Arsal Rehman

J.P. Morgan Private Investments (JPMPI) does not directly charge clients a fee. Instead, JPMS reimburses JPMPI for its costs in providing investment services. Clients pay JPMS an asset-based fee (wrap fee) for the various services JPMS provides in the Program. Funds held in an account have investment advisory expenses, so clients incur two levels of investment management fees and expenses: one indirectly in the form of an investment management fee to the investment adviser of each Fund, and one to JPMS for its services rendered. These fees are in addition to any fees paid to JPMS as the sponsor.