| **SCHEDULE D** | **SCHEDULE D** | **52** |
| **SCHEDULE E** | **SCHEDULE E** | **55** |

---

iv

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**GLOBAL CUSTODY AND FUND ACCOUNTING AGREEMENT** 

This Global Custody and Fund Accounting Agreement, dated as of September 22, 2025, is between JPMORGAN CHASE BANK, N.A. ("**Bank**"), with a place of business at 4 Chase Metrotech Center, 6th Floor, Brooklyn, NY 11245; and each of the funds listed on Schedule A hereto, each of which is acting on behalf of each of the portfolios listed under its name on Schedule A (each, a "**Fund**"; with Bank, each a "**Party**" and collectively, the "**Parties**"), with a place of business at 277 Park Avenue, New York, NY 10172. For purposes of this Agreement, each individual Fund is a separate "**Customer**."

**WHEREAS**, each Customer is a company registered under the 1940 Act (defined below), with the purpose of investing its assets in certain types of securities and instruments, including private credit; and

**WHEREAS**, Bank and each Customer have agreed to certain services that Bank will provide, as well as such Parties' rights and obligations; and

**NOW, THEREFORE**, the Parties hereby agree as follows:

**1.** **INTENTION OF THE PARTIES; DEFINITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1**  **<u>Intention</u> <u> </u> <u>of</u> <u> </u> <u>the</u> <u> </u> <u>Parties</u>.** 

(a) This Agreement sets out the terms governing custodial, settlement and certain other associated services offered
by Bank to Customer. Bank will be responsible for the performance of only those Securities custody duties that are set forth in this Agreement. Customer acknowledges that Bank is not providing any legal, tax or investment advice in connection with
the services hereunder.

(b) Investing in foreign markets may be a risky enterprise. The holding of Financial Assets and cash in foreign
jurisdictions may involve risks of loss or other special considerations. Bank will not be liable for any loss that results from the general risks of investing or Country Risk. Customer acknowledges that Bank is not providing any legal, tax or
investment advice in connection with the services under this Agreement and that Customer remains responsible for assessing and managing investment-related exposures arising out of Country Risk. Accordingly, Bank will not be responsible for any
Liabilities resulting from Country Risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2**  **<u>Definitions</u>.** 

(a) As used herein, the following terms have the meaning hereinafter stated:

"**Account**" has the meaning set forth in Section 2.1 of this Agreement.

"**Affiliate**" means an entity controlling, controlled by, or under common control with, Bank.

"**Affiliated Subcustodian**" means a Subcustodian that is an Affiliate.

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"**AML/Sanctions Requirements**" means (A) any Applicable Law (including but not limited to the rules and regulations of the U.S. Department of the Treasury's Office of Foreign Assets Control) applicable to Bank, or to any Bank Affiliate engaged in servicing any Account, which governs (i) money laundering, the financing of terrorism, insider dealing or other unlawful activities, or the use of financial institutions to facilitate such activities or (ii) transactions involving individuals or institutions which have been prohibited by, or subject to, sanctions of any governmental authority; and (B) any Bank policies and procedures reasonably designed to assure compliance with any such Applicable Law.

"**Applicable Laws**" means the applicable laws in force in the United States, including the Investment Company Act of 1940 (as amended, the "**1940 Act**"); the Investment Advisers Act of 1940, as amended; the Securities Act of 1933 (as amended, the "**1933 Act**"); and the Securities Exchange Act of 1934, as amended, as well as any applicable statute, treaty, rule, regulation or common law and any applicable decree, injunction, judgment, order, formal interpretation or ruling issued by a court or governmental entity.

"**Authorized Person**" means any individual who is authorized to provide Bank with Instructions and requests on behalf of the Customer. Any officer of the Customer authorized by the Board (as defined below) to be an Authorized Person shall be considered an Authorized Person (unless such authority is limited in a writing from the Customer and received by Bank) and has the authority to appoint additional Authorized Persons, to limit or revoke the authority of any previously designated Authorized Person.

"**Bank Indemnitees**" means Bank, Affiliates, its Subcustodians, and their respective nominees, directors, officers, employees and agents.

"**Bank's London Branch**" means the London branch office of JPMorgan Chase Bank, N.A.

"**Business Day**" means a day on which the Bank is generally open for business.

"**Cash Account**" has the meaning set forth in Section 2.1(a)(ii).

"**Confidential Information**" means and includes all non-public information concerning the Customer or the Accounts which Bank receives in the course of providing services under this Agreement. Nevertheless, the term Confidential Information shall not include information which is or becomes available to the general public by means other than Bank's breach of the terms of this Agreement or information that Bank obtains on a non-confidential basis from a person who is not known to be subject to any obligation of confidentiality to any person with respect to that information.

"**Corporate Action**" means any subscription right, bonus issue, stock repurchase plan, redemption, exchange, tender offer, or similar matter with respect to a Financial Asset in the Securities Account that requires discretionary action by the holder, but does not include proxy solicitations.

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"**Country Risk**" means the risk of investing or holding assets in a particular country or market, including, but not limited to, risks arising from nationalization, expropriation, capital controls or other governmental actions; the country's financial infrastructure, including prevailing custody and settlement practices; laws applicable to the safekeeping and recovery of Financial Assets and cash held in custody; the regulation of the banking and securities industries, including changes in market rules; currency restrictions, devaluations or fluctuations; and market conditions affecting the orderly execution of securities transactions or the value of assets.

"**Country Risk Event**" means an event which occurs as a result of Country Risk.

"**Entitlement Holder**" means the person named on the records of a Securities Intermediary as the person having a Securities Entitlement against the Securities Intermediary.

"**Financial Asset**" means a Security and refers, as the context requires, either to the asset itself or to the means by which a person's claim to it is evidenced, including a Security, a security certificate, or a Securities Entitlement. "Financial Asset" does not include cash.

"**Information Provider**" means any person (including a J.P. Morgan Affiliate) who provides software, information or the means of obtaining information on security prices, derivative prices, security characteristics data, market data, foreign exchange, credit ratings, performance measurement or any other information obtained by the Bank in connection with the Services provided under this Agreement (including index return providers, security characteristics providers, and value-at-risk providers).

"**Instructions**" means any instructions that have been verified in accordance with a Security Procedure or, if no Security Procedure is applicable, which Bank reasonably believes to have been given by an Authorized Person. For the avoidance of doubt, the Parties agree that a message (for example, a SWIFT message) issued in the name of Customer through any third-party utility agreed upon by the Parties as being a method for providing Instructions and authenticated in accordance with that utility's customary procedures, shall be deemed to be an authorized Instruction.

"**J.P. Morgan Affiliate**" means an entity controlling, controlled by, or under common control with the Bank.

"**Liabilities**" means any liabilities, losses, claims, costs, damages, penalties, fines, obligations, taxes (other than taxes based solely on a party's own income) or expenses of any kind whatsoever (including, without limitation, reasonable attorneys', accountants', consultants' or experts' fees and disbursements).

**"Overdraft**" means any Liabilities that result in the Transfer Accounts being overdrawn.

"**Portfolio Swap**" means an equity swap contracted under the ISDA framework incorporating the definitions contained in the 2000 ISDA Definitions and the 2002 ISDA Equity Derivative Definitions.

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"**Reports**" mean the reports, information or data provided by the Bank in connection with the provision of the Services.

"**SEC**" means the U.S. Securities and Exchange Commission.

"**Securities**" means stocks, bonds, rights, warrants and other negotiable and non-negotiable instruments, whether issued in certificated or uncertificated form that are commonly traded or dealt in on securities exchanges or financial markets. "Securities" also means other obligations of an issuer, or shares, participations and interests in an issuer recognized in the country in which it is issued or dealt in as a medium for investment and any other property as may be acceptable to Bank for the Securities Account.

"**Securities Account**" means each Securities custody account on Bank's records to which Financial Assets are or may be credited pursuant hereto.

"**Securities Depository**" has the meaning set forth in Section 5.1 of this Agreement.

"**Securities Entitlement**" means the rights and property interests of an Entitlement Holder with respect to a Financial Asset as set forth in Part 5 of Article 8 of the Uniform Commercial Code of the State of New York, as the same may be amended from time to time.

"**Securities Intermediary**" means Bank, a Subcustodian, a Securities Depository, and any other financial institution which in the ordinary course of business maintains Securities custody accounts for others and acts in that capacity.

"**Security Procedure**" means security procedures to be followed by Customer (and its Authorized Persons) upon the issuance of an Instruction and/or by Bank upon the receipt of an Instruction, so as to enable Bank to verify that such Instruction is authorized, as set forth in service level documentation in effect from time to time between the Parties with respect to the services set forth in this Agreement, or as otherwise agreed in writing by the Parties. A Security Procedure may, without limitation, involve the use of User Codes, dual-factor authentication, third-party utilities, codes, passwords, encryption and/or telephone call backs. Customer acknowledges that Security Procedures are designed to verify the authenticity of, and not detect errors in, Instructions. For the avoidance of doubt, an authenticated SWIFT message issued in the name of the Customer through any third party utility that the Bank has approved as a utility through which Instructions may be provided hereunder shall be deemed to have been verified through a Security Procedure.

"**Services**" means the Custody and Fund Accounting Services provided under the Agreement.

"**Subcustodian**" has the meaning set forth in Section 5.1 and includes Affiliated Subcustodians.

"**Transfer Account(s)**" means the clearing account(s) listed on Schedule B hereto used to concentrate cash for the Customers so that monies transferring into and out of such clearing account(s) can be made as a single net payment or receipt by the Bank.

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"**Transfer Account Liabilities**" means with respect to a given Customer that portion of any Overdraft, obligation, or other Liabilities arising under any of the Transfer Accounts that are attributable to transactions relating to that Customer, including purchases and redemptions of shares of that Customer.

"**Transfer Agent**" as used in Section 4.3 means DST Asset Manager Solutions, Inc. or any successor transfer agent appointed by the Customer.

"**User Code**" means a password digital certificate, identifier (including biometric identifier), security device, algorithm, encryption or other similar procedure used by the Customer or an Authorized Person to access Bank's systems, applications or products or to issue Instructions to Bank.

(b) All terms in the singular will have the same meaning in the plural unless the context otherwise provides and
vice versa.

**2.** **WHAT BANK IS REQUIRED TO DO** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1**  **<u>Set</u> <u> </u> <u>Up</u> <u> </u> <u>Accounts</u>.** 

(a) Bank will establish and maintain the following accounts ()"**Accounts** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Securities Account, which may be held by Bank, a Subcustodian or a Securities Depository for Bank on behalf
of the Customer, in the name of Customer (or in another name requested by the Customer that is acceptable to the Bank) for Financial Assets, which may be received by or on behalf of Bank or its Subcustodian for the account of Customer, including as
an Entitlement Holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an account in the name of Customer ()"**Cash Account**") for any and all cash in any currency
received by or on behalf of Bank for the account of Customer.

Notwithstanding paragraph (ii), cash held in respect of those markets where Customer is required to have a cash account in its own name held directly with the relevant Subcustodian or a Securities Depository will be held in that manner and will not be part of the Cash Account.

(b) At the request of Customer, additional Accounts may be opened in the future, which will be subject to the terms
of this Agreement.

(c) Upon thirty (30) days' prior notice to the Customer, the Bank may close any Account that it
reasonably determines to be dormant unless the Customer objects to the closure of the Account. In the case of a dormant Cash Account, the Bank shall, upon closure of such Account, process any de minimis balances in that Cash Account as directed by
Customer.

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(d) the Bank's obligation to open Accounts pursuant to Section 2.1(a) is conditional upon the Bank
receiving such of the following documents as the Bank may require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a certified copy of the Customer's constitutional documents as in force at the time of receipt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) evidence reasonably satisfactory to the Bank of the due authorization and execution of this Agreement by the
Customer (for example by a certified copy of a resolution of the Customer's board of trustees or equivalent governing body (the **"Board"**));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) fund manager mandate completed by the fund manager designated by the Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) information about the Customer's financial status, such as its audited and unaudited financial
statements, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in the case of any Account opened in a name other than that of the Customer, documentation with respect to that
name similar to that set forth in sub-sections (i) – (iv).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2**  **<u>Cash</u> <u> </u> <u>Account</u>.** 

(a) Except as otherwise provided in Instructions acceptable to Bank, all cash held in the Cash Account will be
(i) deposited during the period it is credited to the Accounts in one or more deposit accounts at Bank's head office or at one of its non-U.S. branch offices and will constitute a debt owing to the
Customer by Bank as banker, provided that (A) any cash so deposited with a non-US branch office will be payable exclusively by that branch office in the applicable currency, subject to compliance with
Applicable Law, including, without limitation, any restrictions on transactions in the applicable currency imposed by the country of the applicable currency and (B) from time to time, the Bank may, in its discretion, pay interest on any such
deposit account at a rate to be determined by the Bank (or charge interest if, at the time, the prevailing interest rate in the relevant market for similar deposits in the same currency is negative); or (ii) placed by the Bank with a
Subcustodian in the country in which the applicable currency is issued, in which case the deposit will constitute a debt owing to the Customer by that bank or other financial institution and not the Bank, payable exclusively in the applicable
currency at that bank or financial institution.

(b) Any amounts credited by the Bank to the Cash Account on the basis of a notice or an interim credit from a third
party, may be reversed if the Bank does not receive final payment in a timely manner. The Bank will notify the Customer promptly of any such reversal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3**  **<u>Segregation</u> <u> </u> <u>of</u> <u> </u> <u>Assets;</u> <u> </u> <u>Nominee</u> <u> </u> <u>Name</u>.** 

(a) Bank will identify in its records that Financial Assets credited to Customer's Securities Account belong
to Customer (except as otherwise may be agreed by Bank and Customer).

(b) To the extent permitted by Applicable Law or market practice, Bank will require each Subcustodian to identify
in its own records that Financial Assets held at such Subcustodian by Bank on behalf of its customers belong to customers of Bank, such that it is readily apparent that the Financial Assets do not belong to Bank or the Subcustodian.

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(c) Bank is authorized, in its discretion, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) hold in bearer form, such Financial Assets as are customarily held in bearer form or are delivered to Bank or
its Subcustodian in bearer form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) hold Securities in or deposit Securities with any Securities Depository, settlement system or dematerialized
book entry or similar systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) hold Financial Assets in omnibus accounts on a fungible basis and accept delivery of Financial Assets of the
same class and denomination as those deposited by the Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) register in the name of Customer, Bank, a Subcustodian, a Securities Depository, or their respective nominees,
such Financial Assets as are customarily held in registered form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) decline to accept any asset or property which it deems to be unsuitable or inconsistent with its custodial
operations.

(d) Bank is authorized, when directed to do so by Customer, to hold Financial Assets at third parties and to
register Financial Assets in broker "street name" or in the name of other third parties (or their nominees). Notwithstanding Section 7.1, Bank shall have no liability for any loss of Financial Assets or other damages resulting from
holding or registering Financial Assets as so directed by Customer.

Customer authorizes Bank or its Subcustodian to hold Financial Assets in omnibus accounts and will accept delivery of Financial Assets of the same class and denomination as those with Bank or its Subcustodian.

(e) In the event that Customer requests the opening of any additional Account for the purpose of holding collateral
pledged by Customer to a securities exchange, clearing corporation or other central counterparty (a "**Counterparty**") to secure trading activity by Customer, or the pledge to a Counterparty of cash or individual Securities held in
an Account, that Account (or the pledged cash or Securities) shall be subject to the collateral arrangements in effect between the Bank and the Counterparty in addition to the terms of this Agreement to the extent applicable.

(f) For the avoidance of doubt, unless Bank has provided prior written approval, the Customer may not instruct a
third party to register any Financial Asset in the name of Bank, a Subcustodian, a Securities Depository or any of their respective nominees. The Customer agrees that any Financial Asset registered in the name of Bank, a Subcustodian, a Securities
Depository or any of their respective nominees without Bank's authorization shall not be considered to be held in custody under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4**  **<u>Settlement</u> <u> </u> <u>of</u> <u> </u> <u>Trades</u>.** 

When Bank receives an Instruction directing settlement of a transaction in Financial Assets that includes all information required by Bank, Bank will use reasonable care to effect such settlement as instructed. Settlement of transactions in Financial Assets will be conducted in accordance with prevailing standards of the market in which the transaction occurs. Without limiting the generality of the foregoing, the risk of loss will be Customer's whenever Bank delivers Financial Assets or payment in accordance with applicable market practice in advance of receipt or settlement of the expected consideration. In the case of the failure of Customer's counterparty (or other appropriate party) to deliver the expected consideration as agreed, Bank will contact the counterparty to seek settlement, but Bank will not be obligated to institute legal proceedings, file a proof of claim in any insolvency proceeding, or take any similar action. Bank reserves the right to reverse any transactions that are erroneously credited to the Accounts due to mis-postings, errors and other similar actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5**  **<u>Contractual</u> <u> </u> <u>Settlement</u> <u> </u> <u>Date</u> <u> </u> <u>Accounting</u>.** 

(a) Bank will effect book entries on a "contractual settlement date accounting" basis as described
below with respect to the settlement of trades in those markets where Bank generally offers contractual settlement date accounting and will notify Customer of those markets from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Sales**: On the settlement date for a sale, Bank will credit the Cash Account with the proceeds of the
sale and transfer the relevant Financial Assets to an account at the Bank pending settlement of the trade where not already delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Purchases**: On the settlement date for the purchase (or earlier, if market practice requires delivery of
the purchase price before the settlement date), Bank will debit the Cash Account for the settlement amount and credit a separate account at the Bank. Bank then will post the Securities Account as awaiting receipt of the expected Financial Assets.
Customer will not be entitled to the Financial Assets that are awaiting receipt until Bank or a Subcustodian actually receives them. If the Financial Asset is not received by Bank then Bank shall promptly credit the settlement amount back to the
Cash Account.

Bank reserves the right to restrict in good faith the availability of contractual settlement date accounting for credit or operational reasons.

(b) Bank may (in its absolute discretion) upon oral or written notification to Customer reverse any debit or credit
made pursuant to Section 2.5(a) prior to a transaction's actual settlement, and Customer will be responsible for any costs or Liabilities resulting from such reversal. Customer acknowledges that the procedures described in this sub-section are of an administrative nature, and Bank does not undertake to make loans and/or Financial Assets available to Customer pursuant to this sub-section.

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(c) Bank will make available on its website a list of the markets for which it provides contractual settlement date
accounting. Bank may add markets to or remove markets from the contractual settlement date accounting service upon notice to the Customer that is reasonable under the circumstances. Additionally, Bank reserves the right to restrict in good faith the
availability of contractual settlement date accounting for credit or operational reasons, either for individual Financial Assets, types of Financial Assets, counterparties or markets, or overall.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6**  **<u>Actual</u> <u> </u> <u>Settlement</u> <u> </u> <u>Date</u> <u> </u> <u>Accounting</u>.** 

With respect to any sale or purchase transaction that is not posted to the Account on the contractual settlement date as referred to in Section 2.5, Bank will post the transaction on the date on which the cash or Financial Assets received as consideration for the transaction is actually received by Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7**  **<u>Income</u> <u> </u> <u>Collection</u> <u> </u> <u>(</u> <u>AutoCredit</u> <u><sup>®</sup></u> <u>)</u>.** 

(a) The Bank will monitor information publicly available in the applicable market about forthcoming income payments
on the Financial Assets held in the Securities Account, and will promptly notify the Customer of such information.

(b) Bank will credit the Cash Account with income and redemption proceeds on Financial Assets on the anticipated
payment date, net of any taxes that are withheld by Bank or any third party ()"**AutoCredit**") for those Financial Assets and/or markets for which Bank customarily offers an AutoCredit service. However, Bank reserves right to restrict
in good faith the availability of AutoCredit for credit or operational reasons. Upon request, Bank shall provide Customer with a list of AutoCredit markets. Bank may add markets or remove markets from the list of AutoCredit markets upon notice to
the Customer that is reasonable in the circumstances. Bank may reverse such credits upon oral or written notification to Customer that Bank believes that the corresponding payment will not be received by Bank within a reasonable period or such
credit was incorrect.

(c) When the AutoCredit service is not available, income on Financial Assets, net of any taxes withheld by the Bank
or any third party, will be credited only after actual receipt and reconciliation by the Bank.

(d) Bank will make good faith efforts to timely contact appropriate parties to collect unpaid interest, dividends,
or redemption proceeds, but neither Bank nor its Subcustodians will be obliged to file any formal notice of default, institute legal proceedings, file a proof of claim in any insolvency proceeding, or take any similar action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8**  **<u>Certain</u> <u> </u> <u>Ministerial</u> <u> </u> <u>Acts</u>.** 

Until Bank receives Instructions to the contrary, Bank will:

(a) present all Financial Assets for which Bank has received notice of a call for redemption or that have otherwise
matured, and all income and interest coupons and other income items that call for payment upon presentation;

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(b) execute in the name of Customer such certificates as may be required to obtain payment in respect of Financial
Assets;

(c) exchange interim or temporary documents of title for Financial Assets held in the Securities Account for
definitive documents of title; and

(d) provide information concerning the Accounts to Subcustodians, Securities Depositories, counterparties, issuers
of Financial Assets, governmental entities, securities exchanges, self-regulatory entities, and similar entities to the extent required by Applicable Law or as may be required in the ordinary course by market practice or otherwise in order to
provide the services contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9**  **<u>Corporate</u> <u> </u> <u>Actions</u>.** 

(a) Bank will notify Customer of any Corporate Action of which information is either (i) received by it or by
a Subcustodian to the extent that Bank's central corporate actions department has actual knowledge of the Corporate Action in time to notify its customers in a timely manner; or (ii) published via a formal notice in publications and
reporting services routinely used by Bank for this purpose in time for Bank to notify its customers in a timely manner. Bank does not commit, however, to provide information concerning Corporate Actions relating to Financial Assets being held at
Customer's request in a name not subject to the control of Bank or its Subcustodian.

(b) If an Authorized Person fails to provide Bank with timely Instructions with respect to any Corporate Action or
class action, neither Bank nor its Subcustodians or their respective nominees will take any action in relation to that Corporate Action or class action, except as otherwise agreed in writing by Bank and Customer or as may be set forth by Bank as a
default action in the notification it provides under Section 2.9(a) with respect to that Corporate Action or class action.

(c) Bank may sell or otherwise dispose of fractional interests in Financial Assets arising out of a Corporate
Action or class action litigation and, to the extent necessary to protect Customer's interest in that Corporate Action or class action, credit the Cash Account with the proceeds of the sale or disposition. If some, but not all, of an
outstanding class of Financial Asset is called for redemption, Bank may allot the amount redeemed among the respective beneficial holders of such class of Financial Asset in any manner Bank deems to be fair and equitable. Bank will promptly notify
Customer of any action taken pursuant to this sub-section.

(d) Notices of Corporate Actions and class actions dispatched to Customer may have been obtained from sources which
Bank does not control and may have been translated or summarized. Although Bank believes such sources to be reliable, Bank has no duty to verify the information contained in such notices nor the faithfulness of any translation or summary and
therefore does not guarantee its accuracy, completeness or timeliness, and shall not be liable to Customer for any loss that may result from relying on such notice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10**  **<u>Class</u> <u>Action</u> <u> </u> <u>Litigation</u>.** 

Any notices received by Bank's corporate actions department about U.S. settled securities class action litigation that requires action by affected owners of the underlying Financial Assets will be promptly provided to Customer if Bank, using reasonable care and diligence in the circumstances, identifies that Customer was a shareholder and held the relevant Financial Assets in custody with Bank at the relevant time. Bank will not make filings in the name of Customer in respect to such notifications except as otherwise agreed in writing between Customer and Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11**  **<u>Proxies</u>.** 

(a) Subject to and upon the terms of this sub-section, Bank will provide
Customer with information which it receives on matters to be voted upon at meetings of holders of Financial Assets ()"**Notifications** "), and Bank will act in accordance with Customer's Instructions in relation to such
Notifications (the "**active proxy voting service** "). If information is received by Bank at its proxy voting department too late to permit timely voting by Customer, Bank's only obligation will be to provide, so far as
reasonably practicable, a Notification (or summary information concerning a Notification) on an "information only" basis.

(b) The active proxy voting service is available only in certain markets, details of which are available from Bank
on request. Provision of the active proxy voting service is conditional upon receipt by Bank of a duly completed enrollment form as well as additional documentation that may be required for certain markets.

(c) Bank will act upon Instructions to vote on matters referred to in a Notification, provided Instructions are
received by Bank at its proxy voting department by the deadline referred to in the relevant Notification. If Instructions are not received by the deadline referred to in the relevant Notification, Bank shall take reasonable efforts to vote the proxy
but Bank shall not be liable for any failure to submit the vote. It is Customer's obligation to monitor the agreed upon means of providing Notifications to determine if new Notifications have been received.

(d) Bank reserves the right to provide Notifications or parts thereof in the language received. Bank will attempt
in good faith to provide accurate and complete Notifications, whether or not translated.

(e) Customer acknowledges that Notifications and other information furnished pursuant to the active proxy voting
service ()"**information**") are proprietary to Bank and that Bank owns all intellectual property rights, including copyrights and patents, embodied therein. Accordingly, Customer will not make any use of such information except in
connection with the active proxy voting service.

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(f) In markets where the active proxy voting service is not available or where Bank has not received a duly
completed enrollment form or other relevant documentation, Bank will not provide Notifications to Customer but will endeavor to act upon Instructions to vote on matters before meetings of holders of Financial Assets where it is reasonably
practicable for Bank (or its Subcustodians or nominees as the case may be) to do so and where such Instructions are received in time for Bank to take timely action (the "**passive proxy voting service** ").

(g) The proxy voting service does not include physical attendance at shareholder meetings. Requests for physical
attendance at shareholder meetings can be made but they will be evaluated and agreed to by Bank on a case by case basis.

(h) Customer acknowledges that the provision of proxy voting services (whether active or passive) may be precluded
or restricted under a variety of circumstances. These circumstances include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Financial Assets being on loan or out for registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the pendency of conversion or another corporate action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Financial Assets being held at Customer's request in a name not subject to the control of Bank or its
Subcustodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in a margin or collateral account at Bank or another bank or broker, or otherwise in a manner which affects
voting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) local market regulations or practices, or restrictions by the issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Bank being required to vote all shares held for a particular issue for all of Bank's customers on a net
basis (i.e., a net yes or no vote based on voting instructions received from all its customers). Where this is the case, Bank will inform Customer by means of the Notification.

(i) Notwithstanding the fact that Bank may act in a fiduciary capacity with respect to Customer under other
agreements, in performing active or passive voting proxy services Bank will be acting solely as the agent of Customer, and will not exercise any discretion, with regard to such proxy services or vote any proxy except when directed by an Authorized
Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12**  **<u>Statements</u> <u> </u> <u>and</u> <u> </u> <u>Information</u> <u> </u> <u>Available</u> <u> </u> <u>On-Line</u> <u> </u> <u>and</u> <u> </u> <u>other</u> <u> </u> <u>Reports</u>.** 

(a) Bank will provide the Customer with electronic access to Account information (the
" **Information**") that will enable the Customer to generate or receive reports and statements of account for each Account and to identify Financial Assets and cash held in each Account as well as Account transactions. Additionally,
Bank will send (or make available on-line to) Customer an advice or notification of any transfers of cash or Financial Assets with respect to each Account. Bank will not be liable with respect to any matter
set forth in those portions of any Information or any such advice (or reasonably implied therefrom) to which Customer has not given Bank a written exception or objection within sixty (60) days of the Information being made available, provided
such matter is not the result of Bank's negligence, willful misconduct or bad faith.

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(b) Prices and other information obtained from third parties that may be contained in any Information or other
statement sent to Customer have been obtained from sources Bank believes to be reliable. Bank does not, however, make any representation as to the accuracy of such information or that the prices specified necessarily reflect the proceeds that would
be received on a disposal of the relevant Financial Assets.

(c) Customer acknowledges that, except as otherwise expressly agreed by Bank, records and reports available to it on-line may not be accurate due to mis-postings, delays in updating Account records, and other causes. Bank will not be liable for any Liabilities arising out of any such
information accessed electronically that is subsequently updated or corrected by the close of business on the first business day after the original transaction was posted.

In the event of a known systemic issue with data available to Customer on-line, Bank will provide notice as soon as practicable to Customer of such issue via banner headline on the on-line system or other appropriate means of communication.

(d) Upon written request, Bank will supply a copy of its current SOC I Report to Customer. Upon written request,
Bank shall provide Customer with information about Bank's processes for the management and monitoring of Subcustodians for safeguarding Financial Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13**  **<u>Access</u> <u> </u> <u>to</u> <u> </u> <u>Bank</u> <u>'</u> <u>s</u> <u> </u> <u>Records</u>.** 

Bank will, upon reasonable written notice, allow Customer's duly authorized officers, employees, and agents, including Customer's independent public accountants, and the employees and agents of the SEC access at all times during the regular business hours of the Bank to the records relating to the Customer. Subject to restrictions under Applicable Law, Bank also will obtain an undertaking to permit Customer's independent public accountants, reasonable access to the records of any Subcustodian of Securities held in the Securities Account as may be required in connection with such examination.

In addition, the Bank shall cooperate with and supply necessary information to the entity or entities appointed by the Customer to keep its books of account and/or compute its net asset value. The Bank shall take all such reasonable actions as a Customer may from time to time request to enable a Customer to obtain, from year to year, favorable opinions from the Customer's independent accountants with respect to the Bank's activities hereunder in connection with (i) the preparation of any registration statement of a Customer and of a Customer's reports on Form N-CEN and any other reports required by the SEC, and (ii) the fulfillment by the Customer of any other requirements of the SEC.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14**  **<u>Maintenance</u> <u> </u> <u>of</u> <u> </u> <u>Financial</u> <u> </u> <u>Assets</u> <u> </u> <u>at</u> <u>Subcustodian</u> <u> </u> <u>Locations</u>.** 

(a) Unless Instructions require another location acceptable to Bank, Financial Assets will be held in the country
or jurisdiction in which their principal trading market is located, where such Financial Assets may be presented for payment, where such Financial Assets were acquired, or where such Financial Assets are held. Bank reserves the right to refuse to
accept delivery of Financial Assets or cash in countries and jurisdictions other than those referred to in the subscustodians' list located on <u>http://marketintelligence.jpmchase.net</u>, as amended from time to time (the
" **Subcustodians List** ").

(b) Bank will not be obliged to follow an Instruction to hold Financial Assets with, or have them registered or
recorded in the name of, any person not chosen by Bank. However, if Customer does instruct Bank to hold Securities and/or cash with or register or record Securities in the name of a person not chosen by Bank and Bank agrees to do so, the
consequences of doing so are at Customer's own risk and Bank (i) will not be liable therefor and (ii) may not provide services under this Agreement with respect to Securities or cash so held, including, without limitation, services
provided under Sections 2.8, 2.9, 2.11, and 8.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15**  **<u>Tax</u> <u> </u> <u>Relief</u> <u> </u> <u>Services</u>.** 

Bank will provide tax relief services as provided in Section 8.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.16**  **<u>Fund</u> <u> </u> <u>Accounting</u> <u> </u> <u>Services</u>.** 

(a) Bank shall perform fund accounting services (the "**Fund Accounting Services**") as specified on
the attached Schedule C (*Fund Accounting Services*). Bank will keep records relating to the Fund Accounting Services in such form and manner as it may deem appropriate or advisable.

(b) The Bank shall determine the net value of the assets and liabilities of an Account (including securities out on
a loan and excluding collateral held therefor) in accordance with the procedures as directed by Customer provided such procedures are reasonably acceptable to Bank.

(c) Each Account's and each share class's net asset value shall be the result obtained by dividing the
net value of such Account's or share class's assets and liabilities by the number of existing units of the same. In determining net asset value, fractions will be taken to two or four decimal places, as directed by the Customer. Net
asset value shall be determined as of each valuation date (as defined in each Customer's prospectus, the "**Valuation Date**") before taking into account additions to and withdrawals from the Accounts occurring as of such
Valuation Date. At the direction of the Customer, the Bank may make a uniform change on any Valuation Date in the value of all outstanding shares of an Account, either by creating a larger number of smaller shares or a smaller number of larger
shares pro rata across all shareholders.

(d) In the event of any error or omission in connection with the calculation of the net asset value of any Account,
the Bank's liability and responsibility shall be subject to the materiality standards set forth in Exhibit A to Schedule C. In the event the Customer's NAV Error Policy

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is revised, the Bank will be notified by the Customer's fund administrator about the need to modify the standards in Exhibit A to Schedule C. The Parties agree to negotiate in good faith in order to implement changes to Exhibit A to Schedule C caused by industry wide revisions.

(e) The Customer agrees that the accounting reports provided by the Bank, as well as any share class or other
similar reports, are to enable the Customer to fulfill its statutory reporting and investor subscription/redemption obligations, and are not for investment, cash management or hedging purposes. Accordingly, notwithstanding any other provision herein
to the contrary, the Customer agrees that the Bank shall have no liability whatsoever for any Liabilities incurred by the Customer as result of use of the accounting reports for investment, treasury or hedging purposes, including, but not limited
to, for the purpose of currency overlay transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.17**  **<u>Restricted</u> <u> </u> <u>Markets</u>.** 

(a) Bank shall post on its website from time to time information regarding jurisdictions for which it supports
custody services; Bank reserves the right to refuse to accept delivery of Financial Assets or cash in jurisdictions other than those on the list.

(b) The Bank reserves the right to restrict the services it provides in, and the Liabilities it incurs with respect
to, certain markets that it determines are restricted markets from time to time. Bank shall notify Customers of any such restrictions via its website from time to time.

(c) In the event a Subcustodian exits the market in which Bank previously appointed it to provide custodial
services, or is unable to continue to provide custodial services to Bank's satisfaction, Bank may (i) remove such Subcustodian from the Bank's network in accordance with Section 5.1, and/or (ii) cease to provide custodial
services in such market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.18**  **<u>Compliance</u> <u> </u> <u>with</u> <u> </u> <u>SEC</u> <u> </u> <u>rule</u> <u> </u> <u>17f-5</u> <u> </u> <u>(</u> <u>"</u> <u>Rule</u> <u> </u> <u>17f-</u> <u>5</u> <u>"</u> <u>)</u>.** 

(a) Board hereby delegates to Bank, and, except as to the country or countries as to which Bank may, from time to
time, advise Customer that it does not accept such delegation, Bank hereby accepts the delegation to it, of the obligation to perform as Customer's "Foreign Custody Manager" (as that term is defined in Rule 17f-5(a)(3) as promulgated under the 1940 Act), including for the purposes of: (i) selecting Eligible Foreign Custodians (as that term is defined in Rule 17f-5(a)(1), and
as the same may be amended from time to time, or that have otherwise been exempted pursuant to an SEC exemptive order) to hold foreign Financial Assets and cash, (ii) evaluating the contractual arrangements with such Eligible Foreign Custodians
(as set forth in Rule 17f-5(c)(2)), and (iii) monitoring such foreign custody arrangements (as set forth in Rule 17f-5(c)(3)).

(b) In connection with the foregoing, Bank shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide written reports notifying Customer's Board of the placement of Financial Assets and cash with
particular Eligible Foreign Custodians and of any material change in the arrangements with such Eligible Foreign Custodians, with such

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reports to be provided to Customer's Board at such times as the Board deems reasonable and appropriate based on the circumstances of Customer's foreign custody arrangements (and until further notice from Customer such reports shall be provided not less than quarterly with respect to the placement of Financial Assets and cash with particular Eligible Foreign Custodians and with reasonable promptness upon the occurrence of any material change in the arrangements with such Eligible Foreign Custodians);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) exercise such reasonable care, prudence and diligence in performing as Customer's Foreign Custody Manager
as a person having responsibility for the safekeeping of foreign Financial Assets and cash would exercise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in selecting an Eligible Foreign Custodian, first have determined that foreign Financial Assets and cash placed
and maintained in the safekeeping of such Eligible Foreign Custodian shall be subject to reasonable care, based on the standards applicable to custodians in the relevant market, after having considered all factors relevant to the safekeeping of such
foreign Financial Assets and cash, including, without limitation, those factors set forth in Rule 17f-5(c)(1)(i)-(iv);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) determine that the written contract with an Eligible Foreign Custodian requires that the Eligible Foreign
Custodian shall provide reasonable care for foreign Financial Assets and cash based on the standards applicable to custodians in the relevant market and complies with the requirements of Rule 17f-5(c)(2) with
respect to the provisions of the contract; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) have established a system to monitor the continued appropriateness of maintaining foreign Financial Assets and
cash with particular Eligible Foreign Custodians and of the governing contractual arrangements; it being understood, however, that in the event that Bank shall have determined that the existing Eligible Foreign Custodian in a given country would no
longer afford foreign Financial Assets and cash reasonable care, it shall withdraw the Customer's Financial Assets and cash as soon as reasonably practicable, place such Financial Assets and cash with another Eligible Foreign Custodian in that
country and notify Customer of such actions; however in the event and that no other Eligible Foreign Custodian in that country would afford reasonable care, Bank shall promptly so advise Customer and shall then act in accordance with the
Instructions of Customer with respect to the disposition of the affected foreign Financial Assets and cash.

Subject to (b)(i)-(v) above, Bank is hereby authorized to place and maintain foreign Financial Assets and cash on behalf of Customer with Eligible Foreign Custodians pursuant to a written contract deemed appropriate by Bank.

(c) Except as expressly provided herein, Customer shall be solely responsible to assure that the maintenance of
foreign Financial Assets and cash hereunder complies with the rules, regulations, interpretations and exemptive orders as promulgated by or under the authority of the SEC.

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(d) Bank represents to Customer that it is a U.S. Bank as defined in Rule 17f-5(a)(7). Customer represents to Bank that: (1) the foreign Financial Assets and cash being placed and maintained in Bank's custody are subject to the 1940 Act, as the same may be amended from
time to time; (2) its Board: (i) has determined that it is reasonable to rely on Bank to perform as Customer's Foreign Custody Manager (ii) or its investment adviser shall have determined that Customer may maintain foreign
Financial Assets and cash in each country in which Customer's Financial Assets and cash shall be held hereunder and determined to accept Country Risk. Nothing contained herein shall require Bank to make any selection or to engage in any
monitoring on behalf of Customer that would entail consideration of Country Risk.

(e) Bank shall provide to Customer such information relating to Country Risk from time to time. Customer hereby
acknowledges that: (i) such information is solely designed to inform Customer of market conditions and procedures and is not intended as a recommendation to invest or not invest in particular markets; and (ii) Bank has gathered the
information from sources it considers reliable, but that Bank shall have no responsibility for inaccuracies or incomplete information unless such inaccuracy or incomplete information is the result of the Bank's willful misfeasance, bad faith,
negligence, or reckless disregard of its duties and obligations under this Section 2.18.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.19**  **<u>Compliance</u> <u> </u> <u>with</u> <u> </u> <u>SEC</u> <u> </u> <u>rule</u> <u> </u> <u>17f-7</u> <u> </u> <u>(</u> <u>"</u> <u>Rule</u> <u> </u> <u>17f-</u> <u>7</u> <u>"</u> <u>)</u>.** 

(a) Bank shall, for consideration by Customer, provide an analysis of the custody risks associated with maintaining
Customer's foreign Financial Assets and cash with each Eligible Securities Depository used by Bank as of the date hereof (or, in the case of an Eligible Securities Depository not used by Bank as of the date hereof, prior to the initial
placement of Customer's foreign Assets at such Depository) and at which any foreign Financial Assets and cash of Customer are held or are expected to be held. The foregoing analysis will be provided to Customer at Bank's website. In
connection with the foregoing, Customer shall notify Bank of any Eligible Securities Depositories at which it does not choose to have its foreign Financial Assets and cash held. Bank shall monitor the custody risks associated with maintaining
Customer's foreign Financial Assets and cash at each such Eligible Securities Depository on a continuing basis and shall promptly notify Customer or its adviser of any material changes in such risks.

(b) Bank shall exercise reasonable care, prudence and diligence in performing the requirements set forth in
Section 2.19(a) above. Bank represents to Customer that it is a "**Primary Custodian**" as defined in Rule 17f-7(b)(2).

