J.P. Morgan Investment Management Inc.

Form ADV Part 2A Firm Brochure

J.P. Morgan Investment Management Inc.

383 Madison Avenue, New York, NY 10179 (800) 343-1113

March 30, 2020

This brochure provides information about the qualifications and business practices of J.P. Morgan Investment Management Inc. ("JPMIM" or the "Adviser"). If you have any questions about the contents of this brochure, please contact us at (800) 343-1113. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission (the "SEC") or by any state securities authority. Additional information about JPMIM, including a copy of the Adviser's Form ADV Part 1A, is also available on the SEC's website at adviserinfo.. JPMIM is registered as an investment adviser with the SEC. Such registration does not imply a certain level of skill or training. PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMODITY FUTURES TRADING COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR BROCHURE.

J.P. Morgan Investment Management Inc.

Form ADV | March 30, 2020

ITEM 2 Material Changes

This brochure ("Brochure") dated March 30, 2020, contains the following material changes since it was last updated on January 2, 2020.

? Items 4.B, 8.A and 8.B were respectively updated to inform potential and existing investors of the following: The creation of the Global Special Situations investment strategy, an alternative investment strategy.

The reorganization of the Global Asset Management Solutions Group and the strategies that they advise.

? Item 5.D - was updated to disclose to potential and existing investors that certain unregistered private funds managed by the Adviser require prepayment of such private fund's asset-based fees.

? Item 8.B - Material, Significant, or Unusual Risks Relating to Investment Strategies were updated to include the following:

Inclusion of additional risk factors beyond the control of the Adviser that can impact a client's investments in the "General Market Risk" section; including but not limited to the risk of infectious disease epidemics.

Inclusion of additional risks types: (i) "Intellectual Property and Technology Risks Involved in International Operations"; (ii) "Data and Information Risk"; (iii) "Leveraged Loans Risk"; and (iv) "Self-Indexing Risk".

? Material changes to Item 11.B - Participation or Interest in Client Transactions and Other Conflicts of Interest include the following:

"Conflicts Relating to the Adviser's Recommendations or Allocations of Client Assets to JPMorgan Affiliated Funds" was updated to inform potential and existing investors that a portfolio manager of a separately managed client account and/or JPMorgan Affiliated Fund can allocate assets from such separately managed client account and/or JPMorgan Affiliated Fund to a JPMorgan Affiliated Fund, where he or she also serves as portfolio manager.

"Companies with an Ownership Interest in JPMC Stock" is a newly included conflict of interest that describes to potential and existing investors the potential conflict of interest that occurs when an unaffiliated asset manager has an ownership interest in JPMC stock.

"Conflicts Related to Co-Investment Opportunities" was updated to address potential conflicts in offering co-investment opportunities sourced by an asset manager in which JPMC holds a strategic investment or economic interest.

For ease of reference, capitalized terms that are defined when first used in the Brochure are also set forth in the Key Terms section.

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J.P. Morgan Investment Management Inc.

Form ADV | March 30, 2020

ITEM 3 Table of Contents

ITEM 1 - Cover Page .......................................................................................................................... -- ITEM 2 - Material Changes................................................................................................................. 1 ITEM 3 - Table of Contents ................................................................................................................. 2 ITEM 4 - Advisory Business................................................................................................................ 4

A. General Description of Advisory Firm ..................................................................................... 4 B. Description of Advisory Services ............................................................................................ 4 C. Availability of Customized Services for Individual Clients ...................................................... 6 D. Wrap Fee Programs............................................................................................................... 6 E. Assets Under Management .................................................................................................... 10 ITEM 5 - Fees and Compensation...................................................................................................... 10 A. Advisory Fees and Compensation.......................................................................................... 10 B. Payment of Fees .................................................................................................................... 12 C. Additional Fees and Expenses............................................................................................... 12 D. Prepayment of Fees............................................................................................................... 15 E. Additional Compensation and Conflicts of Interest................................................................. 16 ITEM 6 - Performance-Based Fees and Side-by-Side Management ................................................. 17 A. Performance-Based Fees ...................................................................................................... 17 B. Side-by-Side Management and Potential Conflicts of Interest ............................................... 17 ITEM 7 - Type of Clients ..................................................................................................................... 18 ITEM 8 - Methods of Analysis, Investment Strategies and Risk of Loss ............................................ 19 A. Methods of Analysis and Investment Strategies...................................................................... 19 B. Material, Significant, or Unusual Risks Relating to Investment Strategies.............................. 29 C. Risks Associated with Particular Types of Securities .............................................................. 44 ITEM 9 - Disciplinary Information........................................................................................................ 44 A. Criminal or Civil Proceedings ................................................................................................... 44 B. Administrative Proceedings Before Regulatory Authorities ...................................................... 44 C. Self-Regulatory Organization Proceedings .............................................................................. 44 ITEM 10 - Other Financial Industry Activities and Affiliations.............................................................. 44 A. Broker-Dealer Registration Status............................................................................................ 44 B. Futures Commission Merchant, Commodity Pool Operator, or Commodity Trading Advisor Registration Status ............................................................................................................................. 45 C. Related Persons........................................................................................................................ 45 D. Material Conflicts of Interest Relating to Other Investment Advisers ........................................ 49 ITEM 11 - Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ...... 50 A. Code of Ethics and Personal Trading ........................................................................................ 50 B. Securities in which the Adviser or a Related Person Has a Material Financial Interest ............ 50 ITEM 12 - Brokerage Practices........................................................................................................... 65 A. Factors Considered in Selecting or Recommending Broker-Dealers for Client Transactions ... 65 B. Order Aggregation ..................................................................................................................... 68 ITEM 13 - Review of Accounts............................................................................................................ 70 A. Frequency and Nature of Review of Client Accounts or Financial Plans .................................. 70 B. Factors Prompting Review of Client Accounts Other than a Periodic Review .......................... 71 C. Content and Frequency of Account Reports to Clients ............................................................. 71

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J.P. Morgan Investment Management Inc.

Form ADV | March 30, 2020

ITEM 14 - Client Referrals and Other Compensation ......................................................................... 71 A. Economic Benefits Received from Third-Parties for Providing Services to Clients ................... 72 B. Compensation to Non-Supervised Persons for Client Referrals ............................................... 72

ITEM 15 - Custody.............................................................................................................................. 72 ITEM 16 - Investment Discretion ........................................................................................................ 73 ITEM 17 - Voting Client Securities ...................................................................................................... 73

A. Policies and Procedures Relating to Voting Client Securities ................................................... 73 B. No Authority to Vote Client Securities and Client Receipt of Proxies ........................................ 75 ITEM 18 - Financial Information.......................................................................................................... 75 A. Balance Sheet ........................................................................................................................... 75 B. Financial Conditions Likely to Impair Ability to Meet Contractual Commitments to Clients....... 75 C. Bankruptcy Filings..................................................................................................................... 76 APPENDIX A - Separate Account Fee Schedules .............................................................................. 76 Key Terms........................................................................................................................................... 97

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J.P. Morgan Investment Management Inc.

Form ADV | March 30, 2020

ITEM 4 Advisory Business

A. General Description of Advisory Firm

This Brochure relates to the investment advisory services offered by J.P. Morgan Investment Management Inc. ("JPMIM" or the "Adviser"). JPMIM is registered with the Securities and Exchange Commission ("SEC") as an investment adviser pursuant to the Investment Advisers Act of 1940, as amended (the "Advisers Act"). JPMIM, together with Bear Stearns Asset Management Inc., Highbridge Capital Management, LLC, J.P. Morgan Alternative Asset Management, Inc., JPMorgan Asset Management (Asia Pacific) Limited, JPMorgan Asset Management (UK) Limited, JPMorgan Funds Limited, Security Capital Research & Management Inc., each an SEC registered investment adviser, various affiliated foreign investment advisers and the asset management division of JPMorgan Chase Bank, N.A. comprise the Asset Management ("AM") business of J.P. Morgan Asset & Wealth Management ("JPMAWM"). J.P. Morgan Asset Management ("JPMAM") is the marketing name for the AM businesses of JPMorgan Chase & Co. and its affiliates worldwide ("JPMC"). JPMC is a publicly traded global financial services firm.

JPMorgan Asset Management Holdings Inc., which is a subsidiary of JPMC, owns all the common stock of JPMIM. JPMIM was incorporated in Delaware on February 7, 1984.

B. Description of Advisory Services

The Adviser and its "Affiliates" (as defined in Key Terms) in JPMAM provide a broad range of investment strategies to meet the diverse requirements of their clients' investment needs. The Adviser's advisory services are offered on both a discretionary and non-discretionary basis through a variety of investment vehicles and arrangements, depending on the strategy. These include separately managed accounts (including direct advisory services or indirect advisory services through wrap fee programs) and pooled investment vehicles such as mutual funds, exchange-traded funds ("ETF") or private investment funds.

The Adviser also provides advisory services to the You Invest Portfolios Program, which is described in a separate brochure. For additional information about the Program, please see the Adviser's Brochure for the You Invest Portfolios Program, available at adviserinfo. or upon request from the Adviser.

Below is a brief description of the investment strategies and solutions offered by the Adviser. Major asset classes supported by the Adviser include: global equities, global fixed income, currency & commodities, global liquidity, index-oriented or beta, and alternatives, including absolute return & opportunistic fixed income, real estate, infrastructure, transportation, private credit and private equity. The Adviser also offers asset allocation strategies and multi-asset portfolios, including fund of funds strategies and Environmental, Social and Governance ("ESG") solutions.

Global Equities ("Equity" or "Equities") Investment Strategies.

The following are some of the Adviser's significant Equity strategies:

? U.S. Equity, including Core, Value, Growth, Small Cap and Behavioral Finance

? International Equity, including Global Real Estate Investment Trusts ("REITs"), International Behavioral Finance, Research Driven Process and Global Specialist

? Emerging Markets Equity, including Core, Growth, Income, Balanced, Small Cap and Mid Cap

? Asia Pacific ("APAC") Equity, including APAC Regional, the Association of Southeast Asian Nations ("ASEAN"), Greater China, India and Japan

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