Fund Name | JPMorgan
Prime Money Market Fund (“Prime Money Market Fund”) |
JPMorgan
100% U.S. Treasury Securities Money Market Fund (“100% U.S. Treasury Securities Money Market Fund”) |
JPMorgan
Federal Money Market Fund (“Federal Money Market Fund”) |
JPMorgan
California Municipal Money Market Fund (“California Municipal Money Market Fund”) |
JPMorgan
New York Municipal Money Market Fund (“New York Municipal Money Market Fund”) |
JPMorgan
Tax Free Money Market Fund (“Tax Free Money Market Fund”) |
Academy | JPAXX | |||||
Agency | VMIXX | VPIXX | VFIXX | JOYXX | JONXX | VTIXX |
Capital | CJPXX | CJTXX | JFCXX* | |||
Class C | JXCXX | |||||
E *TRADE Class | JCEXX | JNEXX | ||||
IM Shares | JIMXX | JSMXX | ||||
Institutional Class | JINXX | JTSXX | JFMXX | JGCXX | JGNXX | JTFXX |
Morgan | VMVXX | HTSXX | VFVXX | VCAXX | VNYXX | VTMXX |
Premier | VPMXX | VHPXX | VFPXX | JCRXX | JNPXX | VXPXX |
Reserve | JRVXX | RJTXX | JNYXX | RTJXX | ||
Service | JCVXX | JNVXX |
* | The share class currently is not offered to the general public. |
Fund Name | JPMorgan
U.S. Government Money Market Fund (“U.S. Government Money Market Fund”) |
JPMorgan
U.S. Treasury Plus Money Market Fund (“U.S. Treasury Plus Money Market Fund”) |
JPMorgan
Liquid Assets Money Market Fund (“Liquid Assets Money Market Fund”) |
JPMorgan
Municipal Money Market Fund (“Municipal Money Market Fund”) |
Academy | JGAXX | |||
Agency | OGAXX | AJTXX | AJLXX | JMAXX |
Capital | OGVXX | JTCXX | CJLXX | |
Class C | OTCXX | OPCXX | ||
E *TRADE Class | JUSXX | JLEXX | JMEXX | |
IM Shares | MGMXX | MJPXX | ||
Institutional Class | IJGXX | IJTXX | IJLXX | IJMXX |
Investor | JGMXX | HGOXX | HLPXX | |
Morgan | MJGXX | MJTXX | MJLXX | MJMXX |
Premier | OGSXX | PJTXX | PJLXX | HTOXX |
Reserve | RJGXX | HTIXX | HPIXX | |
Service | SJGXX | SJMXX |
Fund Name | JPMorgan
Institutional Tax Free Money Market Fund (“Institutional Tax Free Money Market Fund”) |
JPMorgan
Securities Lending Money Market Fund (“Securities Lending Money Market Fund”) |
Agency | JOAXX | |
Agency SL | VSLXX | |
Capital | JOCXX | |
IM Shares | JOIXX | |
Institutional Class | JOFXX |
Morgan Shares and Class C Shares: | Academy
Shares, Agency Shares, Agency SL Shares, Capital Shares, IM Shares,
Institutional Class Shares, Investor Shares, Premier Shares, Reserve Shares, Service Shares and E*TRADE Class Shares: |
J.P.
Morgan Funds Services P.O. Box 219143 Kansas City, MO 64121-9143 1-800-480-4111 |
Regular
mailing address: J.P. Morgan Institutional Funds Service Center P.O. Box 219265 Kansas City, MO 64121-9265 1-800-766-7722 |
Overnight
mailing address: J.P. Morgan Institutional Funds Service Center c/o DST Systems, Inc. Suite 219265 430 W. 7th Street Kansas City, MO 64105-1407 1-800-766-7722 |
Target Funds | Surviving Funds | |
One Group Treasury Only Money Market Fund | JPMorgan 100% U.S Treasury Securities Money Market Fund | |
One Group U.S. Government Securities Money Market Fund; JPMorgan U.S. Government Money Market Fund | One Group Government Money Market Fund now known as JPMorgan U.S. Government Money Market Fund | |
JPMorgan Liquid Assets Money Market Fund | One Group Prime Money Market Fund now known as JPMorgan Liquid Assets Money Market Fund | |
JPMorgan Treasury Plus Money Market Fund | One Group U.S. Treasury Securities Money Market Fund now known as JPMorgan U.S. Treasury Plus Money Market Fund |
Former Name | Current Name | |
One Group Government Money Market Fund | JPMorgan U.S. Government Money Market Fund | |
One Group Municipal Money Market Fund | JPMorgan Municipal Money Market Fund | |
One Group Prime Money Market Fund | JPMorgan Liquid Assets Money Market Fund | |
One Group U.S. Treasury Securities Money Market Fund | JPMorgan U.S. Treasury Plus Money Market Fund | |
JPMorgan California Tax Free Money Market Fund | JPMorgan California Municipal Money Market Fund | |
JPMorgan New York Tax Free Money Market Fund | JPMorgan New York Municipal Money Market Fund |
Former Name | Current Name | |
JPMorgan Prime Money Market Fund II | JPMorgan Prime Money Market Fund | |
JPMorgan Federal Money Market Fund II | JPMorgan Federal Money Market Fund |
Fund | Academy | Agency | Agency SL | Capital | Class C | E*Trade Class |
IM Shares |
Institutional Class | ||||||||
Institutional Tax Free Money Market Fund | X | X | X 4 | X | ||||||||||||
Prime Money Market Fund | X 1 | X | X | X | X 4 | X | ||||||||||
Securities Lending Money Market Fund | X 2 | |||||||||||||||
100% U.S. Treasury Securities Money Market Fund | X | X | X 4 | X | ||||||||||||
Federal Money Market Fund | X | X* | X | |||||||||||||
U.S. Government Money Market Fund | X 1 | X | X | X 3 | X 4 | X | ||||||||||
U.S. Treasury Plus Money Market Fund | X | X* | X | X 4 | X | |||||||||||
California Municipal Money Market Fund | X | X 3 | X | |||||||||||||
Liquid Assets Money Market Fund | X | X | X | X 3 | X | |||||||||||
Municipal Money Market Fund | X | X 3 | X | |||||||||||||
New York Municipal Money Market Fund | X | X 3 | X | |||||||||||||
Tax Free Money Market Fund | X | X |
Investor | Morgan | Premier | Reserve | Service | |||||
Institutional Tax Free Money Market Fund | |||||||||
Prime Money Market Fund | X |
X | X | ||||||
Securities Lending Money Market Fund | |||||||||
100% U.S. Treasury Securities Money Market Fund | X | X | X | ||||||
Federal Money Market Fund | X | X | |||||||
U.S. Government Money Market Fund | X |
X | X | X | X | ||||
U.S. Treasury Plus Money Market Fund | X |
X | X | X | |||||
Liquid Assets Money Market Fund | X |
X | X | X | |||||
California Municipal Money Market Fund | X | X | X | ||||||
Municipal Money Market Fund | X | X | X | ||||||
New York Municipal Money Market Fund | X | X | X | X | |||||
Tax Free Money Market Fund | X | X | X |
1 | Academy Shares are available only to clients of Academy Securities and its affiliates. |
2 | Agency SL Shares are available only to securities lending agents that invest securities lending cash collateral in Shares of the Fund. |
3 | E*TRADE Class Shares are available only to clients of E*TRADE Securities, LLC. |
4 | IM Shares are offered only to (1) investment companies, including the J.P. Morgan Funds, registered under the Investment Company Act of 1940, as amended (the “1940 Act”) (each a “Registered Investment Company”) and/or funds that are exempt from registration as an investment company pursuant to Section 3(c)(1) or 3(c)(7) of the 1940 Act (collectively, “funds”), including funds that are wholly-owned by one or more Registered Investment Companies; and (2) corporate trustees. |
* | The share class currently is not offered to the general public. |
(1) | May not borrow money, except to the extent permitted by applicable law; |
(2) | May make loans to other persons, in accordance with a Fund’s investment objective and policies and to the extent permitted by applicable law; |
(3) | May not purchase any security which would cause a Fund to concentrate its investments in the securities of issuers primarily engaged in any particular industry or group of industries except as permitted by the SEC. Notwithstanding the foregoing, a Fund may invest more than 25% of its total assets in obligations issued by banks, including U.S. banks; |
(4) | May purchase and sell commodities to the maximum extent permitted by law; |
(5) | May not invest directly in real estate unless acquired as a result of ownership of securities or other instruments. This restriction does not prevent a Fund from investing in securities or other instruments (a) issued by companies that invest, deal or otherwise engage in transactions in real estate, or (b) backed by real estate or interests in real estate; |
(6) | May not issue senior securities, except as permitted under the 1940 Act or any rule, order or interpretation thereunder; |
(7) | May not underwrite securities of other issuers, except to the extent that a Fund may be deemed an underwriter under certain securities laws in the disposition of “restricted securities”; |
(1) | The Funds may not purchase securities of other investment companies except as permitted by the 1940 Act and rules, regulations and applicable exemptive relief thereunder. |
FUND NAME | FUND CODE |
Institutional Tax Free Money Market Fund | 1 |
Prime Money Market Fund | 2 |
Securities Lending Money Market Fund | 3 |
100% U.S. Treasury Securities Money Market Fund | 4 |
Federal Money Market Fund | 5 |
U.S. Government Money Market Fund | 6 |
U.S. Treasury Plus Money Market Fund | 7 |
California Municipal Money Market Fund | 8 |
Liquid Assets Money Market Fund | 9 |
Municipal Money Market Fund | 10 |
New York Municipal Money Market Fund | 11 |
Tax Free Money Market Fund | 12 |
Instrument | Fund Code | Part
II Section Reference |
Asset-Backed Securities: Securities secured by company receivables, home equity loans, truck and auto loans, leases, and credit card receivables or other securities backed by other types of receivables or other assets. | 1-3, 8-12 | Asset-Backed Securities |
Bank Obligations: Bankers’ acceptances, certificates of deposit and time deposits. Bankers’ acceptances are bills of exchange or time drafts drawn on and accepted by a commercial bank. Maturities are generally six months or less. Certificates of deposit are negotiable certificates issued by a bank for a specified period of time and earning a specified return. Time deposits are non-negotiable receipts issued by a bank in exchange for the deposit of funds. | 1-3, 8-12 | Bank Obligations |
Borrowings: The Fund may borrow for temporary purposes and/or for investment purposes. Such a practice will result in leveraging of the Fund’s assets and may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. The Fund must maintain continuous asset coverage of 300% of the amount borrowed, with the exception for borrowings not in excess of 5% of the Fund’s total assets made for temporary administrative purposes. | 1, 3 | Miscellaneous Investment Strategies and Risks |
Commercial Paper: Secured and unsecured short-term promissory notes issued by corporations and other entities. Maturities generally vary from a few days to nine months. | 1-3, 8-12 | Commercial Paper |
Corporate Debt Securities: May include bonds and other debt securities of domestic and foreign issuers, including obligations of industrial, utility, banking and other corporate issuers. | 1-3, 9 | Debt Instruments |
Instrument | Fund Code | Part
II Section Reference |
Demand Features: Securities that are subject to puts and standby commitments to purchase the securities at a fixed price (usually with accrued interest) within a fixed period of time following demand by a Fund. | 1-3, 6-12 | Demand Features |
Extendable Commercial Notes: Variable rate notes which normally mature within a short period of time (e.g., one month) but which may be extended by the issuer for a maximum maturity of thirteen months. | 1-3, 8-12 | Debt Instruments |
Foreign Investments: Commercial paper of foreign issuers and obligations of foreign branches of U.S. banks and foreign banks. Foreign securities may also include American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), European Depositary Receipts (“EDRs”) and American Depositary Securities. | 2, 3, 8-12 | Foreign Investments (including Foreign Currencies) |
Inflation-Linked Debt Securities: Fixed and floating rate debt securities of varying maturities issued by the U.S. government as well as securities issued by other entities such as corporations, foreign governments and foreign issuers. | 3 | Debt Instruments |
Interfund Lending: Involves lending money and borrowing money for temporary purposes through a credit facility. | 1-12 | Miscellaneous Investment Strategies and Risks |
Investment Company Securities: Shares of other investment companies, including money market funds for which the Adviser and/or its affiliates serve as investment adviser or administrator. The Adviser will waive certain fees when investing in funds for which it serves as investment adviser, to the extent required by law or by contract. | 1-3, 5, 6, 8-12 | Investment Company Securities and Exchange Traded Funds |
Loan Assignments and Participations: Assignments of, or participations in, all or a portion of loans to corporations or to governments, including governments in less developed countries. | 8, 10-12 | Loans |
Mortgage-Backed Securities: Debt obligations secured by real estate loans and pools of loans such as collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities (“CMBSs”), and other asset-backed structures. | 1-3, 5, 6, 8-12 | Mortgage-Related Securities |