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(c) Based on the information available to it in the exercise of diligence, Bank shall determine the eligibility
under Rule 17f-7 of each depository before including it in the list of securities depositories located on <u>http://marketintelligence.jpmchase.net</u>, as amended from time to time (the "**Securities Depositories List**") and shall promptly advise Customer if any Eligible Securities Depository ceases to be eligible. (Eligible Securities Depositories used by Bank as of the date hereof are set forth in the Securities Depositories List, and
as the same may be amended on notice to Customer from time to time.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.20**  **<u>Notifications</u>.** 

If Customer has agreed to access information concerning the Accounts through Bank's website, Bank may make any notifications required under this Agreement by posting such notification on the website (except for the notices discussed in Section 10.1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.21**  **<u>Agency</u> <u> </u> <u>Services</u> <u> </u> <u>to</u> <u> </u> <u>Facilitate</u> <u> </u> <u>Certain</u> <u>Foreign</u> <u> </u> <u>Exchange</u> <u> </u> <u>Transactions</u>.** 

Any Customer may from time to time issue Instructions, including standing Instructions, to Bank to execute foreign exchange contracts in currencies in which it is impracticable for the Customer to execute trades directly with counterparties. As between Bank and the applicable Customer, Bank may, but will not be obliged to, enter into each foreign exchange contract so instructed as agent on behalf of the Customer with a third party (each a "**Counterparty**"), and Bank is authorized, in its discretion, either to disclose or not disclose the identity of the Customer to the Counterparty. Any Instructions, including standing Instructions, may be subject to any rules or limitations or execution parameters established by Bank or affected by causes beyond the reasonable control of Bank. The Customer hereby appoints Bank to enter into and perform all obligations in respect of any of the foreign exchange contracts so instructed, including, as required, such additional foreign exchange contracts as may be necessary to move the requisite funds to or from the applicable Subcustodian and the role of Bank or its Affiliates in entering into and performing such transactions shall be as agent for the Customer. Customer assumes the risk of the Counterparty's failure to perform its obligations and shall itself be liable as principal on the same basis as if it had directly entered into such foreign exchange contract with the Counterparty and will pay to Bank, on the relevant settlement date, any amount payable to settle such foreign exchange contract. Notwithstanding the foregoing, Bank shall remain subject to its standard of care provided in Section 7.1 of this Agreement in conducting any transactions pursuant to this Section 2.21 . In the event that the terms of any confirmation of any foreign exchange contract issued by Bank, any of its Affiliates, or any Counterparty is inconsistent with the foregoing, the foregoing shall prevail as between the Bank or its Affiliate and the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.22**  **<u>Change</u> <u> </u> <u>Requests</u>.** 

(a) If either Party wishes to propose any amendment or modification to, or variation of, Bank's services
contemplated by this Agreement including the scope or details of the services (a "**Change**") then it shall notify the other party of that fact by sending a request (a "**Change Request**") to the other party,
specifying in as much detail as is reasonably practicable the nature of the Change.

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(b) Promptly following the receipt of a Change Request, the Parties shall agree whether to implement the Change
Request, whether implementation of the Change Request should result in a modification of the fees contemplated by Section 4.1, and the basis upon which Bank will be compensated for implementing the Change Request.

(c) If a change to Applicable Law requires a Change, the Parties shall follow the processes set forth in this
Section to initiate a Change Request.

Bank shall bear its own costs with respect to implementing a Change Request based upon a change in Applicable Law except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Bank shall be entitled to charge the Customer for any changes to software that has been developed or customized
for the Customer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Bank shall be entitled to charge the Customer for any Changes required as a result of the change in Applicable
Law affecting the Customer in a materially different way than it affects Bank's other customers, or which the Customer wishes Bank to implement in a way different from what Bank reasonably intends to implement for its other customers.

For the avoidance of doubt, any increase in fees contemplated by this Section 2.22 will be mutually agreed to by Bank and Customer prior to such Change being implemented.

**3.** **INSTRUCTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1**  **<u>Acting</u> <u> </u> <u>on</u> <u> </u> <u>Instructions;</u> <u> </u> <u>Method</u> <u> </u> <u>of</u> <u>Instruction;</u> <u> </u> <u>Unclear</u> <u> </u> <u>Instructions</u>.** 

(a) Customer authorizes Bank to accept and act upon any Instructions received by it without inquiry. Customer will
indemnify the Bank Indemnitees against, and hold each of them harmless from, any Liabilities that may be imposed on, incurred by, or asserted against the Bank Indemnitees as a result of any action or omission taken in accordance with any
Instructions or other directions upon which Bank is authorized to rely under the terms of this Agreement.

(b) Unless otherwise expressly provided, all Instructions will continue in full force and effect until canceled or
superseded.

(c) To the extent possible, instructions to Bank shall be sent via electronic instruction or trade information
system acceptable to Bank or via facsimile transmission. Where reasonably practicable, the Customer will use automated and electronic methods of sending instructions.

(d) Bank may (in its sole discretion and without affecting any part of this Section 3.1) seek clarification or
confirmation of an Instruction from an Authorized Person and may decline to act upon an Instruction if it does not receive clarification or confirmation in a manner satisfactory to it. Bank will not be liable for any loss arising from any reasonable
delay in

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carrying out any such Instruction while it seeks such clarification or confirmation or in declining to act upon any Instruction for which it does not receive clarification satisfactory to it.

(e) In executing or paying a payment order Bank may rely upon the identifying number (e.g., Fedwire routing number
or account) of any party as instructed in the payment order. Customer assumes full responsibility for any inconsistency between the name and identifying number of any party in payment orders issued to Bank in Customer's name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2**  **<u>Verification and Security Procedures</u>.** 

(a) Bank and the Customer shall comply with any applicable Security Procedure to permit Bank to verify the
authenticity of Instructions.

(b) Either Party may record any of their joint telephone communications as long as such recording is in compliance
with Applicable Laws.

(c) The Customer acknowledges that the Security Procedure is designed to verify the authenticity of, and not to
detect errors in, Instructions. The Customer shall promptly notify Bank if it does not believe that any relevant Security Procedure is commercially reasonable, and its adherence to any Security Procedure without objection constitutes its agreement
that it has determined the Security Procedure to be commercially reasonable.

(d) The Customer and its Authorized Persons are solely responsible for ensuring that the User Codes are reasonably
safeguarded and known to and used by only the respective Authorized Persons to whom such User Codes apply. If (i) the User Codes are (or the Customer or its relevant Authorized Person reasonably suspects that the User Codes may be) lost,
stolen, damaged, altered, unduly disclosed, known in a manner inconsistent with its purposes or compromised, (ii) the Customer's or any Authorized Persons' access to Bank's systems, applications or products, or any third-party
messaging platform through which the Instructions are transmitted, is revoked or suspended, or (iii) the Customer or an Authorized Person reasonably suspects any technical or security failure relating to any systems, applications or products of
Bank or any third-party messaging platform through which the Instructions are transmitted, the Customer shall immediately cease using such system, application, product or platform and promptly notify Bank. Notwithstanding the foregoing, Bank shall
be responsible for ensuring that User Codes maintained in Bank's systems or records are reasonably safeguarded and shall take appropriate action to remediate any technical or security failure confirmed by Bank, that is the subject of the
notification provided by Customer or an Authorized Person referenced in this Section 3.2(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3**  **<u>Instructions;</u> <u> </u> <u>Contrary</u> <u> </u> <u>to</u> <u> </u> <u>Law/Market</u> <u>Practice</u>.** 

Bank need not act upon Instructions which it reasonably believes to be contrary to Applicable Laws or market practice, but Bank will be under no duty to investigate whether any Instructions comply with Applicable Law or market practice. In the event Bank does not act upon such Instructions, Bank will notify Customer as soon as reasonably practicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4**  **<u>Cut-off</u> <u> </u> <u>Times</u>.** 

Bank has established cut-off times for receipt of some categories of Instruction, which will be made available to Customer. If Bank receives an Instruction after its established cut-off time, Bank will attempt to act upon the Instruction on the day requested if Bank deems it practicable to do so or otherwise as soon as practicable on the next business day. Bank will provide Customer with reasonable prior notice of any changes to the cut-off times previously communicated to Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5**  **<u>Electronic</u> <u> </u> <u>Access.</u>** 

(a) Access by the Customer to certain systems, applications or products of Bank shall be governed by this Agreement
and the terms and conditions set forth in Schedule D (*Electronic Access*). The Customer and its Authorized Persons shall use User Codes to access Bank's systems, applications or products unless otherwise agreed by Bank.

(b) Bank will maintain and Customer will maintain or cause its applicable agents or service providers to maintain
written cybersecurity policies and procedures which implement commercially reasonable administrative, technical, and physical safeguards that are aligned with industry security standards and that, among other things, protect against anticipated
threats or hazards to the security or integrity of their respective systems and data. Bank may in its discretion provide training or information on best practices to the Customer from time to time but in so doing it will not be considered a
consultant or advisor with respect to cybersecurity.

(c) Each of the Customer and Bank will be responsible for the obtaining, proper functioning, maintenance and
security of its own services, software, connectivity and other equipment.

**4.** **FEES, EXPENSES AND OTHER AMOUNTS OWING TO BANK** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1**  **<u>Fees</u> <u> </u> <u>and</u> <u>Expenses</u>.** 

Customer will pay Bank for its services hereunder the fees set forth in a separate agreement or such other amounts as may be agreed upon in writing from time to time, together with Bank's reasonable out-of-pocket or incidental expenses, including, but not limited to, legal fees and tax or related fees incidental to processing by governmental authorities, issuers, or their agents. If the Customer disputes an invoice, it shall nevertheless pay, on or before the date that payment is due, such portion of the invoice that is not subject to a bona fide dispute. Customer authorizes Bank to deduct amounts owing to it from the Cash Account except such portion of the invoice that the Customer has objected to within thirty (30) days of the date of the invoice. Without prejudice to Bank's other rights, Bank reserves the right to charge interest on overdue amounts not subject to bona fide dispute from the due date until actual payment at such rate as Bank may reasonably determine.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2**  **<u>Overdrafts</u>.** 

If a debit to any currency in the Cash Account results (or will result) in a debit balance, then Bank may, in its discretion, (i) advance an amount equal to the overdraft, (ii) or refuse to settle in whole or in part the transaction causing such debit balance, or (iii) if any such transaction is posted to the Securities Account, reverse any such posting. If Bank elects to make such an advance, the advance will be deemed a loan to Customer, payable on demand, bearing interest at the applicable rate charged by Bank from time to time, for such overdrafts, from the date of such advance to the date of payment (both after as well as before judgment) and otherwise on the terms on which Bank makes similar overdrafts available from time to time. No prior action or course of dealing on Bank's part with respect to the settlement of transactions on Customer's behalf will be asserted by Customer against Bank for Bank's refusal to make advances to the Cash Account or to settle any transaction for which Customer does not have sufficient available funds in the applicable currency in the Account. The Customer shall be deemed to be in default with respect to any such advance upon the occurrence of any event of the type specified in section 365(e)(1) of the U.S. Bankruptcy Code, as amended from time to time. Bank will notify Customer of any overdraft as set forth in service level documentation in effect from time to time with respect to the services set forth in this Agreement, or as otherwise agreed in writing by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3**  **<u>Bank</u> <u>'</u> <u>s</u> <u> </u> <u>Right</u> <u> </u> <u>Over</u> <u> </u> <u>Securities;</u> <u>Set-</u> <u>off</u>.** 

(a) Customer grants Bank a security interest in and a lien on the Financial Assets held in the Securities Account
as security for any and all amounts which are now or become owing to Bank under any provision of this Agreement, whether or not matured or contingent ()"**Indebtedness** ").

(b) Without prejudice to Bank's rights under Applicable Law, Bank may set off against any Indebtedness any
amount in any currency standing to the credit of any of Customer's accounts (whether deposit or otherwise) with any Bank branch or office or with any Affiliate of Bank. For this purpose, Bank shall be entitled to accelerate the maturity of any
fixed term deposits and to effect such currency conversions as may be necessary at its current rates for the sale and purchase of the relevant currencies.

(c) With respect to any obligation of a Customer arising out of this Agreement, the Bank shall look for payment or
satisfaction of such obligation solely to the assets of the Customer to which such obligation relates as though the Bank had separately contracted by separate written instrument with respect to each Customer.

(d) (i) Customer grants to Bank a security interest in and a lien on the Financial Assets held in a
Customer's Securities Account and the cash held in that Customer's Cash Account to secure that portion of any Overdraft, obligation, or other Liability owing with respect to a Transfer Account that constitute that Customer's
Transfer Account Liabilities, and Bank shall be entitled (A) without notice, to segregate, place a hold on and/or withhold delivery of such

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Financial Assets and cash to satisfy such Customer's Transfer Account Liabilities and (B) upon notice to the Board of such Customer, sell or otherwise realize any of such Financial Assets and to apply the proceeds and any other monies credited to that Customer's Cash Account in satisfaction of its Transfer Account Liabilities. Without prejudice to Bank's rights under Applicable Laws, Bank may, upon notice to the Board of such Customer, set off any Overdraft, obligation, or other Liability owing with respect to a Transfer Account that constitute that Customer's Transfer Account Liabilities against any amount in any currency standing to the credit of any of that Customer's accounts (whether deposit or otherwise) with any Bank branch or office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Customer and each Fund hereby acknowledge and assume all risks associated with aggregating transactions in Transfer Accounts with those of other Funds, including, but not limited to, Bank's inability or refusal to process a transaction in a Transfer Account due to any participating Fund having insufficient cash at the time such transaction is scheduled to occur and the Customer and the Funds shall be liable for any associated costs or penalties.

(e) Customer will be solely responsible for ensuring that the Transfer Agent maintains sufficient records and
internal controls to monitor and reconcile daily activity with respect to amounts and transactions in the Transfer Accounts that are attributable to each Customer. In particular, Customer will ensure that the Transfer Agent provides to the Bank,
promptly upon request: (1) information as to the amount of cash attributable to each Customer in the Transfer Accounts, (2) information regarding the transactions of each Customer that are processed through the Transfer Accounts, and
(3) records to identify and support any obligations, Liabilities, and/or Overdrafts incurred or created in connection with the transactions processed through the Transfer Accounts that are attributable to each Customer. In the event the
Customer fails to comply with the immediately preceding sentence, Bank shall await direction from the Fund; provided that such direction will be provided without undue delay. Customer will be responsible for any Liabilities resulting from a failure
or delay of the Transfer Agent to provide accurate and timely information to the Bank regarding the Transfer Accounts. In no event shall Custodian be required to process transactions through a Transfer Account.

(f) The Bank hereby agrees that it will follow the following procedures in connection with enforcing a lien or
right of set-off against a Customer's assets pursuant to this Section 4.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Bank will comply with all Applicable Laws in connection with enforcing a lien or right of set-off against a Customer's assets, including all applicable provisions of state law relating to enforcement of rights of set off or liens against securities and other property held in bailment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To enforce a right of set-off or a lien pursuant to Sub-section 4.3(a) or (b) of the Agreement, regardless of any other notice requirements under Applicable Laws or any applicable terms of the Agreement, the Bank will (x) without notice, segregate, place a
hold on and/or withhold delivery of such amount of Financial Assets in such

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Customer's Securities Account and cash in its Cash Account that would at least equal the statutorily required amount of collateral imposed by section 223.14 of Regulation W (federal regulations passed pursuant to Sections 23A and 23B of the U.S. Federal Reserve Act, as amended) with respect to the relevant amount of Liabilities the Bank has determined in good faith is due and payable (the "**Regulation W Amount**"); and (y) give written notice ("**Notice**") to the Board of the applicable Customer of its intention to sell or otherwise realize such Financial Assets and to apply the proceeds and any other monies credited to that Customer's Cash Account in satisfaction of its Indebtedness if the amount the Bank has determined in good faith is due and payable is not repaid within two (2) business days allowing the notice. The Customer may request the Bank to substitute different Financial Assets for the Financial Assets segregated by the Bank and the Bank will not unreasonably deny such request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Prior to enforcing a right of set-off or a lien against a
Customer's assets pursuant to Sub-section 4.3(d), regardless of any other notice requirements under Applicable Laws, rules or regulations or any applicable terms of the Agreement, the Bank will
(w) send a written request to the Transfer Agent, with a copy to the Board of the Customers, for information sufficient to identify and support any obligations, Liabilities, and/or Overdrafts incurred or created in connection with the
transactions processed through the Transfer Accounts that are attributable to each Customer; (x) segregate, place a hold on and/or withhold delivery of such amount of Financial Assets in each such Customer's Securities Account and cash in
its Cash Account that would at least equal the Regulation W Amount; and (z) give Notice to the Board of the applicable Customers of its intention to sell or otherwise realize such Financial Assets and to apply the proceeds and any other monies
credited to that Customer's Cash Account in satisfaction of its Transfer Account Liabilities, if the amount the Bank has determined in good faith is due and payable is not repaid within two (2) business days following the Notice. The
Customer may request the Bank to substitute different Financial Assets for the Financial Assets segregated by the Bank and the Bank will not unreasonably deny such request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Bank will not obtain through enforcement of the right of set-off or
the lien more than the amount it has determined in good faith to be owed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Bank will seek to enforce the right of set-off or the lien first
against a Customer's cash assets, and then only against portfolio securities or other property for which a readily ascertainable market price can be obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Bank will arrange for the sale of any such Financial Assets in nominal market transactions and will not
arrange for the sale of such Financial Assets in circumstances that, to the best of its knowledge, independently would raise affiliated transaction concerns under the 1940 Act.

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**5.** **SUBCUSTODIANS, SECURITIES DEPOSITORIES, AND OTHER AGENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1**  **<u>Appointment</u> <u> </u> <u>of</u> <u> </u> <u>Subcustodians</u> <u>;</u> <u> </u> <u>Use</u> <u>of</u> <u> </u> <u>Securities</u> <u> </u> <u>Depositories</u>.** 

(a) Bank is authorized under this Agreement to act through and hold Customer's Financial Assets with
subcustodians, being at the date of this Agreement the entities listed in the Subcustodians List and/or such other entities as Bank may appoint as subcustodians ()"**Subcustodians** "). Bank will use reasonable care, prudence and
diligence in the selection, monitoring and continued appointment of such Subcustodians. At the request of Customer, Bank may, but need not, add to the Subcustodians List an Eligible Foreign Custodian where Bank has not acted as Foreign Custody
Manager with respect to the selection thereof. Bank shall notify Customer in the event that it elects to add any such entity. In addition, Bank and each Subcustodian may deposit Financial Assets with, and hold Financial Assets in, any securities
depository, settlement system, dematerialized book entry system or similar system (each, a "**Securities Depository**") on such terms as such systems customarily operate and Customer will provide Bank with such documentation or
acknowledgements that Bank may require to hold the Financial Assets in such systems. On the basis of such terms, a Securities Depository may have a security interest or lien over, or right of set-off in
relation to the Financial Assets.

(b) Any agreement Bank enters into with a Subcustodian for holding Bank's customers' assets will
provide that such assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of such Subcustodian or its creditors except a claim for payment for their safe custody or administration, or, in the case of
cash deposits, except for liens or rights in favor of creditors of the Subcustodian arising under bankruptcy, insolvency or similar law, and that the beneficial ownership thereof will be freely transferable without the payment of money or value
other than for safe custody or administration. Bank shall be responsible for all claims for payment of fees for safe custody or administration so that no Subcustodian exercises any claim for such payment against Customer's assets. Where a
Subcustodian deposits Securities with a Securities Depository, Bank will cause the Subcustodian to identify on its records as belonging to Bank, as agent, the Securities shown on the Subcustodian's account at such Securities Depository. This
Section 5.1(b) will not apply to the extent of any special agreement or arrangement made by Customer with any particular Subcustodian.

(c) Bank will not be liable for any act or omission by (or the insolvency of) any Securities Depository. In the
event Customer incurs a loss due to the negligence, willful misconduct, or insolvency of a Securities Depository, Bank will make reasonable endeavors, in its discretion, to seek recovery from the Securities Depository, but Bank will not be obligated
to institute legal proceedings, file a proof claim in any insolvency proceeding, or take any similar action. Bank shall be liable to Customer for any loss or damage to Customer resulting from Financial Assets held at a Securities Depository if such
loss or damage directly resulted from the gross negligence or willful misconduct of Bank or any of its agents or employees.

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(d) The term Subcustodian as used herein shall mean the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "U.S. Bank," which shall mean a U.S. bank as defined in Rule 17f-5(a)(7);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an "Eligible Foreign Custodian," which shall mean: (i) a banking institution or trust company,
incorporated or organized under the laws of a country other than the United States, that is regulated as such by that country's government or an agency thereof, and (ii) a majority-owned direct or indirect subsidiary of a U.S. bank or
bank holding company which subsidiary is incorporated or organized under the laws of a country other than the United States. In addition, an Eligible Foreign Custodian shall also mean any other entity that shall have been so qualified by exemptive
order, rule or other appropriate action of the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For purposes of clarity, it is agreed that as used in Section 5.2(a), the term Subcustodian shall not
include any Eligible Foreign Custodian as to which Bank has not acted as Foreign Custody Manager.

(e) The term "securities depository" as used herein when referring to a securities depository located
outside the U.S. shall mean an "**Eligible Securities Depository**" which, in turn, shall have the same meaning as in Rule 17f-7(b)(1)(i)-(vi) as the same may be amended from time to time, or
that has otherwise been made exempt pursuant to an SEC exemptive order or no-action letter of the staff of the SEC.

(f) The term "securities depository" as used herein when referring to a securities depository located
in the U.S. shall mean a "securities depository" that meets the requirements of Rule 17f-4(a) and the definition of Rule 17f-4(c)(6).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2**  **<u>Liability</u> <u> </u> <u>for</u> <u> </u> <u>Subcustodians</u>.** 

(a) Subject to Section 7.1(b), Bank shall be liable for the actions or omissions of any Subcustodian to the
same extent as if such act or omission was performed by the Bank itself. In the event of any Losses suffered or incurred by a Customer caused by or resulting from the actions or omissions of any Subcustodian for which the Bank would otherwise be
liable, the Bank shall promptly reimburse such Customer in the amount of any such Losses. Bank shall also be liable for losses that result from the insolvency of any Affiliated Subcustodian.

(b) Subject to Section 5.1(a) and Bank's duty to use reasonable care in the monitoring of a
Subcustodian's financial condition as reflected in its published financial statements and other publicly available financial information concerning it customarily reviewed by Bank in its oversight process, Bank will not be responsible for the
insolvency of any Subcustodian which is not a branch or an Affiliated Subcustodian.

(c) Bank reserves the right to add, replace or remove Subcustodians. Bank will give prompt notice of any such
action, which will be advance notice if practicable. Upon request by Customer, Bank will identify the name, address and principal place of business of any Subcustodian and the name and address of the governmental agency or other regulatory authority
that supervises or regulates such Subcustodian.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3**  **<u>Use</u> <u> </u> <u>of</u> <u> </u> <u>Agents</u>.** 

(a) Bank may provide certain services under this Agreement through third parties, which may be Affiliates, provided
the provision of services by such Affiliate complies with the 1940 Act and the rules issued thereunder and the policies and procedures of the Customer. Except to the extent provided in Section 5.2 with respect to Subcustodians, Bank will not be
responsible for any loss as a result of a failure by any broker or any other third party that it selects and retains using reasonable care to provide information services that it may not customarily provide itself, including, without limitation,
providers of information regarding matters such as pricing, proxy voting, corporate actions and class action litigation. Nevertheless, Bank will be liable for the performance of any such third party selected by Bank that is an Affiliate to the same
extent as Bank would have been liable if it performed such services itself.

(b) In the case of the sale under Section 2.8 of a fractional interest (or in other cases where Customer has
requested Bank to arrange for execution of a trade) Bank will place trades with a broker which is an Affiliate to the extent that: (1) Bank has established a program for such trading with such Affiliate, (2) trading with such Affiliate
complies with the 1940 Act, as amended and the rules issued thereunder, and (3) trading with such Affiliate complies with the Customer's policies and procedures, provided that such policies and procedures have been provided to Bank and
Bank has agreed that they are acceptable to Bank. An affiliated broker may charge its customary commission (or retain its customary spread) with respect to any such transaction.

**6.** **ADDITIONAL PROVISIONS RELATING TO CUSTOMER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1**  **<u>Representations</u> <u> </u> <u>of</u> <u> </u> <u>Customer</u> <u> </u> <u>and</u> <u> </u> <u>Bank</u>.** 

(a) Customer represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it has full authority and power, and has obtained all necessary authorizations and consents, to deposit and
control the Financial Assets and cash in the Accounts, to use Bank as its custodian in accordance with the terms of this Agreement, to borrow money (either short term or intraday borrowings in order to settle transactions prior to receipt of
covering funds), grant a lien over Financial Assets as contemplated by Section 4.3, and to enter into foreign exchange transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) assuming execution and delivery of this Agreement by Bank, this Agreement is Customer's legal, valid and
binding obligation, enforceable in accordance with its terms and it has full power and authority to enter into and has taken all necessary corporate action to authorize the execution of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there is no material administrative, civil or criminal proceeding pending or, to the knowledge of the Customer,
threatened against the Customer that would affect its performance under this Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it has not relied on any oral or written representation made by Bank or any person on its behalf, and
acknowledges that this Agreement sets out to the fullest extent the duties of Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) it is a resident of the United States and shall notify Bank of any changes in residency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) except as granted under Section 4.3 of this Agreement or otherwise to Bank, the Financial Assets and cash
deposited in the Accounts, except for an Account contemplated by Section 2.3(e); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Customer has complied and will comply with all Applicable Laws, including but not limited to, laws relating to
the prevention and prosecution of money laundering and terrorist financing.

(b) Bank represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) assuming execution and delivery of this Agreement by Customer, this Agreement is Bank's legal, valid and
binding obligation, enforceable in accordance with its terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it has full power and authority to enter into and has taken all necessary corporate action to authorize the
execution of this Agreement.

(c) Bank has in place and shall maintain throughout the term of this Agreement security measures designed to
prevent unauthorized access to the Customer's data or Confidential Information in its possession in accordance with industry best practices and standards in the banking industry.

(d) Bank may rely upon the above or the certification of such other facts as may be required to administer
Bank's obligations hereunder. Customer shall indemnify Bank against all losses, liability, claims or demands arising directly or indirectly from any such certifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2**  **<u>Customer</u> <u> </u> <u>to</u> <u> </u> <u>Provide</u> <u> </u> <u>Certain</u> <u> </u> <u>Information</u> <u>to</u> <u> </u> <u>Bank</u>.** 

Upon request, Customer will promptly provide to Bank such information about itself and its financial status as Bank may reasonably request, including Customer's organizational documents and its current audited and unaudited financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3**  **<u>Customer</u> <u> </u> <u>is</u> <u> </u> <u>Liable</u> <u> </u> <u>to</u> <u> </u> <u>Bank</u> <u>Even</u> <u> </u> <u>if</u> <u> </u> <u>it</u> <u> </u> <u>is</u> <u> </u> <u>Acting</u> <u> </u> <u>for</u> <u> </u> <u>Another</u> <u> </u> <u>Person</u>.** 

If Customer is acting as an agent for a disclosed or undisclosed principal in respect of any transaction, cash, or Financial Asset, Bank nevertheless will treat Customer as its principal for all purposes under this Agreement. In this regard, Customer will be liable to Bank as a principal in respect of any transactions relating to the Account. The foregoing will not affect any rights Bank might have against Customer's principal.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4**  **<u>Special</u> <u> </u> <u>Settlement</u> <u> </u> <u>Services</u>.** 

The Bank may, but shall not be obliged to, make available to the Customer from time to time special settlement services (including continuous linked settlement) for transactions involving Financial Assets, cash, foreign exchange, and other instruments or contracts. The Customer shall comply, and shall cause its Authorized Persons to comply, with the requirements of any external settlement agency through which such settlements may be processed, including, without limitation, its rules and by-laws, where applicable.

**7.** **WHEN BANK IS LIABLE TO CUSTOMER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1**  **<u>Standard</u> <u> </u> <u>of</u> <u> </u> <u>Care;</u> <u> </u> <u>Liability</u>.** 

(a) Bank shall exercise reasonable care, prudence and diligence in carrying out all its duties and obligations
under this Agreement, and shall be liable to each Customer for any and all claims, liabilities, losses, damages, fines, penalties and expenses ()"**Losses**") suffered or incurred by or asserted against Customer resulting from the
failure of Bank to exercise such reasonable care, prudence and diligence or resulting from Bank's willful misfeasance, bad faith, negligence or reckless disregard of its obligations and duties under this Agreement and to the extent provided in
Section 5.2(a). In addition, Bank shall be liable to each applicable Customer for all Losses representing reasonable costs and expenses incurred by such Customer in connection with any claim by such Customer against Bank arising from the
obligations of Bank hereunder, including, without limitation, all reasonable attorneys' fees and expenses incurred by such Customer in connection with any investigations, lawsuits or proceedings relating to such claim; provided that such
Customer has recovered from Bank for such claim.

Upon the occurrence of any event that causes or may cause any loss, damage or expense to Customer, Bank shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) promptly notify Customer of the occurrence of such event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) use its commercially reasonable best efforts to cause any Subcustodian to use all commercially reasonable
efforts and to take all reasonable steps under the circumstances to mitigate the effects of such event and to avoid continuing harm to Customer.

Nevertheless, under no circumstances will Bank be liable for any indirect, incidental, consequential or special damages (including, without limitation, lost profits) of any form incurred by any person or entity, whether or not foreseeable and regardless of the type of action in which such a claim may be brought, with respect to the Accounts, Bank's performance hereunder, or Bank's role as custodian.

(b) To prevent the disruption of the Services in the event of any reasonably foreseeable adverse events (such as
terrorism or related threats to security, cyber-attack, loss of electric power

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or communications lines, equipment failure, fire, water damage or severe weather conditions), Bank will maintain and update from time to time, at no additional expense to Customer, a business continuation and disaster recovery plan ("**Business Continuity Procedures**") with respect to its global custody business that is reasonably designed to assure restoration and continuity of its key technology and business operations in the event of an unplanned event, which may include Business Continuity Procedures to protect the records or other data of Customer (and any wholly-owned subsidiaries of a Customer) and Bank's records, data, equipment, facilities and other property used in the performance of its obligations hereunder. The Bank tests the effectiveness of the Business Continuity Procedures at least annually. Upon reasonable request from Customer, Bank shall provide information summarizing the Business Continuity Procedures. Bank will notify Customer promptly of any material changes to the Business Continuity Procedures in the event such changes may be reasonably and foreseeably relevant to the provision of the Services hereunder. In the event of equipment failure, work stoppage, governmental action, terrorism or related threats to security, communication disruption or other impossibility of performance beyond Bank's control, Bank shall, at no additional expense to Customer, use all commercially reasonable efforts to minimize interruptions to the Services and will notify the Customer thereof to the extent such notification is warranted under the written service level terms (applicable to Customer and any wholly-owned subsidiaries of a Customer) agreed to in writing between the Parties outside of this Agreement.

(c) Customer will indemnify the Bank Indemnitees against, and hold them harmless from, any Liabilities that may be
imposed on, incurred by or asserted against any of the Bank Indemnitees in connection with or arising out of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Bank's performance under this Agreement, provided the Bank Indemnitees have acted with reasonable care
and have not acted with willful misfeasance, bad faith, negligence or reckless disregard of their obligations and duties under this Agreement or engaged in fraud or willful misconduct in connection with the Liabilities in question; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Bank Indemnitee's status as a holder of record of Customer's Financial Assets. Nevertheless,
Customer will not be obligated to indemnify any Bank Indemnitee under the preceding sentence with respect to any Liability for which Bank is liable under Section 5.2 of this Agreement. Customer shall have no liability whatsoever for any
consequential, special, indirect, incidental or speculative loss or damages (including, but not limited to, lost profits) suffered by Bank in connection with the transactions and services contemplated hereby and the relationship established hereby
even if Customer has been advised as to the possibility of the same and regardless of the form of action.

(d) Without limiting Subsections 7.1 (a) or (b), Bank will have no duty or responsibility to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) question Instructions or make any suggestions to Customer or an Authorized Person regarding such Instructions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) supervise or make recommendations with respect to investments or the retention of Financial Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) advise Customer or an Authorized Person regarding any default in the payment of principal or income of any
Security other than as provided in Section 2.7(b) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) evaluate or report to Customer or an Authorized Person regarding the financial condition of any broker, agent
or other party to which Bank is instructed to deliver Financial Assets or cash. Bank is not responsible or liable in any way for the genuineness or validity of any Security or instrument received, delivered or held by Bank in physical form that
appears to be genuine and valid; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) review or reconcile trade confirmations received from brokers (and Customer or its Authorized Persons issuing
Instructions will bear any responsibility to review such confirmations against Instructions issued to and Statements of Account issued by Bank).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2**  **<u>Force</u> <u> </u> <u>Majeure</u>.** 

(a) Bank will have no liability for any damage, loss, expense or liability of any nature that Customer may suffer
or incur, caused by an act of God, fire, flood, civil or labor disturbance, war, terrorism, act of any governmental authority or other act or threat of any authority (de jure or de facto), legal constraint, fraud or forgery (except where such fraud
or forgery is attributable to Bank, its agents or their employees and the Bank is grossly negligent in allowing such fraud or forgery to negatively impact the Customer), malfunction of equipment or software (except where such malfunction is
primarily and directly attributable to Bank's negligence in selecting, operating or maintaining the equipment or software), cyber-attack (except where such cyber-attack is primarily and directly attributable to Bank's negligence),
currency re-denominations, currency restrictions, failure of or the effect of rules or operations of any external funds transfer system, inability to obtain or interruption of external communications
facilities (except where such inability to obtain or interruption of external communication is primarily and directly due to Bank's negligence), power failures or any cause beyond the reasonable control of Bank (including without limitation,
the non-availability of appropriate foreign exchange); provided, however, that a party must notify the other party promptly when it becomes aware of a specific occurrence of any such event, and Bank will use
commercially reasonable efforts to mitigate such damages and/or resume performance of its obligations under this Agreement as soon as practicable under the circumstances.

(b) The Customer acknowledges that (i) investing in Financial Assets and cash in foreign jurisdictions may
involve risks of loss or other burdens and costs, and (ii) it remains responsible for assessing and managing investment-related exposures arising out of

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Country Risk. Accordingly, the Customer agrees that Bank will not be responsible for any Liabilities resulting from Country Risk. In cases where a Country Risk Event occurs in a particular market, any amounts credited by Bank to the Account as a result of any transaction or Instruction (including but not limited to securities settlements, asset servicing (which may include payments), or foreign exchange transactions) in such market may be conditional and may be subject to reversal by Bank. Without limiting the generality of the foregoing, if an event resulting from Country Risk leads to restrictions on, or losses of, cash or cash equivalents held by Bank or any Affiliated Subcustodian in any market for the purposes of facilitating Bank's global custody business, Bank may in its sole discretion apply the impact of those restrictions or losses to the relevant currency held in the Customer's Cash Accounts in a proportional manner as Bank may reasonably determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3**  **<u>Bank</u> <u> </u> <u>May</u> <u> </u> <u>Consult</u> <u> </u> <u>With</u> <u> </u> <u>Counsel</u>.** 

Bank will be entitled to rely on, and may act upon the advice of professional advisers in relation to matters of law, regulation or market practice (which reasonably may be the professional advisers of Customer), and will not be liable to Customer for any action taken or omitted pursuant to such advice; provided that Bank has selected and retained such professional advisers using reasonable care and acts reasonably in reliance on the advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4**  **<u>Bank</u> <u> </u> <u>Provides</u> <u> </u> <u>Diverse</u> <u> </u> <u>Financial</u> <u> </u> <u>Services</u> <u>and</u> <u> </u> <u>May</u> <u> </u> <u>Generate</u> <u> </u> <u>Profits</u> <u> </u> <u>as</u> <u> </u> <u>a</u> <u> </u> <u>Result</u>.** 

Customer acknowledges that Bank or its Affiliates may have a material interest in transactions entered into by Customer with respect to the Account or that circumstances are such that Bank may have a potential conflict of duty or interest. For example, Bank or its Affiliates may act as a market maker in the Financial Assets to which Instructions relate, provide brokerage services to other customers, act as financial adviser to the issuer of such Financial Assets, act in the same transaction as agent for more than one customer, have a material interest in the issue of the Financial Assets; or earn profits from any of these activities. Customer further acknowledges that Bank or its Affiliates may be in possession of information tending to show that the Instructions received may not be in the best interests of Customer but that Bank is not under any duty to disclose any such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5.**  **<u>Assets</u> <u> </u> <u>Held</u> <u> </u> <u>Outside</u> <u> </u> <u>Bank</u> <u>'</u> <u>s</u> <u>Control</u>.** 

Bank will not be obliged to (a) hold Financial Assets or cash with any person not agreed to by Bank or (b) register or record Financial Assets in the name of any person not agreed to by Bank. Furthermore, Bank will not be obliged to register or record on Bank records Financial Assets held outside of Bank's control. If, however, the Customer makes any such request and Bank agrees to the request, the consequences of doing so will be at the Customer's own risk. Bank shall not be liable for any losses incurred as a result and may be precluded from providing some of the services referred to in this Agreement (for example, and without limitation, income collection, proxy voting, class action litigation and Corporate Action notification and processing).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6.**  **<u>Service</u> <u> </u> <u>Locations</u>.** 

Bank maintains various operational/service centers and locations in the United States and other jurisdictions. The services provided under this Agreement may be provided from one or more such locations. Bank may change the operational/service centers and locations as it deems necessary or appropriate for its business concerns.

**8.** **TAXATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1**  **<u>Tax</u> <u> </u> <u>Obligations</u>.** 

(a) Customer confirms that Bank is authorized to deduct from any cash received or credited to the Cash Account any
taxes or levies required by any revenue or governmental authority for whatever reason in respect of Customer's Accounts.

(b) Customer will provide to Bank such certifications, documentation, and information as it may reasonably require
in connection with taxation, and warrants that, when given, this information is true and correct in every material respect, not misleading in any way, and contains all material information. Customer undertakes to notify Bank immediately if any
information requires updating or correcting. Bank shall not be liable for any taxes, penalties, interest or additions to tax, payable or paid that result from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the inaccurate completion of documents by Customer or any third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provision to Bank or a third party of inaccurate or misleading information by Customer or any third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the withholding of material information by Customer or any third party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as a result of any delay by any revenue authority or any other cause beyond the Bank's control.

(c) If Bank does not receive appropriate certifications, documentation and information then, as and when
appropriate and required, additional tax shall be deducted from all income received in respect of the Financial Assets issued (including, but not limited to, United States non-resident alien tax and/or backup
withholding tax).

(d) Customer will be responsible in all events for the timely payment of all taxes relating to the Financial Assets
in the Securities Account. Customer will indemnify and hold Bank harmless from and against any and all liabilities, penalties, interest or additions to tax with respect to or resulting from, any delay in, or failure by, Bank:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to pay, withhold or report any U.S. federal, state or local taxes or foreign taxes imposed on; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to report interest, dividend or other income paid or credited to the Cash Account, regardless of the reason for
such delay or failure, provided, however, that Customer

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will not be liable to Bank for any penalty or additions to tax due solely as a result of Bank's misconduct, willful misfeasance, bad faith or negligence or reckless disregard of its obligations and duties under this Agreement with respect to paying or withholding tax or reporting interest, dividend or other income paid or credited to the Cash Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2**  **<u>Tax</u> <u> </u> <u>Relief</u> <u> </u> <u>Services</u>.** 

(a) Subject to the provisions of this Section and the standard of care in Section 7.1 of this Agreement, Bank
will timely and accurately apply for a reduction of withholding tax and any refund of any tax paid or tax credits in respect of income payments on Financial Assets credited to the Securities Account that Bank believes may be available. To defray
expenses pertaining to nominal tax claims, Bank may from time-to-time set minimum thresholds as to a de minimis value of tax reclaims or reduction of withholding which
it will pursue in respect of income payments under this section.

(b) The provision of a tax relief service by Bank is conditional upon Bank receiving from Customer (i) a
declaration of its identity and place of residence and (ii) certain other documentation (pro forma copies of which are available from Bank), prior to the receipt of Financial Assets in the Account or the payment of income.

(c) Bank will perform tax relief services only with respect to taxation levied by the revenue authorities of the
countries advised to Customer from time to time and Bank may, by notification in writing, in its absolute discretion, supplement or amend the countries in which the tax relief services are offered. Other than as expressly provided in this
Section 8.2, Bank will have no responsibility with regard to Customer's tax position or status in any jurisdiction.

(d) Customer confirms that Bank is authorized to disclose any information requested by any revenue authority or any
governmental entity in relation to the processing of any tax relief claim.

**9.** **TERMINATION; EXIT PROCEDURE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1**  **<u>Term;</u> <u> </u> <u>Termination</u>.** 

Either Party may terminate this Agreement on no less than ninety (90) days' written notice to the other Party. If Customer gives notice of termination, it must provide full details of the persons to whom Bank must deliver Financial Assets and cash. If Bank gives notice of termination, then Customer must, within sixty (60) days, notify Bank of details of its new custodian, failing which Bank may elect (at any time after the ninety (90) days' notice period) either to retain the Financial Assets and cash until such details are given, continuing to charge fees due (in which case Bank's sole obligation will be for the safekeeping of the Financial Assets and cash), or deliver the Financial Assets and cash to Customer. Subject to Section 4.3(d), Bank will in any event be entitled to deduct any amounts owing to it prior

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to delivery of the Financial Assets and cash (and, accordingly, Bank will be entitled to sell Financial Assets and apply the sale proceeds in satisfaction of amounts owing to it). Customer will reimburse Bank promptly for all out-of-pocket expenses it incurs in delivering Financial Assets upon termination. Termination will not affect any of the liabilities either Party owes to the other arising under this Agreement prior to such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.**  **<u>Exit</u> <u> </u> <u>Procedure</u>.** 

The Customer will provide Bank full details of the persons to whom Bank must deliver Financial Assets and cash within a reasonable period before the effective time of termination of this Agreement. If the Customer fails to provide such details in a timely manner, Bank shall be entitled to continue to be paid fees under this Agreement until such time as it is able to deliver the Financial Assets and cash to a successor custodian, but Bank may take such steps as it reasonably determines to be necessary to protect itself following the effective time of termination, including ceasing to provide transaction settlement services in the event that Bank is unwilling to assume any related credit risk. Bank will in any event be entitled to deduct any amounts owing to it under this Agreement from the Cash Account prior to delivery of the Financial Assets and cash. In the event that insufficient funds are available in the Cash Account, the Customer agrees that Bank may, in such manner and, at such time or times as Bank in its sole discretion sees fit, liquidate any Financial Assets that Bank in its sole discretion may select, in the Securities Account in order to deduct such amount from the proceeds (and, accordingly, Bank will be entitled to sell Financial Assets and apply the sale proceeds in satisfaction of amounts owing to it). The Customer will reimburse Bank promptly for all documented out-of-pocket expenses it incurs in delivering Financial Assets upon termination. Termination will not affect any of the liabilities either Party owes to the other arising under this Agreement prior to such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.**  **<u>Inactive</u> <u> </u> <u>Securities</u> <u> </u> <u>Accounts</u>.** 

After thirty (30) days' advance notice to Customer, Bank reserves the right to charge a reasonable account maintenance fee for any inactive Securities Account in respect of which Bank has not received any Instructions for at least one (1) year. The Parties will agree upon the amount of any maintenance fee before it is charged, and Bank may automatically deduct such fee from the Cash Account. In the event that insufficient funds are available in the Cash Account, the Customer agrees that Bank may, in its sole discretion, liquidate any Financial Assets from the Securities Account in such manner and at such time or times as Bank deems appropriate in order to deduct the amount of the maintenance fee from the proceeds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4**  **<u>Appointment</u> <u> </u> <u>of</u> <u> </u> <u>Successor</u> <u> </u> <u>Custodian</u>.** 

If a successor custodian shall have been appointed by the Board, Bank shall, upon receipt of a Notice from Customer, on such specified date of termination (i) deliver directly to the successor custodian (or any subcustodian appointed by successor custodian), all Financial Assets and Securities (other than Securities held in a Book-Entry System or Securities Depository) and cash then owned by Customer and held by Bank as custodian, and (ii) transfer any Financial Assets and Securities held in a Book-Entry System or Securities Depository to an account of or for the benefit of Customer at the successor custodian (or any subcustodian appointed by successor custodian), provided that Customer shall have paid to Bank all fees, expenses and other amounts to the payment or reimbursement of which it shall then be entitled under this Agreement. In addition, to the extent customary in the industry, Bank shall, at the reasonable expense of Customer, transfer to such successor copies of all relevant books, records, correspondence, and other data established or maintained by Bank under this Agreement, and will cooperate in the transfer of such duties and responsibilities.

**10.** **MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1**  **<u>Notices</u>.** 

(a) Notices pursuant to Section 9 of this Agreement shall be sent or served by registered mail, overnight
delivery services, such as Federal Express (FedEx) or United Parcel Service (UPS), etc., courier services or hand delivery to the address of the respective parties as set out on the first page of this Agreement, unless notice of a new address is
given to the other party in writing. Notice will not be deemed to be given unless it has been received.

(b) The notice required in Section 4.3(f) of the Agreement shall be served by registered mail or hand delivery
to the following:

JPMorgan Credit Markets Fund

270 Park Avenue

New York, NY 10172

Attention: Timothy Clemens

*With copies to:* 

President, JPMorgan Private Markets Fund

c/o J.P. Morgan Asset Management

277 Park Avenue, 8th Floor

New York, NY 10172

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*with copies to:* 

J.P. Morgan Funds Legal

c/o J.P. Morgan Asset Management

277 Park Avenue, 8th Floor

New York, NY 10172

c/o J.P. Morgan Asset Management

277 Park Avenue

New York, NY 10172

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2**  **<u>Successors and Assigns</u>.** 

This Agreement will be binding on each of the Parties' successors and assigns, but the Parties agree that neither Party can assign its rights and obligations under this Agreement without the prior written consent of the other party, which consent will not be unreasonably withheld. Nevertheless, the foregoing restriction on transfer shall not apply to any assignment or transfer by Bank to any Affiliate or in connection with a merger, reorganization, stock sale or sale of all or substantially all of Bank's custody business. Furthermore, and notwithstanding anything to the contrary in this Agreement, in the event Bank becomes subject to a resolution proceeding under the Federal Deposit Insurance Act (12 U.S.C. §§ 1811–1835a) or Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. §§ 5381–5394) and regulations promulgated under those statutes (each, a "**U.S. Special Resolution Regime**") the transfer of this Agreement (and any interest and obligation in or under, and any property securing, the Agreement) from Bank will be effective to the extent effective under the U.S. Special Resolution Regime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3**  **<u>Interpretation</u>.** 

Headings are for convenience only and are not intended to affect interpretation. References to sections are to sections of this Agreement and references to sub-sections and paragraphs are to sub-sections of the sections and paragraphs of the sub-sections in which they appear.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4**  **<u>Entire</u> <u> </u> <u>Agreement</u>.** 

This Agreement, including the Schedules, Exhibits, and Appendices (and any separate agreement, which Bank and Customer may enter into with respect to any Cash Account), sets out the entire Agreement between the Parties in connection with the subject matter, and this Agreement supersedes any other agreement, statement, or representation. Amendments must be in writing and signed by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5**  **<u>Information Concerning Deposits Held by Bank in the U.S</u>.** 

(a) If the Customer's Account is eligible for "pass through" deposit insurance from the Federal
Deposit Insurance Corporation (the "**FDIC**") as set forth in the Federal Deposit Insurance Act and 12 CFR § 330, then the Customer acknowledges and agrees that if Bank becomes

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insolvent or enters into receivership (hereinafter a "**Bank Receivership**"), the Customer will: (i) cooperate fully with Bank and the FDIC in connection with determining the insured status of funds in each Account, and (ii) provide the FDIC with the information that identifies each beneficial owner and its interest in the funds in each such Account within twenty-four (24) hours of the Bank Receivership, unless it falls within one of the enumerated exceptions in 12 CFR § 370.5(b). The information described in (b) must be sent to Bank in the format specified by the FDIC (see: www.fdic.gov/regulations/resources/recordkeeping/index.html). Bank shall provide the Customer an opportunity to validate its capability to deliver the information described in (ii) in the format specified by the FDIC so that a timely calculation of deposit insurance coverage for the Account can be completed.

(b) The Customer further acknowledges and agrees that following a Bank Receivership: (i) a hold will be placed
on each Account once a receiver of Bank is appointed so that the FDIC can conduct the deposit insurance determination and such hold will not be released until the FDIC obtains the necessary data to enable the FDIC to calculate the deposit insurance
coverage for each Account; (ii) its failure to provide the necessary data to the FDIC may result in a delay in receipt of insured funds and legal claims against the Customer from the beneficial owners of the funds in the applicable Account; and
(iii) failure to provide the data the FDIC requires may result in the applicable Account being frozen until the information is received, delaying receipt of FDIC insurance proceeds.

(c) Notwithstanding any other provisions in this Agreement, this section survives after the FDIC is appointed as
Bank's receiver, and the FDIC is considered a third-party beneficiary of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6**  **<u>Information</u> <u> </u> <u>Concerning</u> <u> </u> <u>Deposits</u> <u> </u> <u>at</u> <u>Bank</u> <u>'</u> <u>s</u> <u> </u> <u>Non-U.S.</u> <u> </u> <u>Branch</u>.** 

(a) Under U.S. federal law, deposit accounts that the Customer maintains in Bank's foreign branches (outside
of the U.S.) are not insured by the Federal Deposit Insurance Corporation. In the event of Bank's liquidation, foreign branch deposits have a lesser preference than U.S. deposits, and such foreign deposits are subject to cross-border risks.

(b) Bank's London Branch is a participant in the UK Financial Services Compensation Scheme (the
" **FSCS** "), and the following terms apply to the extent any amount standing to the credit of the Cash Account is deposited in one or more deposit accounts at Bank's London Branch. The terms of the FSCS offer protection in
connection with deposits to certain types of claimants to whom Bank London Branch provides services in the event that they suffer a financial loss as a direct consequence of Bank's London Branch being unable to meet any of its obligations and,
subject to the FSCS rules regarding eligible deposits, the Customer may have a right to claim compensation from the FSCS. Subject to the FSCS rules, the maximum compensation payable by the FSCS in relation to eligible deposits is as set out in the
relevant information sheet which is available online as referenced below. For the purposes of establishing such maximum compensation, all the Customer's eligible deposits at Bank London Branch are aggregated and the total is subject to such
maximum compensation.

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For further information about the compensation provided by the FSCS, refer to the FSCS website at <u>www.FSCS.org.uk</u>. Further information is also available online at <u>http://www.jpmorgan.com/pages/deposit-guarantee-scheme-directive</u>.

(c) The Customer acknowledges and accepts that deposit accounts maintained under this Agreement at Bank's
London Branch are intended to be used solely for purposes relating to the investment and asset servicing services contemplated by this Agreement, and the Customer agrees that it will not give Instructions to Bank to process payment transactions
relating to those deposit accounts for any other purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.7**  **<u>Insurance</u>.** 

Bank will not be required to maintain any insurance coverage for the specific benefit of Customer. Bank agrees to maintain Bankers Blanket Bond / Computer Misuse and Telephonic Misuse Insurance to cover loss of property resulting from dishonest, malicious or deliberate criminal acts committed by its employees and Bankers Professional Liability Insurance to protect against loss arising from claims of alleged errors or omissions committed in the performance of professional services under this contract with coverage amounts comparable to other financial institutions of similar size and scope and consistent with what is reasonably available in the marketplace. Upon Customer's reasonable request, Bank will furnish to Customer a copy of Bank's customary statement of its insurance coverage and summaries of particular endorsements or exclusions. Bank will notify Customer of material changes in coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.8**  **<u>Governing</u> <u> </u> <u>Law</u> <u> </u> <u>and</u> <u> </u> <u>Jurisdiction</u>.** 

This Agreement will be construed, regulated, and administered under the laws of the United States or State of New York, as applicable, without regard to New York's principles regarding conflict of laws. The United States District Court for the Southern District of New York will have the sole and exclusive jurisdiction over any lawsuit or other judicial proceeding relating to or arising from this Agreement. If that court lacks federal subject matter jurisdiction, the Supreme Court of the State of New York, New York County will have sole and exclusive jurisdiction. Either of these courts will have proper venue for any such lawsuit or judicial proceeding, and the Parties waive any objection to venue or their convenience as a forum. The Parties agree to submit to the jurisdiction of any of the courts specified and to accept service of process to vest personal jurisdiction over them in any of these courts. The Parties further hereby knowingly, voluntarily and intentionally waive, to the fullest extent permitted by Applicable Laws, any right to statutory prejudgment interest, any right to a trial by jury with respect to any such lawsuit or judicial proceeding arising or relating to this Agreement or the transactions contemplated hereby. To the extent that in any jurisdiction Customer or Bank may now or hereafter be entitled to claim, for itself or

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its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, Customer and Bank shall not claim, and it hereby irrevocably waives, such immunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.9**  **<u>Severability;</u> <u> </u> <u>Waiver;</u> <u> </u> <u>and</u> <u> </u> <u>Survival</u>.** 

(a) If one or more provisions of this Agreement are held invalid, illegal or unenforceable in any respect on the
basis of any particular circumstances or in any jurisdiction, the validity, legality and enforceability of such provision or provisions under other circumstances or in other jurisdictions and of the remaining provisions will not in any way be
affected or impaired.

(b) Except as otherwise provided herein, no failure or delay on the part of either Party in exercising any power or
right hereunder operates as a waiver, nor does any single or partial exercise of any power or right preclude any other or further exercise, or the exercise of any other power or right. No waiver by a party of any provision of this Agreement, or
waiver of any breach or default, is effective unless it is in writing and signed by the party against whom the waiver is to be enforced.

(c) The Parties' rights, protections, and remedies under this Agreement shall survive its termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.10**  **<u>Counterparts</u>.** 

This Agreement may be executed in several counterparts each of which will be deemed to be an original and together will constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.11**  **<u>Security</u> <u> </u> <u>Holding</u> <u> </u> <u>Disclosure</u>.** 

With respect to Securities and Exchange Commission Rule 14b-2 under The U.S. Shareholder Communications Act, regarding disclosure of beneficial owners to issuers of Securities, Bank is instructed not to disclose the name, address or Security positions of Customer in response to shareholder communications requests regarding the Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.12**  **<u>U.S.</u> <u> </u> <u>Regulatory</u> <u> </u> <u>Disclosure</u>.** 

(a) Section 326 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001 (as amended, the "**USA PATRIOT Act**") requires Bank to implement reasonable procedures to verify the identity of any person that opens a new account with it. Accordingly, Customer acknowledges that
Section 326 of the USA PATRIOT Act and Bank's identity verification procedures require Bank to obtain information which may be used to confirm Customer's identity including without limitation Customer's name, address and
organizational documents ("identifying information"). Customer may also be asked to provide information about its financial status such as its current audited and unaudited financial statements. Customer agrees to provide Bank with and
consents to Bank obtaining from third parties any such identifying and financial information required as a condition of opening an account with or using any service provided by Bank.

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(b) The European Union's Central Securities Depositories Regulation requires that Bank offer the Customer the
choice of maintaining Financial Assets held through certain Securities Depositories in which Bank is a direct participant in omnibus or segregated accounts. As of the date of this Agreement, this choice is available with respect to the
Customer's Financial Assets held at Euroclear and Clearstream. Information on the Securities Depositories to which this choice is subject and the costs and risks associated with each option is available at
https://www.jpmorgan.com/country/US/EN/disclosures. In the absence of Instructions from the Customer to the contrary, its Financial Assets held in these Securities Depositories will be held in omnibus accounts.

(c) The Customer hereby acknowledges that Bank is obliged to comply with AML/Sanctions Requirements and that Bank
shall not be liable for any action it or any Bank Affiliate reasonably takes to comply with any AML/Sanctions Requirement, including identifying and reporting suspicious transactions, rejecting transactions, and blocking or freezing funds, Financial
Assets, or other assets. The Customer shall cooperate with Bank's performance of its due diligence and other obligations concerning AML/Sanctions Requirements, including with regard to any Beneficial Owners (as defined below). In addition, the
Customer agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Bank may defer acting upon an Instruction pending completion of any review under its policies and procedures
for compliance with AML/Sanctions Requirements and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Customer's utilization of Accounts as omnibus accounts to hold assets of Beneficial Owners is subject to
Bank's discretion. Furthermore, Bank shall not be obliged to hold any "penny stock" (or other Financial Asset raising special anti-money laundering concerns) in any Account in which a Beneficial Owner has an interest, or to settle
any transaction in which a Beneficial Owner has an interest, that relates to any "penny stock" or any such other Financial Asset that raises special anti-money laundering concerns. For the purposes of this section, "**Beneficial Owner**" means any person, other than the Customer, who has a direct or indirect beneficial ownership interest in any assets held in any of the Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.13**  **<u>Confidentiality</u>.** 

(a) Subject to Section 10.13(d), Bank will hold all Confidential Information in confidence and will not
disclose any Confidential Information to any other party except as may be required by Applicable Laws, a regulator with jurisdiction over the Bank's business, or with the consent of Customer. Bank will use Confidential Information only for the
purpose of fulfilling its obligations under this Agreement.

(b) Customer authorizes Bank to use Confidential Information in connection with the provision of services to the
Customer, including, without limitation (i) in connection with the administration of the relationship with the Customer, (ii) for any operational, credit or risk management purposes, (iii) for due diligence, verification or sanctions
screening purposes or (iv) for the prevention or investigation of crime, fraud or any malpractice, including the prevention of terrorism, money laundering and corruption, as well as for tax reporting.

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(c) Bank has implemented and shall maintain appropriate policies, procedures and processes reasonably designed to
maintain the confidentiality of Confidential Information and satisfy the requirements of Applicable Law.

(d) Customer authorizes Bank to disclose Confidential Information to the extent necessary to provide relevant
services to the Customer to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Bank's Affiliates and branches, any Subcustodian, subcontractor, agent, or any other person that Bank
selects or appoints in connection with Bank's provision of relevant services under this Agreement and Bank believes is reasonably required to have access to the Confidential Information for Bank to provide services under this Agreement,
provided that Bank shall not be liable for Customer's direct Liabilities to the extent that a party listed in this Section 10.13(d)(i) discloses Confidential Information in a manner permitted by this Section 10.13;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any securities exchange, Securities Depository, broker, issuer or any third party selected by the Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Bank's professional advisors, auditors or public accountants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any revenue authority or any governmental entity in relation to the processing of any tax relief claim.

Bank shall require persons permitted to receive Confidential Information under Section 10.13(d)(i) or Section 10.13(d)(iii) to maintain appropriate policies, procedures and processes reasonably designed to maintain the confidentiality of Confidential Information.

(e) Bank agrees to notify the Customer promptly in the event the Bank determines that a breach of any part of this
Section 10.12 has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.14**  **<u>Data</u> <u> </u> <u>Privacy</u>.** 

Bank maintains an information security program that contains security measures designed to safeguard Customer data that Bank receives, stores, processes or otherwise accesses in connection with the provision of the Services. Bank agrees to use any such Customer data it receives in connection with this Agreement only for the purpose of fulfilling its obligations under this Agreement, and to provide reasonable assistance to Customer to enable Customer to resolve any inquiry, complaint or issue relating to a matter concerning such data. For clarity, the obligations of this Section 10.14 do not apply to personally identifiable information that the Bank is not processing for or on behalf of Customer in connection with the Services. Bank will notify Customer as soon as reasonably practical using normal communication channels after any confirmed unauthorized use, copying or disclosure of any Customer data.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.15**  **<u>No</u> <u> </u> <u>Third</u> <u>-</u> <u>Party</u> <u> </u> <u>Beneficiaries</u>.** 

A person who is not a party to this Agreement shall have no right to enforce any term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.16**  **<u>Several</u> <u> </u> <u>Obligations</u> <u> </u> <u>of</u> <u> </u> <u>the</u> <u> </u> <u>Funds</u>.** 

This Agreement is executed on behalf of the relevant entities and not in the individual capacity of the individual(s) signing the Agreement, and the obligations of this Agreement are not binding upon any of the Customer's Trustees, officers or shareholders personally but are binding only upon the assets and property of the Customer. With respect to the obligations of each Fund arising hereunder, Bank shall look for payment or satisfaction of any such obligation solely to the assets of the Fund which such obligation relates as though Bank had separately contracted by separate written instrument with respect to each Fund, and in no event shall Bank have recourse, by set off or otherwise, to or against any assets of any other Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.17**  **<u>Use</u> <u> </u> <u>of</u> <u> </u> <u>J.P.</u> <u> </u> <u>Morgan</u> <u>'</u> <u>s</u> <u>Name</u>.** 

The Customer agrees not to use (or permit the use of) Bank's name in any document, publication or publicity material relating to the Customer, including, but not limited to, notices, sales literature, stationery, advertisements, etc., without the prior written consent of Bank (which consent shall not be unreasonably withheld), provided that no prior consent is needed if the document in which Bank's name is used merely states that Bank is acting as custodian to the Customer or to fulfill the Customer's regulatory requirements including disclosure requirements in its registration statement and shareholder reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.18**  **<u>Redistribution of Data from Third Parties</u>.** 

The Reports and other output from the Services provided by the Bank under this Agreement may contain data licensed from Information Providers. Such data is the intellectual property of those Information Providers and is subject to restrictions on use contained in the license agreement between the Information Provider and the Bank, which terms the Bank cannot unilaterally change. The Bank will notify the Customer of any such restrictions that may affect the Customer's use of that data to the extent provided herein, and shall use reasonable efforts to notify the Customer if the Information Provider adds additional restrictions on the use of such data. The Customer acknowledges that its continued use of such data as provided herein shall constitute the Customer's acceptance of the revised usage restrictions, provided, however, that any redistribution of such data or information derived therefrom may require a separate license from the relevant Information Providers.

[Signature Page Follows]

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| |
|:---|
| SIGNED for and on behalf of**:** |
| **JPMORGAN CREDIT MARKETS FUND** |
| By: |
| Name: |
| Title: |
| **JPMORGAN CHASE BANK, N.A.** |
| By: |
| Name: |
| Title: |

---

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**SCHEDULE A** 

**<u>List of Entities Covered by the Global Custody and Fund Accounting Agreement</u>**

**Dated as of September 22, 2025** 

JPMorgan Credit Markets Fund

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**SCHEDULE B** 

**<u>List of Transfer Accounts</u>**

**Dated as of September 22, 2025** 

[To be determined]

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**SCHEDULE C** 

**<u>Fund Accounting Services</u>**

NAV Calculation / Fund Valuation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Standard transactional and NAV materiality thresholds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mark to market NAV test performed daily at the composite and class level

Fund Pricing and Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Utilizing standard and automated vendor inputs, including international Fair Valuation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Standard valuation oversight reporting (e.g., Fair Value reports, Broker Prices, etc.)

Capital Stock Processing and Reconciliation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Utilizing automated data files from transfer agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Automated NAV transmissions to transfer agent

Portfolio Trades Processing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Utilizing standard and automated inputs

Corporate Actions Processing

Portfolio Income Recognition

Expense Processing

SEC Yield Calculations (daily as requested and monthly)

Cash Reconciliations (daily)

Asset Reconciliations (daily); Futures and Proprietary Fund of Funds daily

Other Out of Bank Reconciliations (Weekly/Monthly)

NAV Dissemination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Utilizing NAV-Port/Unity Performance (Related out-of-pocket fees charged to client)

Audit Reporting and Coordination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• External audit, SOCI Reports (SSAE/ISAE), and client due diligence coordination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monitor as of trading until sign-off/filing date of financial statements

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare Audit Confirms

Standard Client Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Standard End-of-Day Accounting
Information

Risk Oversight Reporting (e.g., Aged Receivables, Stale Prices, etc.)

Provide data for board reports and pricing committee materials

Prime broker reconciliations

Provide short extension services for funds which operate a synthetic long/short investment strategy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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**<u>EXHIBIT A to Schedule C</u>**

**NET ASSET VALUE ERROR CORRECTION POLICY & PROCEDURES** 

**1.** **Definitions** 

As used in the Schedule to which this Exhibit A is attached and in this Exhibit, the following terms shall have the meaning hereinafter stated:

**"Fund Benefit"** means a situation where a Fund has either paid insufficient redemption proceeds as a result of an understatement of NAV or received excessive subscription proceeds as a result of an overstatement of NAV. When such a Fund Benefit occurs, the individual Shareholders effecting transactions suffer a corresponding loss (a **"Shareholder Loss"**).

**"Fund Loss"** refers to a situation where a Fund has either paid excessive redemption proceeds as a result of an overstatement of the NAV or received insufficient subscription proceeds as a result of an understatement of the NAV. When such a Fund Loss occurs, the individual Unitholders effecting transactions received a corresponding benefit ("**Shareholder Benefit**").

**"NAV"** shall mean the net value of a Fund's assets and liabilities.

**"NAV Error"** is defined as one or more errors in the computation of net asset value which, when considered cumulatively, result in a difference between the originally computed NAV and the corrected NAV of at least US$0.010 (one cent) per share. This computation is based upon the actual difference and is not based upon any rounding of the NAV to the nearest cent per share.

**"NAV Error Period"** comprises those days during which a NAV Error existed.

**"Per Share NAV Error"** is the difference between the originally computed per Share NAV, and the amount that would have been computed had the errors not occurred.

**"Shareholder"** means a holder of one or more Shares.

**"Shares"** means the shares issued by the Fund.

The term **"responsible person"** means one or more persons who, by virtue of negligence, fraud, or willful misconduct, caused or contributed to an NAV Error.

**2.** **Error Correction Procedures** 

The following procedures will be utilized by Bank with respect to NAV Error corrections:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the error in the computation of the net asset value is less than US$0.010 (one cent) per Share, no action
shall be taken.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Per Share NAV Error is less than <sup>1</sup>⁄<sub>2</sub> of 1% (one half of one percent) of the originally computed per Share NAV, Bank, on behalf of the Fund, will determine whether total Fund Losses exceeded total Fund Benefits for the NAV Error Period. If the Fund
incurred a net Loss, the Customer will be responsible for obtaining reimbursement for such loss from the responsible person or persons. If the Fund had a net benefit, no action needs to be taken; however, such net Benefit should not be carried
forward to any analyses performed in the future for other NAV Errors that may arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Per Share NAV Error equals or exceeds <sup>1</sup>⁄<sub>2</sub> of 1% (one half of one percent) of the originally computed per Share NAV, (1) account adjustments should be made to compensate Shareholders for Shareholder Losses, and (2) the Customer will be
responsible for obtaining reimbursement for such loss from the responsible person or persons for Fund Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to individual Shareholder Losses, the Fund (or responsible party) shall pay to individual
Shareholders any additional redemption proceeds owed and either refund excess subscription monies paid or credit the Shareholder account as of the date of the NAV Error, for additional Shares. Nevertheless, no correction of a given individual
Shareholder account shall be made unless the applicable Shareholder Loss for such Shareholder equals or exceeds a de minimis amount of US$25 (twenty-five US dollars).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) With respect to Fund Losses, the Customer will be responsible for causing either the responsible person or
persons or the individual Unitholders to reimburse the Fund for the amount of the Fund Losses. (Note that there is no netting of Fund Losses (as described in (b) above) where the error equals or exceeds

<sup>1</sup>⁄<sub>2</sub> of 1% (one half of one percent) of NAV, to the extent benefits were paid out by the Fund to Shareholders as account adjustments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the case of an NAV Error that fluctuates above and below <sup>1</sup>⁄<sub>2</sub> of 1% (one half of one percent), individual Unitholder adjustments should be effected for those days where the NAV Error was equal to or exceeded <sup>1</sup>⁄<sub>2</sub> of 1% (one half of one percent). With respect to the remaining days, the Fund level process described above in Sections 2(a) and (b) above shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If there is a subsequent discovery of an error which affects a NAV Error Period that had previously been
corrected in the manner described above, the subsequently discovered NAV Error should be analyzed in isolation without taking into consideration the previously corrected NAV Errors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In cases where an NAV Error equals or exceeds one half of one percent of the originally computed per Share NAV,
the Fund will instruct the Transfer Agent to reprocess transactions at the expense of the responsible person or persons.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In cases where Bank is not the responsible person with regard to an NAV Error, Bank shall be entitled to
reasonable compensation for the work it performs with respect to the remediation of the NAV Error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In cases where Bank is a responsible person with regard to an NAV Error, but not the sole responsible person,
the Fund, to the extent customary under industry practice, shall seek recovery from each such responsible person, for its proportional share of the applicable Fund Loss or Shareholder Loss, as applicable.

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**SCHEDULE D** 

**<u>Electronic Access</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Bank may permit the Customer, and its Authorized Persons and other persons designated by the Customer or its
Authorized Persons (collectively "Users"), to access certain electronic systems and applications (collectively, the "Products") and to access or receive Data (as defined below) electronically in connection with the Agreement.
Bank may, from time to time, introduce new features to the Products or otherwise modify or delete existing features of the Products in its sole discretion. Bank shall endeavor to give the Customer reasonable notice of its termination or suspension
of access to the Products, including suspension or cancelation of any User Codes, but may do so immediately if Bank determines, in its sole discretion, that providing access to the Products would violate Applicable Law or that the security or
integrity of the Products is known or suspected to be at risk. Access to the Products shall be subject to the Security Procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In consideration of the fees paid by the Customer to Bank and subject to any applicable software license in
relation to Bank-owned or sublicensed software provided for a particular application and Applicable Laws, Bank grants to the Customer a non-exclusive, non-transferable, limited and revocable license to use the Products and the information and data made available through the Products or transferred electronically (the "Data") for the Customer's internal business use only. The immediately preceding
sentence does not apply to the records described in Section 2.13 of the Agreement. The Customer may download the Data and print out hard copies for its reference, provided that it does not remove any copyright or other notices contained
therein. The license granted herein will permit use by the Users, provided that such use shall be in accordance with the terms of the Agreement, including this Schedule. The Customer will not disclose or distribute (and will cause the Users not to
disclose or distribute) to any other party, or allow any other party to access, inspect or copy the Products or any Data, except as reasonably necessary in the course of Customer's management or administration of the funds or accounts for
which services are provided under this Agreement. The Customer acknowledges that elements of the Data, including prices, Corporate Action information, and reference data, may have been licensed by Bank from third parties and that any use of such
Data beyond that authorized by the foregoing license, may require the permission of one or more third parties in addition to Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Customer acknowledges that there are security, cyberfraud, corruption, transaction error and access
availability risks associated with using open networks such as the internet to access and use the Products, and the Customer hereby expressly assumes such risks. The Customer is solely responsible for obtaining, maintaining and operating all
systems, software (including antivirus software, anti-

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spyware software, and other internet security software) and personnel necessary for the Customer and its Users to access and use the Products. All such software must be interoperable with Bank's software. Each of the Customer and Bank shall be responsible for the proper functioning, maintenance and security of its own systems, services, software and other equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In cases where Bank's website or the Products are unexpectedly down or otherwise unavailable, Bank shall,
absent a force majeure event, provide other appropriate means for the Customer or its Users to instruct Bank or obtain reports from Bank. Bank shall not be liable for any Liabilities arising out of the Customer's use of, access to or inability
to use the Products in the absence of Bank's gross negligence, fraud or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Use of the Products may be monitored, tracked, and recorded. In using the Products, the Customer hereby
expressly consents to, and will ensure that its Users are advised of and have consented to, such monitoring, tracking and recording, and Bank's right to disclose data derived from such activity in accordance with the Agreement, including this
Annex. Bank shall own all right, title and interest in the data reflecting the Customer usage of the Products or Bank's website (including general usage data and aggregated transaction data), provided that Bank's use of such data shall
remain, subject to its obligations of confidentiality set forth in this Agreement. Individuals and organizations should have no expectation of privacy unless local law, regulation, or contract provides otherwise. The Customer hereby expressly
consents, and will ensure that its Users are advised of and have consented to, Bank's collection, storage, use and transfer (including to or through jurisdictions that do not provide the same statutory protection as the originating
jurisdictions(s)) of their personal data. Any personal data collected through, or in connection with, the Customer's use of the Products shall be subject to Bank's Privacy Policy (available at: <u>https://www.jpmorgan.com/global/privacy</u>) and Cookies Policy (available at: <u>https://www.jpmorgan.com/global/cookies</u>), each as updated from time to time and incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Customer shall not knowingly upload, post or transmit to or distribute or otherwise publish through the
Products or Bank's web site any materials which (i) restrict or inhibit any other user from using and enjoying the Products or the website, (ii) are defamatory, offensive, explicit, or indecent, (iii) infringe the rights of
third parties including intellectual property rights, (iv) contain a virus, Trojan horse, worm, time bomb, cancelbot or other harmful component, or (v) constitute or contain false or misleading information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Customer shall promptly and accurately designate in writing to Bank the geographic location of its Users
upon written request. The Customer shall not access, and shall not permit its Users to access, the service from any jurisdiction

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where Bank informs the Customer, or where the Customer has actual knowledge, that the service is not authorized for use due to local regulations or laws, including applicable software export rules and regulations. Prior to submitting any document which designates the Users, the Customer shall obtain from each User all necessary consents to enable Bank to process data concerning that User for the purposes of providing the Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Customer will be subject to and shall comply with Applicable Law with regard to its use of the Products,
including Applicable Law concerning restricting collection, use, disclosure, processing and free movement of the Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Customer shall be responsible for the compliance of its Users with the terms of this Schedule.

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**SCHEDULE E** 

**<u>Availability Policy and Schedule – U.S. Accounts Held with JPMorgan Chase Bank, N.A. for U.S. Custody Clients</u>**

J.P. Morgan will make funds available on U.S. dollar deposits to account held in the U.S. by JPMorgan Chase Bank, N.A. on the same or next business day after the day of deposit depending on the type of deposit and in accordance with the below:

**Determining the Day of Deposit:** If a deposit is made to an account on a business day before the cut-off time established for that deposit channel (as outlined below) then J.P. Morgan will consider that day to be the day of deposit. However, if a deposit is made after the cut-off time or on a day that is not a business day, then J.P. Morgan will consider the deposit to have been made no later than the next business day. For determining the availability of deposits, every day is a business day, except Saturdays, Sundays, and federal banking holidays. Availability with respect to any deposit will be determined by how the deposit was received. Please note that J.P. Morgan may be unable to process a deposit in accordance with this availability schedule if required final beneficiary details are not provided, correctly formatted with the deposit.

<u>Deposit channels and cut-off times for U.S. Custody clients</u> 

Wire Transfers: 5:30pm ET NY Time

Checks: 12:00pm ET or 12:00pm CT depending upon location to which check is sent.

**Same Day Availability:** Funds from the following deposits will be made available on the day of deposit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wire transfers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. dollar denominated checks drawn on accounts held with JPMorgan Chase Bank, N.A. in the U.S.

**Next Day Availability:** Funds from the following deposits will be made available on the first business day after the day of deposit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All U.S. dollar denominated checks that are payable to the Client drawn on banks other than JPMorgan Chase Bank,
N.A. in the U.S.

This Availability Policy and Schedule may be changed without notice and such updated materials will be made available to you on J.P. Morgan Markets, Market Intelligence and by our newsflash distribution for subscribers.

**Note**: Separate availability policies and schedules are applicable for U.S. dollar accounts held with other lines of business within J.P. Morgan in the U.S, or where clients have subscribed to deposit services outside U.S. Custody.

## Ex-99.(K)(1)

**ADMINISTRATION AGREEMENT** 

**AGREEMENT** dated as of the [ ] day of [ ], 2025 by and between each of the funds listed in Schedule A attached hereto (each individually, the "Fund") and J.P. Morgan Investment Management, Inc. ("Administrator"), a Delaware corporation having its principal place of business at 277 Park Avenue, New York, New York 10172.

**WHEREAS**, the Fund is a closed-end, management investment company registered with the Securities and Exchange Commission ("Commission") under the Investment Company Act of 1940, as amended ("1940 Act"); and

**WHEREAS**, the Fund desires to retain the Administrator to furnish administrative services to the Fund, all as now or hereafter may be identified in Article 2 below; and

**NOW, THEREFORE**, in consideration of the mutual promises and covenants herein set forth, the parties agree as follows:

**ARTICLE 1. RETENTION OF THE ADMINISTRATOR**. The Fund hereby retains the Administrator to act as the administrator of the Fund and to furnish the Fund with the administrative services as set forth in Article 2 below, subject to the oversight of the Board of Trustees of the Fund (the "Board"). The Administrator hereby accepts such employment to perform the duties set forth below. The Administrator shall, for all purposes herein, be deemed to be an independent contractor and, unless otherwise expressly provided or authorized, shall have no authority to act for or represent the Fund in any way and shall not be deemed an agent of the Fund.

**ARTICLE 2. ADMINISTRATIVE SERVICES**. Subject to the direction and control of the Board, and, in each case where appropriate, the review and comment by the Fund's independent public accountants and outside legal counsel and in accordance with procedures which may be established from time to time between the Fund and the Administrator, the Administrator shall perform or supervise the performance by others of administrative services in connection with the operations of the Funds.

Without limiting the generality of the foregoing, the Administrator shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Provide all necessary office facilities (which may be in the offices of the Administrator or an affiliate), equipment, and personnel for handling the affairs of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Subject to supervision by counsel to the Fund, prepare amendments to, file, and maintain the Fund's governing documents, including the Declaration of Trust (or charter as the case may be), the Bylaws, and minutes of meetings of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Provide individuals reasonably acceptable to the Board to serve as officers of the Fund, who will be responsible for the management of the Fund's affairs as determined by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Prepare agenda and prepare and compile board materials for all Board meetings and review, file, and take and maintain minutes of meetings of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Provide appropriate personnel for Board meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Subject to supervision by counsel to the Fund, prepare, review and file the Fund's Registration Statement (on Form N-2 or any replacements thereof), periodic supplements or amendments to the Registration Statement, proxy materials and other filings with the Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Subject to supervision by counsel to the Fund, prepare and file, or supervise the preparation and filing of, Form N-CSR, Form N-PORT, Form N-23c-3 (or as applicable, Schedule TO), fidelity bond filing and all notices, registrations and amendments associated with applicable federal and state tax and securities laws and provide any sub-certifications which may reasonably be requested by the Fund's Principal Executive Officer or Principal Financial Officer in connection with the required certification of those filings and coordinate receipt of similar sub-certifications from other service providers that provide information to be included in such filings;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Prepare and file, or supervise the preparation and filing of, all necessary FINRA and/or Blue Sky filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Prepare and file, or supervise the preparation and filing of, annual Form N-PX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Arrange for and coordinate the layout and printing of prospectuses, statements of additional information, semi-annual and annual reports to shareholders, shareholder repurchase offer notice(s), and proxy materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Prepare, with the assistance of the Fund's investment adviser, communications to shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Coordinate the delivery of prospectuses, notices, proxy statements, proxies, semi-annual and annual reports to shareholders, and other reports and notices to Fund shareholders, and supervise and facilitate the proxy solicitation process for all shareholder meetings, including the tabulation of shareholder votes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Prepare for and conduct shareholder meetings, if necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. Assist with the operation of the Fund, including the implementation of any new class of shares, investment objectives, policies and structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. Prepare semi-annual and annual financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. Prepare and file periodic reports to shareholders and the Commission on Form N-CEN or any replacement forms thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. Prepare and file Notices to the Commission required pursuant to Rule 24f-2 of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. Compile data for, assist the Fund or its designee in the preparation of, and file all of the Fund's federal and state tax returns and required tax filings other than those required to be made by the Fund's custodian and transfer agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s. Prepare and distribute year-end shareholder tax information letters and Forms 1099-MISC for Trustee fees and vendor payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t. Identify and track book-tax differences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;u. Prepare quarterly tax compliance checklist for use by the Fund's investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Calculate declaration of income/capital gain distributions in compliance with income/excise tax distribution requirements and ensure that such distributions are not "preferential" under the Internal Revenue Code of 1986, as amended (the "Code");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w. Review reports produced by, and the operations and performance of, the various organizations providing services to the Fund, including, without limitation, the Fund's investment adviser, sub-administrator, custodian, any sub-adviser, fund accountant, shareholder servicing agent, transfer agent, outside legal counsel, independent public accountants, and other entities providing services to the Fund, and at the request of the Board, report to the Board on the performance of such organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. Prepare, negotiate, and administer contracts on behalf of the Fund with, among others, the Fund's investment adviser, sub-adviser, sub-administrator, custodian, fund accountant, shareholder servicing agent, and transfer agent and oversee expense disbursement and any service provider conversions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;y. Calculate contractual Fund expenses and control all disbursements for the Fund, and as appropriate compute the Fund's yields, total return, expense ratios, portfolio turnover rate and, if required, portfolio average dollar weighted maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;z. Prepare annual Fund expense budget and monthly accrual analyses, perform various expense savings analysis and expense benchmarking analysis;

aa. Prepare expense authorizations and review or prepare for management review all invoices for Fund expenses;

bb. Calculate performance data of the Fund for dissemination to information service providers covering the investment company industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cc. Review marketing material to verify that Fund information is accurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dd. Prepare and file proofs of claims in connection with Class Action notices;

ee. Monitor the Fund's compliance with the Code and the regulations promulgated thereunder, so as to enable the Fund to maintain its status as a "regulated investment company;"

ff. Monitor the Fund's compliance with all applicable federal and state securities and other regulatory requirements;

gg. Monitor the Fund's compliance with requirements of the 1940 Act and limitations contained in its registration statement or any amendments or supplements thereto;

hh. Obtain and keep in effect fidelity bonds and trustees and officers/errors and omissions insurance policies for the Fund in accordance with the requirements of Rules 17g-1 and 17d-1(d)(7) under the 1940 Act as such bonds and policies are approved by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Provide information and assistance with inspections by the Commission;

jj. Coordinate annual audit activities, including providing information and assistance with respect to audits conducted by the Fund's independent auditors;

kk. Assist management with the administration of the Trustees' deferred compensation plans, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ll. Design, implement and maintain a disaster recovery program for the Fund's records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mm. Assist the Fund's Chief Compliance Officer with matters regarding the Fund's compliance program (as approved by the Board in accordance with Rule 38a-1 under the 1940 Act) as reasonably requested;

nn. Administer the implementation and required distribution of the Privacy Policy of the Fund as required under Regulation S-P promulgated by the Commission; and

oo. Perform all administrative services and functions of the Fund to the extent administrative services and functions are not provided to the Fund pursuant to the Fund's investment advisory agreement, custodian agreement, fund accounting agreement, shareholder servicing agreement, and transfer agent agreement. Nothing in this provision shall be deemed to inhibit the Fund or its officers from engaging, at the expense of the Fund, other persons to assist in providing administrative services to the Fund including, but not limited to, accounting agents, recordkeeping agents, proxy solicitation agents, attorneys, accountants, consultants, sub-administrator and others.

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The Administrator shall perform such other administrative services for the Fund that are mutually agreed upon by the parties from time to time.

**ARTICLE 3. ADDITIONAL SERVICES; DELEGATION.** The Administrator may provide additional reports and services upon the request of the Fund's investment adviser, which may result in an additional charge, the amount of which shall be agreed upon between the parties. The Administrator may delegate some or all of its responsibilities under this Agreement, as provided in Article 9.

