Common use of Execution of Orders for Purchase and Redemption of Shares Clause in Contracts

Execution of Orders for Purchase and Redemption of Shares. (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 of any Shares shall be executed at the next determined net asset value per share, in each case as described in the Prospectus and SAI. Any applicable deferred sales charge, redemption 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. JPMDS and the Funds reserve the right to reject any purchase request in their sole discretion. The execution of all orders for Share transactions will be subject to the terms of the Prospectus and SAI and JPMDS’ 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:

Execution of Orders for Purchase and Redemption of Shares. (a) All accepted orders 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 Orders for the redemption of any Shares shall be executed at the next determined net asset value per share, in each case as described in the Prospectus and SAIRegistration 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. JPMDS and the Funds reserve the right to reject any purchase request in their sole discretion. The execution of all orders Orders for Share transactions will be subject to the terms of the Prospectus and SAI Registration Statement and JPMDS’ 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:

Execution of Orders for Purchase and Redemption of Shares. (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 of any Shares shall be executed at the next determined net asset value per share, in each case as described in the Prospectus and SAI. Any applicable deferred sales charge, redemption 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 customercustomer (if applicable). JPMDS and the Funds reserve the right to reject any purchase request in their sole discretion. Financial Intermediary will be responsible for submitting all orders for the purchase and redemption of Shares. The execution of all orders for Share transactions will be subject to the terms of the Prospectus and SAI and JPMDS’ 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: