<p>Research is the foundation of active management</p>

¹JPMAM utilizes Large Language Models (LLMs) internally in an effort to produce a greater level of operational scalability and efficiency across multiple lines on business. The LLMs are not relied on to make investment decision for the portfolio manager. The final investment decision is the responsibility of the portfolio manager. While the intent of LLMs is to provide accurate and comprehensive content to portfolio managers, LLM technology may occasionally generate inaccurate, incorrect, incomplete, misleading, or irrelevant information. As a result, LLM output is treated with the high level of caution and scrutiny by JPMAM. The research highlighted above is part of J.P. Morgan Asset Management's (JPMAM) overall investment management platform. As an asset manager; JPMAM does not offer research, provide advice or make investment recommendations.