**ARTICLE 4. ALLOCATION OF CHARGES AND EXPENSES.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) **THE ADMINISTRATOR.** The Administrator shall furnish at its own expense the executive, supervisory and clerical personnel necessary to perform its obligations under this Agreement. The Administrator shall also provide the items which it is obligated to provide under this Agreement, and shall pay all compensation, if any, of officers of the Fund as well as all Trustees of the Fund who are officers or employees of the Administrator or any affiliated company of the Administrator; provided, however, that unless otherwise specifically provided, the Administrator shall not be obligated to pay the compensation of any employee of the Fund retained by the Board to perform services on behalf of the Fund and provided further that the parties may in the future mutually agree that the Fund may pay all or a portion of the compensation of the Fund's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) **THE FUND.** The Fund assumes and shall pay or cause to be paid all other expenses of the Fund not otherwise allocated herein, including, without limitation, organization costs, taxes, fees and expenses for legal and auditing services, fees and expenses of pricing services, transfer agency fees and expenses, the expenses of preparing (including typesetting), printing and mailing reports, prospectuses, statements of additional information, proxy solicitation material and notices to existing shareholders, all expenses incurred in connection with issuing and redeeming shares, the cost of custodial services, the cost of initial and ongoing registration of the shares under federal and state securities laws, fees and out-of-pocket expenses of Trustees who are not officers or employees of the Administrator, the distributor, or the investment adviser to the Fund or any affiliated company of the Administrator, the distributor, or the investment adviser, insurance, interest, brokerage costs, litigation and other extraordinary or nonrecurring expenses, and all fees and charges of investment advisers to the Fund.

**ARTICLE 5. COMPENSATION OF THE ADMINISTRATOR.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) **ADMINISTRATION FEE**. In consideration of the services rendered, the facilities furnished and the expenses assumed by the Administrator pursuant to this Agreement, the Fund shall pay the Administrator compensation at an annual rate specified in Schedule B attached hereto. Such compensation shall be calculated and accrued daily, and paid to the Administrator on the first business day of each month, or at such time(s) as the Administrator shall request and the parties hereto shall agree. The Fund shall also reimburse the Administrator for its reasonable out-of-pocket expenses, including the travel and lodging expenses incurred by officers and employees of the Administrator in connection with attendance at Board meetings. If this Agreement terminates before the last day of a month, the Administrator's compensation for that part of the month in which this Agreement is in effect shall be prorated according to the proportion which such period bears to the full monthly period and shall be payable upon the date of termination of this Agreement.

For the purpose of determining fees payable to the Administrator, the value of net assets of the Fund shall be computed in the manner described in such Fund's registration statement for purposes of determining the Fund's net assets and the net asset value of the Fund's shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) **SURVIVAL OF COMPENSATION RIGHTS**. All rights of compensation under this Agreement for services performed as of the termination date shall survive the termination of this Agreement.

**ARTICLE 6. LIMITATION OF LIABILITY OF THE ADMINISTRATOR.** The duties of the Administrator shall be confined to those expressly set forth herein, and no implied duties are assumed by or may be asserted against the Administrator hereunder. The Administrator shall not be liable for any error of judgment or mistake of law or for

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any loss arising out of any act or omission in carrying out its duties hereunder, except a loss resulting from willful misfeasance, bad faith or negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties hereunder, except as may otherwise be provided under provisions of applicable law which cannot be waived or modified hereby. Any person, even though also an employee, or agent of the Administrator, who may be or become an officer, Trustee, employee or agent of the Fund shall be deemed, when rendering services to the Fund, or acting on any business of that party, to be rendering such services to or acting solely for that party and not as a partner, employee, or agent or one under the control or direction of the Administrator even though paid by it.

So long as the Administrator acts in good faith and with due diligence and without negligence, the Fund assumes full responsibility and shall indemnify the Administrator, its employees, agents, directors, officers and nominees and hold them harmless from and against any and all actions, suits and claims, whether groundless or otherwise, and from and against any and all losses, damages, costs, charges, reasonable counsel fees and disbursements, payments, expenses and liabilities (including reasonable investigation expenses) arising directly or indirectly out of the Administrator's actions taken or non-actions with respect to the performance of services hereunder. The indemnity and defense provisions set forth herein shall indefinitely survive the termination of this Agreement.

The Administrator shall indemnify the Fund, its employees, agents, directors, officers and nominees and hold them harmless from and against any and all actions, suits and claims, whether groundless or otherwise, and from and against any and all losses, damages, costs, charges, reasonable counsel fees and disbursements, payments, expenses and liabilities (including reasonable investigation expenses) arising directly out of the Administrator's actions taken or non-actions with respect to the performance of services hereunder to the extent that the Administrator does not act in good faith or acts with willful misfeasance, bad faith or negligence in the performance of its duties or with reckless disregard of its obligations and duties hereunder. The indemnity and defense provisions set forth herein shall indefinitely survive the termination of this Agreement.

Under no circumstances will the Administrator be liable for any indirect, incidental, consequential or special damages (including, without limitation, lost profits) of any form, whether or not foreseeable and regardless of the type of action in which such a claim may be brought, with respect to the Administrator's performance hereunder.

The rights hereunder shall include the right to reasonable advances of defense expenses in the event of any pending or threatened litigation with respect to which indemnification hereunder may ultimately be merited. In order that the indemnification provision contained herein shall apply, however, it is understood that if in any case the Fund may be asked to indemnify or hold the Administrator harmless, the Fund shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the Administrator will use all reasonable care to identify and notify the Fund promptly concerning any situation which presents or appears likely to present the probability of such a claim for indemnification against the Fund, but failure to do so in good faith shall not affect the rights hereunder.

The Fund shall be entitled to participate at its own expense or, if it so elects, to assume the defense of any suit brought to enforce any claims subject to this indemnity provision. If the Fund elects to assume the defense of any such claim, the defense shall be conducted by counsel chosen by the Fund and satisfactory to the Administrator, whose approval shall not be unreasonably withheld. In the event that the Fund elects to assume the defense of any suit and retain counsel, the Administrator shall bear the fees and expenses of any additional counsel retained by it. If the Fund does not elect to assume the defense of a suit, it will reimburse the Administrator for the reasonable fees and expenses of any counsel retained by the Administrator.

The Administrator may apply to the Fund at any time for instructions and may consult counsel for the Fund (with prior approval of the Fund) or its own counsel and with accountants and other experts with respect to any matter arising in connection with the Administrator's duties, and the Administrator shall not be liable or accountable for any action taken or omitted by it in good faith in accordance with such instruction or with the opinion of such counsel, accountants or other experts.

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The Administrator shall be protected in acting upon any document which it reasonably believes to be genuine and to have been signed or presented by the proper person or persons. The Administrator will not be held to have notice of any change of authority of any officers, employees or agents of the Fund until receipt of written notice thereof from the Trust. Provided the Administrator is acting in good faith and consistent with industry standards, nothing in this section shall be construed as imposing upon the Administrator any obligation to seek such instructions or advice, or to act in accordance with such advice when received.

**ARTICLE 7. ACTIVITIES OF THE ADMINISTRATOR.** The services of the Administrator rendered to the Fund are not to be deemed to be exclusive. The Administrator is free to render such services to others and to have other businesses and interests. It is understood that Trustees, officers, employees and shareholders of the Fund are or may be or become interested in the Administrator, as officers, employees or otherwise and that partners, officers and employees of the Administrator and its counsel is or may be or become similarly interested in the Fund, and that the Administrator may be or become interested in the Fund as an owner of the Fund's shares or otherwise.

**ARTICLE 8. TERM.** This Agreement, unless sooner terminated as provided herein, shall continue until [ ], 20[ ]. Thereafter, if not terminated, this Agreement shall continue automatically for successive one year terms, provided that such continuance is specifically approved at least annually by the vote of a majority of those members of the Fund's Board who are not parties to this Agreement or "interested persons" (as defined in Article 13) of any such party. This Agreement may be terminated without penalty, on not less than 60 days prior written notice, by the Fund's Board or by the Administrator. The termination of this Agreement with respect to the Fund shall not result in the termination of this Agreement with respect to any other Fund. The Administrator shall furnish to the Fund, promptly upon its request, such information (including the Administrator's costs of delivering the services provided to the Fund hereunder) as may reasonably be necessary to enable the Fund's Board of Trustees to evaluate the terms of this Agreement or any extension, renewal or amendment hereof.

**ARTICLE 9. ASSIGNMENT**. This Agreement shall not be assigned by either party without the written consent of the other party; provided, however, that the Administrator may, at its expense, subcontract with any entity or person concerning the provision of the services contemplated hereunder, subject to the oversight of the Board. The Administrator shall not, however, be relieved of any of its obligations under this Agreement by the appointment of such subcontractor and provided further, that the Administrator shall be responsible, to the extent provided in Article 6 hereof, for all acts of such subcontractor as if such acts were its own. This Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and permitted assigns.

**ARTICLE 10. AMENDMENTS.** This Agreement may be amended by the parties hereto only if such amendment is specifically approved (i) by the vote of a majority of the Board, and (ii) by the vote of a majority of the Trustees of the Fund who are not parties to this Agreement or "interested persons" (as defined in Article 13) of any such party or its affiliates.

For special cases, the parties hereto may amend such procedures set forth herein as may be appropriate or practical under the circumstances, and the Administrator may conclusively assume that any special procedure which has been approved by the Fund does not conflict with or violate any requirements of its Declaration of Trust or then-current prospectuses, or any rule, regulation or requirement of any regulatory body.

**ARTICLE 11. CERTAIN RECORDS.** The Administrator shall maintain customary records in connection with its duties as specified in this Agreement. Any records required to be maintained and preserved pursuant to Rules 31a-1 and 31a-2 under the 1940 Act, which are prepared or maintained by the Administrator on behalf of the Fund, shall be prepared and maintained at the expense of the Administrator, but shall be the property of the Fund and will be made available to or surrendered promptly to the Fund on request.

In case of any request or demand for the inspection of such records by another party, the Administrator shall notify the Fund and follow the Fund's instructions as to permitting or refusing such inspection; provided that the Administrator may exhibit such records to any person in any case where it is advised by its counsel that it may be held liable for failure to do so.

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**ARTICLE 12. COMPLIANCE WITH RULE 38a-1**. The Administrator shall maintain policies and procedures that are reasonably designed to prevent violations of the federal securities laws, and shall employ personnel to administer the policies and procedures who have the same requisite level of skill and competence required to effectively discharge their responsibilities. The Administrator shall also provide the Fund's Chief Compliance Officer with periodic reports regarding its compliance with the federal securities laws, and shall promptly provide special reports in the event of any material violation of the federal securities laws.

**ARTICLE 13. DEFINITIONS OF CERTAIN TERMS.** The term "interested person," when used in this Agreement, shall have the respective meanings specified in the 1940 Act and the rules and regulations promulgated thereunder, subject to such exemptions as may be granted by the Commission.

**ARTICLE 14. NOTICE.** Any notice required or permitted to be given by either party to the other shall be deemed sufficient if delivered to, (i) with respect to the Administrator, 277 Park Avenue, New York, New York 10172, (ii) with respect to the Fund, its address listed on Schedule A attached hereto or (iii) such other address as a party may from time to time specify in writing to the other party pursuant to this Section.

**ARTICLE 15. GOVERNING LAW; LIMITATION OF LIABILITY OF THE TRUSTEES AND SHAREHOLDERS.** This Agreement shall be construed and the provisions hereof interpreted under and in accordance with the laws of the State of Delaware. The obligations of the Fund (or particular class thereof) entered into in the name or on behalf thereof by any Trustee, representative or agent of the Fund (or particular class thereof) are made not individually, but in such capacities, and are not binding upon any Trustee, shareholder, representative or agent of the Fund (or particular class thereof) personally, but bind only the assets of the Fund (or particular class thereof), and all persons dealing with any series and/or class of shares of the Fund must look solely to the assets of the Fund belonging to such series and/or class for the enforcement of any claims against the Fund (or particular class thereof).

The execution and delivery of this Agreement have been authorized by the Board, and this Agreement has been signed and delivered by an authorized officer of the Fund, acting as such, and neither such authorization by the Board nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the property of the Fund (or particular class thereof) as provided in the Fund's charter.

**ARTICLE 16. USE OF CONFIDENTIAL INFORMATION**. Notwithstanding anything in this Agreement to the contrary:

The Administrator will keep confidential and will not use or disclose to any other party (including, but not limited to, affiliates of the Administrator) any Customer Information (as defined below), except as authorized in writing by the Fund or as appropriate in connection with performing this Agreement and subject to any conditions set forth elsewhere in the Agreement.

The Administrator will maintain appropriate physical, electronic and procedural safeguards to store, dispose of (if applicable) and secure Customer Information to protect it from unauthorized access, use, disclosure, alteration, loss and destruction. The safeguards used by the Administrator to protect Customer Information will be no less than those used by the Administrator to protect its own confidential information. In addition, the Administrator will comply with any other security safeguards required by this Agreement.

The Administrator will control access to Customer Information and, except as required by law or as otherwise may be specifically permitted by this Agreement, permit access only to individuals who need access in connection with performing this Agreement and will cause such individuals to maintain the confidentiality of Customer Information.

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Except as necessary to conform to any record retention requirements imposed by this Agreement, the Administrator will, upon termination of this Agreement or the Fund's earlier request, return to the Fund all Customer Information or destroy it, as specified by the Fund. The Administrator will provide to the Fund a destruction certificate if so required.

As between the Fund and the Administrator, Customer Information and all applicable intellectual property rights embodied in the Customer Information shall remain the property of the Fund.

The Administrator acknowledges that it has received and reviewed a copy of the Fund's Privacy Policy applicable to Customer Information and it agrees that it will not act in a manner that is inconsistent with such policy.

Without limiting the foregoing, the Administrator shall not directly or through an affiliate, disclose any Customer Information, including account numbers, access numbers, or access codes for an account for use in telemarketing, direct mail marketing, or marketing through electronic mail, except as permitted by this Agreement, the Privacy Policy of the Fund, and as permitted in Section 248.12 of Regulation S-P.

The term "Customer Information" as used in this Article means information, in any form, provided to the Administrator by or on behalf of the Fund that uniquely identifies in any way a current, former or prospective Fund customer. Customer Information includes, but is not limited to, copies of such information or materials derived from such information.

**ARTICLE 17. COUNTERPARTS.** This Agreement may be executed by the parties on any number of counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

[SIGNATURE PAGES FOLLOW]

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IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the day and year first above written.

JPMORGAN CREDIT MARKETS FUND

 <br> By:

 <br> Title:

ACCEPTED BY:

 <br> JPMORGAN INVESTMENT MANAGEMENT, INC.

 <br> By:

 <br> Title:

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SCHEDULE A

TO THE ADMINISTRATION AGREEMENT

(EFFECTIVE AS OF [ ], 2025)

NAME OF THE FUND(S)

NAME OF ENTITY <u> STATE AND FORM OF ORGANIZATION</u> <u> Principal Place of Business</u> <br> JPMorgan Credit Markets Fund Delaware statutory trust 277 Park Avenue, New York, New York 10172

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SCHEDULE B

TO THE ADMINISTRATION AGREEMENT

(EFFECTIVE AS OF [ ], 2025)

The Administrator receives a pro-rata portion of the following annual fee on behalf of each Fund listed below for administrative services: 0.075% of the first $10 billion of average daily net assets, plus 0.05% of average daily net assets from $10 to $20 billion, plus 0.025% of average daily net assets from $20 to $25 billion, plus 0.01% on average daily net assets in excess of $25 billion.

JPMorgan Credit Markets Fund

## Ex-99.(K)(2)

Execution Copy

**Services Agreement** 

This Services Agreement (the "<u>Agreement</u>") is entered into and effective as of October 1, 2025 (the "<u>Effective Date</u>") by and between:

1. **SS&C GIDS, Inc.**, a corporation organized in the state of Delaware (referred to herein as
"SS&C"), and

2. **JPMorgan Credit Markets Fund**, a statutory trust organized in the state of Delaware ("the
Fund").

The Fund and SS&C each may be referred to individually as a "<u>Party</u>" or collectively as "<u>Parties</u>."

**1.**  **<u>Definitions; Interpretation</u>** 

1.1. As used in this Agreement, the following terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Action</u>" means any civil, criminal, regulatory or administrative lawsuit, allegation, demand, claim, counterclaim, action, dispute, sanction, suit, request, inquiry, investigation, arbitration or proceeding, in each case, made, asserted, commenced or threatened by any Person (including any Government Authority).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Affiliate</u>" means, with respect to any Person, any other Person that is controlled by, controls, or is under common control with such Person and "control" of a Person means: (i) ownership of, or possession of the right to vote, more than 25% of the outstanding voting equity of that Person or (ii) the right to control the appointment of the board of directors or analogous governing body, management or executive officers of that Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Business Day</u>" means a day other than a Saturday or Sunday on which the New York Stock Exchange is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Claim</u>" means any Action arising out of the subject matter of, or in any way related to, this Agreement, its formation or the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Confidential Information</u>" means any information about the Fund or SS&C, including this Agreement, and any third party information that either Party is required to keep confidential, including "nonpublic personal information" under the Gramm-Leach-Bliley Act of 1999 and all "personal information" as defined in the Massachusetts Standards for the Protection of Personal Information (collectively, "<u>Personal Information</u>"). With the exception of Personal Information, Confidential Information does not include information that (i) is or becomes part of the public domain without breach of this Agreement by the receiving Party, (ii) was rightfully acquired from a third party, or is developed independently, by the receiving Party, or (iii) is generally known by Persons in the technology, securities, or financial services industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Data Supplier</u>" means a third party supplier of Market Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Fund Data</u>" means all information with respect to the Fund's business, financials, and customers, and Market Data provided by the Fund and all output and derivatives thereof, necessary to enable SS&C to perform the Services, but excluding SS&C Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>SS&C Associates</u>" means SS&C and each of its Affiliates, members, shareholders, directors, officers, partners, employees, agents, successors or assigns.

*Transfer Agency Services* 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>SS&C Property</u>" means all hardware, software, source code, data, report designs, spreadsheet formulas, information gathering or reporting techniques, know-how, technology and all other property commonly referred to as intellectual property used by SS&C in connection with its performance of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Governing Documents</u>" means the constitutional documents of an entity and, with respect to the Fund, its Certificate of Trust, Declaration of Trust and By-Laws, as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Government Authority</u>" means any relevant administrative, judicial, executive, legislative or other governmental or intergovernmental entity, department, agency, commission, board, bureau or court, and any other regulatory or self-regulatory organizations, in any country or jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Law</u>" means statutes, rules, regulations, interpretations and orders of any Government Authority that are applicable to the party upon which compliance with such Law is being required or to its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Losses</u>" means any and all compensatory, direct, indirect, special, incidental, consequential, punitive, exemplary, enhanced or other damages, settlement payments, attorneys' fees, costs, damages, charges, expenses, interest, applicable taxes or other losses of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>Market Data</u>" means any third party market and reference data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Person</u>" means any natural person or corporate or unincorporated entity or organization and that person's personal representatives, successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>Services</u>" means the services listed in <u>Schedule A</u>, as may be amended, or under such other service Schedules, which may be added to this Agreement by the Parties from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>Third Party Claim</u>" means a Claim (i) brought by any Person other than the indemnifying Party or (ii) brought by a Party on behalf of or that could otherwise be asserted by a third party.

1.2. Other capitalized terms used in this Agreement but not defined in this Section 1 shall have the meanings ascribed thereto.

1.3. Section and Schedule headings shall not affect the interpretation of this Agreement. This Agreement includes the schedules, addenda, and appendices hereto. In the event of a conflict between this Agreement and a schedule, addendum, or appendix, the former shall control, except to the extent that such schedule, addendum, or appendix expressly provides otherwise as to the services under such schedule or appendix.

1.4. Words in the singular include the plural and words in the plural include the singular. The words "including," "includes," "included" and "include", when used, are deemed to be followed by the words "without limitation." Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "hereof," "herein" and "hereunder" and words of analogous import shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

1.5. The Parties' duties and obligations are governed by and limited to the express terms and conditions of this Agreement, and shall not be modified, supplemented, amended or interpreted in accordance with, any industry custom or practice, or any internal policies or procedures of any Party that are not referenced in this Agreement or the applicable Schedule. The Parties have mutually negotiated the terms hereof and there shall be no presumption of law relating to the interpretation of contracts against the drafter.

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**2.**  **<u>Services and Fees</u>** 

2.1. Subject to the terms of this Agreement, SS&C will perform for the Fund the Services set forth in <u>Schedule A</u> and such other service schedules as may be added to this Agreement by the Parties (collectively, the "Service Schedules"). SS&C shall be under no duty or obligation to perform any service except as specifically listed in the Service Schedules or take any other action except as specifically listed in a Service Schedule(s) to this Agreement, or this Agreement, and no other duties or obligations, including, valuation related, fiduciary or analogous duties or obligations, shall be implied. The Fund requests to change the Services, including those necessitated by a change to the Governing Documents of the Fund or a change in applicable Law, will only be binding on SS&C when they are reflected in an amendment to the Service Schedules. For clarification, this will include cost related changes to the software, systems or processes used by SS&C to provide the Services necessitated by change in applicable Law; provided in such case the Fund will only be responsible for its pro-rata share of such cost.

2.2. In carrying out its duties and obligations pursuant to this Agreement, some or all Services may be delegated by SS&C to one or more of its Affiliates or other Persons (and any Fund consent to such delegation, if any, shall not be unreasonably revoked or withheld in respect of any such delegations), provided that such Persons are selected in good faith and with reasonable care and are monitored by SS&C and in accordance with applicable Law. If SS&C delegates any Services, (i) such delegation shall not relieve SS&C of its duties and obligations hereunder and, for the avoidance of doubt, SS&C agrees that it remains liable to the Fund for an Affiliate's or other Person's compliance with this Agreement, applicable regulations and requirements to the same extent as if SS&C itself had acted or failed to act instead of the Affiliate or other Persons, (ii) such delegation shall be subject to a written agreement obliging the delegate to comply with the relevant delegated duties and obligations of SS&C, and (iii) if required by applicable Law, SS&C will identify such agents and the Services delegated and will update the Fund when making any material changes in sufficient detail to enable the Fund to object to a particular arrangement.

2.3. The Fund agrees to pay, within sixty (60) days following the receipt of SS&C's invoice, the fees, charges and expenses as set out in the fee schedule agreed upon by the parties in a separate letter (the "Fee Letter"), which may be amended by the Parties from time to time in accordance with the terms of this Agreement. The Fee Letter is incorporated by reference into this Agreement and subject to the terms of this Agreement. In the event that during any twelve (12) month period the Fund pays any four (4) or more of its invoices after their respective due dates, then SS&C may charge and the Fund shall pay a late charge for any future invoices paid after the applicable due date and such late charge shall be equal to (from the due date to the date of payment) one and one-half percent (1.5%) per month while such amount remained unpaid. Notwithstanding any other provision hereof, such interest rate shall be no greater than permitted under applicable state Law. After the first year of the Initial Term, the total fee for all services for each succeeding year shall be subject to an annual cost of living increase on the anniversary of the Agreement in an amount not less than the annual percentage of change in the Consumer Price Index for all Urban Consumers (CPI-U) in the Midwest Region, All Items, Base 1982-1984=100, as last reported by the U.S. Department of Labor, Bureau of Labor Statistics, or, in the event that publication of such Index is terminated, any successor or substitute index, appropriately adjusted, acceptable to both parties.

2.4. Charges attendant to the development of reasonable changes to the TA2000 System requested by the Fund ("Client Requested Software") shall be at SS&C's standard rates and fees in effect at the time, the current version of which are reflected in the Fee Letter and any update to which shall be confirmed to the Fund in writing prior to any invoice submitted under Section 2.3. If the cost to SS&C of operating the TA2000 System is increased by the addition of Client Requested Software, SS&C shall be entitled to increase its fees by an amount to be mutually agreed upon in accordance with the terms of this Agreement.

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2.5. The Fund may request a material modification of the Services provided under this Agreement by providing SS&C with a written request outlining the scope of such requested changes. SS&C will respond to such notice as promptly as possible , but no more than 30 days after the request is made, by providing the Fund with (a) a preliminary estimate of the project cost and timeframe for completion (both parties acknowledge that a final estimate may be delivered after that date), or (b) a written explanation of why SS&C cannot implement the requested service change ("Change Notice Response"). In the event the Fund and/or SS&C believe that a change in law, regulation, rule, industry practice or other requirement necessitates a material system or service modification, the parties will discuss the potential change and SS&C may communicate with other similarly situated SS&C clients and/or industry groups to determine a commercially reasonable option for addressing such change. Any change requested or agreed upon by the Parties under this Section shall not be effective, and SS&C shall not be obligated to implement, until reflected in a written amendment to, or statement of work under, this Agreement mutually agreed upon and executed by both parties. Nothing in this Section 2.5 shall limit the Fund's obligation to pay SS&C fees related to modifications necessary to comply with changes in Law, regulation, rule or industry practice as provided in Section 2.1 above.

**3.**  **<u>Fund Responsibilities</u>** 

3.1. The management and control of the Fund are vested exclusively in the Fund's governing body (e.g., the board of trustees for a Fund) and its officers, subject to the terms and provisions of the Fund's Governing Documents. The Fund's governing body will make all decisions, perform all management functions relating to the operation of the Fund and the Fund's governing body or its duly appointed officers shall authorize all transactions. Without limiting the foregoing, the Fund shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designate properly qualified individuals to oversee the Services and establish and maintain internal controls, including monitoring the ongoing activities of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Evaluate the accuracy of the Services, review and approve all reports, analyses and records resulting from the Services and inform SS&C of any errors that it is in a position to identify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Provide SS&C with timely and accurate information required by SS&C in order to perform the Services and its duties and obligations hereunder.

3.2. The Fund is solely and exclusively responsible for ensuring that it complies with Law and its respective Governing Documents. It is the Fund's responsibility to provide all final Fund Governing Documents as of the Effective Date. The Fund will notify SS&C in writing of any changes to the Fund Governing Documents that may materially impact the Services prior to such changes taking effect. SS&C is not responsible for monitoring compliance by the Fund with (i) Law, or (ii) its respective Governing Documents.

3.3. In the event that Market Data is supplied to or through SS&C Associates in connection with the Services, the Market Data is proprietary to Data Suppliers and is provided on a limited internal-use license basis. Market Data may: (i) only be used by the Fund (or its service providers) in connection with the Services and (ii) not be disseminated by the Fund or used to populate internal systems in lieu of obtaining a data license. Access to and delivery of Market Data is dependent on the Data Suppliers and may be interrupted or discontinued with or without notice.

3.4. The Fund shall deliver, and cause its agents, counsel, advisors, auditors, and any other Persons promptly deliver to SS&C all Fund Data. The Fund shall arrange with each such Person to deliver such information and materials on a timely basis, and SS&C will not be required to enter any agreements with that Person in order for SS&C to provide the Services.

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3.5. Notwithstanding anything in this Agreement to the contrary, so long as they act in accordance with the standard of care set forth herein, with due diligence and in good faith SS&C Associates shall be entitled to rely on the authenticity, completeness and accuracy of any and all information and communications of whatever nature received by SS&C Associates from the Fund, its employees, Affiliates or agents in connection with the performance of the Services and SS&C's duties and obligations hereunder, without further enquiry or liability.

**4.**  **<u>Term</u>** 

4.1. The initial term of this Agreement will be from the Effective Date through October 1, 2026, unless otherwise agreed in writing between the Parties ("<u>Initial Term"</u>). Following the Initial Term, this Agreement will automatically renew for successive terms of 2 years each unless either SS&C or the Fund provides the other with a written notice of termination at least 180 calendar days prior to the commencement of any successive term (such periods, in the aggregate, the "<u>Term"</u>).

**5.**  **<u>Termination</u>** 

5.1. SS&C or the Fund also may, by written notice to the other, terminate this Agreement if any of the following events occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The other Party breaches any material term, condition or provision of this Agreement, which breach, if capable of being cured, is not cured within 90 calendar days after the non-breaching Party gives the other Party written notice of such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The other Party (i) terminates or suspends its business, (ii) becomes insolvent, admits in writing its inability to pay its debts as they mature, makes an assignment for the benefit of creditors, or becomes subject to direct control of a trustee, receiver or analogous authority, (iii) becomes subject to any bankruptcy, insolvency or analogous proceeding, (iv) becomes subject to a material Action or an Action that the Party reasonably determines could cause such party reputational harm, or (v) where the other Party is the Fund, makes changes in the Fund's Governing Documents in a manner that materially impacts SS&C's ability to perform the Services.

If any such event occurs, the termination will become effective immediately or on the date stated in the written notice of termination, which date shall not be greater than 90 calendar days after the event.

5.2. Upon receipt of a termination notice from the Fund, subject to the receipt by SS&C of all then-due fees, charges and expenses, SS&C shall continue to provide the Services up to the effective date of the termination notice; thereafter, SS&C shall have no obligation to perform any services of any type unless and to the extent set forth in an amendment to this Agreement executed by SS&C. In the event of the termination of this Agreement, SS&C shall provide reasonable exit assistance to the Fund in converting the Fund's records from SS&C's systems to whatever services or systems are designated by the Fund (the "Deconversion"); provided that all fees, charges and expenses have been paid, including any fees required under <u>Section</u> <u>5.3</u> for the balance of the unexpired portion of the Term. The Deconversion is subject to the recompense of SS&C for such assistance at its standard rates and fees in effect at the time as reflected in the Fee Letter (and any subsequent amendments thereto agreed to by the Fund in accordance with the terms of this Agreement) and to a reasonable time frame for performance as agreed to by the parties. As used herein "reasonable exit assistance" shall not include requiring SS&C (i) to assist any new service or system provider to modify, to alter, to enhance, or to improve such provider's system, or to provide any new

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functionality to such provider's system, (ii) to disclose any protected information of SS&C, including the proprietary information of SS&C or its Affiliates, or (iii) to develop Deconversion software, to modify any of SS&C's software, or to otherwise alter the format of the data as maintained on any provider's systems.

5.3. If the Fund elects to terminate this Agreement prior to the end of the Term, the Fund agrees to pay an amount equal to the average monthly fee paid by the Fund to SS&C under the Agreement multiplied by the number of months remaining in the Term. To the extent any services are performed by SS&C for the Fund after the termination of this Agreement, all of the provisions of this Agreement except portions that are inapplicable to such continuing services shall survive the termination of this Agreement for so long as those services are performed.

5.4. In the event that the Fund wishes to retain SS&C to perform additional transition or related post-termination services, including providing additional data and reports, the Fund and SS&C shall agree in writing to the additional services and related fees and expenses in an amendment to this Agreement. To the extent any services are performed by SS&C for the Fund after the termination of this Agreement, all of the provisions of this Agreement except portions that are inapplicable to such continuing services shall survive the termination of this Agreement for so long as those services are performed. Termination of this Agreement shall not affect: (i) any liabilities or obligations of any Party arising before such termination (including payment of fees and expenses) or (ii) any damages or other remedies to which a Party may be entitled for breach of this Agreement or otherwise. Sections 2.3, 5, 6, 8, 9, 10, 11, 12, and 13 of this Agreement shall survive the termination of this Agreement.

**6.**  **<u>Standard of Care, Limitation of Liability and Indemnification</u>** 

6.1. Subject to the terms of this Agreement, SS&C will perform the Services with reasonable care, skill, prudence and diligence. SS&C will not incur any liability for (i) refusing in good faith to perform any duty or obligation hereunder which in its reasonable judgement is improper or unauthorized, or to do or procure the doing of anything contrary to, or in breach of, or which constitutes any offense under, any applicable Law or regulation then in force; (ii) relying on the Fund Data or Governing Documents, information, records, books, documents, data, or other representations provided to SS&C by or on behalf of the Fund; or (iii) complying with orders, instructions, directions, or advice of the Fund or any other person authorized to instruct SS&C.

6.2. Except as set forth in the next sentence, SS&C will not, in the absence of gross negligence, willful misconduct or fraud on the part of SS&C, be liable to the Fund or any third person for any act or omission in the course of, or in connection with, the Services rendered by it hereunder or for any loss or damage with the Fund or such third person may sustain or suffer as the result of or in connection with the discharge by SS&C of the Services and obligations hereunder. With respect to direct Losses of the Fund resulting solely from the negligence of SS&C in the performance of SS&C's duties or obligations under this Agreement, SS&C shall be responsible for the first such amounts in the aggregate up to total amount of compensation paid to SS&C under this Agreement during the six (6) months immediately preceding the date on which the alleged damages were claimed to have been incurred ("Negligence Cap"). With respect to direct Losses of the Fund resulting from the gross negligence, willful misconduct or fraud of SS&C, SS&C shall be responsible up to the amounts set forth in Section 6.5. For those activities or actions delineated in the Procedures (as defined in Section A.I. (vi) of Schedule A, attached hereto), SS&C shall not be presumed as negligent if it has materially complied with the Procedures or with any deviation therefrom requested or approved by the Fund in writing.

6.3. The Fund agrees to indemnify and hold harmless SS&C and its Affiliates, and its and their directors, officers, employees, representatives, delegates, and agents (collectively, the "Indemnitees") from and against any and all claims, demands, actions, suits, judgements, liabilities, losses, damages, costs, charges, counsel fees and other expenses of every nature and character (as used in this Section 6.3, and collectively

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with the term defined in Section 1.1(m) above, "Losses") resulting from third party claims arising out of or in any way relating to SS&C's performance of its obligations and duties hereunder, including, if applicable, any action or inaction by SS&C as described in Section 6.1, provided that this indemnification will not apply to the extent any such Losses result from SS&C's negligence (subject to the Negligence Cap set forth in Section 6.2, amounts in excess of the Negligence Cap will not be excluded from the Fund's indemnification obligation), gross negligence, willful misconduct or fraud.

6.4. Except where SS&C is entitled to indemnification under Section 6.3 hereof, SS&C shall indemnify and hold the Fund harmless from and against direct Losses from third party claims arising solely out of SS&C's gross negligence, willful misconduct or fraud in the performance of its duties under this Agreement.

6.5. Except as set forth in Sections 6.2, 6.3 and 6.4 above, a Party's aggregate liability to the other Party, its investors and any third parties, regardless of the cause or form of action, will not exceed the total amount of compensation paid to SS&C under this Agreement during the twelve (12) months immediately preceding the date on which the alleged damages were claimed to have been incurred. The foregoing limitations of liability will not apply to (i) a breach of a Party's obligations under Section 11 of this Agreement or restrictions applicable to the Fund's use of SS&C Property, (ii) invoiced charges and other amounts due to SS&C for Services under this Agreement, (iii) a Party's bad faith, willful misconduct or knowing violations of applicable law or (iv) the Fund's indemnification obligations under this Agreement. In no event will either party, its Affiliates or any of its or their directors, officers, employees, representatives, delegates or agents be liable for punitive or consequential damages regardless of whether such damages were foreseeable or whether either Party was advised of the possibility of such damages.

**7.**  **<u>Representations and Warranties</u>** 

7.1. Each Party represents and warrants to each other Party that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a legal entity duly created, validly existing and in good standing under the Law of the jurisdiction in which it is created and is in good standing in each other jurisdiction where the failure to be in good standing would have a material adverse effect on its business or its ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 3.3 with respect to licenses from a Data Supplier, which may be terminated at any time, it has all necessary legal power and authority to own, lease and operate its assets and to carry on its business as presently conducted and as it will be conducted pursuant to this Agreement and will comply in all material respects with all Law to which it may be subject, and to the best of its knowledge and belief, it is not subject to any Action that would prevent it from performing its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It has all necessary legal power and authority to enter into this Agreement, the execution of which has been duly authorized and will not violate the terms of any other agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Person signing on its behalf has the authority to contractually bind it to the terms and conditions in this Agreement and that this Agreement constitutes a legal, valid and binding obligation of it, enforceable against it in accordance with its terms.

**8.**  **<u>Fund Data</u>** 

8.1. The Fund (i) will provide or ensure that other Persons provide all Fund Data to SS&C in an electronic format that is acceptable to SS&C (or as otherwise agreed in writing) and (ii) confirm that each has the right to so share such Fund Data. As between SS&C and the Fund, all Fund Data shall remain the

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property of the Fund. Fund Data shall not be used or disclosed by SS&C other than in connection with providing the Services and as permitted under <u>Section</u> <u>11.</u> SS&C shall be permitted to act upon instructions from an authorized officer of the Fund with respect to the disclosure or disposition of Fund Data but may refuse to act upon such instructions where it doubts, in good faith, the authenticity or authority of such instructions.

8.2. SS&C shall maintain and store material Fund Data used in the official books and records of the Fund for a rolling period of 7 years starting from the Effective Date, or such longer period as required by applicable Law or its internal policies or until such earlier time as it returns such records to the Fund or the Fund's designee.

8.3. Upon at least 30 days' written notice from Fund to SS&C, Fund, or its other agents (other than any Person that is a competitor of SS&C), and Government Authorities with jurisdiction over Fund (each, a "Reviewer") may conduct a reasonable, on-site review of the operational and technology infrastructure controls used by SS&C to provide the Services and meet SS&C's confidentiality and information security obligations under this Agreement (a "Review"). Fund shall to the best of its ability accommodate SS&C requests to reschedule any Review based on the availability of required resources. With respect to any Review, Fund shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Ensure that the Review is conducted in a manner that does not disrupt SS&C's business operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Pay SS&C's reasonable costs, including staff time at standard rates for up to 200 hours; provided that any such costs in excess of those incurred for up to 200 hours of staff time at standard rates must be pre-approved by Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Comply, and ensure that Reviewers comply, with SS&C's policies and procedures relating to physical, computer and network security, business continuity, safety and security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Ensure that all Reviewers agree in writing to confidentiality obligations substantially similar to, and no less protective than, those set forth in this Agreement (which Fund shall provide to SS&C upon request).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except for mandatory Reviews by Government Authorities, be limited to 1 Review per calendar year.

**9.**  **<u>Data Protection</u>** 

9.1. From time to time and in connection with the Services SS&C may obtain access to certain Personal Information from the Fund. Personal Information relating to the Fund and its Affiliates, directors, officers, employees, agents, current and prospective Fund shareholders, plan sponsors and plan participants may be processed by SS&C and its Affiliates. The Fund consents to the transmission and processing, by SS&C, of such information within the United States solely for the purposes of performing the Services and obligations under this Agreement and in accordance with applicable Law.

9.2. At all times, SS&C will implement, maintain, comply with, and enforce a written privacy and information security program (the "Program") that (a) contains reasonable administrative, physical, and technical policies, procedures, controls, and safeguards designed to comply with applicable Laws and protect Personal Information from unauthorized, unlawful, or accidental access, use, loss or destruction, alteration, or disclosure. A summary of the Program is attached hereto as Attachment I. SS&C will notify the Fund immediately after becoming aware of a confirmed security incident and/or breach of Personal Information. SS&C will provide reasonable assistance to the Fund in any measures undertaken by the Fund

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and/or any Government Authority to investigate, mitigate, and remediate the incident and/or breach including by providing reasonable assistance to the Fund in its notification of such breach to the relevant Government Authority and those individuals impacted, as may be required by applicable Laws. SS&C will be liable for all out-of-pocket costs incurred by the Fund arising from or relating to (i) drafting and mailing or otherwise providing notices to affected persons and/or Governmental Authorities or other persons (such as, without limitation, credit bureaus); (ii) retaining and providing credit monitoring, identity theft protection, or similar services; (iii) retaining and providing call center or similar outreach services; (iv) costs and expenses of recreating or reloading any lost, stolen or damaged data; (v) fines, penalties, or other liability imposed on the Fund; and (vi) the costs and expenses of attorneys, experts and consultants engaged to assist with investigations / forensic investigations, mitigation, and remediation undertaken by the Fund. SS&C will not disclose or use Personal Information obtained from or on behalf of the Fund except in accordance with the lawful instructions of the Fund to carry out SS&C's obligations under, or as otherwise permitted pursuant to the terms of, its agreements with the Fund and to comply with applicable Law.

**10.**  **<u>SS&C Property</u>** 

10.1 SS&C Property is and shall remain the property of SS&C or, when applicable, its Affiliates or suppliers. Neither the Fund nor any other Person shall acquire any license or right to use, sell, disclose, or otherwise exploit or benefit in any manner from, any SS&C Property, except as specifically set forth herein. The Fund shall not (unless required by Law) either before or after the termination of this Agreement, disclose to any Person not authorized by SS&C to receive the same, any information concerning the SS&C Property and shall use reasonable efforts to prevent any such disclosure.

**11.**  **<u>Confidentiality</u>** 

11.1 Each Party shall not at any time disclose to any Person any Confidential Information concerning the business, affairs, customers, clients or suppliers of the other Party or its Affiliates, except as permitted by this Section 11.

11.2 Each Party may disclose the other Party's Confidential Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of the Fund, to each of its Affiliates, trustees, officers, employees, investment manager, principal underwriter, dealer-manager, administrator, custodian and agents ("<u>Fund Representative</u>") who need to know such information for the purpose of carrying out its duties under or receiving the benefits of or enforcing or otherwise in connection with, this Agreement. The Fund shall ensure compliance by Fund Representatives with Section 11.1; provided that, for purposes of this sentence Fund Representative shall not include the Fund's investment manager's Affiliates and their employees, except to the extent that such employee or Affiliate receives Confidential Information from the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of SS&C, to each SS&C Associate who needs to know such information for the purpose of carrying out SS&C's duties under or enforcing this Agreement. SS&C shall ensure compliance by SS&C Associates with Section 11.1 and shall be responsible for such compliance by any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As may be required by Law or pursuant to legal process; provided that the disclosing Party (i) where reasonably practicable and to the extent legally permissible, provides the other Party with prompt written notice of the required disclosure so that the other Party may seek a protective order or take other analogous action, (ii) discloses no more of the other Party's Confidential Information than reasonably necessary and (iii) reasonably cooperates with actions of the other Party in seeking to protect its Confidential Information at that other Party's expense. In addition, notwithstanding anything in this Agreement to the contrary, the Fund may disclose, without notice to SS&C, any of

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the Confidential Information to any regulatory authority having jurisdiction over the Fund or any of its Affiliates. If the Fund receives such a request, the Fund will notify the disclosing party as soon as reasonably practicable if such notification does not violate the terms of such request, applicable law or internal policy.

11.3 Other than pursuant to Section 9.3, neither Party shall use the other Party's Confidential Information for any purpose other than to perform its obligations under this Agreement. Each Party may retain a record of the other Party's Confidential Information for the longer of (i) 7 years or (ii) as required by Law or its internal policies.

11.4 Each party (in the case of SS&C, its ultimate parent company) is subject to U.S. federal and state securities Law and each may make disclosures as is required under such Law. SS&C shall have no obligation to use Confidential Information of, or data obtained with respect to, any other client of SS&C in connection with the Services.

11.5 Neither Party will: (a) use the name, trademark, logo or other identifying marks of the other Party or any of its Affiliates in any sales, marketing or publicity activities or materials; or (b) issue any press release, interviews or other public statement regarding this Agreement or the Parties' relationship without the prior written consent of the other Party. The respective Party that provided its consent may revoke it at any time and for any reason and the other Party will immediately cease use of the marks and will promptly remove all references from all marketing and publicity materials.

11.6 In the event the Fund obtains information from SS&C or the TA2000 System which is not intended for the Fund, the Fund agrees to (i) promptly, and in no case more than seventy-two (72) hours after discovery thereof, notify SS&C that unauthorized information has been made available to the Fund; (ii) not knowingly review, disclose, release, or in any way, use such unauthorized information; (iii) provide SS&C reasonable assistance in retrieving such unauthorized information and/or destroy such unauthorized information; and (iv) confirm via email by a person authorized by the Fund to provide such confirmation that all such unauthorized information in the Fund's possession or control has been delivered to SS&C or destroyed as required by this provision.

**12.**  **<u>Notices</u>** 

12.1 Except as otherwise provided herein, all notices required or permitted under this Agreement or required by Law shall be effective only if in writing and delivered: (i) personally, (ii) by registered mail, postage prepaid, return receipt requested, (iii) by receipted prepaid courier, (iv) by any confirmed facsimile or (v) by any electronic mail, to the relevant address or number listed below (or to such other address or number as a Party shall hereafter provide by notice to the other Parties). Notices shall be deemed effective when received by the Party to whom notice is required to be given.

**If to SS&C:** 

SS&C GIDS, Inc.

1055 Broadway

Kansas City, MO 64105

Attention: Legal Department

Email: FSGNotices@sscinc.com

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Execution Copy

**If to the Fund:** 

J.P. Morgan Investment Management Inc.

1111 Polaris Pkwy, Floor 2B Columbus, OH 43240

Attention: Kelly Kernan

Email: <u>TA_Relationship_Team@jpmorgan.com</u>

**13.**  **<u>Miscellaneous</u>** 

13.1 <u>Amendment; Modification</u>. This Agreement may not be amended or modified except in writing signed by an authorized representative of each Party. No SS&C Associate has authority to bind SS&C in any way to any oral covenant, promise, representation or warranty concerning this Agreement, the Services or otherwise.

13.2 <u>Assignment</u>. Neither Party may assign any rights or delegate any obligations under this Agreement without the prior written consent of the other Party. Notwithstanding that consent, any assignment by a Party that is not accompanied by an assumption agreement executed by the assignee will be null and void. Notwithstanding the foregoing, either Party may assign this Agreement, any Schedule, or any of its rights or obligations under this Agreement or a Schedule, in whole or in part, without the other Party's consent: (a) to any Affiliate; or (b) to a surviving entity in the case of a merger, acquisition, divestiture, consolidation or corporate reorganization of the assigning Party. Any assignment contrary to this Section 13.2 will be null and void as determined by the other Party. This Agreement and each Schedule will be binding upon the successors, legal representatives and permitted assigns of the Parties. Any merger, change of control or other combination by operation of law constitutes an assignment hereunder.

13.3 <u>Choice of Law; Choice of Forum</u>. This Agreement shall be interpreted in accordance with and governed by the Law of the Commonwealth of Massachusetts. The courts of the Commonwealth of Massachusetts and the United States District Court for the Commonwealth of Massachusetts shall have exclusive jurisdiction to settle any Claim. Each Party submits to the exclusive jurisdiction of such courts and waives to the fullest extent permitted by Law all rights to a trial by jury.

13.4 <u>Counterparts; Signatures</u>. This Agreement may be executed in counterparts, each of which when so executed will be deemed to be an original. Such counterparts together will constitute one agreement. Signatures may be exchanged via facsimile or electronic mail and shall be binding to the same extent as if original signatures were exchanged.

13.5 <u>Entire Agreement</u>. This Agreement (including any Schedules, attachments, amendments and addenda hereto) contains the entire agreement of the Parties with respect to the subject matter hereof and supersedes all previous communications, representations, understandings and agreements, either oral or written, between the Parties with respect thereto.

13.6 <u>Force Majeure</u>. Neither party will be responsible for any Losses of property in its Associates' possession or for any failure to fulfill its duties or obligations hereunder if such Loss or failure is caused, directly or indirectly, by war, terrorist or analogous action, the act of any Government Authority or other authority, riot, civil commotion, rebellion, storm, accident, fire, lockout, strike, power failure, computer error or failure (not owing to either party's liabilities agreed to under Section 6.1 of this Agreement), delay or breakdown in communications or electronic transmission systems (not owing to either party's liabilities agreed to under Section 6.1 of this Agreement), or other analogous events,. Each party shall use commercially reasonable efforts to minimize the effects on the Services of any such event.

*Transfer Agency Services* 

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13.7 <u>Non-Exclusivity</u>. The duties and obligations of SS&C hereunder shall not preclude SS&C from providing services of a comparable or different nature to any other Person and to receive economic or other benefits in connection therewith. The Fund understands that SS&C may have commercial relationships with Data Suppliers and other providers of technology, data or other services that are used by the Fund.

13.8 No Partnership. Nothing in this Agreement is intended to, or shall be deemed to, constitute a partnership or joint venture of any kind between or among any of the Parties.

13.9 Reserved.

13.10 <u>No Warranties</u>. Except as expressly listed herein, SS&C makes no warranties, whether express, implied, contractual or statutory with respect to the Services. SS&C disclaims all implied warranties of merchantability and fitness for a particular purpose with respect to the Services. All warranties, conditions and other terms implied by Law are, to the fullest extent permitted by Law, excluded from this Agreement.

13.11 <u>Severance</u>. If any provision (or part thereof) of this Agreement is or becomes invalid, illegal or unenforceable, the provision shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not practical, the relevant provision shall be deemed deleted. Any such modification or deletion of a provision shall not affect the validity, legality and enforceability of the rest of this Agreement. If a Party gives notice to another Party of the possibility that any provision of this Agreement is invalid, illegal or unenforceable, the Parties shall negotiate to amend such provision so that, as amended, it is valid, legal and enforceable and achieves the intended commercial result of the original provision.

13.12 <u>Reserved.</u>

13.13 <u>Third Party Beneficiaries</u>. This Agreement is entered into for the sole and exclusive benefit of the Parties and will not be interpreted in such a manner as to give rise to or create any rights or benefits of or for any other Person.

13.14 <u>Waiver</u>. No failure or delay by a Party to exercise any right or remedy provided under this Agreement or by Law shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy. No exercise (or partial exercise) of such right or remedy shall prevent or restrict the further exercise of that or any other right or remedy.

13.15 <u>Insurance</u>. SS&C shall maintain insurance coverage including, without limitation, errors and omissions, fidelity bond or equivalent crime insurance coverage at levels that are determined by its board of directors to be appropriate for its business. Upon request of the Fund, SS&C shall provide evidence that such coverage is in place. To the extent that SS&C's policies of insurance may provide for coverage of claims for liability or indemnity by SS&C, no provision of this Agreement shall be construed to relieve an insurer of any obligation to pay claims to SS&C, which would otherwise be a covered claim in the absence of any provision of this Agreement.

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**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized officers, as of the day and year first above written.

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| | | | |
|:---|:---|:---|:---|
| **SS&C GIDS, INC.** | **SS&C GIDS, INC.** | **JPMORGAN CREDIT MARKETS FUND** | **JPMORGAN CREDIT MARKETS FUND** |
| By:<br>| ![LOGO](g930911img001.jpg) <br>| By:<br>| ![LOGO](g930911img002.jpg) <br>|
| Name: | Nicholas Wright | Name: | Glenn Hill |
| Title: | Authorized Signatory | Title: | Director |

---

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**Schedule A** 

**Transfer Agency Services** 

**A.**  **<u>General</u>** 

1. As used in this <u>Schedule A</u>, the following additional terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "ACH" shall mean the Automated Clearing House;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "Bank" shall mean a nationally or regionally known banking institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "Code" shall mean the Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "DTCC" shall mean the Depository Trust Clearing Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "IRA" shall mean Individual Retirement Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "Procedures" shall collectively mean SS&C's transfer agency procedures manual, third
party check procedures, check writing draft procedures, Compliance+ and identity theft programs and signature guarantee procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "Program" shall mean Networking, Fund Serv or other DTCC program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) "TA2000 System" shall mean SS&C's TA2000TM computerized data processing system for
shareholder accounting.

2. Any term not defined in this Schedule A shall have the same meaning as provided in the Agreement to which this
Schedule A relates.

3. Any references to Law shall be construed to mean the Law as amended to the date of the effectiveness of the
applicable provision referencing the Law.

4. The Fund acknowledges that SS&C's ability to perform the Services is subject to the following
dependencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Fund and other Persons that are not employees or agents of SS&C, whose cooperation is reasonably
required for SS&C to provide the Services, providing cooperation, information and, as applicable, instructions to SS&C promptly, in agreed formats, by agreed media and within agreed timeframes as required to provide the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The communications systems operated by the Fund and other Persons that are not employees or agents of SS&C
remaining fully operational.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The accuracy and completeness of any the Fund Data or other information provided to SS&C in connection with
the Services by any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any warranty, representation, covenant or undertaking expressly made by the Fund under or in connection with
this Agreement being and remaining true, correct and discharged at all relevant times.

5. The following Services will be performed by SS&C and, as applicable, are contingent on the performance by
the Fund of the duties and obligations listed.

**B.**  **<u>SERVICES</u>** 

1. <u>Scope of Agency Services; SS&C Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;A. SS&C utilizing the TA2000 System will perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issuing, transferring and redeeming book entry shares or cancelling share certificates as applicable;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintaining shareholder accounts on the records of the Fund on the TA2000 System in accordance with the instructions and information received by SS&C from the Fund, the Fund's distributor, manager or managing dealer, the Fund's investment adviser, the Fund's sponsor, the Fund's custodian, or the Fund's administrator and any other person whom the Fund names on Schedule B (each an "Authorized Person"), broker-dealers or shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) when and if a Fund participates in the DTCC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) SS&C will accept and effectuate the registration and maintenance of accounts through the applicable DTCC program ("Program") and the purchase, redemption, exchange and transfer of shares in such accounts through systems or applications offered via the Program in accordance with instructions transmitted to and received by SS&C by transmission from DTCC on behalf of broker-dealers and banks which have been established by, or in accordance with the instructions of, an Authorized Person, on the Dealer File maintained by SS&C,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issuing instructions to the Fund's banks for the settlement of transactions between the Fund and DTCC (acting on behalf of its broker-dealer and bank participants),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) providing account and transaction information from each affected Funds's records on TA2000 in accordance with the applicable Program's rules, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) maintaining shareholder accounts on TA2000 through the Programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) providing transaction journals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) preparing shareholder meeting lists for use in connection with the annual or special meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) withholding, as required by federal law, taxes on shareholder accounts, performing and paying backup withholding as required for all shareholders, and preparing, filing and providing, in electronic format, the applicable U.S. Treasury Department information returns, K-1 data file, or 1099, as applicable, to the Fund's vendor of choice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) disbursing income dividends and capital gains distributions to shareholders and recording reinvestment of dividends and distributions in shares of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) preparing and providing, in electronic format, to the Fund's print vendor of choice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) confirmation forms for shareholders for all purchases and liquidations of shares of the Fund and other confirmable transactions in shareholders' accounts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) copies of shareholder statements, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shareholder reports and prospectuses provided by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) providing or making available on-line daily and monthly reports as provided by the TA2000 System and as requested by the Fund or its management company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) maintaining those records necessary to carry out SS&C's duties hereunder, including all information reasonably required by the Fund to account for all transactions on TA2000 in the Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) calculating the appropriate sales charge, if applicable and supported by TA2000, with respect to each purchase of the Fund shares as instructed by an Authorized Person, determining the portion of each sales charge payable to the dealer participating in a sale in accordance with schedules and instructions delivered to SS&C by the Fund's managing dealer or distributor or any other Authorized Person from time to time, disbursing dealer commissions collected to such dealers, determining the portion of each sales charge payable to such managing dealer or distributor and disbursing such commissions to the managing dealer or distributor;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) receiving correspondence pertaining to any former, existing or new shareholder account, processing such correspondence for proper recordkeeping, and responding to shareholder correspondence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) arranging the mailing to dealers of confirmations of wire order trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) processing, generally on the date of receipt or as otherwise agreed to by the Parties in writing, but in all cases when required by applicable Law, purchases, redemptions, exchanges, or instructions, as applicable, to settle any mail or wire order purchases, redemptions or exchanges received in proper order as set forth in the prospectus and general exchange privilege applicable, and rejecting any requests not received in proper order (as defined by an Authorized Person or the Procedures as hereinafter defined);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) reserved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) providing to the Fund escheatment reports as requested by an Authorized Person with respect to the status of accounts and outstanding checks on TA2000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) as mutually agreed upon by the parties as to the service scope and fees, answer telephone inquiries during mutually agreed upon times, each day on which the New York Stock Exchange is open for trading. SS&C shall answer and respond to inquiries from existing shareholders, prospective shareholders of the Fund and broker-dealers on behalf of such shareholders in accordance with the telephone scripts provided by the Fund to SS&C, such inquiries may include requests for information on account set-up and maintenance, general questions regarding the operation of the Fund, general account information including dates of purchases, redemptions, exchanges and account balances, requests for account access instructions and literature requests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) (where applicable) supporting the Fund repurchases/tender offers, including but not limited to: assistance with shareholder communication plan; coordination of repurchase/tender offer materials; establishment of informational website; receipt, review and reconciliation of letters of transmittal; daily tracking, reconciliation and reporting of shares repurchased/tendered; and issuing tax forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) in order to assist the Fund with the performance of actions related to applicable anti-money laundering laws, SS&C offers certain risk-based shareholder activity monitoring tools and procedures that are reasonably designed to: (i) promote the detection and reporting of potential money laundering activities; and (ii) assist in the verification of persons opening accounts with the Fund. If the Fund elects to have SS&C implement the anti-money laundering procedures and delegate the day-to-day operation of such anti-money laundering procedures to SS&C, the parties will agree to upon the applicable fees and the service scope and execute the attached appendix ("Appendix 1" entitled "AML Delegation") which may be changed from time to time subject to mutual written agreement between the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) reserved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) as mutually agreed upon by the parties as to the service scope and fees, provide any additional related services (i.e., pertaining to escheatment, abandoned property, garnishment orders, bankruptcy and divorce proceedings, Internal Revenue Service or state tax authority tax levies and summonses and all matters relating to the foregoing); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) upon request of the Fund and mutual agreement between the parties as to the scope and any applicable fees, SS&C may provide additional services to the Fund under the terms of this Schedule and the Agreement. Such services and fees shall be set forth in a writing and may be added by an amendment to, or as a statement of work under, this Schedule or the Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. At the request of an Authorized Person, SS&C shall use reasonable best efforts to provide the services set forth in Section 1.A of this Schedule A in connection with transactions (i) the processing of which transactions require SS&C to use methods and procedures other than those usually employed by SS&C to perform shareholder servicing agent services, (ii) involving the provision of information to SS&C after the commencement of the nightly processing cycle of the TA2000 System or (iii) which require more manual intervention by SS&C, either in the entry of data or in the modification or amendment of reports generated by the TA2000 System than is usually required by normal transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. SS&C shall use reasonable efforts to provide the same services with respect to any new, additional functions or features or any changes or improvements to existing functions or features as provided for in the Fund's instructions, prospectus or application as amended from time to time, for the Fund provided SS&C is advised in advance by the Fund of any changes therein and the TA2000 System and the mode of operations utilized by SS&C as then constituted supports such additional functions and features. If any new, additional function or feature or change or improvement to existing functions or features or new service or mode of operation measurably increases SS&C's cost of performing the services required hereunder at the current level of service, SS&C shall advise the Fund of the amount of such increase and if the Fund elects to utilize such function, feature or service, SS&C shall be entitled to increase its fees by the amount of the increase in costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Fund acknowledges that SS&C is currently using, and will continue to use, domestic or foreign SS&C Affiliates to assist with software development and support projects for SS&C and/or for the Fund. As part of such support, the Fund acknowledges that such Affiliates may access the Fund Confidential Information including, but not limited to, personally identifiable shareholder information (shareholder name, address, social security number, account number, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Fund shall add all new funds to the TA2000 System upon at least 60 days' prior written notice to SS&C provided that the requirements of the new funds are generally consistent with services then being provided by SS&C under the Agreement. If less than 60 days' prior notice is provided by the Fund, additional 'rush' fees may be applied by SS&C. Rates or charges for additional funds shall be as set forth in the Fee Letter for the remainder of the contract term except as such funds use functions, features or characteristics for which SS&C has imposed an additional charge as part of its standard pricing schedule under the Fee Letter. In the latter event, rates and charges shall be in accordance with SS&C's then-standard pricing schedule as reflected in the Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The parties agree that to the extent that SS&C provides any services under the Agreement that relate to compliance by the Fund with the Code (or any other applicable tax law), it is the parties' mutual intent that SS&C will provide only printing, reproducing, and other mechanical assistance to the Fund and that SS&C will not make any judgments or exercise any discretion of any kind. The Fund agrees that it will provide express and comprehensive instructions to SS&C in connection with all of the services that are to be provided by SS&C under the Agreement that relate to compliance by the Fund with the Code (or any other applicable tax law), including providing responses to requests for direction that may be made from time to time by SS&C of the Fund in this regard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Fund instructs and authorizes SS&C to provide the services as set forth in the Agreement in connection with transactions on behalf of certain IRAs featuring the fund made available by the Fund. The Fund acknowledges and agrees that as part of such services, SS&C will act as service provider to the custodian for such IRAs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. If applicable, SS&C will make original issues of shares, or if shares are certificated, stock certificates upon written request of an officer of the Fund and upon being furnished with a certified copy of a resolution of the Board of Trustees authorizing such original issue, evidence regarding the value of the shares, and necessary fund for the payment of any original issue tax.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Upon receipt of the Fund's written request, SS&C shall provide transmissions of shareholder activity to the print vendor selected by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. If applicable, the Fund will furnish SS&C with a sufficient supply of blank stock certificates and from time to time will renew such supply upon the request of SS&C. Such certificates will be signed manually or by facsimile signatures of the officers of the Fund authorized by law and by bylaws to sign stock certificates, and if required, will bear the corporate seal or facsimile thereof. In the event that certificates for shares of the Fund shall be represented to have been lost, stolen or destroyed, SS&C, upon being furnished with an indemnity bond in such form and amount and with such surety as shall be reasonably satisfactory to it, is authorized to countersign a new certificate or certificates for the number of shares of the Fund represented by the lost or stolen certificate. In the event that certificates of the Fund shall be represented to have been lost, stolen, missing, counterfeited or recovered, SS&C shall file Form X-17F-1A as required by applicable federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Shares of stock will be transferred in accordance with the instructions of the shareholders and, upon receipt of the Fund's instructions that shares of stock be redeemed and funds remitted therefor, such redemptions will be accomplished and payments dispatched provided the shareholder instructions are deemed by SS&C to be duly authorized. SS&C reserves the right to refuse to transfer, exchange, sell or redeem shares as applicable, until it is satisfied that the request is authorized, or instructed by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Notwithstanding anything herein to the contrary, with respect to "as of" adjustments, SS&C will not assume one hundred percent (100%) responsibility for losses resulting from "as ofs" due to clerical errors or misinterpretations of securityholder instructions, but SS&C will discuss with the Fund SS&C's accepting liability for an "as of" on a case-by-case basis and may accept financial responsibility for a particular situation resulting in a financial loss to the Fund where such loss is "material", as hereinafter defined, and, under the particular facts at issue, SS&C in its discretion believes SS&C's conduct was culpable and SS&C's conduct is the sole cause of the loss. A loss is "material" for purposes of this Section when it results in a pricing error on a given day which is (i) greater than a negligible amount per securityholder, as determined by the Fund, (ii) equals or exceeds one ($0.01) full cent per share times the number of shares outstanding or (iii) equals or exceeds the product of one-half of one percent (0.5%) times the Fund's Net Asset Value per share times the number of shares outstanding (or, in case of (ii) or (iii), such other amounts as may be adopted by applicable accounting or regulatory authorities from time to time). When SS&C concludes that it should contribute to the settlement of a loss, SS&C's responsibility will commence with that portion of the loss over $0.01 per share calculated on the basis of the total value of all shares owned by the affected portfolio (i.e., on the basis of the value of the shares of the total portfolio, including all classes of that portfolio, not just those of the affected class).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. <u>Changes and Modifications.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) SS&C shall have the right, at any time, to modify any systems, programs, procedures or facilities used in performing its obligations hereunder; provided that the Fund will be notified as promptly as possible prior to implementation of such modifications and that no such modification or deletion shall materially adversely change or affect the operations and procedures of the Fund in using the TA2000 System hereunder, the Services or the quality thereof, or the reports to be generated by such system and facilities hereunder, unless the Fund is given ninety (90) days' prior notice to allow the Fund to change its procedures and SS&C provides the Fund with revised operating procedures and controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All enhancements, improvements, changes, modifications or new features added to the TA2000 System however developed or paid for, including, without limitation, Client Requested Software (collectively, "Deliverables"), shall be, and shall remain, the confidential and exclusive property of, and proprietary to, SS&C. The parties recognize that during the Term of this Agreement the Fund will disclose to SS&C Confidential Information and SS&C may partly rely on such Confidential Information to design, structure or develop one or more Deliverables. Provided that, as

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developed, such Deliverable(s) contain no Confidential Information that identifies the Fund or any of its investors or which could reasonably be expected to be used to readily determine such identity, (i) the Fund hereby consents to SS&C's use of such Confidential Information to design, to structure or to determine the scope of such Deliverable(s) or to incorporate into such Deliverable(s) and that any such Deliverable(s), regardless of who paid for it, shall be, and shall remain, the sole and exclusive property of SS&C and (ii) the Fund hereby grants SS&C a nonexclusive revocable license to incorporate and retain in such Deliverable(s) Confidential Information of the Fund. All Confidential Information of the Fund shall be and shall remain the property of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Fund Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund agrees to use its reasonable efforts to deliver to SS&C in Kansas City, Missouri, as soon as they are available, all of its shareholder account records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund will provide SS&C written notice of any change in Authorized Personnel as set forth on Schedule B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Fund will notify SS&C of material changes to its Declaration of Trust or Bylaws (e.g. in the case of recapitalization) that impact the services provided by SS&C under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. If at any time the Fund receives notice or becomes aware of any stop order or other proceeding in any state affecting the registration or the sale of the Fund's shares in such state, or of any stop order or other proceeding under the federal securities laws affecting the sale of the Fund's shares, the Fund will give prompt notice thereof to SS&C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Compliance.</u>

&nbsp;&nbsp;&nbsp;&nbsp;A. Subject to SS&C's standard of care under this Agreement, SS&C shall perform the services under this Schedule A in conformance with SS&C's present procedures as set forth in its Procedures with such changes or deviations therefrom as may be from time to time required or approved by the Fund, its investment adviser or principal underwriter, or its counsel and the rejection of orders or instructions not in good order in accordance with the applicable prospectus or the Procedures. Notwithstanding the foregoing, SS&C's obligations shall be solely as are set forth in this Schedule and any of other obligations of the Fund under applicable law that SS&C has not agreed to perform on the Fund's behalf under this Schedule or the Agreement shall remain the Fund's sole obligation.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Bank Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;A. SS&C, acting as agent for the Fund, is hereby authorized (1) to establish in the name of, and to maintain on behalf of, the Fund, on the usual terms and conditions prevalent in the industry, including limits or caps (based on fees paid over some period of time or a flat amount, as required by the affected Bank on the maximum liability of such Banks into which SS&C shall deposit the funds SS&C receives for payment of dividends, distributions, purchases of Fund shares, redemptions of Fund shares, commissions, corporate re-organizations (including recapitalizations or liquidations) or any other disbursements made by SS&C on behalf of the Fund provided for in this Schedule A, (2) to draw checks upon such accounts, to issue orders or instructions to the Bank for the payment out of such accounts as necessary or appropriate to accomplish the purposes for which such funds were provided to SS&C, and (3) to establish, to implement and to transact Fund business through ACH, draft processing, wire transfer and any other banking relationships, arrangements and agreements with such Bank as are necessary or appropriate to fulfill SS&C's obligations under the Agreement. SS&C, acting as agent for the Fund, is also hereby authorized to execute on behalf and in the name of the Fund, on the usual terms and conditions prevalent in the industry, including limits or caps (based on fees paid over some period of time or a flat amount, as required by the affected Bank) on the maximum liability of such Banks, agreements with banks for ACH, wire transfer, draft processing services, as well as any other services which are necessary or appropriate for SS&C to utilize to accomplish the purposes of this Schedule. In each of the foregoing situations the Fund shall be liable on such agreements with the Bank as if it itself had executed the agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;B. SS&C is authorized and directed to stop payment of checks theretofore issued hereunder, but not presented for payment, when the payees thereof allege either that they have not received the checks or that such checks have been mislaid, lost, stolen, destroyed or through no fault of theirs, are otherwise beyond their control, and cannot be produced by them for presentation and collection, and, to issue and deliver duplicate checks in replacement thereof.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Records</u>.

SS&C will maintain customary transfer agent records in connection with its agency in accordance with the transfer agent recordkeeping requirements under applicable federal securities laws and any required record keeping requirements under the Investment Company Act of 1940. Notwithstanding anything in the Agreement to the contrary, the records to be maintained and preserved by SS&C on the TA2000 System under the Agreement shall be maintained and preserved in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;A. Annual Purges by August 31: SS&C and the Fund shall mutually agree upon a date for the annual purge of the appropriate history transactions from the Transaction History (A88) file for accounts (both regular and tax advantaged accounts) that were open as of January 1 of the current year, such purge to be complete no later than August 31. Purges completed after this date will subject the Fund to the Aged History Retention fees set forth in the Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;B. Purge Criteria: In order to avoid the Aged History Retention fees, history data for regular or ordinary accounts (that is, non-tax advantaged accounts) must be purged if the confirmation date of the history transaction is prior to January 1 of the current year and history data for tax advantaged accounts (retirement and educational savings accounts) must be purged if the confirmation date of the history transaction is prior to January 1 of the prior year. All purged history information shall be retained on magnetic tape for 7 years.

&nbsp;&nbsp;&nbsp;&nbsp;C. Purged History Retention Options (entail an additional fee): For the additional fees set forth on the Fee Letter, or as otherwise mutually agreed, then the Fund may choose (i) to place purged history information on the Purged Transaction History (A19) table or (ii) to retain history information on the Transaction History (A88) file beyond the timeframes defined above. Retaining information on the A19 table allows for viewing of this data through online facilities and E-Commerce applications. This database does not support those histories being printed on statements and reports and is not available for on request job executions.

6. <u>Blue Sky Services</u>.

(a) The Fund is ultimately responsible for ensuring its compliance with applicable Blue Sky laws, including identifying, assessing and understanding relevant Blue Sky risks.

(b) As used in this Section, the following additional terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Blue Sky" means the various statutes and regulations of the states, District of Columbia, Puerto Rico, and the United States Virgin Islands governing the offer and sales of mutual funds and the related compliance services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "Sales Feed" means a data file in industry standard format sent by a third party. (c) SS&C shall perform the following Services in all states and territories in which the Fund's shares are offered as identified by the Fund's management, in the form of and as required by Law applicable to Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Assist with the filing of Initial Notices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Assist with the filing of Fund renewals and amendments to reflect relevant changes, as applicable;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Assist with the filing of Fund sales reports filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Invoice the Fund for fees owed to each state in accordance with procedures agreed upon in writing by Fund and SS&C;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Pay Notice Filing fees at the Fund's direction and at the expense of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Assist with the filing of Fund Prospectuses and Statements of Additional Information and any amendments and supplements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Assist with the filing of annual reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Assist with the filing of all necessary notices to permit the Fund (or class of the Fund, as applicable) to qualify for reduced fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Assist with the filing of all correspondence and related documentation in order to permit the Fund to utilize exemptions if such exemption notice is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Advise the Fund prior to communicating with the states and territories regarding any sales in excess of the registered amount for a permit so the Fund can advise SS&C in writing the action to be taken;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Provide the Fund with information regarding the Sales to Existing Shareholders Exemptions and the Institutional Investor Exemptions available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Include in sales report filings, all sales reported to SS&C via (i) transfer agency Blue Sky Sales Feed, and (ii) broker Blue Sky Sales Feeds, including, without limitation, feeds that (a) were transferred as part of the conversion from the Fund's prior Blue Sky service provider, or (b) confirmed in writing by Management to be activated, less any exempt sales that the Fund has directed SS&C in writing to remove prior to such filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) At the direction of the Fund, serve as liaison between the Fund and the applicable Blue Sky jurisdiction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Provide information concerning Blue Sky reporting requirements and mutual fund industry Blue Sky reporting practices including utilization of exemptions and intermediary data feeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Conduct annual due diligence meeting with the Fund's management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) In the event that SS&C becomes aware of the sale of the Fund's shares in a jurisdiction in which no Notice Filing has been made, SS&C shall report such information to the Fund and the Fund shall instruct SS&C DST with respect to the corrective action to be taken; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) File all additional amendments to increase registered amounts in accordance with agreed upon procedures.

(d) The foregoing Services will be performed by SS&C and are contingent on the performance by the Fund of the following duties and obligations. Management shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Identify the states and territories where the Fund's shares will be offered for sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Determine the availability of any exemptions under a jurisdiction's Blue Sky laws with the assistance of SS&C DST;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Work with SS&C to identify what systematic exemptions will be taken by the Fund and coded on the Fund's Transfer Agent's system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Provide written instructions in SS&C standard format to implement systematic exemptions and exclusions from reporting where practicable on the Fund's Transfer Agent system or the SS&C Blue Sky application;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Provide written instructions to SS&C to remove current permit period sales from SS&C's Blue Sky application upon determination that such sales qualify for exemptions or exclusion from reporting to the applicable states where registration fees are based on sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Execute the limited power of attorney form set forth in Schedule D;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Liaise with the Fund to facilitate wire transfers for payment of state fees, as needed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Notify SS&C in writing to the extent the Fund is notified by an intermediary of a new Sales Feed and work with SS&C DST to facilitate any necessary updates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Provide written instruction detailing action to be taken upon receipt of written notification from SS&C that a direct broker Blue Sky Sales Feed is available for activation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Provide member of the Fund's management to act as signer for all forms to be filed in paper or electronic delivery

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Provide member of the Fund's management to act as signer for all required wet signatures with appropriate notary if required by jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Provide timely delivery of wet signature documents to meet filing deadlines as required by jurisdictions.

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**Limited Power of Attorney – Blue Sky Services** 

**KNOW ALL MEN BY THESE PRESENTS**, as of [DATE], that ("Investment Manager") on behalf of (and their currently existing series and all future series) (the "Funds"), with principal offices at , makes, constitutes, and appoints **SS&C GIDS Inc**. ("SS&C"), with principal offices at 1055 Broadway, Kansas City, Missouri 64105, as its lawful attorney-in-fact for it to do as if it were itself acting, the following:

(a) **FILINGS FOR FUND SHARES**. The power to submit (i) filings (in any format accepted); and (ii) checks and ACH payments in the name of the Funds, for the Funds in each jurisdiction in which the Fund's shares are offered or sold and in connection therewith the power to prepare, execute, and deliver and file (in any format accepted) any and all of the Fund's applications including without limitation, applications to provide notice for the Fund's shares, consents, including consents to service of process, reports, including without limitation, all periodic reports, or other documents and instruments now or hereafter required or appropriate in the judgment of SS&C in connection with the filings of the Fund's shares.

(b) **CUSTODY ACCOUNTS**. The power to draw, endorse, and deposit checks in the name of the Funds in connection with the filings of the Fund's shares with state securities administrators.

(c) **AUTHORIZED SIGNERS**. Pursuant to this Limited Power of Attorney, individuals authorized by SS&C shall have authority to act on behalf of the Funds with respect to items 1 and 2 above.

The execution of this Limited Power of Attorney shall be deemed coupled with an interest and shall be revocable only upon receipt by SS&C of such termination of authority. Nothing herein shall be construed to constitute the appointment of SS&C as or otherwise authorize SS&C to act as an officer, director or employee of the Investment Manager.

**IN WITNESS WHEREOF**, the Investment Manager has caused this Agreement to be executed in its name and on its behalf by and through its duly authorized officer, as of the date first written above.

[**INVESTMENT MANAGER**]

---

| |
|:---|
|  By: |
|  Name: |
|  Title: |

---

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**SCHEDULE B** 

**AUTHORIZED PERSONNEL** 

Pursuant to the terms of the Schedule A and the Agreement between the Fund and SS&C, the Fund authorizes the following personnel of the Fund and/or its Advisor to provide instructions to SS&C, and receive inquiries from SS&C in connection with Schedule A and the Agreement:

---

| | |
|:---|:---|
| Name | Title |
|  Timothy Clemens | Managing Director |
|  Shannon Gaines | Executive Director |
|  Wendy Barta | Managing Director |
|  Kelly Kernan | Vice President |
|  Rhett Payne | Vice President |
|  Katherine Fandrey | Vice President |
|  Sarah Bean | Executive Director |

---

This Schedule may be revised by the Fund by providing SS&C with a substitute Schedule B. Any such substitute Schedule B shall become effective twenty-four (24) hours after SS&C's receipt of the document and shall be incorporated into the Agreement.

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**APPENDIX 1** 

**ANTI-MONEY LAUNDERING DELEGATION** 

1. <u>Delegation.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 In order to assist the Fund with the performance of actions related to applicable AML laws, SS&C offers
certain risk-based AML Procedures that are reasonably designed to: (i) promote the detection and reporting of potential money laundering activities; and (ii) assist in the verification of persons opening accounts with the Fund. The Fund
has had an opportunity to review Section 4 to this Appendix 1 (the "AML Procedures") with SS&C and desires to implement the AML Procedures as part of the Fund's overall AML program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Accordingly, subject to the terms and conditions set forth in this Agreement, the Fund hereby instructs and
directs SS&C to implement the AML Procedures as set forth in Section 4 below on the Fund's behalf and delegates to SS&C the day-to-day operation of
the AML Procedures. The AML Procedures set forth in Section 4 may be amended, from time to time, by mutual agreement of the Fund and SS&C upon the execution by such parties of a revised Appendix 1 bearing a later date than the date
hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 SS&C agrees to perform such AML Procedures, with respect to the ownership of Shares in the Fund for which
SS&C maintains the applicable shareholder information, subject to and in accordance with the terms and conditions of this Agreement.

2. <u>Consent to Examination.</u> In connection with the performance by SS&C of the AML Procedures, SS&C
understands and acknowledges that the records SS&C maintains for the Fund relating to the AML Program may be subject, from time to time, to examination and/or inspection by federal regulators. SS&C hereby consents to such examination and/or
inspection and agrees to cooperate with such federal examiners in connection with their review. For purposes of such examination and/or inspection, SS&C will use its best efforts to make available, during normal business hours and on reasonable
notice all required records and information for review by such examiners.

3. <u>Limitation on Delegation.</u> The Fund acknowledges and agrees that in accepting the delegation hereunder,
SS&C is agreeing to perform only the AML Procedures, as may be amended from time to time, and is not undertaking and shall not be responsible for any other aspect of the AML Program or for any other matters that have not been delegated
hereunder. Additionally, the parties acknowledge and agree that SS&C shall only be responsible for performing the AML Procedures with respect to the ownership of, and transactions in, Shares in the Fund for which SS&C maintains the
applicable Shareholder information.

4. <u>AML Procedures<sup>1</sup></u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Consistent with the services provided by SS&C and with respect to the ownership of Shares in the Fund for
which SS&C maintains the applicable Shareholder information, SS&C shall:

<sup>1</sup> The accounts, transactions, items and activity reviewed in each case are subject to certain standard exclusions as set forth in written procedures of SS&C, which have been made available to the Fund and which may be modified from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On a daily basis, submit all new customer account registrations and registration changes against the Office of Foreign Assets Control ("OFAC") database, the Politically Exposed Persons ("PEP") database, and such other lists or databases as may be required from time to time by applicable regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Submit all account registrations through OFAC database, the PEP database, and such other lists or databases as may be required from time to time by applicable regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On a daily basis, submit special payee information from checks, outgoing wires and systematic withdrawal files through the OFAC database;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Review certain types of redemption transactions that occur within thirty-four (34) days of an account establishment, registration change, or banking information change (e.g. redemption by wire within 34 days of banking information change; rapid depletion of account balance after establishment; and redemption by check within 34 days of address change);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Review wires sent pursuant to banking instructions other than those on file with SS&C;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Review accounts with small balances followed by large purchases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Review accounts with frequent activity within a specified date range followed by a large redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Review purchase and redemption activity by check that meets or exceeds $100,000 threshold on any given day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Determine when a suspicious activity report ("SAR") should be filed as required by regulations applicable to the Fund; prepare and file the SAR; provide the Fund with a copy of the SAR within a reasonable time after filing; and notify the Fund if any further communication is received from the U.S. Department of the Treasury or other law enforcement agencies regarding such filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Compare account information to any FinCEN request received by the Fund and provided to SS&C pursuant to USA PATRIOT Act Sec. 314(a). Provide the Fund with the necessary information for it to respond to such request within required time frame;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (i) Take reasonable steps to verify the identity of any person seeking to become a new customer of the Fund and notify the Fund in the event such person cannot be verified, (ii) Maintain records of the information used to verify the person's identity, as required, and (iii) Determine whether the person appears on any lists of known or suspected terrorists or terrorist organizations provided to the Fund by any government agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Except with respect to any entities excluded under applicable regulation: (i) take reasonable steps to verify the identity of legal entities seeking to become new customers of the Fund, including verifying the identity of the natural person(s) retaining ownership or controlling interest in such legal entity (the " Beneficial Owner(s)"), as such ownership and controlling interests are defined in 31 C.F.R. 1010.230, (ii) notify the Fund in the event that the identity of such Beneficial Owner(s) is not provided upon request to such entity or cannot be verified, (iii) maintain records of the information used to verify such Beneficial Owners, as required, and (iv) determine whether such persons appear on any lists of known or suspected terrorists or terrorist organizations provided to the Fund by any government agency;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Conduct due diligence and if required, enhanced due diligence in accordance with 31 C.F.R. 103.176(b) for new and existing correspondent accounts for foreign financial institutions (as defined in 31 C.F.R. 103.175). SS&C will perform an assessment of the money laundering risk presented by the account based on a consideration of relevant factors in accordance with applicable law and information provided by the foreign financial institution in a financial institution questionnaire. If an account is determined to have a medium or above risk-ranking, SS&C will monitor the account on a monthly basis for unusual activity. In the situation where due diligence cannot be completed with respect to an account, SS&C will contact the Fund's AML Officer for further instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Upon the request by the Fund, conduct due diligence to determine if the Fund is involved with any foreign jurisdiction, institution, class of transactions and a type of account designated, from time to time, by the U.S. Department of Justice in order to identify and take certain "special measures" against such entities as required under Section 311 of the USA PATRIOT Act (31 C.F.R. 103.193).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Create and retain records required under 31 CFR 103.33 in connection with the transmittals of funds in amounts equal to or in excess of $3,000 and transmit such information on the transactions to the receiving financial institutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Pursuant to Regulation S-ID, adopt and maintain a program of policies and procedures that are reasonably designed to assist the Fund in the detection of patterns, practices, or specific activity that indicates the possible existence of identity theft (such activity, "Red Flags") that may arise in connection with the performance of the Services under this Agreement. SS&C shall (a) assist the Fund in its compliance with Regulation S-ID and other laws, rules and guidance relating thereto, and (b) report any detected Red Flags to the Fund.

4.2 In the event that SS&C detects activity as a result of the foregoing procedures, which necessitates the filing by SS&C of a SAR or other similar report or notice to OFAC, then SS&C shall also immediately notify the Fund, unless prohibited by applicable Law.

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**Attachment I** 

**INFORMATION SECURITY PROGRAM** 

This Attachment I is made subject to the terms of the Agreements, and any Schedules thereto, and to the extent the terms hereunder conflict with the terms of the Agreement, the terms of this Attachment shall prevail. The requirements of this Attachment are applicable if and to the extent that SS&C creates, has access to, or receives from or on behalf of the Fund any Confidential Information (as defined in the Agreement) in electronic format.

**1. Definitions.** Capitalized terms have the same meaning as set forth in the Agreement unless specifically defined below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 " <u>SS&C Security Assessment</u> " has the meaning set forth in Section 3.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 " <u>Mitigate</u> " means SS&C's deployment of security controls as necessary, in its
discretion, which are reasonably designed to reduce the adverse effects of threats and reduce risk exposure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 " <u>Remediation</u> " or " <u>Remediate</u> ", means that SS&C has resolved a Security
Exposure or Security Incident, such that the vulnerability no longer poses a risk to Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 " <u>Security Exposure</u> " means an identified vulnerability that may be utilized to compromise
Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 " <u>Security Incident</u> " means the confirmed unauthorized disclosure of Confidential Information.

**2.** **General Requirements.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Security Program</u>. SS&C shall maintain a comprehensive information security program under which SS&C documents, implements and maintains the physical, administrative, and technical safeguards reasonably designed and implemented to: (a) comply with U.S. laws applicable to SS&C's business and (b) protect the confidentiality, integrity, availability, and security of Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Policies and Procedures</u>. SS&C shall maintain written information security management policies and procedures reasonably designed and implemented to identify, prevent, detect, contain, and correct violations of measures taken to protect the confidentiality, integrity, availability, or security of Confidential Information. Such policies and procedures will, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) assign specific data security responsibilities and accountabilities to specific individual(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) describe acceptable use of SS&C's assets, including computing systems, networks, and messaging;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide authentication rules for the format, content and usage of passwords for end users, administrators, and systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) describe logging and monitoring of SS&C's production environment, including logging and monitoring of physical and logical access to SS&C's networks and systems that process or store Confidential Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) include an incident response process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) enforce commercially reasonable practices for user authentication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) include a formal risk management program which includes periodic risk assessments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) provide an adequate framework of controls reasonably designed to safeguard Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Subcontractors</u>. To the extent that any subcontractor engaged by SS&C to provide services under the Agreement has access to, or receives from or on behalf of the Fund any Confidential Information in electronic format, SS&C shall enter into a written agreement with such subcontractor, which agreement shall contain provisions regarding maintaining the confidentiality of the Confidential Information which are substantially compliant with, and at least as protective as, those terms set forth in the Agreement (including this Attachment), to the extent the terms of the Agreement and this Attachment would be relevant to the subcontractor's services provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>IT Change and Configuration Management</u>. SS&C shall employ its own reasonable processes, for change management, code inspection, repeatable builds, separation of development and production environments, and testing plans. Code inspections will include a comprehensive process reasonably designed and implemented to identify vulnerabilities and malicious code. In addition, SS&C shall ensure that processes are documented and implemented for purposes of vulnerability management, patching, and verification of system security controls prior to their connection to production networks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Physical and Environmental Security</u>. SS&C shall: (i) restrict entry to SS&C's area(s) where Confidential Information is stored, accessed, or processed solely to SS&C's personnel or SS&C authorized third party service providers for such access; and (ii) implement commercially reasonable practices for infrastructure systems, including fire extinguishing, cooling, and power, emergency systems and employee safety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>SS&C Employee Training and Access</u>. SS&C shall: (i) train its employees on the acceptable use and handling of the Fund's Confidential Information; (ii) provide annual security education for its employees and maintain a record of employees that have completed such education; and (iii) implement a formal user registration and de-registration procedure for granting and revoking access to SS&C's information systems and services; and upon termination of any of SS&C's employees, SS&C shall revoke such employee's access to SS&C's domain following termination of such individual and revoke such individual's access to Confidential Information as soon as possible and in accordance with SS&C's internal policies and procedures.

2.7 <u>SS&C Employee Access</u>. SS&C shall implement a formal user registration and de-registration procedure for granting and revoking access to SS&C's information systems and services; and upon termination of any of SS&C's employees, SS&C shall revoke such employee's access to SS&C's domain following termination of such individual and revoke such individual's access to Company Confidential Information timely and in accordance with SS&C's internal policies and procedures.

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2.8 <u>Change Notifications</u>. SS&C may, in its sole discretion, revise SS&C information security policies and procedures based on internal company security and compliance related risk assessment decisions, provided such revisions do not materially degrade the controls associated with SS&C's information security services provided to the Fund as of the date of execution of this Attachment and from time to time enhanced in accordance with changes in U.S. regulatory requirements. SS&C AMS will, at a minimum, update its policies to remain compliant with applicable U.S. regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Data Retention</u>. SS&C shall not retain any Confidential Information following completion of the applicable services provided under the Agreement, except to the extent: (a) required by U.S. law; (b) expressly required or permitted by the Fund in writing: (c) required by SS&C's document retention policies; (d) to the extent necessary to comply with the Fund's or SS&C's legal or regulatory obligations; or (e) as otherwise permitted in accordance with the Agreement.

2.10 Patch Management. SS&C will use a risk-based patching method to determine the priority and sequencing of system patches. Relevant and verified patches for high-risk security issues are applied to systems on a risk-based timeframe that reflects the credible threats to the particular environment.

2.11 Malicious code. SS&C also agrees to implement commercially reasonable technologies and other appropriate measures to scan for, detect to reasonably protect and prevent SS&C systems from malicious code.

2.12 Logging and Monitoring. SS&C will log and monitor all access to systems that contain such information to the extent that such logging and monitoring is within SS&Cs authority and capability to perform and is operationally feasible.

2.13 Encryption. SS&C shall employ industry recognized encryption algorithm (such as TLS, PGP, SFTP, AES) when communicating Fund Data in SS&C's possession or control over any public network or when using encryption to store Fund Data at rest and computing resources. SS&C shall implement and comply with a formal encryption policy covering acceptable standards, algorithms, key administration practices, and certificates.

2.14 External Storage. SS&C will maintain backup information in secure storage and if stored off-site, in an encrypted format using industry standard of encryption.

2.15 Background Check. All employees shall undergo a background verification check prior to onboarding; such background checks must be carried out in accordance with laws and regulations, applicable to SS&C.

2.16 Firewall Security. SS&C will employ firewall security to restrict network level access to computing resources.

**3.** **Due Diligence Supporting Materials; Security Assessment.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Due Diligence Supporting Materials</u>. Once annually, upon at least 30 – 45 days' written request from the Fund and in response to the Fund's due diligence efforts, SS&C will provide copies of its: (i) Standard Information Gathering questionnaire ("SIG"); (ii) if applicable, once annually, the SOC 1, Type II report, prepared in accordance with Statement on Standards for Attestation Engagements (SSAE) No. 16, Reporting on Controls at a Service Organization; (iii) information security policy and control standards summary; and (iv) network penetration vendor attestation letter. SS&C will be reasonably available to

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answer any additional questions of the Fund, up to forty (40) hours per year, that are not already addressed by providing the documentation set forth within this Section 3.1 and would not require SS&C, in its sole good faith discretion, to disclose information that it deems highly sensitive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>SS&C Security Assessment</u>. As part of SS&C's Security Assessment, SS&C will: (i) conduct regular vulnerability scans on externally-facing applications that may receive, access, process or store Confidential Information at SS&C's expense; (ii) evaluate the results of the vulnerability scans and Remediate Security Exposures deemed material by SS&C's personnel as reasonably appropriate, taking into account facts and circumstances surrounding such issues; and (iii) Mitigate Security Exposures discovered and deemed material by SS&C's personnel within a reasonably appropriate time period. In addition, SS&C will at least once per year, engage an independent external party to perform penetration testing using industry standard methodologies, including manual testing, on its externally-facing systems that may receive, access, process or store Confidential Information, and will provide the Fund with a letter confirming the testing has been performed. The Fund is not permitted to conduct penetration testing or other code scanning on SS&C's environment and software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Diligence Reviews. Upon at least 30 days' written notice from the Fund to SS&C, not more than once per year, the Fund through its staff or agents (other than any Person that is a competitor of SS&C), may remotely conduct a reasonable review of non-confidential information security policies to provide the Services under the Agreement (a "Review"). The Fund shall accommodate SS&C's requests to reschedule any Review based on the availability of required resources. With respect to any Review, the Fund shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Ensure that the Review is conducted in a manner that does not disrupt SS&C's business operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For any information requests beyond the standard information provision, if agreed by SS&C, pay SS&C
costs, including staff time at standard rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Comply, and ensure that Reviewers comply, with SS&C's policies and procedures relating to physical,
computer and network security, business continuity, safety and security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Ensure that all Reviewers are bound by written confidentiality obligations substantially similar to, and no
less protective than, those set forth in the Agreement (which the Fund shall provide to SS&C upon request).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Application Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund may request that SS&C demonstrate the maturity of application security controls and processes for its secure software development lifecycle, at least annually and prior to: (i) implementing any new versions or major releases of SS&C developed software or applications into a production environment that is hosted by SS&C and used to provide services to the Fund, or (ii) providing the Fund with any new versions or major releases of SS&C developed software or applications that are part of any Deliverable (including commercial-off-the-shelf software and software development services), by SS&C completing an application control assessment and providing the Fund with substantiation that the following application security controls and processes are documented, implemented and enforced: (A) threat modeling and security design reviews; (B) static application security testing of the entire code base; (C) dynamic application security testing of web-based applications and application programing interfaces (APIs); (D) application penetration testing using industry standard methodologies, including manual testing; (E) open source and third party software and source code is evaluated for security vulnerabilities and appropriately licensed and inventoried; and (F) security vulnerability management including timely evaluation and remediation. Testing described in clauses (B), (C) and (D) above will be performed against, at a minimum, then-current versions of Open Web Application Security Project Top 10 and Common Weakness Enumeration/SysAdmin, Audit, Networking, and Security Institute Top 25 Most Dangerous Software Errors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) SS&C will remediate any critical or high risk vulnerabilities in a commercially reasonable and timely manner upon identification in accordance with Section 3.4 and upon request, provide the Fund with

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substantiation that any software or applications do not include any critical or high risk vulnerabilities for major releases or new versions. In the event the Fund believes a vulnerability was not identified as critical or high risk in error, the parties shall convene to discuss the criteria used to determine the severity of such vulnerability and any reclassification as necessary.

**4.** **Security Incident Response.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Mitigation and Remediation of Security Incidents.</u> SS&C will Mitigate or Remediate any Security Incident in accordance with its internal security policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Security Incident Response.</u> SS&C shall maintain formal processes reasonably designed and implemented to detect, identify, report, respond to, Mitigate, and Remediate Security Incidents in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Security Incident Notification</u>. SS&C shall promptly notify the Fund but in no event later than 72 hours following discovery of any Security Incident(s). Such notification shall include the extent and nature of such intrusion, disclosure, or unauthorized access, the identity of the compromised Confidential Information (to the extent it can be ascertained), how SS&C was affected by the Security Incident, and its response to such Security Incident. SS&C shall use continuous and diligent efforts to remedy the cause and the effects of such Security Incident in an expeditious manner and deliver to the Fund a root cause analysis and future incident Mitigation plan with regard to any such incident. SS&C shall reasonably cooperate with the Fund's investigation and response to each Security Incident. If the Fund determines in its sole discretion that it may need or be required to notify any individual(s) as a result of a Security Incident, the Fund shall have the right to control all such notifications and SS&C shall bear all direct costs associated with the notification, to the extent the notification and corresponding actions are required by U.S. law, and subject to the limitation of liability set forth in the Agreement. Without limiting the foregoing, unless otherwise required by U.S. law, no such notifications shall be made by SS&C without the Fund's prior written consent and the Fund shall, together with SS&C, determine the content and delivery of all such notifications. For the avoidance of doubt, SS&C shall be solely responsible for all costs and expenses, subject to the limitations of liability under the Agreement that the Fund and/or SS&C may incur to the extent that they are attributable to or arise from SS&C's breach of its confidentiality obligations under the Agreement.

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**<u>DATA HANDLER ADDENDUM</u>**

SS&C will comply with this Data Handler Addendum whenever SS&C has, accesses, stores, processes or transmits Fund Confidential Information.

1. <u>Red Flags</u>. Whenever the Services are to include SS&C having unencrypted or readable personal information that contains consumer information, SS&C will have policies and procedures in order to detect, report, and remedy patterns, practices, or other specific activity that indicates the possible existence of identity theft ("**Red Flags**") and will either report the Red Flags to the Fund or take appropriate steps to prevent or mitigate identity theft.

2. <u>Compliance with IT Risk Management Policies</u>. SS&C will comply with the IT Risk Management Policies. "**IT Risk Management Policies**" means (a) the then-current version of at least one applicable industry standard security control framework, e.g., ISO/IEC 27002 or NIST 800-53 or any equivalent standard; (b) SS&C's security policies, procedures and controls, including but not limited to the Information Security Program attached hereto.

3. <u>Third Party Security Assessments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At least annually, SS&C will have a certified independent public accounting firm or another independent accredited auditor reasonably acceptable to the Fund: (i) conduct a compliance assessment and provide a full attestation, review or report under (A) SOC (Service Organization Control) 2 Type II, if applicable; or (B) other industry recognized independent compliance assessment and reports reasonably acceptable to the Fund, in each case, of all data centers, systems and operations that are in-scope for the Services; and (ii) at a minimum once per calendar year engage an independent external party to perform penetration testing on its external facing systems and networks that are used to provide the Services. Upon request, SS&C shall provide the Fund with a letter confirming the penetration testing has been performed (the "Testing Attestation Letter"). SS&C will: (x) provide the Fund with all findings identified in the SOC Assessments reporting (related to the Services); (y) remediate all findings in those Assessments, and (z) upon the Fund's request, provide the Fund with the status of the remediation. The Fund is not permitted to conduct penetration testing or other code scanning on SS&C's environment and software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the Fund's reasonable request, SS&C will provide: (i) a summary of any security incidents, breaches, and uses of Fund Confidential Information not expressly permitted under this Master Agreement or any Service Exhibit as to which SS&C was required to inform the Fund under this Master Agreement; and (ii) the status of any existing remediation or action plans in this <u>Section 3</u>.

4. Compliance and Remediation. SS&C will remedy any control gaps in accordance with the requirements identified in this Data Handler Addendum and the Security Control Terms within an appropriate timeframe reasonably agreed to by the parties. Should the Fund reasonably believe that SS&C is not fully complying with this Data Handler Addendum and the other security control terms of this Master Agreement, the parties shall confer in good faith to determine appropriate additional remediation and next steps, while not limiting the parties' other rights under the terms of the Master Agreement.

5. <u>System Modifications</u>. Before SS&C modifies its systems in a way that could have a materially adverse impact on the security, confidentiality, integrity or availability of any Fund Confidential Information or SS&C's Environment, SS&C will notify the Fund within a reasonable timeframe detailing the description of the proposed modification. Upon implementation of such modification, SS&C represents and warrants that: (a) the proposed modifications will not pose any new or additional risks to the Fund Confidential Information; and (b) SS&C's systems will continue to comply with the IT Risk Management Policies.

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6. <u>Protection of Information in the Event of Bankruptcy</u>. If SS&C files for bankruptcy, becomes or is declared insolvent, takes any corporate action for its winding up, dissolution or administration or any other event related to its financial insecurity, the Fund will have the immediate right to take possession of and retain for safekeeping all Fund Confidential Information in SS&C's possession or control. The Fund may retain Fund Confidential Information until the trustee or receiver in bankruptcy or other appropriate court officer provides the Fund with adequate assurances and evidence that the Fund Confidential Information will be protected from sale, release, inspection, publication or inclusion in any publicly accessible record, document, material or filing.

7. <u>Data Handler Storage, Return, or Destruction</u>.

In addition to the requirement to return or destroy Fund Confidential Information as set forth in the Confidentiality Section of the Master Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Storage. SS&C will accurately and completely collect and maintain information regarding the storage location, media, and method of storage of all Fund Confidential Information in SS&C's possession or control. Unless expressly set forth in the applicable Service Exhibits, SS&C will store Fund Confidential Information on media logically or physically separate from other media used to store data of its other clients (including any and all copies of Fund Confidential Information in any and all Environments). For purposes of this Addendum "**media**" means all electronic/soft copies, inclusive of physical media and virtual storage resources, and hard copies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Return. Prior to termination of a Service Exhibit or this Master Agreement, or on a date specified by the Fund, SS&C will meet with the Fund representatives and prepare a plan for the return of a copy of, or original if applicable, all Fund Confidential Information (in a format and upon timing requested by the Fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Retention Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) SS&C will comply with the longer of the applicable retention law, if any, or the retention period set forth in the applicable Service Exhibit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the extent applicable record retention laws require SS&C to retain Fund Confidential Information after (A) the end of the applicable retention period set forth in the applicable Service Exhibit; (B) termination or expiration of the applicable Service Exhibit; or (C) the Fund's request for return or destruction, SS&C will provide those requirements to the Fund. Any such Fund Confidential Information may be retained only for the period required by the applicable record retention laws and SS&C will ensure that it and any SS&C entity, subcontractor or other third party maintains the confidentiality of the Fund Confidential Information, adheres to all other provisions of the Master Agreement applicable to Fund Confidential Information, and may only be stored (and not otherwise processed) to facilitate meeting the purpose specified in the applicable record retention law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Media Sanitization; Confirmation. Except as provided in <u>Section 7(b)</u> and <u>(c)</u> above with respect to returned Fund Confidential Information, SS&C will Securely Delete all Fund Confidential Information from all media within 10 business days of the Fund's written direction. Within 15 business days of that direction, SS&C will confirm to the Fund in writing that SS&C has complied with such obligations, and provide reasonable evidence thereof as requested by the Fund. "**Securely Delete"** means using methods that comply with the then-current version of National Institute for Standards and Technology Special Publication 800-88 Guidelines for Media Sanitization (and its appendices), or its successor(s), or a written agreement between the Fund and SS&C such that the Fund Confidential Information is permanently sanitized or deleted and is unrecoverable from the virtual storage resources or physical media.

## Ex-99.(K)(3)

**EXPENSE LIMITATION AGREEMENT** 

JPMORGAN CREDIT MARKETS FUND

277 Park Avenue

New York, New York 10172

[ ], 2025

J.P. Morgan Investment Management Inc.

277 Park Avenue

New York, New York 10172

Ladies and Gentlemen:

J.P. Morgan Investment Management Inc. (the "Adviser") hereby agrees, until July 1, 2027 (the "Limitation Period"), to waive fees that it would otherwise be paid, and/or to assume expenses of JPMorgan Credit Markets Fund (the "Fund"), if required to ensure certain annual operating expenses (excluding the Advisory Fee, any Distribution and Servicing Fee, interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, borrowing costs, merger or reorganization expenses, shareholder meetings expenses, litigation expenses, reasonable research and due diligence expenses, investment-related software and database expenses, expenses associated with the acquisition and disposition of investments (including interest and structuring costs for borrowings and line(s) of credit) and extraordinary expenses, if any; collectively, the "Excluded Expenses") do not exceed 1.10% per annum (excluding Excluded Expenses) of the Fund's average daily net assets of each class of the Fund's shares of beneficial interest ("Shares"). The terms "Advisory Fee" and "Distribution and Servicing Fee" have the meanings ascribed to them in the Fund's prospectus.

In addition, the Adviser hereby contractually agrees to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net advisory fees it collects from the affiliated mutual funds and exchange-traded funds on the Fund's investment in such affiliated mutual funds and exchange-traded funds.

With respect to each class of Shares, the Fund agrees to repay the Adviser any fees waived or expenses assumed under this agreement (the "Agreement") for such class of Shares, provided the repayments do not cause the Fund's annual operating expenses (excluding Excluded Expenses) for that class of Shares to exceed the expense limitation in place at the time the fees were waived and/or the expenses were reimbursed, or the expense limitation in place at the time the Fund repays the Adviser, whichever is lower. Any such repayments must be made within thirty-six months after the month in which the Adviser waived the fee or reimbursed the expense.

This Agreement will be governed by, construed under and interpreted and enforced in accordance with the laws of the state of New York, without regard to principles of conflicts of laws of any jurisdiction to the contrary and the applicable provisions of the Investment Company Act of 1940, as amended (the "1940 Act"), if any. The parties unconditionally and irrevocably consent to the exclusive jurisdiction of the courts located in the State of New York and waive any objection with respect thereto, for the purpose of any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

Any amendment to this Agreement shall be in writing signed by the parties hereto, and requires the approval of the Board of Trustees of the Fund (the "Board"), including a majority of the Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Fund (the "Independent Trustees"). This Agreement may not be terminated by the Adviser prior to the expiration of the Limitation Period. This Agreement supersedes any prior agreement with respect to the subject matter hereof.

The Adviser may extend the Limitation Period for a period of one year on an annual basis, subject to approval of the Board, including a majority of the Independent Trustees, after the initial term of this Agreement.

------

If you are in agreement with the foregoing, please sign the form of acceptance on the enclosed counterpart hereof and return the same to us.

---

| |
|:---|
| Very truly yours, |
| **JPMORGAN CREDIT MARKETS FUND** |
| By: |
| Name: |
| Title: |

---

The foregoing Agreement is hereby accepted as of [ ], 2025

---

| |
|:---|
| **J.P. MORGAN INVESTMENT MANAGEMENT INC.** |
| By: |
| Name: |
| Title: |

---

*[Signature Page to Expense Limitation Agreement]*

## Ex-99.(K)(4)

**MANAGEMENT FEE WAIVER AGREEMENT** 

JPMORGAN CREDITMARKETS FUND

277 Park Avenue

New York, New York 10172

[ ], 2025

J.P. Morgan Investment Management Inc.

277 Park Avenue

New York, New York 10172

Ladies and Gentlemen:

J.P. Morgan Investment Management Inc. (the "Adviser") hereby agrees, that for a term ending one-year from the date of the commencement of operations ("Limitation Period") of JPMorgan Credit Markets Fund (the "Fund"), to reduce the annual rate of its Advisory Fee payable under the Investment Advisory and Management Agreement, dated [ ], 2025, between the Adviser and the Fund (the "Advisory Agreement") from 1.00% to 0.25% (the "Fee Waiver"). Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Advisory Agreement.

This agreement (the "Agreement") will be governed by, construed under and interpreted and enforced in accordance with the laws of the state of New York, without regard to principles of conflicts of laws of any jurisdiction to the contrary and the applicable provisions of the Investment Company Act of 1940, as amended (the "1940 Act"), if any. The parties unconditionally and irrevocably consent to the exclusive jurisdiction of the courts located in the State of New York and waive any objection with respect thereto, for the purpose of any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

Any amendment to this Agreement shall be in writing signed by the parties hereto, and requires the approval of the Board of Trustees of the Fund (the "Board"), including a majority of the Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Fund (the "Independent Trustees"). This Agreement may not be terminated by the Adviser prior to the expiration of the Limitation Period. This Agreement supersedes any prior agreement with respect to the subject matter hereof.

The Adviser may extend or otherwise amend the terms of this Agreement, subject to approval of the Board, including a majority of the Independent Trustees, after the initial term of this Agreement.

------

If you are in agreement with the foregoing, please sign the form of acceptance on the enclosed counterpart hereof and return the same to us.

---

| |
|:---|
| Very truly yours, |
| **JPMORGAN CREDIT MARKETS FUND** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **J.P. MORGAN INVESTMENT MANAGEMENT INC.** |
| By: |
| Name: |
| Title: |

---

*[Signature Page to Management Fee Waiver Agreement]*

## Ex-99.(K)(5)

**SHAREHOLDER SERVICING AGREEMENT** 

**THIS AGREEMENT** dated as of [ ], 2025, by and between each of the entities listed on Schedule A (each, a "Fund" and, collectively, the "Funds"), each of which is a closed-end management investment company registered with the Securities and Exchange Commission ("Commission") under the Investment Company Act of 1940, as amended (the "1940 Act"), and J.P. Morgan Institutional Investments Inc. ("Shareholder Servicing Agent"), a registered broker-dealer incorporated under the laws of the State of Delaware ("Agreement"). THIS AGREEMENT SHALL BE EFFECTIVE [ ], 2025.

**WITNESSETH:** 

WHEREAS, each Fund wishes to have the Shareholder Servicing Agent provide certain services for holders or beneficial owners of certain classes of shares ("Shares") of the Fund, all as now or hereafter may be identified on Schedule B hereto as such Schedule may be amended from time to time and Shareholder Servicing Agent wishes to act as the Shareholder Servicing Agent; and

NOW, THEREFORE, EACH FUND AND SHAREHOLDER SERVICING AGENT HEREBY AGREE AS FOLLOWS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **APPOINTMENT.** Shareholder Servicing Agent hereby agrees to perform certain services for holders or
beneficial owners of Shares ("Shareholders") with respect to the Shares of each Fund, all as set forth on Schedule B hereto as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **SERVICES TO BE PERFORMED.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. **SHAREHOLDER SERVICES AND RELATED SERVICES.** Shareholder Servicing Agent (or its affiliate) shall provide or cause its agents to provide any combination of the personal shareholder liaison services and Shareholder account information services ("Shareholder Services") described in Section 2.2 of this Agreement or other related services ("Other Related Services") described in Section 2.3 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. **SHAREHOLDER SERVICES.** For purposes of this Agreement, Shareholder Services shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Answering Shareholder inquiries (through electronic and other means) regarding account status and history, the
manner in which purchases and redemptions, tenders or repurchases (as applicable) of the Shares may be effected, and certain other matters pertaining to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Providing Shareholders with information through electronic means;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Furnishing Shareholder sub-accounting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Providing and maintaining pre-authorized investment plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) As applicable, assisting Shareholders in completing a subscription agreement, application forms, designating
and changing dividend options, account designations, and addresses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Arranging for or assisting Shareholders with respect to the wiring of the funds to and from Shareholder
accounts in connection with Shareholder orders to purchase, redeem, tender or repurchase (as applicable) or exchange Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Verifying shareholder requests for changes to account information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Handling correspondence from Shareholders about their accounts;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Assisting in establishing and maintaining Shareholder accounts with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Issuing confirmations for transactions by Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Performing similar account administrative services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Providing such other shareholder services as the Fund or a Shareholder may reasonably request, to the extent
permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. **OTHER RELATED SERVICES.** Other Related Services include:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Aggregating and processing purchase and redemption orders for Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Providing Shareholders with account statements showing their purchases, redemptions, tenders or repurchases (as
applicable), and positions in the applicable Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Processing dividend payments for the applicable Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Providing sub-accounting services to the Fund for Shares held for the
benefit of Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Forwarding communications from the Fund to Shareholders, including proxy statements and proxy solicitation
materials, shareholder reports, dividend and tax notices, and supplements and updated Prospectuses and Statements of Additional Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Receiving, tabulating, and transmitting proxies executed by Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Facilitating the transmission and receipt of funds in connection with Shareholder orders to purchase, redeem,
tender or repurchase (as applicable) or exchange shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Developing and maintaining the Fund's website (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Developing and maintaining facilities to enable transmission of Share transactions by electronic and non-electronic means;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Providing support and related services to financial intermediaries in order to facilitate their processing of
orders and communications with Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Providing transmission and other functionalities for Shares included in investment, retirement, asset
allocation, cash management, or sweep programs or similar programs or services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Developing and maintaining check writing functionality (if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. **SUBCONTRACTING BY SHAREHOLDER SERVICING AGENT.** Shareholder Servicing Agent (or its affiliate) shall perform any combination of the Shareholder Services and Other Related Services described in Sections 2.2 and 2.3 of this Agreement for Shareholders and may subcontract for the performance of some or all of these services with financial intermediaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Who are record owners of Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With whom Shareholders have established an account that invests in Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Who otherwise provide Shareholder Services and Other Related Services for Shareholders. Such financial
intermediaries may include, without limitation, any person who is an affiliate of Shareholder Servicing Agent. Unless a Fund otherwise expressly agrees in writing, Shareholder Servicing Agent shall be to the same extent responsible to the Fund for
the acts or omissions of any subcontractor or sub-agent as it would be liable to the Fund for its own acts or omissions.

<sup>1</sup> **<u>Note to JPM</u>**: Please confirm whether you expect JPMII to perform any other services under this Agreement. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. **PROVISION OF SERVICES.** Shareholder Servicing Agent (or its affiliate) shall provide such office space and equipment, telephone facilities, and personnel (which may be any part of the space, equipment, and facilities currently used in the Shareholder Servicing Agent's business, or any personnel employed by the Shareholder Servicing Agent) as may be reasonably necessary or beneficial in order to provide the services specified in Sections 2.2 and 2.3 of this Agreement to Shareholders. Shareholder Servicing Agent and its officers and employees will, upon request, be available during normal business hours to consult with each Fund, the Board of Trustees or Directors, as applicable (the "Board"), of each Fund, or their designees concerning the performance of the Shareholder Servicing Agent's responsibilities under this Agreement. In addition, Shareholder Servicing Agent will furnish such information to each Fund, the Board, or their designees as they may reasonably request concerning the provision of the Shareholder Services and Other Related Services, specified in Sections 2.2 and 2.3 of this Agreement, and will otherwise cooperate with the Fund, the Board, and their designees (including, without limitation any auditors or counsel designated by the Fund or its Board).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **FEES.** As full compensation for the Shareholder Services and Other Related Services described in Sections
2.2 and 2.3 of this Agreement and expenses incurred by the Shareholder Servicing Agent in providing such services, the Fund, with respect to the Shares set forth on Schedule B, shall pay the Shareholder Servicing Agent a fee at an annual rate as set
forth on Schedule B to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **INFORMATION PERTAINING TO THE SHARES; ETC.** No person is authorized to make any representations
concerning the Funds or any Shares except those representations contained in the applicable Fund's then-current Prospectus and Statement of Additional Information and in such printed information as the applicable Fund or the principal
underwriter for the Fund may prepare or approve. Shareholder Servicing Agent further agrees to deliver to Shareholders, upon request of the Fund, copies of any supplements and amended Prospectuses and Statements of Additional Information or other
information prepared for distribution to Shareholders. During the term of this Agreement, each Fund agrees to furnish Shareholder Servicing Agent all Prospectuses, Statements of Additional Information, proxy statements, proxy solicitation materials,
reports to shareholders, and other material the Fund or its agents will distribute to shareholders of each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **USE OF SHAREHOLDER SERVICE AGENT'S NAME.** The Funds shall not use the name of Shareholder Servicing
Agent in any Prospectus, sales literature, or other material relating to the Fund in a manner not approved by Shareholder Servicing Agent prior thereto in writing; PROVIDED, HOWEVER, that the approval of Shareholder Servicing Agent shall not be
required for any use of its name in a manner that merely refers in accurate and factual terms to its appointment hereunder or which is required by the Commission or any state securities authority or any other appropriate regulatory, governmental, or
judicial authority; PROVIDED, FURTHER, that in no event shall such approval be unreasonably withheld or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **USE OF THE FUND'S NAME.** Shareholder Servicing Agent shall not use the name of the Fund on any
checks, bank drafts, bank statements, or forms for other than internal

------

use in a manner not approved by the Fund prior thereto in writing; PROVIDED, HOWEVER, that the approval of the Fund shall not be required for the use of the Fund's name in connection with communications permitted by Sections 2 and 4 of this Agreement or for any use of the Fund's name in a manner that merely refers in accurate and factual terms to Shareholder Servicing Agent's role hereunder or which is required by the Commission or any state securities authority or any other appropriate regulatory, governmental, or judicial authority; PROVIDED, FURTHER, that in no event shall such approval be unreasonably withheld or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **SECURITY.** Shareholder Servicing Agent represents and warrants that the various procedures and systems
that (a) it has implemented with regard to safeguarding from loss or damage attributable to fire, theft, or any other cause any Fund records and other data and Shareholder Servicing Agent's records, data, equipment, facilities, and other
property used in the performance of its obligations hereunder are adequate and (b) it will make such changes in such procedures and systems that, from time to time, in its judgment are required for the secure performance of its obligations
hereunder. The parties shall review such systems and procedures on a periodic basis, and the Fund shall, from time to time, specify the types of records and other data of the Fund to be safeguarded in accordance with this Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **COMPLIANCE WITH LAWS; ETC.** Shareholder Servicing Agent shall comply with all applicable federal and
state securities laws and regulations. Shareholder Servicing Agent represents and warrants to the Fund that the performance of all its obligations hereunder will comply with all applicable securities laws and regulations, the provisions of its
charter documents and bylaws, and all material contractual obligations binding upon Shareholder Servicing Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **LIABILITY AND FORCE MAJEURE.** Shareholder Servicing Agent shall not be liable or responsible for any
loss, interruption, delay, or error including any loss, interruption, delay, or error by reason of circumstances beyond its control (which includes but is not limited to, acts of civil or military authority, national emergencies, labor difficulties,
fire, equipment failure, mechanical breakdown, flood or catastrophe, acts of God, insurrection, war, terrorism, riots, or failure of communication or power supply), PROVIDED, that any loss, interruption, delay, or error is not caused by the willful
misfeasance, bad faith, or gross negligence of Shareholder Servicing Agent, its officers, employees, or agents in the performance of the Shareholder Servicing Agent's duties and obligations under this Agreement or from the reckless disregard
by the Shareholder Servicing Agent, its officers, employees, or agents of the Shareholder Servicing Agent's duties or obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **INDEMNIFICATION.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. **INDEMNIFICATION OF SHAREHOLDER SERVICING AGENT.** Each Fund will indemnify and hold Shareholder Servicing Agent harmless, from all losses, claims, damages, liabilities, or expenses (including reasonable fees and disbursements of counsel) from any claim, demand, action, or suit (collectively, "Claims") (a) arising in connection with material misstatements or omissions in the applicable Fund's Prospectuses, Statements of Additional Information, proxy statements, proxy solicitation materials, reports to shareholders, or other materials prepared by the Fund or its agents for distribution to the shareholders of each Fund, actions or inactions by the Fund or any of its agents or contractors or the performance of Shareholder Servicing Agent's

------

obligations hereunder and (b) not resulting from the willful misfeasance, bad faith, or gross negligence of Shareholder Servicing Agent, its officers, employees, or agents, in the performance of Shareholder Servicing Agent's duties or obligations under this Agreement or from the reckless disregard by Shareholder Servicing Agent, its officers, employees, or agents of Shareholder Servicing Agent's duties and obligations under this Agreement. Notwithstanding anything herein to the contrary, each Fund will indemnify and hold Shareholder Servicing Agent harmless from any and all losses, claims, damages, liabilities, or expenses (including reasonable counsel fees and expenses) resulting from any Claim as a result of Shareholder Servicing Agent's acting in accordance with any written instructions reasonably believed by Shareholder Servicing Agent to have been executed by any person duly authorized by the Fund, or as a result of acting in reliance upon any instrument or stock certificate reasonably believed by Shareholder Servicing Agent to have been genuine and signed, countersigned, or executed by a person duly authorized by the Fund.

In any case in which the Fund may be asked to indemnify or hold Shareholder Servicing Agent harmless, the Fund shall be advised of all pertinent facts concerning the situation in question and Shareholder Servicing Agent shall use reasonable care to identify and notify the Fund promptly concerning any situation that presents or appears likely to present a claim for indemnification by the Fund. The Fund shall have the option to defend Shareholder Servicing Agent against any Claim which may be the subject of indemnification under this Section 10.1. In the event that the Fund elects to defend against such Claim, the defense shall be conducted by counsel chosen by the Fund and reasonably satisfactory to Shareholder Servicing Agent. Shareholder Servicing Agent may retain additional counsel at its expense. Except with the prior written consent of the Fund, Shareholder Servicing Agent shall not confess any Claim or make any compromise in any case in which the Fund will be asked to indemnify Shareholder Servicing Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. **INDEMNIFICATION OF THE FUND.** Without limiting the rights of the Funds under applicable law, Shareholder Servicing Agent will indemnify and hold each Fund harmless from all losses, claims, damages, liabilities, or expenses (including reasonable fees and disbursements of counsel) from any Claim (a) resulting from the willful misfeasance, bad faith, or gross negligence of Shareholder Servicing Agent, its officers, employees, or agents, in the performance of Shareholder Servicing Agent's duties and obligations under this Agreement or from the reckless disregard by Shareholder Servicing Agent, its officers, employees, or agents of Shareholder Servicing Agent's duties and obligations under this Agreement, and (b) not resulting from Shareholder Servicing Agent's actions in accordance with written instructions reasonably believed by Shareholder Servicing Agent to have been executed by any person duly authorized by the Fund, or in reliance upon any instrument or stock certificate reasonably believed by Shareholder Servicing Agent to have been genuine and signed, countersigned, or executed by a person authorized by the Fund.

In any case in which Shareholder Servicing Agent may be asked to indemnify or hold the Fund harmless, Shareholder Servicing Agent shall be advised of all pertinent facts concerning the situation in question and the Fund shall use reasonable care to identify and notify Shareholder Servicing Agent promptly concerning any situation that presents or appears likely to present a claim for indemnification by Shareholder Servicing Agent. Shareholder Servicing Agent shall have the option to defend the Fund against any Claim which may be the subject of indemnification under this Section 10.2. In the event that

------

Shareholder Servicing Agent elects to defend against such Claim, the defense shall be conducted by counsel chosen by Shareholder Servicing Agent and reasonably satisfactory to the Fund. The Fund may retain additional counsel at its expense. Except with the prior written consent of Shareholder Servicing Agent, the Fund shall not confess any Claim or make any compromise in any case in which Shareholder Servicing Agent will be asked to indemnify the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. **SURVIVAL OF INDEMNITIES.** The indemnities granted by the parties in this Section 10 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **INSURANCE.** Each of the parties shall maintain reasonable insurance coverage against any and all
liabilities that may arise in connection with the performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **FURTHER ASSURANCES.** Each party agrees to perform such further acts and execute further documents as are
necessary to effectuate the purposes hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **TERMINATION.** This Agreement shall become effective as first written above, and, unless sooner terminated
as provided herein, shall continue until one year thereafter. Thereafter, if not terminated, this Agreement shall continue automatically for successive one-year terms, provided that such continuance is
specifically approved at least annually by the vote of a majority of those members of the Fund's Board who are not parties to this Agreement or interested persons of any such party. This Agreement may be terminated without penalty, on not less
than 60 days prior written notice, by the Fund's Board or by the Shareholder Servicing Agent. The termination of this Agreement with respect to one Fund shall not result in the termination of this Agreement with respect to any other Fund. This
Agreement will also terminate automatically in the event of its assignment. (As used in this Agreement, the terms "majority of the outstanding voting securities", "interested persons" and "assignment" shall have
the same meanings as ascribed to such terms in the 1940 Act.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **PRIVACY.** Shareholder Servicing Agent acknowledges and agrees on behalf of itself and its directors,
officers, and employees that it may receive from financial intermediaries or the Funds other information, or access to information, about shareholders of the Funds who are "customers" or "consumers" generally as such terms
are defined under Regulation S-P (17 CFR 248.1 - 248.30) (collectively, "Shareholder Information") including, but not limited to, non-public personal
information such as a customer's name, address, telephone number, account relationships, account numbers, account balances, and account histories. All information, including Shareholder Information, obtained pursuant to this Agreement shall be
considered confidential information. Shareholder Servicing Agent shall not disclose such confidential information to any other person or entity or use such confidential information other than to carry out the purposes of this Agreement, including
its use under sections 248.14 and 248.15 of Regulation S-P in the ordinary course of carrying out the purposes of this Agreement. Shareholder Servicing Agent agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Limit access to Shareholder Information which is obtained pursuant to this Agreement to employees who have a
need to know such Shareholder Information to effect the purposes of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Safeguard and maintain the confidentiality and security of Shareholder Information which is obtained pursuant
to this Agreement; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Use Shareholder Information obtained pursuant to this Agreement only to carry out the purposes for which the
Shareholder Information was disclosed and for no other purpose.

Shareholder Servicing Agent shall not, directly or through an affiliate, disclose an account number or similar form of access number or access code for an account for use in telemarketing, direct mail marketing, or marketing through electronic mail, except as permitted in Section 248.12 of Regulation S-P or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **NON-EXCLUSIVITY.** Nothing in this Agreement shall limit or
restrict the right of Shareholder Servicing Agent to engage in any other business or to render services of any kind to any other corporation, firm, individual, or association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **CHANGES; AMENDMENTS.** This Agreement may be amended only by mutual written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **NOTICES.** Any notice or other communication required to be given pursuant to this Agreement shall be
deemed duly given if delivered or mailed by registered mail, postage prepaid, (1) to Shareholder Servicing Agent at 383 Madison Avenue, New York, NY 10179 or (2) to the Fund at [277 Park Avenue, New York, New York 10172], or at such other
address as either party may designate by notice to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **GOVERNING LAW.** This Agreement shall be governed by and construed in accordance with the internal laws of
the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **EXECUTION OF COUNTERPARTS.** This Agreement may be executed simultaneously in two or more counterparts,
each of which taken together shall constitute one and the same Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **THE FUNDS.** The obligations of the Fund (or particular series or class thereof) entered into in the name
or on behalf thereof by any Board member, representative, or agent of the Fund (or particular series or class thereof) are made not individually, but in such capacities, and are not binding upon any Board member, shareholder, representative, or
agent of the Fund (or particular series or class thereof) personally, but bind only the assets of the Fund (or particular series or class thereof), and all persons dealing with any series and/or class of shares of the Fund must look solely to the
assets of the Fund belonging to such series and/or class for the enforcement of any claims against the Fund (or particular series or class thereof).

The execution and delivery of this Agreement have been authorized by the Board members, and this Agreement has been signed and delivered by an authorized officer of the Fund, acting as such, and neither such authorization by the Board members nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the property of the Fund (or particular series or class thereof) as provided in the Fund's organizational documents.

------

**IN WITNESS WHEREOF,** the parties hereto have executed and delivered this Agreement as of the day and year first above written.

**JPMorgan Credit Markets Fund** 

By:

Title:

**ACCEPTED BY:** 

**J.P. MORGAN INSTITUTIONAL INVESTMENTS INC.** 

By:

Title:

------

**SCHEDULE A** 

TO THE SHAREHOLDER SERVICING AGREEMENT

(EFFECTIVE AS OF [ ], 2025)

---

| | |
|:---|:---|
| **NAME OF THE FUND**<br> **NAME OF ENTITY** | **STATE AND FORM OF ORGANIZATION** |
|  JPMorgan Credit Markets Fund | Delaware statutory trust |

---

------

**SCHEDULE B** 

TO THE SHAREHOLDER SERVICING AGREEMENT

(EFFECTIVE AS OF [ ], 2025)

---

| | | | |
|:---|:---|:---|:---|
| **NAME AS OF [ ], 2025** | **FORMER<br>NAME** | **SHARE<br>CLASS** | **SHAREHOLDER SERVICING FEE \*** |
| JPMorgan Credit Markets Fund | N/A | A | 0.25% (Annual rate expressed as a percentage of the average daily net assets, computed daily and payable monthly in arrears) |
| JPMorgan Credit Markets Fund | N/A | S | 0.25% (Annual rate expressed as a percentage of the average daily net assets, computed daily and payable monthly in arrears) |
| JPMorgan Credit Markets Fund | N/A | I | 0.25% (Annual rate expressed as a percentage of the average daily net assets, computed daily and payable monthly in arrears) |

---

## Ex-99.(L)

---

| | |
|:---|:---|
| <br> **Exhibit (l)** | ![LOGO](g930911g1212002812840.jpg) |

---

December 12, 2025

JPMorgan Credit Markets Fund

277 Park Avenue

New York, New York 10172

**Re: <u>JPMorgan Credit Markets Fund</u>** 

Ladies and Gentlemen:

We have acted as special Delaware counsel for JPMorgan Credit Markets Fund, a Delaware statutory trust (the "Trust"), in connection with the matters set forth herein. At your request, this opinion is being furnished to you.

We have examined and relied upon such records, documents, certificates and other instruments as in our judgment are necessary or appropriate to enable us to render the opinions expressed below, including the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The certificate of trust of the Trust, as filed with the office of the Secretary of State of the State of Delaware (the "Secretary of State") on February 3, 2025 (the "Certificate of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Declaration of Trust, dated as of February 3, 2025, as amended and restated by the Amended and Restated Declaration of Trust, dated as of November 20, 2025, by the trustees of the trust named therein (as so amended and restated, the "Trust Agreement");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The By-Laws of the Trust, dated as of September 22, 2025 (the "By-Laws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A certificate of the secretary of the Trust, dated the date hereof, and attaching copies of resolutions adopted by the Board of Trustees (the forgoing are collectively referred to as the "Resolutions" and, together with the Trust Agreement and the By-Laws, are collectively referred to as the "Trust Documents")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Registration Statement (the "Registration Statement") on Form N-2, as amended, including a prospectus (and the statement of additional information incorporated by reference therein) dated December 12, 2025 (the "Prospectus"), with respect to the issuance of the Class A, Class S and Class I common shares of beneficial interest in the Trust (the "Shares"), filed by the Trust with the United States Securities and Exchange Commission; and

![LOGO](g930911g1212002813108.jpg)

------

JPMorgan Credit Markets Fund

December 12, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Certificate of Good Standing for the Trust, dated December 10, 2025, obtained from the Secretary of State.

Initially capitalized terms used herein and not otherwise defined are used as defined in the Trust Documents.

As to various questions of fact material to our opinion, we have relied upon the representations made in the foregoing documents and upon certificates of officers of the Trust.

With respect to all documents examined by us, we have assumed (i) the authenticity of all documents submitted to us as authentic originals, (ii) the conformity with the originals of all documents submitted to us as copies or forms, and (iii) the genuineness of all signatures.

For purposes of this opinion, we have assumed (i) that the Trust Documents constitute the entire agreement among the parties thereto with respect to the subject matter thereof, including with respect to the formation, operation and termination of the Trust, and that the Trust Documents and the Certificate of Trust are in full force and effect and will not be amended, (ii) except to the extent provided in paragraph 1 below, the due organization or due formation, as the case may be, and valid existence in good standing of each party to the documents examined by us under the laws of the jurisdiction governing its organization or formation, (iii) the legal capacity of natural persons who are parties to the documents examined by us, (iv) that each of the parties (other than the Trust) to the documents examined by us has the power and authority to execute and deliver, and to perform its obligations under, such documents, (v) except to the extent provided in paragraph 2 below, the due authorization, execution and delivery by all parties thereto of all documents examined by us, (vi) the payment by each Person to whom a Share has been or is to be issued by the Trust (collectively, the "Shareholders") for such Share, in accordance with the Trust Documents and as contemplated by the Registration Statement, and (vii) that the Shares will be issued and sold to the Shareholders in accordance with the Trust Documents and as contemplated by the Registration Statement. We have not participated in the preparation of the Registration Statement (other than this opinion) and assume no responsibility for its contents except for this opinion.

This opinion is limited to the laws of the State of Delaware (excluding the securities laws of the State of Delaware), and we have not considered and express no opinion on the laws of any other jurisdiction, including federal laws and rules and regulations relating thereto. Our opinions are rendered only with respect to Delaware laws and rules, regulations and orders thereunder which are currently in effect.

Based upon the foregoing, and upon our examination of such questions of law and statutes of the State of Delaware as we have considered necessary or appropriate, and subject to the assumptions, qualifications, limitations and exceptions set forth herein, we are of the opinion that:

------

JPMorgan Credit Markets Fund

December 12, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust has been duly formed and is validly existing in good standing as a statutory trust under the Delaware Statutory Trust Act, 12 Del. C. § 3801, <u>et</u>. <u>seq</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares of the Trust have been duly authorized and, when issued, will be validly issued, fully paid and nonassessable beneficial interests in the Trust.

We consent to the filing of this opinion with the Securities and Exchange Commission as an exhibit to the Registration Statement. We also consent to the use of our name under the heading "Legal Counsel" in the Prospectus. In giving the foregoing consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

Very truly yours,

/s/ Richards, Layton & Finger, P.A.

JWP/CZD

## Ex-99.(N)

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u> 

We hereby consent to the use in this Registration Statement on Form N-2 of JPMorgan Credit Markets Fund of our report dated December 12, 2025, relating to the financial statements of JPMorgan Credit Markets Fund, which appears in such Registration Statement. We also consent to the reference to us under the heading "Independent Registered Public Accounting Firm" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

New York, NY

December 12, 2025

## Ex-99.(P)

**J.P. Morgan Investment Management Inc.** 

277 Park Avenue

New York, NY 10172

[ ], 2025

JPMorgan Credit Markets Fund

277 Park Avenue

New York, NY 10172

Ladies and Gentlemen:

This letter agreement (this "<u>Agreement</u>") sets forth the commitment of J.P. Morgan Investment Management Inc. (the "<u>Sponsor</u>"), subject to the terms and conditions contained herein, to purchase, or cause the purchase of, common shares of beneficial interest of JPMorgan Credit Markets Fund (the "<u>Fund</u>"), a Delaware statutory trust registered as a closed-end management investment company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"). The Sponsor and the Fund hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Sponsor Commitment</u>. The Sponsor hereby commits to purchase, or cause the purchase of, the Fund's common shares of beneficial interest (the "<u>Shares</u>") in the amount set forth on <u>Schedule A</u> (the "<u>Sponsor Commitment</u>") at an initial purchase price of $10.00 per Share until such time as a net asset value is calculated and thereafter at a purchase price equal to the Fund's most recently calculated net asset value per Share. The Sponsor agrees to purchase Shares on such dates and in such amounts as determined by the Fund in its sole discretion. The Sponsor shall have the right to update <u>Schedule A</u> from time to time to reflect additional purchases of Shares. The Fund hereby accepts the Sponsor Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Term of Sponsor Commitment</u>. The Sponsor Commitment shall immediately terminate in the event an affiliate of the Sponsor no longer serves as the investment adviser to the Fund or otherwise manages the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Purchase of Shares; Reclassification of Sponsor Shares</u>. The Fund intends to issue and sell three classes of its Shares, Class I Shares, Class S Shares and Class D Shares, to the public pursuant to a registration statement on Form N-2 (the "<u>Registration Statement</u>") filed with the Securities and Exchange Commission. After the Registration Statement is declared effective, the Sponsor may purchase Shares pursuant to the Fund's public offering under the Registration Statement. The Sponsor intends to purchase at least $100,000 of Shares in a private placement before the Fund makes a public offering of its Shares, and prior to the effective date of the Registration Statement, in order for the Fund to comply with the requirements of Section 14(a) of the 1940 Act. Any Shares issued and outstanding to the Sponsor upon the amendment and restatement of the Fund's Agreement and Declaration of Trust will be reclassified as Class I Shares, Class S Shares and Class D shares having an equivalent aggregate net asset value of such Shares. The minimum investment amount for Class S Shares will be $10,000, the minimum investment amount for Class D Shares will be $10,000, and the minimum investment amount for Class I Shares will be $80,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Representations and Warranties of Sponsor</u>. The Sponsor represents and warrants to the Fund that it is acquiring the Shares for investment purposes only and that the Shares will be sold only pursuant to a registration statement under the Securities Act of 1933, as amended, or an applicable exemption from the registration requirements contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Assignment</u>. The Sponsor may transfer or assign its rights and obligations under this Agreement, in whole or in part, to an entity it controls, is controlled by or with which it is under common control. The Sponsor may not otherwise transfer or assign its rights and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Amendments</u>. This Agreement may be amended at any time by the mutual agreement of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Headings</u>. The headings contained in this Agreement are for convenience and reference purposes only and shall not be deemed to alter or affect in any way the meaning or interpretation of any provisions of this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to conflicts of laws principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, any one of which need not contain the signatures of more than one party, but all of such counterparts together shall constitute one agreement. Delivery of an executed signature page of this Agreement by facsimile or electronic transmission (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com, as amended from time to time, or other applicable law) will be deemed original signatures for purposes of this Agreement, shall be effective as delivery of a manually executed counterpart hereof and will constitute due and sufficient delivery of such counterpart.

\* \* \*

*[Signature page follows]* 

------

---

| | |
|:---|:---|
| J.P. MORGAN INVESTMENT MANAGEMENT INC. | J.P. MORGAN INVESTMENT MANAGEMENT INC. |
| By: |  |
| Name: | [ ] |
| Title: | [Authorized Person] |

---

Agreed and accepted as of the date first set forth above:

---

| | |
|:---|:---|
| JPMORGAN CREDIT MARKETS FUND | JPMORGAN CREDIT MARKETS FUND |
| By: |  |
| Name: | Glenn Hill |
| Title: | Trustee |

---

*[Signature Page to Letter Agreement]* 

------

<u>SCHEDULE A</u> 

**<u>Sponsor Commitment</u>**: $100,000.00

---

| | | | |
|:---|:---|:---|:---|
| **Date of Purchase** | **Dollar<br>Amount<br>of Shares<br>Purchased** | **Number of<br>Shares<br>Purchased** | **Remaining<br>Unfunded<br>Sponsor<br>Commitment** |
|  **Total to Date:** |  |  |  |

---

## Ex-99.(R)(1)

FUND

<u>CODE OF ETHICS</u> 

A. <u>Legal Requirements</u>.

Rule 17j-1 under the Investment Company Act of 1940 (the "Act") makes it unlawful for any officer or trustee/director (as well as other access persons) of J.P. Morgan Exchange-Traded Fund Trust, JPMorgan Trust I, JPMorgan Trust II, JPMorgan Trust IV, Undiscovered Managers Funds, J.P. Morgan Fleming Mutual Fund Group, Inc., J.P. Morgan Mutual Fund Investment Trust, and JPMorgan Institutional Trust (each referred to individually and collectively as the "Trust"), in connection with the purchase or sale<sup>1</sup> by such person of a security "held or to be acquired" by any investment portfolio of the Trust (a "Fund"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To employ any device, scheme or artifice to defraud the Trust or a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To make to the Trust or a Fund any untrue statement of a material fact or omit to state to the Trust or a Fund a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Trust or a Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To engage in any manipulative practice with respect to the Trust or a Fund.

A security is "held or to be acquired" if it is a covered security<sup>2</sup> (or an option for or exchangeable for a covered security) and within the most recent 15 days (i) the covered security is or has been held by the Trust or a Fund, or (ii) the covered security is being or has been considered by the Trust or a Fund or the investment adviser for the Trust or a Fund for purchase by the Trust or the Fund.

B. <u>Trust Policies</u>.

<sup>1</sup> A purchase or sale includes the writing of an option to purchase or sell.

<sup>2</sup> A "covered security" is any security under the broad definition of Section 2(a)(36) of the Act except: (i) direct obligations of the United States government, (ii) bankers' acceptances, bank CDs, commercial paper, and high quality short-term debt instruments (including repurchase agreements), and (iii) shares of open-end investment companies, other than non-money market shares issued by the Trust. 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. It is the policy of the Trust that no "access person"<sup>3</sup> of the Trust or of a Fund shall engage in any act, practice or course or conduct that would violate the provisions of Rule 17j-1(b) set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In keeping with the recommendations of the Board of Governors of the Investment Company Institute, the following general policies shall govern personal investment activities of access persons of the Trust or of a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is the duty of all access persons of the Trust or of a Fund to place the interest of Trust shareholders first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All access persons of the Trust or of a Fund shall conduct personal securities transactions in a manner that is consistent with this Code of Ethics and that avoids any actual or potential conflict of interest or any abuse of a position of trust and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No access person of the Trust or of a Fund shall take inappropriate advantage of his or her position with the Trust or with a Fund.

<sup>3</sup> An "access person" is (i) each trustee/director or officer of the Trust, (ii) each employee (if any) of the Trust who, in connection with his regular duties, makes, participates in, or obtains information about the purchase or sale of a covered security by the Trust or a Fund or whose functions relate to the making of any recommendations with respect to such purchases or sales, and (iii) any natural person in a control relationship to the Trust or a Fund who obtains information concerning recommendations made to the Trust or to a Fund with regard to the purchase or sale of covered securities. 

------

C. <u>Reporting Requirements</u>.<sup>4</sup>

In order to provide the Trust with information to enable it to determine with reasonable assurance whether the Trust's policies are being observed by its access persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each person becoming an access person of the Trust or of a Fund , other than a trustee/director who is not an "interested person" of the Trust (as defined in the Act), shall no later than 10 days after becoming such an access person submit a report in the form attached hereto as Exhibit A (an "Initial Holdings Report") to the Trust's Chief Compliance Officer or his/her delegate ("CCO") showing all holdings in "covered securities" in which the person had any direct or indirect beneficial ownership<sup>5</sup> (which

<sup>4</sup> An access person of the Trust who is also an access person of an investment adviser or sub-adviser to the Trust need not submit reports otherwise required by this Section C <u>provided</u> that either (i) such person submits to such investment adviser or sub-adviser forms prescribed by the Code of Ethics of such adviser or sub-adviser containing substantially the same information as called for in the forms required by this Section C, or (ii) the information in such report would duplicate information required to be recorded under Rule 204-2(a)(13) under the Investment Advisers Act of 1940. An access person of the Trust who is also an access person of the Trust's principal underwriter need not submit reports otherwise required by this Section C <u>provided</u> that such person submits to the principal underwriter forms prescribed by the Code of Ethics of such principal underwriter containing substantially the same information as called for in the forms required by this Section C. An access person of the Trust who is also an access person of the Trust's administrator may submit reports required by this Section C on forms prescribed by the Code of Ethics of such administrator <u>provided</u> that such forms contain substantially the same information as called for in the forms required by this Section C and comply with the requirements of Rule 17j-1(d)(1). Moreover, in the case of reports under paragraph (b) of this Section C, any access person may supply to the Trust in lieu of such reports with duplicate copies of broker trade confirmations or account statements with respect to the access person <u>provided</u> such confirmations and/or account statements are: (i) received by the Trust within the time period and (ii) contain all the information required by paragraph (b) of Section C. No Trustee is required to file a report if the sole purpose for doing so would be to indicate the absence of reportable transactions in covered securities during the relevant period. 

<sup>5</sup> "Beneficial ownership" of a security as used in this Section C is determined in the same manner as it would be for the purposes of Section 16 of the Securities Exchange Act of 1934, except that such determination should apply to all covered securities. Generally, a person should consider himself the beneficial owner of covered securities held by his spouse, his minor children, a relative who shares his home, or other persons if by reason of any contract, understanding, relationship, agreement or other arrangement, he obtains from such covered securities benefits substantially equivalent to those of ownership. He should also consider himself the beneficial owner of securities if he can vest or revest title in himself now or in the future. 

------

information must be current as of a date no more than 45 days prior to the date the person becomes an access person). Such Initial Holdings Report shall also indicate all broker/dealers and banks with which the access person held direct or indirect ownership of securities. Such reports need not show holdings over which such person had no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each access person of the Trust or of a Fund, other than a trustee/director who is not an "interested person" of the Trust (as defined in the Act), shall submit reports each quarter in the form attached hereto as Exhibit B (a "Securities Transaction Report") to the Trust's CCO showing all transactions in "covered securities" in which the person had, or by reason of such transaction acquired, any direct or indirect beneficial ownership. Such reports shall be filed no later than 30 days after the end of each calendar quarter, but need not show transactions over which such person had no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each trustee/director who is not an "interested person" of the Trust (as defined in the Act) shall submit the same quarterly report as required under paragraph (b), but only for a transaction in a covered security where he knew at the time of the transaction or, in the ordinary course of fulfilling his official duties as a trustee/director, should have known that during the 15-day period immediately preceding or after the date of the transaction such security is or was purchased or sold, or considered for purchase or sale, by the Trust or the Fund; provided that, because monitoring the publication of a Fund's portfolio holdings is not construed to be within the ordinary course of fulfilling the duties of a trustee/director, the publication or availability of a Fund's portfolio holdings shall not be construed to impart actual of constructive knowledge of the Fund's portfolio transactions on a trustee/director. No report is required if the trustee/director had no direct or indirect influence or control (e.g., automatic dividend reinvestment accounts, automatic employer-sponsored savings and stock programs, blind trust accounts and money market sweep accounts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each access person of the Trust or of a Fund, other than a trustee/director who is not an "interested person" (as defined in the Act), shall by January 10 of each year submit to the Trust's CCO a report in the form attached hereto as Exhibit A (an "Annual Holdings Report") showing all holdings in covered securities in which the person had any direct or indirect beneficial ownership as of a date no more than 45 days before the report is submitted. Such report need not show holdings over which such person had no direct or indirect influence or control.

D. <u>Preclearance Procedures</u>.

------

Investment personnel of the Trust or a Fund shall obtain approval from the CCO or the relevant investment adviser or sub-adviser (if applicable) before directly or indirectly acquiring beneficial ownership in any securities in an initial public offering or in a limited offering.<sup>6</sup>

E. <u>Notice to, and Review of, Holdings Reports by Access Persons</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO shall notify each access person of the Trust or of a Fund who may be required to make reports pursuant to this Code that such person is subject to this reporting requirement and shall deliver a copy of this Code to each such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO shall review reports submitted under Section C of this Code within 21 days of submission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The CCO shall establish and maintain records of access persons of the Trust who are required to make reports under Section C of this Code and shall establish and maintain records of any delegate responsible for reviewing such reports.

F. <u>Reports to Trustees/Directors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The President of the Trust or his or her delegate shall report to the Board of Trustees/Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the next meeting following the receipt of any Securities Transaction Report with respect to each reported transaction in a security which was held or acquired by the Trust or a Fund within 15 days before or after the date of the reported transaction or at a time when, to the knowledge of the Secretary, the Trust, a Fund, or the respective investment adviser or sub-adviser for the Trust or a Fund, was considering the purchase or sale of such security, unless the amount involved in the transaction was less than $50,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any transaction or holdings not required to be reported to the Board by the operation of subparagraph (a) that the President of the Trust or his or her delegate believes nonetheless may evidence a violation of this Code; and

<sup>6</sup> "Investment personnel of the Trust or a Fund" means (i) any employee of the Trust (or of a company in a control relationship to the Fund) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Trust or a Fund, and (ii) any natural person who controls the Trust or a Fund and who obtains information concerning recommendations made to the Trust or a Fund regarding the purchase or sale of securities. "Initial public offering" and "limited offering" shall have the same meaning as set forth in Rule 17j-1(a)(6) and (8), respectively. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any apparent violation of the reporting requirements of Section C of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Board shall consider reports made to it hereunder and shall determine whether the policies established in section B of this Code have been violated, and what sanctions, if any, should be imposed.

G. <u>Approval of Codes and Material Amendments Thereto</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Board of Trustees/Directors of the Trust, including a majority of the independent Trustees/Directors thereof, shall approve the Codes of Ethics of the Trust, of any principal underwriter of the Trust, and of each investment adviser and sub-adviser to any Fund. No principal underwriter of the Trust or investment adviser or sub-adviser to any Fund may be appointed unless and until the Code of Ethics of that entity has been approved by the Board of Trustees/Directors of the Trust, including a majority of the independent Trustees/Directors thereof. Following initial approval of the Code of Ethics of any principal underwriter of the Trust or any investment adviser or sub-adviser to any Fund, any material change to such Code must be approved by the Board of Trustees/Directors of the Trust, including a majority of the independent Trustees/Directors thereof, within six months of said amendment. No amendment of this Code may be made unless and until approved by the Board of Trustees/Directors of the Trust, including a majority of the independent Trustees/Directors thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In approving a Code of Ethics, the Board of Trustees/Directors shall have secured a certificate from the entity that adopted the Code that it has adopted procedures reasonably necessary to prevent its access persons from violating the Code in question.

H. <u>Annual Report</u> 

The Trust, any principal underwriter thereof, and any investment adviser or sub-adviser to any Fund shall, not less frequently than annually, furnish the Board of Trustees/Directors of the Trust with a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. describes any issues arising under its Code of Ethics or procedures since the last report to the Board of
Trustees/Directors, including, but not limited to, information about material violations of such Code or procedures and sanctions imposed in response, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. certifies that the Fund, principal underwriter, or investment adviser or sub-adviser, as applicable, has adopted procedures reasonably necessary to prevent its access persons from violating its Code of Ethics.

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This Code, a copy of each Securities Transaction and Holdings Report by an access person, any written report hereunder by the President of the Trust or his or her delegate, and lists of all persons required to make reports shall be preserved with the Trust's records for the period required by Rule 17j-1.

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Exhibit A

Holdings Report

☐ Initial Holdings Report of<u> </u>, 200

(date a reporting person became an access person)

☐ Annual Holdings Report as of<u> </u>, 200

(date not more than 45 days prior to submission)

I. To the President or President's delegate of the Funds\*:

☐ As of the above date, I had direct or indirect beneficial ownership of the following covered securities:

---

| | | |
|:---|:---|:---|
| Title | Number<br> of Shares | Principal<br> Amount of<br> Security |

---

☐ I have no covered securities to report.

II. As of that same date, I held direct or indirect beneficial ownership of securities with the following broker/dealer(s) or bank(s) (note: list accounts, not securities)

☐ I have no accounts to report.

This report (i) excludes securities with respect to which I had no direct or indirect influence or control, including investments through an automatic investment plan, (ii) excludes securities not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.

Date: Signature:

J.P. Morgan Exchange-Traded Fund Trust, JPMorgan Trust I, JPMorgan Trust II, JPMorgan Trust IV, Undiscovered Managers Funds, J.P. Morgan Fleming Mutual Fund Group, Inc., J.P. Morgan Mutual Fund Investment Trust, and JPMorgan Institutional Trust.

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Exhibit B

Securities Transaction Report

For the Calendar Quarter Ended:<u> </u>, 200

To the President or President's delegate of the Funds\*:

I. ☐ During the quarter referred to above, the following transactions were effected in securities of which I had, or by reason of such transaction acquired, direct or indirect beneficial ownership, and which are required to be reported pursuant to the Trust's Code of Ethics:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Title of<br> Security (and<br> interest rate<br> and maturity<br> date, if<br> applicable) | Date of<br> Transaction | No. of Shares and<br> Principal Dollar<br> Amount of<br> Transaction (Price) | Nature of<br> Transaction<br> (Purchase,<br> Sale, Other) | Price at<br> Which<br> Transaction<br> Effected | Broker/<br> Dealer<br> or Bank<br> Through<br> Whom<br> Effected |

---

☐ I have no securities transactions to report.

II. ☐ During the quarter referred to above, I established the following account in which securities were held for my direct or indirect benefit during the quarter (note: list accounts, not securities):

---

| | |
|:---|:---|
| Broker/Dealer or<br> Bank With Whom<br> Account Established | Date the Account<br> Was Established |

---

☐ I have no accounts to report.

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, including investments through an automatic investment plan, (ii) excludes transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.

Date: Signature:

J.P. Morgan Exchange-Traded Fund Trust, JPMorgan Trust I, JPMorgan Trust II, JPMorgan Trust IV, Undiscovered Managers Funds, J.P. Morgan Fleming Mutual Fund Group, Inc., J.P. Morgan Mutual Fund Investment Trust, and JPMorgan Institutional Trust.

## Ex-99.(R)(2)

**Code of Ethics for JPMAM** 

**Last Revision Date: April 26, 2023** 

**Last Review Date: August 29, 2025** 

**Effective Date: August 29, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |  |
| 1. | Summary | Summary | 3 |
| 2. | Amendments to Previous Version Distributed April 26, 2023 | Amendments to Previous Version Distributed April 26, 2023 | 4 |
| 3. | Scope | Scope | 4 |
| 4. | Reporting Requirements | Reporting Requirements | 4 |
|  | 4.1. | Holdings Reports | 4 |
|  | 4.2. | Transaction Reports | 5 |
|  | 4.3 | Exceptions from Transaction Reporting Requirements | 5 |
| 5. | Personal Trading Requirements | Personal Trading Requirements | 6 |
|  | 5.1 | Approved Broker Requirement | 6 |
|  | 5.2 | Blackout Provisions | 6 |
|  | 5.3 | Minimum Investment Holding Period and Market Timing Prohibition | 6 |
|  | 5.4 | Trade Reversals and Disciplinary Action | 7 |
| 6. | Books and Records to be maintained by Investment Advisers | Books and Records to be maintained by Investment Advisers | 7 |
| 7. | Privacy | Privacy | 7 |
| 8. | Anti-Corruption | Anti-Corruption | 8 |
| 9. | Conflicts of Interest | Conflicts of Interest | 8 |
|  | 9.1 | Trading in Securities of Clients | 8 |
|  | 9.2 | Trading in Securities of Suppliers | 8 |
|  | 9.3 | Gifts & Entertainment | 8 |
|  | 9.4 | Political Contributions and Activities | 10 |
|  | 9.5 | Charitable Contributions | 10 |
|  | 9.6 | Outside lnterests | 11 |
| 10. | Training | Training | 11 |
| 11. | Escalation Guidelines | Escalation Guidelines | 11 |
|  | 11.1 | Violation Prior to Material Violation | 11 |
|  | 11.2 | Material Violations | 12 |
| 12. | Defined Terms | Defined Terms | 12 |

---

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**1.** **Summary** 

This Code of Ethics for JPMorgan Asset Management ("JPMAM") (the "Code") has been adopted by the registered investment advisers of JPMAM in accordance with Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act"). Rule 204A-1 requires an investment adviser registered under Section 203 of the Advisers Act to establish, maintain and enforce a written Code of Ethics.

This Code establishes our standards for ethical conduct which are premised on fundamental principles of openness, integrity, honesty and trust. In addition to the Code, J.P. Morgan Chase & Co. ("JPMC") has a firmwide Code of Conduct that applies to all employees globally, including all JPMAM employees. In the event that a difference exists between any of the standards identified in the JPMC Code of Conduct and the Code, the more restrictive provision shall apply.

JPMAM hereby adopts the message from Jamie Dimon that was included In the JPMC Code of Conduct as it embodies JPMAM's ethical standards:

*JPMorgan Chase is deeply committed to being straightforward, accountable and honest in all of our business dealings at all times.* 

*The Code of Conduct represents our shared obligation to operate with the highest level of integrity and ethical conduct. We do the right thing — even when it's not easy. We have zero tolerance for unethical behavior, and we abide by the letter and spirit of the laws and regulations everywhere we do business. Personal accountability and ownership are priorities at our firm.* 

*Our Code of Conduct and firm policies are designed to encourage honest business relationships, enabling us to continually build on our proud heritage. That is why it's important to speak up when you see something that doesn't seem right.* 

*We all must do our part to preserve the values that have made JPMorgan Chase the respected company it is today. If you see or suspect illegal or unethical conduct, <u>report</u> it immediately.* 

*Remember, your actions matter.* 

Additionally, it is the duty of all Supervised Persons to act in the best interests of their clients, place the interests of JPMAM Clients before their own personal interests at all times and to avoid any actual or potential conflicts of interest. Supervised Persons are the officers, directors (or other persons occupying a similar status or performing similar functions or employees of JPMAM) or any other person who provides investment advice on JPMAM's behalf and is subject to JPMAM's supervision or control.

Supervised Persons must comply with applicable Federal Securities Laws<sup>1</sup> and promptly report any known or suspected violations of the Code promptly to the Compliance Department or Code of Conduct Reporting Hotline, which shall report any such violation promptly to the Chief Compliance Officer ("CCO") of the applicable legal entity, or through the various reporting channels as provided in the "How to Report a Violation" page of the Code of Conduct Intranet site. Your reporting obligations do not prevent you from reporting to the government or regulators conduct that you believe to be in violation of law and it does not require you to notify JPMAM prior to reporting to the government or regulators. JPMAM strictly prohibits intimidation or retaliation against anyone who makes a good faith report about a known or suspected violation of the Code or any law or regulation.

<sup>1</sup> And/or any other applicable non-US securities laws governing their jurisdiction.

3. ![LOGO](g930911dsp197.jpg)

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Compliance with the Code, and other applicable policies and procedures, is a condition of employment. The rules, procedures, reporting and record keeping requirements set forth in the Code are hereby adopted and certified as reasonably necessary to prevent Supervised Persons from violating the provisions of the Code and applicable Federal Securities Laws.

The Compliance Department provides a link to this Code and any amendments to all Supervised Persons in their Access Persons Report and requires their attestation of compliance with this Code at least annually. These records are maintained by the Compliance Department as part of its Books and Records as required by the Advisers Act.

Annually, the CCO of each registered investment adviser must review that the Code adequately reflects the adviser's fiduciary obligations and those of its Supervised Persons.

**2.** **Amendments to Previous Version Distributed June 5, 2024** 

No material updates made.

**3.** **Scope** 

This Code applies to all Supervised Persons of JPMAM.

**4.** **Reporting Requirements** 

**4.1.** **Holdings Reports** 

Access Persons must submit holdings reports to the Compliance Department documenting current securities holdings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Content of Holdings Reports</u> 

Each holdings report must contain, at a minimum:

1) Account Details

The name of any broker, dealer or bank with which the Access Person maintains a Covered Account in which any Reportable Securities are held for the Access Person's direct or indirect benefit as well as all pertinent Covered Account details (e.g., account title, account number.).

2) Account Statements

The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Reportable Security in which the Access Person has any direct or indirect beneficial ownership.

3) Submission Date

The date the Access Person submits the report to the Compliance Department.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Submission of Holdings Reports</u> 

Access Persons must submit both an Initial and Annual holdings report:

1) Initial Report

Must be submitted no later than 10 days after the person becomes an Access Person and the information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person.

2) Annual Report

Must be submitted at least once each 12-month period. Thereafter on or before January 30, and the information must be current as of a date no more than 45 days prior to the date the report was submitted, unless notified by Compliance that this is no longer required due to electronic position reporting received from Approved Brokers.

**4.2.** **Transaction Reports** 

Access Persons must submit to the Compliance Department securities transactions reports on a quarterly basis, in the form designated by the Compliance Department. Securities transaction reports must meet the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Content of Transaction Reports</u> 

Each transaction report must contain, at a minimum, the following information about each transaction involving a Reportable Security in which the Access Person had, or as a result of the transaction acquired, any direct or indirect beneficial ownership:

1) The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal amount of each Reportable Security involved; 

2) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

3) The price of the security at which the transaction was effected;

4) The name of the broker, dealer or bank with or through which the transaction was effected; and

5) The date the Access Person submits the report to the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Timing of Transaction Reports</u> 

Each Access Person must submit a transaction report no later than 30 days after the end of each calendar quarter, which must cover, at a minimum, all transactions during the quarter.

**4.3** **Exceptions from Transaction Reporting Requirements** 

An Access Person need not submit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Any report with respect to securities held in accounts over which the Access Person had no direct or indirect
influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) A transaction report with respect to transactions effected pursuant to an Automatic Investment Plan;

5. ![LOGO](g930911dsp197.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Transaction Reports are not required for accounts maintained at Approved or Preferred Brokers or for accounts
which are approved for statement tracking

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Any report with respect to transactions in Reportable Funds.

**5.** **Personal Trading Requirements** 

Supervised Persons must obtain approval from the Compliance Department before directly or indirectly acquiring *Beneficial Ownership* in any Reportable Security, including initial public offerings and limited offerings. Given the potential access to Proprietary and Client information that Supervised Persons may have, JPMAM and its Supervised Persons must avoid even the appearance of impropriety with respect to personal trading, which must be oriented toward investment rather than short-term or speculative trading. JPMAM's policies are designed to help prevent and detect violations of securities laws and industry conduct standards and to minimize actual or perceived conflicts of interest that could arise due to personal investing activities.

JPMC Transactions: Preclearance is no longer required for JPMC Securities (common stock, bonds, restricted stock units and employee stock options), except for Window List personnel, who are employees that are in possession, or have the potential to come into possession through the nature of their job duties, with material non-public information (MNPI) on JPMC.

**5.1** **Approved Broker Requirement** 

All self-directed Associated Accounts must be maintained with a JPMC Approved Broker.

**5.2** **Blackout Provisions** 

The personal trading and investment activities of Supervised Persons are subject to particular scrutiny due to the fiduciary nature of the business. Specifically, JPMAM must avoid even the appearance that its Supervised Persons conduct personal transactions in a manner that conflicts with the firm's investment activities on behalf of Clients. Accordingly, certain Supervised Persons are restricted from conducting personal investment transactions during certain periods (called "Blackout Periods"), and may be instructed to reverse previously completed personal investment transactions. Additionally, the Compliance Department may restrict the personal trading activity of any Supervised Person if it is determined that such activity has the appearance of a conflict of interest.

These Blackout Periods apply varying levels of restrictions appropriate for different categories of Supervised Persons based upon their level of access to non-public Client or Proprietary information.

**5.3** **Minimum Investment Holding Period and Market Timing Prohibition** 

Supervised Persons are subject to a minimum holding period, generally 60 days, for all transactions in Reportable Securities. For Reportable Funds, only named Portfolio Managers of such funds are subject to a minimum holding period.

Supervised Persons are not permitted to conduct transactions for the purpose of market timing in any Reportable Security or Reportable Fund. Market timing is defined as an investment strategy using frequent purchases, redemptions, and/or exchanges in an attempt to profit from short-term market movements.

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**5.4** **Trade Reversals and Disciplinary Action** 

Transactions by Supervised Persons are subject to reversal due to a conflict (or appearance of a conflict) with the firm's fiduciary responsibility or a violation of the firm policy. Such a reversal may be required even for a pre-cleared transaction that results in an inadvertent conflict or a breach of blackout period requirements.

Disciplinary actions resulting from a violation of the Code will be administered in accordance with related JPMAM guidelines governing disciplinary action and escalation. All violations and disciplinary actions will be reported promptly by the Compliance Department to the employee's group head and senior management. Violations will be reported quarter1y to the affected Fund's Board of Directors.

Violations by Supervised Persons of the Code, the JPMC Code of Conduct or any laws or regulations that relate to JPMAM's operation of its business or any failure to cooperate with an internal investigation may result in disciplinary action, up to and including immediate dismissal, including termination of regulatory licensing where applicable.

**6.** **Books and Records to be maintained by Investment Advisers** 

The Compliance Department is responsible for maintaining books and records, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) A copy of this Code and any other code of ethics adopted by JPMAM pursuant to Rule 204A-1 that is in effect or has been in effect at any time within the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) A record of any violation of the Code, and any Compliance action taken as a result of that violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) A record of all written acknowledgments of the violation for each person who is currently, or was within the
past five years a Supervised Person of JPMAM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) A record of each report made by Access Persons required under the Reporting Requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) A record of the names of persons who are currently, or were within the past five years Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) A record of any decision, and the reasons supporting the decision, to approve the acquisition or sale of
securities by Supervised Persons under section 5. Pre-approval records of certain investments will be maintained for at least five years after the end of the fiscal year in which the approval is granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Any other such record as may be required under the Code.

**7.** **Privacy** 

Supervised Persons have a responsibility to protect the confidentiality of information related to Clients. This responsibility may be imposed by law, may arise out of agreements with Clients, or may be based on policies or practices adopted by the firm. Certain jurisdictions have regulations relating specifically to the privacy of individuals and/or business and institutional customers. Various business units and geographic areas within JPMC have internal policies regarding customer privacy.

The restriction on disclosing confidential information is not intended to prevent Supervised Persons from reporting to the government or a regulator any conduct Supervised Persons believe to be in violation of the law, or from responding truthfully to questions or requests from the government, a regulator or in a court of law.

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**8.** **Anti-Corruption** 

It is the policy of JPMC to comply with the anti-corruption laws that apply to the firm's operations (and investments where the firm is deemed to have control), which laws include the United States Foreign Corrupt Practices Act ("FCPA"), the United Kingdom Bribery Act of 2010 ("UKBA"), as well as anti-corruption laws and regulations of other countries in which the firm conducts business. We must never compromise our reputation by engaging in, or appearing to engage in, bribery or any form of corruption. Bribery and corruption are crimes with potentially severe penalties to JPMC and its employees and directors. The firm has zero tolerance for such activity.

**9.** **Conflicts of Interest** 

The following is a summary of commonly identified employee conflicts of interest:

**9.1** **Trading in Securities of Clients** 

Supervised Persons shall not transact in any securities of a Client with which the Supervised Person has or recently had significant dealings or responsibility on behalf of JPMAM if such investment could be perceived as effected based on confidential information, including MNPI.

**9.2** **Trading in Securities of Suppliers** 

Supervised Persons in possession of information regarding, or directly involved in negotiating, a contract material to a supplier of JPMAM may not invest in the securities of such supplier. If you own the securities of a company with which we are dealing and you are asked to represent JPMorgan Chase in such dealings you must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Disclose this fact to your department head and the Compliance Department; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Obtain prior approval from the Compliance Department before selling such securities.

**9.3** **Gifts & Business Hospitality** 

Supervised Persons must avoid circumstances that may cause, or create the appearance of, a conflict of interest between JPMAM and its clients or other business/commercial contacts. Supervised Persons may not give or receive anything of value, directly or indirectly, to influence improper action or obtain an improper advantage. Furthermore, the giving and receiving of gifts, including business hospitality, to or from persons who do or seek to do business with JPMAM have the potential to create actual conflicts or the appearance of conflicts, and may negatively impact JPMAM.

Gifts and business hospitality can take many forms, including but not limited to: goods or services for which employees are not required to pay the retail or usual and customary cost; meals or refreshments; tickets to entertainment or sporting events; the use of a residence, vacation home or other accommodation; travel expenses; or charitable contributions or organization sponsorships. In addition to gifts and business hospitality, JPMAM Supervised Persons may not make, direct or solicit any other person to make, any political contribution or provide anything else of value to anyone for the purpose of influencing or inducing the awarding or retention of investment advisory services business.

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Anything of Value "AOV" provided to U.S. (federal, state and local) and non-U.S.) government officials must be pre-cleared by Global Anti-Corruption Compliance to ensure that they comply with jurisdictional restrictions.

**<u>Gifts</u>** 

Supervised Persons are only permitted to give gifts valued up to 100 USD, in the individual and the aggregate, to a client or business counterparty on occasions when gifts are customary, such as life events and major holidays. AM employees must pre-clear giving any gifts to a client or business counterparty that exceeds 100 USD. In addition, All gifts provided to U.S. federal, state and local government officials must be pre-cleared by Global Anti-Corruption Compliance to ensure that they comply with jurisdictional restrictions.

When giving gifts to clients or business counterparties, AM employees are strongly encouraged to give items with a JPMorgan Chase logo or books from the JPMorgan Chase Reading list whenever appropriate. Gifting books from the JPMorgan Chase Reading List are limited to one book per campaign. Repetitive gifting to a client or business counterparty of Firm logo items in a calendar year is prohibited.

**<u>Business Hospitality</u>** 

Business hospitality includes business-related activities at which a host and guest are both present (e.g., meals, refreshments, golf games, sporting events, or other leisure and entertainment). Business hospitality is considered a prohibited gift unless both the employee and business contact are present and the employee's participation is related to his or her position and duties within JPMAM. Spouses, family members and personal acquaintances should not participate in business hospitality activities unless such participation is customary under the circumstances.

Supervised Persons may act as a host for business hospitality to clients and prospects if such hospitality is: (1) business related; (2) is not prohibited by law; and (3) in an amount that is reasonable and customary. Frequent and/or lavish business hospitality is prohibited.

Supervised Persons are limited to accepting 250 USD in meals and business hospitality from a client or counterparty per calendar year, with limited exceptions. Once the 250 USD limit is reached, employees are required to pay for their own expenses. In addition, Supervised Persons are prohibited from accepting invitations to ticketed events; limited exceptions may be granted with pre-approval from senior management and LOB Compliance.

Supervised Persons must receive written pre-clearance from Compliance before providing any other type of Business Hospitality to an ERISA Fiduciary or Union Official. aside from meals that conform to the AWM Expense Procedure (e.g., golf, sporting events, cultural or social events, concerts, leisure activities, etc.)

Supervised Persons are required to log all business hospitality subject to reporting into Reliance's Gift and Entertainment Module for approval or iComply in the case of Government Officials. Violations are subject to the Global Anti-Corruption Compliance Violation Framework or Market Conduct Violation Framework, as required.

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Supervised Persons' travel and lodging expenses must be paid by JPMAM. Exceptions may be provided in very limited circumstances and require written pre-clearance from both an AMOC / AMCOC member and LOB Compliance.

**Sponsorships and Events** 

Both the sponsorship of distributor events and JPMAM hosting educational events for financial advisors who sell our funds are subject to internal policy. Sponsorships and events may require review by LOB Compliance and regional governance committees or designees.

Sponsorships and events at (i) the request of or (ii) for the benefit of a federal, state and local government officials require pre-clearance from Global Anti-Corruption Compliance.

**9.4** **Political Contributions and Activities** 

In accordance with Advisers Act Rule 206(4)-5, AM-Affiliated Persons are prohibited from making political contributions for the purpose of obtaining or retaining advisory contracts with government entities.

To ensure compliance with this federal pay-to-play rule and various state and local laws, AM-Affiliated Persons must receive pre-clearance before they or any members of their household make or solicit political contributions or engage in political activities in connection with any election in the United States or the Republic of Colombia. Contributions to JPMC Political Action Committees are excluded from pre-clearance and reporting requirements. New hires and internal transfers must also disclose their history of making and soliciting political contributions.

An employee cannot be reimbursed or otherwise compensated by JPMC for any political contribution. JPMC policies prohibit contributions of corporate funds to candidates, political party committees and political action committees. Supervised Persons are strictly prohibited from using JPMC resources to conduct personal political activities.

Violations of these requirements are subject to the Global Anti-Corruption Violation Framework.

**9.5** **Charitable Contributions** 

Charitable contributions made on behalf of JPMC must adhere to the requirements of the Charitable Donations Standard – Firmwide and the AWM Expense Procedures and be precleared with Compliance.

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**9.6** **Outside Interests** 

A Supervised Person's outside interests must not reflect adversely on the firm or give rise to a real or apparent conflict of interest with the Supervised Person's duties to the firm or its Clients. Supervised Persons must be aware of potential conflicts of interest and be aware that they may be asked to discontinue any outside interest if a potential conflict arises. Supervised Persons may not, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Accept a business opportunity from someone doing business or seeking to do business with JPMAM that is made
available to the Supervised Person because of the individual's position with the firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Take for oneself a business opportunity belonging to the firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Engage in a business opportunity that competes with any of the firm's businesses.

More specific guidelines are set forth under the JPMC Code of Conduct, Outside Interest Policy – Firmwide, and Procedures for preclearance of Outside Interests are available on the Firmwide Policy & Standard Portal. Employees are reminded of their responsibility to obtain preclearance of their Outside Interests. If any material change in relevant circumstances occurs, Supervised Persons must seek clearance for a previously approved activity. A material change may arise from a change in your job or association with JPMAM or in your role with respect to that activity or organization. JPMAM employees are required to be continually alert to any real or apparent conflicts of interest with respect to investment management activities and promptly disclose any such conflicts to their manager and Compliance. Employees must also notify Compliance when any approved outside interest terminates.

Regardless of whether an activity is specifically addressed under JPMAM policies or the JPMC Code of Conduct, Supervised Persons should disclose any personal interest or personal relationship that might present a conflict of interest or harm the reputation of the firm. Personal conflicts of interest can be disclosed through the access persons reporting process.

**10.** **Training** 

Compliance provides in-person and/or online training to Supervised Persons on an ongoing basis. Compliance determines the training topics that will be covered during training sessions based on the work responsibilities of Supervised Persons, applicable regulatory requirements and risk assessments. Compliance may, from time to time, distribute Compliance Bulletins reinforcing or clarifying prior guidance, communicating new regulatory developments or the adoption or amendment of policies, procedures or controls.

**11.** **Escalation Guidelines** 

JPMC's Compliance Violation Framework is an internal Compliance document and is used to notify Group Heads, Managers and/or Human Resources {HR) of employee violations of Compliance Policies along with the assigned severity of the applicable violations.

**11.1** **Personal Account Dealing and Access Persons Violations** 

**Violation Prior to Material Violation**

While the Group Head is notified of all violations, he/she is required to have a meeting with the employee when the Supervised Persons' next violation would be considered material, in order to stress the importance of the requirement and inform the employee about the ramifications for not following the policy. The employee is also required to acknowledge, in writing (form to be provided by Compliance) that

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he/she is aware of the ramifications for noncompliance and that he/she will be compliant going forward. The written acknowledgement is signed by both the employee and Group Head, and returned to Compliance for record keeping.

**11.2** **Material Violations** 

All material violations require the Group Head (MD level) and Compliance to have a meeting with the employee and document in writing that the employee acknowledges the material nature of the violation and that he/she will be compliant going forward. The written acknowledgement, signed by the employee and Group Head, will be stored in Compliance's Violations records. Additionally, HR is notified of all material violations and follows their established guidelines for disciplining the employee and recording such events in the employee's personnel file.

There will be a mandated suspension of personal trading privileges for six months for all material violations of the personal trading or Access Persons requirements. Compliance and the Group Head may allow transactions for hardship reasons, but require documentation for pre-clearance.

An employee's receipt of a material violation is considered when determining the employee's annual compensation and eligibility for promotion.

**12.** **Defined Terms** 

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| | |
|:---|:---|
| Access Persons | Access Persons of JPMAM Include: |
|  | 1) Employees of any of the Registered Investment Advisers within JPMAM. |
|  | 2) Certain persons of other affiliated entities that have access to *Proprietary* information of AM and persons that have been identified by Compliance as having access to AM Proprietary information; |
|  | 3) All persons of entities affiliated with JPMAM that have been authorized by the Office of the Corporate Secretary to act in an official capacity on behalf of the JPMAM Registered Investment Advisers, sometimes referred to as "dual-hatted" employees; or |
|  | 4) Certain consultants, agents, and temporary workers who are involved in the investment management process or have access to Proprietary information regarding Client recommendations or transactions on a pre-trade or same-day basis. |
| AM-Affiliated Persons | 1) All employees of AM and members of the AM Operating Committee; |
|  | 2) All employees aligned with or that support the AM business (i.e., AM Audit, AM |
|  | 3) Legal, AM Compliance, AM Risk, AM Finance and AM Technology Operations); |
|  | 4) All directors and officers of the U.S. registered investment advisors of JPMAM; and |
|  | 5) The spouse, domestic partner or dependent child of AM-Affiliated Persons. |
| Connected Person | Individuals who, based on their relationship with a Supervised Person, are subject to provisions of this Policy including, but not limited to: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Supervised Persons' spouse, domestic partner or minor children (even If financially independent)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anyone to whom the Supervised Person provides significant financial support or for which the Supervised Person, or anyone listed above, has or shares the power, directly or indirectly, to make investment decisions<br>|
| Covered Account | Is an account In the name of or for the direct or Indirect benefit of a Supervised Person or a Supervised Person's spouse, domestic partner, minor children and any other person for |

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| | |
|:---|:---|
|  | whom the Supervised Person provides significant financial support, as well as to any other account over which the Supervised Person or any of these other persons exercise investment discretion, regardless of beneficial interest. Excluded from Associated Accounts are any 401(k) and deferred compensation plan accounts for which the Supervised Person has no Investment discretion. |
| Automatic Investment Plan | Is a program In which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan. |
| Beneficial ownership | Is interpreted to mean any interest held directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, or any pecuniary interest in equity securities held or shared directly or indirectly, subject to the terms and conditions set forth under Rule 16a-1(a)(2) of the Securities Exchange Act of 1934. A Supervised Person who has questions regarding the definition of this term should consult the Compliance Department. Please note: Any report required under *section* 5. *Reporting Requirements* may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the security to which the report relates. |
| Client | Is any entity (e.g. person, corporation or Fund) for which JPMAM provides a service or has a fiduciary responsibility. |
| Federal Securities Laws | Are the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes- Oxley Act of 2002, the Investment Company Act of 1940 ("1940 Act"), the Advisers Act, Title V of the Gramm-Leach-Bliley Act (1999), any rules adopted by the Securities and Exchange Commission ("SEC") under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted there under by the SEC or the Department of the Treasury. |
| Fund | Is an investment company registered under the Investment Company Act of 1940. |
| Initial Public Offering | Is an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934. |
| JPMAM | Is the abbreviation for JPMorgan Asset Management, a marketing name for the Asset Management subsidiaries of JPMorgan Chase & Co. Within the context of this document, JPMAM refers to the following U.S. registered investment advisers of JPMorgan Asset Management: |
|  | • J.P. Morgan Alternative Asset Management, Inc. |
|  | • JPMorgan Asset Management (UK) Ltd. |
|  | • J.P. Morgan Investment Management Inc. |
|  | • Security Capital Research & Management Inc. |
|  | • Bear Stearns Asset Management Inc. |
|  | • JPMorgan Funds Limited |
|  | • JPMorgan Asset Management (Asia Pacific) Ltd. |
|  | • Highbridge Capital Management, LLC |
|  | • 55I, LLC (55ip) |
|  | • JPMorgan Alternatives Adviser, Inc. |
|  | JPMAM also includes the following foreign registered, but not SEC registered, adviser: |
|  | • JPMorgan Asset Management (Canada) Inc. |

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| | |
|:---|:---|
| Limited Offering | Is an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) or pursuant to Rules 504, 505 or 506 there under. |
| LOB Compliance | Line of Business Compliance |
| Proprietary | Within the context of this Code of Ethics is: |
|  | 1) any research conducted by AM or its affiliates |
|  | 2) any non-public information pertaining to AM or its affiliates |
|  | 3) all JPM managed and sub-advised mutual funds |
| Reportable Fund | Is any JPMorgan Proprietary Fund, including sub-advised funds |
| Reportable Security | Is a security as defined under section 202(a)(18) of the Advisers Act held for the direct or indirect benefit of an Access Person, including any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, Investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, In general, any Interest or Instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing. Excluded from this definition are: |
|  | 1) Direct obligations of the Government of the United States; |
|  | 2) Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; |
|  | 3) Shares issued by money market funds; and |
|  | 4) Shares issued by open-end funds other than Reportable Funds |
| Supervised Persons | 1) Any partner, officer, director or employees of JPMAM (or other person occupying a similar status or performing similar functions). |
|  | 2) All employees of entities affiliated with JPMAM that have been authorized by the Office of the Corporate Secretary to act In an official capacity on behalf of a legal entity within JPMAM, sometimes referred to as "dual hatted" employees; |
|  | 3) Certain consultants, as well as any other persons who provide advice on behalf of JPMAM and are subject to JPMAM's supervision and control; |
|  | 4) All Access Persons |

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## Ex-99.(R)(3)

**Code of Ethics for J.P. Morgan Institutional** 

**Investments Inc. ("JPMII")** 

Last Revision Date: May 22, 2023

Last Reviewed Date: August 1, 2025

Effective Date: August 1, 2025

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**TABLE OF CONTENTS** 

1. Summary 3

2. Scope 5

3. Reporting Requirements 5

3.1. Holdings Reports 5

3.2. Transaction Reports 6

3.3 Exceptions from Transaction Reporting Requirements 6

4. Personal Trading Requirements 6

4.1 Approved Broker Requirement 7

4.2 Blackout Provisions 7

4.3 Minimum Investment Holding Period and Market Timing Prohibition 7

4.4 Trade Reversals and Disciplinary Action 7

5. Books and Records to be maintained by Investment Advisers 8

6. Privacy 8

7. Anti-Corruption 8

8. Conflicts of Interest 9

8.1 Trading in Securities of Clients 9

8.2 Trading in Securities of Suppliers 9

8.3 Gifts & Business Hospitality 9

8.4 Political Contributions and Activities 11

8.5 Charitable Contributions 11

8.6 Outside Interests 11

9. Training 12

10. Escalation Guidelines 12

11.1 Violation Prior to Material Violation 12

11.2 Material Violations 12

11. Defined Terms 13

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**1.** **Summary** 

This Code of Ethics (the "Code") has been adopted by J.P. Morgan Institutional Investments Inc. ("JPMII" or the "principal underwriter") in accordance with Rule 17j-1(c) under the Investment Company Act (the "1940 Act"). The Code sets forth standards of conduct, requires compliance with <u>federal securities laws</u> and addresses personal trading by JPMII associated persons.

Rule 17j-1(c) requires that the board of a Fund must approve the code of ethics of the principal underwriter of the Fund, and any material changes to such code. The board must base its approval of a code and any material changes to the code on a determination that the code contains provisions reasonably necessary to prevent Access Persons from engaging in prohibited conduct which includes;

1) To employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To make to the Fund any untrue statement of a material fact or omit to state to the Fund a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To engage in any manipulative practice with respect to the Fund.

Before approving a code of the principal underwriter or any amendment to the code, the board must receive a certification from the principal underwriter that it has adopted procedures reasonably necessary to prevent Access Persons from violating the principal underwriter's code of ethics. The Fund's board must approve the code of an investment adviser or principal underwriter before initially retaining the services of the investment adviser or principal underwriter. The Fund's board must approve a material change to a code no later than six months after adoption of the material change.

This Code establishes our standards for ethical conduct which are premised on fundamental principles of openness, integrity, honesty and trust. In addition to the Code, J.P. Morgan Chase & Co. ("JPMC") has a firmwide Code of Conduct that applies to all employees globally, including all employees. In the event that a difference exists between any of the standards identified in the JPMC Code of Conduct and the Code, the more restrictive provision shall apply.

JPMII hereby adopts the message from Jamie Dimon that was included in the JPMC Code of Conduct as it embodies JPMII's ethical standards:

*JPMorgan Chase is deeply committed to being straightforward, accountable and honest in all of our business dealings at all times.* 

*The Code of Conduct represents our shared obligation to operate with the highest level of integrity and ethical conduct. We do the right thing — even when it's not easy. We have zero tolerance for unethical behavior, and we abide by the letter and spirit of the laws and regulations everywhere we do business. Personal accountability and ownership are priorities at our firm.* 

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*Our Code of Conduct and firm policies are designed to encourage honest business relationships, enabling us to continually build on our proud heritage. That is why it's important to speak up when you see something that doesn't seem right.* 

*We all must do our part to preserve the values that have made JPMorgan Chase the respected company it is today. If you see or suspect illegal or unethical conduct, <u>report</u> it immediately.* 

*Remember, your actions matter.* 

JPMII hereby designates the staff of JPMorgan's Compliance Department to act as designees for the chief compliance officer of JPMII ("CCO") in administering this Code. Anyone with questions regarding the Code or its application should contact the Compliance Department.

Additionally, it is the duty of all Supervised Persons to act in the best interests of their clients, place the interests of JPMII Clients before their own personal interests at all times and to avoid any actual or potential conflicts of interest.

Supervised Persons must comply with applicable Federal Securities Laws1 and promptly report any known or suspected violations of the Code promptly to the Compliance Department or Code of Conduct Reporting Hotline, which shall report any such violation promptly to the Chief Compliance Officer ("CCO") of the applicable legal entity, or through the various reporting channels as provided in the "How to Report a Violation" page of the Code of Conduct Intranet site. Your reporting obligations do not prevent you from reporting to the government or regulators conduct that you believe to be in violation of law and it does not require you to notify JPMII prior to reporting to the government or regulators. JPMII strictly prohibits intimidation or retaliation against anyone who makes a good faith report about a known or suspected violation of the Code or any law or regulation. 

Compliance with the Code, and other applicable policies and procedures, is a condition of employment. The rules, procedures, reporting and recordkeeping requirements set forth in the Code are hereby adopted and certified as reasonably necessary to prevent Supervised Persons from violating the provisions of the Code and applicable Federal Securities Laws. The Compliance Department provides a link to this Code and any amendments to all Supervised Persons in their Access Persons Report and requires their attestation of compliance with this Code at least annually. These records are maintained by the Compliance Department as part of its Books and Records as required by applicable law. Annually, the CCO must review that the Code adequately reflects JPMII's obligations and those of its Supervised Persons.

Pursuant to Rule 17j-1(c) (2), at least annually, the principal underwriter must furnish a written report to the board of the Fund, that:

(a) Describes any issues arising under the Code or procedures since the last report to the board, including, but
not limited to information about material violations of the Code or procedures and sanctions imposed in response to the material violations; and

(b) Certifies that the principal underwriter has adopted procedures reasonably necessary to prevent Access Persons
from violating the Code.

1 And/or any other applicable non-US securities laws governing their jurisdiction.

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**2.** **Scope** 

This Code applies to all Supervised Persons of JPMII.

**3.** **Reporting Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Holdings Reports** 

Access Persons must submit holdings reports to the Compliance Department documenting current securities holdings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Content of Holdings Reports</u> 

Each holdings report must contain, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Account Details

The name of any broker, dealer or bank with which the Access Person maintains a Covered Account in which any Reportable Securities are held for the Access Person's direct or indirect benefit as well as all pertinent Covered Account details (e.g., account title, account number.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Account Statements

The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Reportable Security in which the Access Person has any direct or indirect beneficial ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Submission Date

The date the Access Person submits the report to the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Submission of Holdings Reports</u> 

Access Persons must submit both an Initial and Annual holdings report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Initial Report

Must be submitted no later than 10 days after the person becomes an Access Person and the information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annual Report

Must be submitted at least once each 12-month period. Thereafter on or before January 30, and the information must be current as of a date no more than 45 days prior to the date the report was submitted, unless notified by Compliance that this is no longer required due to electronic position reporting received from Approved Brokers.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Transaction Reports** 

Access Persons must submit to the Compliance Department securities transactions reports on a quarterly basis, in the form designated by the Compliance Department. Securities transaction reports must meet the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Content of Transaction Reports</u> 

Each transaction report must contain, at a minimum, the following information about each transaction involving a Reportable Security in which the Access Person had, or as a result of the transaction acquired, any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest
rate and maturity date, number of shares, and principal amount of each Reportable Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The date the Access Person submits the report to the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Timing of Transaction Reports</u> 

Each Access Person must submit a transaction report no later than 30 days after the end of each calendar quarter, which must cover, at a minimum, all transactions during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Exceptions from Transaction Reporting Requirements** 

An Access Person need not submit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any report with respect to securities held in accounts over which the Access Person had no direct or indirect
influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A transaction report with respect to transactions effected pursuant to an Automatic Investment Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Transaction Reports are not required for accounts maintained at Approved or Preferred Brokers or for accounts
which are approved for statement tracking

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any report with respect to transactions in Reportable Funds.

**4.** **Personal Trading Requirements** 

Supervised Persons must obtain approval from the Compliance Department before directly or indirectly acquiring *Beneficial Ownership* in any Reportable Security, including initial public offerings and limited offerings. Given the potential access to Proprietary and Client information that Supervised Persons may have, JPMII and its Supervised Persons must avoid even the appearance of impropriety with respect to personal trading, which must be oriented toward investment rather than short-term or speculative trading. JPMII's policies are designed to help prevent and detect violations of securities laws and industry conduct standards and to minimize actual or perceived conflicts of interest that could arise due to personal investing activities.

JPMC Transactions: Preclearance is no longer required for JPMC Securities (common stock, bonds, restricted stock units and employee stock options), except for Window List personnel, who are employees that are in possession, or have the potential to come into possession through the nature of their job duties, with material non-public information (MNPI) on JPMC.

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**4.1** **Approved Broker Requirement** 

All self-directed Associated Accounts must be maintained with a JPMC Approved Broker.

**4.2** **Blackout Provisions** 

The personal trading and investment activities of Supervised Persons are subject to particular scrutiny due to the fiduciary nature of the business. Specifically, JPMII must avoid even the appearance that its Supervised Persons conduct personal transactions in a manner that conflicts with the firm's investment activities on behalf of Clients*.* Accordingly, certain Supervised Persons are restricted from conducting personal investment transactions during certain periods (called "Blackout Periods"), and may be instructed to reverse previously completed personal investment transactions.

Additionally, the Compliance Department may restrict the personal trading activity of any Supervised Person if it is determined that such activity has the appearance of a conflict of interest.

These Blackout Periods apply varying levels of restrictions appropriate for different categories of Supervised Persons based upon their level of access to non-public Client or Proprietary information.

**4.3** **Minimum Investment Holding Period and Market Timing Prohibition** 

Supervised Persons are subject to a minimum holding period, generally 60 days, for all transactions in Reportable Securities*.* For Reportable Funds*,* only named Portfolio Managers of such funds are subject to a minimum holding period.

Supervised Persons are not permitted to conduct transactions for the purpose of market timing in any Reportable Security or Reportable Fund. Market timing is defined as an investment strategy using frequent purchases, redemptions, and/or exchanges in an attempt to profit from short-term market movements.

**4.4** **Trade Reversals and Disciplinary Action** 

Transactions by Supervised Persons are subject to reversal due to a conflict (or appearance of a conflict) with the firm's fiduciary responsibility or a violation of the firm policy. Such a reversal may be required even for a pre-cleared transaction that results in an inadvertent conflict or a breach of blackout period requirements.

Disciplinary actions resulting from a violation of the Code will be administered in accordance with related JPMAM guidelines governing disciplinary action and escalation. All violations and disciplinary actions will be reported promptly by the Compliance Department to the employee's group head and senior management. Violations will be reported quarterly to the affected Fund's Board of Directors.

Violations by Supervised Persons of the Code, the JPMC Code of Conduct or any laws or regulations that relate to JPMII's operation of its business or any failure to cooperate with an internal investigation may result in disciplinary action, up to and including immediate dismissal, including termination of regulatory licensing where applicable.

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**5.** **Books and Records to be maintained by JPMII** 

The Compliance Department is responsible for maintaining books and records, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of this Code and any other code of ethics adopted by JPMII pursuant to Rule 17j-1(c) that has been in effect during the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A record of any violation of the Code, and any Compliance action taken as a result of that violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A record of all written acknowledgments of the violation for each person who is currently, or was within the
past five years a Supervised Person of JPMII;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A record of each report made by Access Persons required under the **  Reporting Requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A record of the names of persons who are currently, or were within the past five years Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A record of any decision, and the reasons supporting the decision, to approve the acquisition or sale of
securities by Supervised Persons under <u>section 5</u>. Pre-approval records of certain investments will be maintained for at least five years after the end of the fiscal year in which the approval is
granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Any other such record as may be required under the Code.

**6.** **Privacy** 

Supervised Persons have a responsibility to protect the confidentiality of information related to Clients. This responsibility may be imposed by law, may arise out of agreements with Clients, or may be based on policies or practices adopted by the firm. Certain jurisdictions have regulations relating specifically to the privacy of individuals and/or business and institutional customers. Various business units and geographic areas within JPMC have internal policies regarding customer privacy.

The restriction on disclosing confidential information is not intended to prevent Supervised Persons from reporting to the government or a regulator any conduct Supervised Persons believe to be in violation of the law, or from responding truthfully to questions or requests from the government, a regulator or in a court of law.

**7.** **Anti-Corruption** 

It is the policy of JPMC to comply with the anti-corruption laws that apply to the firm's operations (and investments where the firm is deemed to have control), which laws include the United States Foreign Corrupt Practices Act ("FCPA"), the United Kingdom Bribery Act of 2010 ("UKBA"), as well as anti-corruption laws and regulations of other countries in which the firm conducts business. We must never compromise our reputation by engaging in, or appearing to engage in, bribery or any form of corruption. Bribery and corruption are crimes with potentially severe penalties to JPMC and its employees and directors. The firm has zero tolerance for such activity.

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**8.** **Conflicts of Interest** 

The following is a summary of commonly identified employee conflicts of interest:

**8.1** **Trading in Securities of Clients** 

Supervised Persons shall not transact in any securities of a Client with which the Supervised Person has or recently had significant dealings or responsibility on behalf of JPMII if such investment could be perceived as effected based on confidential information, including MNPI.

**8.2** **Trading in Securities of Suppliers** 

Supervised Persons in possession of information regarding, or directly involved in negotiating, a contract material to a supplier of JPMII may not invest in the securities of such supplier. If you own the securities of a company with which we are dealing and you are asked to represent JPMorgan Chase in such dealings you must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Disclose this fact to your department head and the Compliance Department; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Obtain prior approval from the Compliance Department before selling such securities.

**8.3** **Gifts & Business Hospitality** 

Supervised Persons must avoid circumstances that may cause, or create the appearance of, a conflict of interest between JPMII and its clients or other business/commercial contacts. Supervised Persons may not give or receive anything of value, directly or indirectly, to influence improper action or obtain an improper advantage. Furthermore, the giving and receiving of gifts, including business hospitality, to or from persons who do or seek to do business with JPMII have the potential to create actual conflicts or the appearance of conflicts, and may negatively impact JPMII.

Gifts and business hospitality can take many forms, including but not limited to: goods or services for which employees are not required to pay the retail or usual and customary cost; meals or refreshments; tickets to entertainment or sporting events; the use of a residence, vacation home or other accommodation; travel expenses; or charitable contributions or organization sponsorships. In addition to gifts and business hospitality, JPMII Supervised Persons may not make, direct or solicit any other person to make, any political contribution or provide anything else of value to anyone for the purpose of influencing or inducing the awarding or retention of investment advisory services business.

Anything of Value "AOV" provided to U.S. federal, state and local government officials must be pre-cleared by Global Anti-Corruption Compliance to ensure that they comply with jurisdictional restrictions.

**<u>Gifts</u>** 

Supervised Persons are only permitted to give gifts valued up to 100 USD, in the individual and the aggregate, to a client or business counterparty on occasions when gifts are customary, such as life events and major holidays. AM employees must pre-clear giving any gifts to a client or business counterparty that exceeds 100 USD. In addition, All gifts provided to U.S. federal, state and local government officials must be pre-cleared by Global Anti-Corruption Compliance to ensure that they comply with jurisdictional restrictions.

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When giving gifts to clients or business counterparties, AM employees are strongly encouraged to give items with a JPMorgan Chase logo or books from the JPMorgan Chase Reading list whenever appropriate. Gifting books from the JPMorgan Chase Reading List are limited to one book per campaign. Repetitive gifting to a client or business counterparty of Firm logo items in a calendar year is prohibited.

**<u>Business Hospitality</u>** 

Business hospitality includes business-related activities at which a host and guest are both present (e.g., meals, refreshments, golf games, sporting events, or other leisure and entertainment). Business hospitality is considered a prohibited gift unless both the employee and business contact are present and the employee's participation is related to his or her position and duties within JPMII. Spouses, family members and personal acquaintances should not participate in business hospitality activities unless such participation is customary under the circumstances.

Supervised Persons may act as a host for business hospitality to clients and prospects if such hospitality is: (1) business related; (2) is not prohibited by law; and (3) in an amount that is reasonable and customary. Frequent and/or lavish business hospitality is prohibited.

Supervised Persons are limited to accepting 250 USD in meals and business hospitality from a client or counterparty per calendar year, with limited exceptions. Once the 250 USD limit is reached, employees are required to pay for their own expenses. In addition, Supervised Persons are prohibited from accepting invitations to ticketed events; limited exceptions may be granted with pre-approval from senior management and LOB Compliance.

Supervised Persons must receive written pre-clearance from Compliance before providing any type of Business Hospitality to an ERISA Fiduciary or Union Official.

Supervised Persons are required to log all business hospitality subject to reporting into Reliance's Gift and Entertainment Module for approval. Violations are subject to the Global Anti-Corruption Compliance Violation Framework or Market Conduct Violation Framework as required.

**<u>Sponsorships and Events</u>** 

Both the sponsorship of distributor events and JPMAM hosting educational events for financial advisors who sell our funds are subject to internal policy. Sponsorships and events may require review by LOB Compliance and regional governance committees or designees.

Sponsorships and events at (i) the request of or (ii) for the benefit of a federal, state and local government officials require pre-clearance from Global Anti-Corruption Compliance.

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**8.4** **Political Contributions and Activities** 

To ensure compliance with this federal pay-to-play rule and various state and local laws, AM-Affiliated Persons must receive pre-clearance before they or any members of their household make or solicit political contributions or engage in political activities in connection with any election in the United States or the Republic of Colombia. Contributions to JPMC Political Action Committees are excluded from pre-clearance and reporting requirements. New hires and internal transfers must also disclose their history of making and soliciting political contributions.

An employee cannot be reimbursed or otherwise compensated by JPMC for any political contribution. JPMC policies prohibit contributions of corporate funds to candidates, political party committees and political action committees. Supervised Persons are strictly prohibited from using JPMC resources to conduct personal political activities.

Violations of these requirements are subject to the Global Anti-Corruption Violation Framework.

**8.5** **Charitable Contributions** 

Charitable contributions made on behalf of JPMC must adhere to the requirements of the AWM Expense Procedures and be precleared with Compliance.

**8.6** **Outside Interests** 

A Supervised Person's outside interests must not reflect adversely on the firm or give rise to a real or apparent conflict of interest with the Supervised Person's duties to the firm or its Clients. Supervised Persons must be aware of potential conflicts of interest and be aware that they may be asked to discontinue any outside interest if a potential conflict arises*.* Supervised Persons may not, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Accept a business opportunity from someone doing business or seeking to do business with JPMII that is made
available to the Supervised Person because of the individual's position with the firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Take for oneself a business opportunity belonging to the firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Engage in a business opportunity that competes with any of the firm's businesses.

More specific guidelines are set forth under the JPMC Code of Conduct, Outside Interest Policy – Firmwide, and Procedures for preclearance of Outside Interests are available on the JPMC Code of Conduct intranet site. Employees are reminded of their responsibility to obtain preclearance of their Outside Interests periodically in their Access Persons Report. If any material change in relevant circumstances occurs, Supervised Persons must seek clearance for a previously approved activity. A material change may arise from a change in your job or association with JPMII or in your role with respect to that activity or organization. Employees are required to be continually alert to any real or apparent conflicts of interest with respect to investment management activities and promptly disclose any such conflicts to their manager and Compliance. Employees must also notify Compliance when any approved outside interest terminates.

Regardless of whether an activity is specifically addressed under JPMII policies or the JPMC Code of Conduct, Supervised Persons should disclose any personal interest that might present a conflict of interest or harm the reputation of the firm.

11. ![LOGO](g930911dsp197.jpg)

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**9.** **Training** 

Compliance provides in-person and/or online training to Supervised Persons on an ongoing basis. Compliance determines the training topics that will be covered during training sessions based on the work responsibilities of Supervised Persons, applicable regulatory requirements and risk assessments. Compliance may, from time to time, distribute Compliance Bulletins reinforcing or clarifying prior guidance, communicating new regulatory developments or the adoption or amendment of policies, procedures or controls.

**10.** **Escalation Guidelines** 

JPMC's Compliance Violation Framework is an internal Compliance document and is used to notify Group Heads, Managers and/or Human Resources (HR) of employee violations of Compliance Policies along with the assigned severity of the applicable violations.

**10.1** **Violation Prior to Material Violation** 

While the Group Head is notified of all violations, he/she is required to have a meeting with the employee when the Supervised Persons' next violation would be considered material, in order to stress the importance of the requirement and inform the employee about the ramifications for not following the policy. The employee is also required to acknowledge, in writing (form to be provided by Compliance) that he/she is aware of the ramifications for noncompliance and that he/she will be compliant going forward. The written acknowledgement is signed by both the employee and Group Head, and returned to Compliance for record keeping.

**10.2** **Material Violations** 

All material violations require the Group Head (MD level) and Compliance to have a meeting with the employee and document in writing that the employee acknowledges the material nature of the violation and that he/she will be compliant going forward. The written acknowledgement, signed by the employee and Group Head, will be stored in Compliance's Violations records. Additionally, HR is notified of all material violations and follows their established guidelines for disciplining the employee and recording such events in the employee's personnel file.

There will be a mandated suspension of personal trading privileges for six months for all material violations of the personal trading or Access Persons requirements. Compliance and the Group Head may allow transactions for hardship reasons, but require documentation for pre-clearance.

An employee's receipt of a material violation is considered when determining the employee's annual compensation and eligibility for promotion.

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**11.** **Defined Terms** 

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| | |
|:---|:---|
| **Access Persons** | Access Persons include any partner, officer, director (or other person occupying a similar status or performing similar functions) and employees of JPMII, as well as any other Supervised Person who: |
|  | 1. Has access to non-public information regarding any clients' purchase or sale of securities, or non-public information regarding the portfolio holdings of any registered fund for which JPMII serves as principal underwriter; or<br>2. Is involved in making securities recommendations to clients, including Funds, or who has access to such recommendations that are non-public. |
| **AM-Affiliated Persons** | 1. All employees of AM and members of the AM Operating Committee;<br>2. All employees aligned with or that support the JPMII business (i.e., AM Audit, AM<br>3. Legal, AM Compliance, AM Risk, AM Finance and AM Technology Operations);<br>4. The spouse, domestic partner or dependent child of AM-Affiliated Persons. |
| **Covered Account** | Is an account in the name of or for the direct or indirect benefit of a Supervised Person or a Supervised Person's spouse, domestic partner, minor children and any other person for whom the Supervised Person provides significant financial support, as well as to any other account over which the Supervised Person or any of these other persons exercise investment discretion, regardless of beneficial interest. Excluded from Associated Accounts are any 401(k) and deferred compensation plan accounts for which the Supervised Person has no investment discretion. |
| **Automatic Investment Plan** | Is a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan. |
| **Beneficial ownership** | Is interpreted to mean any interest held directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, or any pecuniary interest in equity securities held or shared directly or indirectly, subject to the terms and conditions set forth under Rule 16a-1(a)(2) of the Securities Exchange Act of 1934. A Supervised Person who has questions regarding the definition of this term should consult the Compliance Department. Please note: Any report required under *section 5. Reporting Requirements* may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the security to which the report relates. |
| **Client** | Is any entity (e.g. person, corporation or Fund) for which JPMII provides a service. |
| **Federal Securities Laws** | Are the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes- Oxley Act of 2002, the Investment Company Act of 1940 ("1940 Act"), the Advisers Act, Title V of the Gramm-Leach-Bliley Act (1999), any rules adopted by the Securities and Exchange Commission ("SEC") under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted there under by the SEC or the Department of the Treasury. |
| **Fund** | Is an investment company registered under the Investment Company Act of 1940. |
| **Initial Public Offering** | Is an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934. |

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13. ![LOGO](g930911dsp197.jpg)

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| | |
|:---|:---|
| **JPMAM** | JPMAM is an abbreviation for JPMorgan Asset Management, the marketing name for the asset management business of JPMorgan Chase & Co. Within the context of this document, JPMAM refers to the U.S. registered investment advisers of JPMorgan Asset Management |
| **Limited Offering** | Is an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) or pursuant to Rules 504, 505 or 506 there under. |
| **LOB Compliance** | Line of Business Compliance |
| **Proprietary** | Within the context of this Code of Ethics is: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. any research conducted by AM or its affiliates |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. any non-public information pertaining to AM or its affiliates |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. all JPM managed and sub-advised mutual funds |
| **Reportable Fund** | Is any JPMorgan Proprietary Fund, including sub-advised funds |
| **Reportable Security** | Is a security as defined under section 202(a)(18) of the Advisers Act held for the direct or indirect benefit of an Access Person, including any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing. Excluded from this definition are: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Direct obligations of the Government of the United States; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Shares issued by money market funds; and |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Shares issued by open-end funds other than Reportable Funds |
| **Supervised Persons** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any partner, officer, director or employees of JPMII (or other person occupying a similar status or performing similar functions).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All employees of entities affiliated with JPMII that have been authorized by the Office of the Corporate Secretary to act in an official capacity on behalf of a legal entity within JPMII,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Certain consultants, as well as any other persons who provide advice on behalf of JPMII and are subject to JPMII's supervision and control;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All Access Persons |
| **Window List Personnel** | Workforce Members whose position, the nature of their work, or their access to information at JPMC indicates that they have access or potential access to MNPI relating to JPMC. Examples of such MNPI may include, but are not limited to, firmwide or full line of business forecast financials, significant regulatory matters such as litigation or legal reserves, new business initiatives and significant compliance and/or control matters |

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## Ex-99.(T)

**JPMORGAN CREDIT MARKETS FUND** 

**<u>POWER OF ATTORNEY</u>**

Each of the persons whose name appears below hereby severally constitutes and appoints each of Carmine Lekstutis, Kim Taylor, Max Vogel, Aiman Tariq and Henry Pickell, and each of them singly, with full powers of substitution and resubstitution, his or her true and lawful attorney, with full power to sign for him or her, and in his or her name and in the capacities indicated below, any registration statement of JPMorgan Credit Markets Fund (the "Fund") on Form N-2 (each, a "Registration Statement"), any and all subsequent Pre-Effective Amendments and Post-Effective Amendments to such Registration Statements, any and all supplements or other instruments in connection therewith, any subsequent Registration Statements registering the offering of the common shares of beneficial interest of the Fund which may be filed under the Securities Act of 1933, as amended, and/or the Investment Company Act of 1940, as amended (the "1940 Act"), any and all Forms 3, 4, and 5 in accordance with Section 16(a) of the Securities Exchange Act of 1934, as amended, and the rules thereunder, and Section 30(h) of the 1940 Act, any and all agreements, filings, documents, registrations, notices, and other instruments required or permitted to be filed pursuant to the Federal Securities Laws (as that term is defined in Rule 38a-1 under the 1940 Act), and the rules thereunder, the Commodities Exchange Act, as amended, and/or any rules or regulations passed or adopted by the National Futures Association ("NFA"), the Financial Industry Regulatory Authority ("FINRA"), and/or any other self-regulatory organization (each, an "SRO") to whose authority the Fund is subject, and any and all agreements, filings, documents, registrations, notices, and other instruments required or permitted to be filed to comply with the statutes, rules, regulations or law of any state or jurisdiction, including those required to qualify to do business in any such state or jurisdiction (collectively, the "Applicable Laws"), and to file the same, with all exhibits thereto, and other agreements, documents and other instruments in connection therewith, with the appropriate regulatory body including, but not limited to, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the NFA, FINRA, and any SRO, and/or the securities regulators or other agency or regulatory body of the appropriate states and territories, and generally to do all such things in his or her name and on his or her behalf in connection therewith as such attorney deems necessary or appropriate to comply with the Applicable Laws and all related requirements, granting unto such attorney full power and authority to do and perform each and every act and thing requisite or necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that such attorney lawfully could do or cause to be done by virtue hereof.

Each of the persons whose name appears below hereby acknowledges that the attorneys-in-fact, in serving in such capacity at his or her request, are not assuming, nor is the Fund assuming, any of his or her responsibilities to comply with the Applicable Laws. This Power of Attorney shall remain in full force and effect until revoked in a signed writing delivered to the attorneys-in-fact.

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| | |
|:---|:---|
| <br> Donald A. Gignac | September 22, 2025 |
| Trustee |  |
| <br> Stacey Hadash | September 22, 2025 |
| Trustee |  |
| <br> Karen Dunn Kelley | September 22, 2025 |
| Trustee |  |
| <br> Glenn Hill | September 22, 2025 |
| Trustee & President |  |
| <br> Timothy Clemens | September 22, 2025 |
| Chief Financial Officer & Treasurer |  |

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| | |
|:---|:---|
| <br> Carmine Lekstutis | September 22, 2025 |
| Chief Legal Officer & Secretary |  |
| <br> Erin Correale | September 22, 2025 |
| Chief Compliance Officer |  |
| <br> Emilio Quines III | September 22, 2025 |
| Chief Administrative Officer |  |
| <br> Victor Simon | September 22, 2025 |
| Chief Operating Officer |  |
| <br> Michael D'Ambrosio | September 22, 2025 |
| Assistant Treasurer |  |
| <br> Shannon Gaines | September 22, 2025 |
| Assistant Treasurer |  |
| <br> Aleksander Fleytekh | September 22, 2025 |
| Assistant Treasurer |  |
| <br> Brian Coleman | September 22, 2025 |
| Managing Director |  |
| <br> Mary Rooney | September 22, 2025 |
| Managing Director |  |
| <br> Lynnette Ferguson | September 22, 2025 |
| Managing Director |  |
| <br> Kim Taylor | September 22, 2025 |
| Assistant Secretary |  |
| <br> Max Vogel | September 22, 2025 |
| Assistant Secretary |  |
| <br> Aiman Tariq | September 22, 2025 |
|  Assistant Secretary |  |
|  <br> Henry Pickell | September 22, 2025 |
|  Assistant Secretary |  |

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