Municipal Securities: Securities issued by a state or political subdivision to obtain funds for various public purposes. Municipal securities include, among others, private activity bonds and industrial development bonds, as well as general obligation notes, tax anticipation notes, bond anticipation notes, revenue anticipation notes, other short-term tax-exempt obligations, municipal leases, obligations of municipal housing authorities and single family revenue bonds. | 1-3, 8-12 | Municipal Securities |
New Financial Products: New options and futures contracts and other financial products continue to be developed and the Fund may invest in such options, contracts and products. | 1, 3 | Miscellaneous Investment Strategies and Risks |
Participation Certificates: Certificates representing an interest in a pool of funds or in other instruments, such as a mortgage pool. | 1-3, 8-12 | Additional Information on the Use of Participation Certificates in Part I of the SAI |
Preferred Stock: A class of stock that generally pays a dividend at a specified rate and has preference over common stock in the payment of dividends and in liquidation. | 1 | Equity Securities, Warrants and Rights |
Instrument | Fund Code | Part
II Section Reference |
Private Placements, Restricted Securities and Other Unregistered Securities: Securities not registered under the Securities Act of 1933, such as privately placed commercial paper and Rule 144A securities. | 1-3, 8-12 | Miscellaneous Investment Strategies and Risks |
Repurchase Agreements: The purchase of a security and the simultaneous commitment to return the security to the seller at an agreed upon price on an agreed upon date. This is treated as a loan. | 1-3, 5-12 | Repurchase Agreements |
Reverse Repurchase Agreements: The sale of a security and the simultaneous commitment to buy the security back at an agreed upon price on an agreed upon date. This is treated as a borrowing by a Fund. | 1-3, 5-12 | Reverse Repurchase Agreements |
Short-Term Funding Agreements: Agreements issued by banks and highly rated U.S. insurance companies such as Guaranteed Investment Contracts (“GICs”) and Bank Investment Contracts (“BICs”). | 2, 3, 8-12 | Short-Term Funding Agreements |
Sovereign Obligations: Investments in debt obligations issued or guaranteed by a foreign sovereign government or its agencies, authorities or political subdivisions. | 2, 3, 9 | Foreign Investments (including Foreign Currencies) |
Structured Investments: A security having a return tied to an underlying index or other security or asset class. Structured investments generally are individually negotiated agreements and may be traded over-the-counter. Structured investments are organized and operated to restructure the investment characteristics of the underlying security. | 1-3, 5, 6, 8-12 | Structured Investments |
Synthetic Variable Rate Instruments: Instruments that generally involve the deposit of a long-term tax exempt bond in a custody or trust arrangement and the creation of a mechanism to adjust the long-term interest rate on the bond to a variable short-term rate and a right (subject to certain conditions) on the part of the purchaser to tender it periodically to a third party at par. | 1-3, 8-12 | Swaps and Related Swap Products |
Temporary Defensive Positions: To respond to unusual circumstances a Fund may hold cash or deviate from its investment strategy. | 1-12 | Miscellaneous Investment Strategies and Risks |
Treasury Receipts: A Fund may purchase interests in separately traded interest and principal component parts of U.S. Treasury obligations that are issued by banks or brokerage firms and that are created by depositing U.S. Treasury notes and U.S. Treasury bonds into a special account at a custodian bank. Receipts include Treasury Receipts (“TRs”), Treasury Investment Growth Receipts (“TIGRs”), and Certificates of Accrual on Treasury Securities (“CATS”). | 2, 3, 8-12 | Treasury Receipts |
U.S. Government Agency Securities: Securities issued by agencies and instrumentalities of the U.S. government. These include all types of securities issued or guaranteed by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”), including funding notes, subordinated benchmark notes, Government-Sponsored Enterprises (“GSEs”), CMOs and Real Estate Mortgage Investment Conduits (“REMICs”). | 1-3, 5, 6, 8-12 | Mortgage-Related Securities |
Instrument | Fund Code | Part
II Section Reference |
U.S. Government Obligations: May include direct obligations of the U.S. Treasury, including Treasury bills, notes and bonds, all of which are backed as to principal and interest payments by the full faith and credit of the United States, and separately traded principal and interest component parts of such obligations that are transferable through the Federal book-entry system known as Separate Trading of Registered Interest and Principal of Securities (“STRIPS”) and Coupons Under Book-Entry Safekeeping (“CUBES”). | 1-12 | U.S. Government Obligations |
Variable and Floating Rate Instruments: Obligations with interest rates which are reset daily, weekly, quarterly or some other frequency and which may be payable to a Fund on demand or at the expiration of a specified term. | 1-12 | Debt Instruments |
When-Issued Securities, Delayed Delivery Securities and Forward Commitments: Purchase or contract to purchase securities at a fixed price for delivery at a future date. | 1-12 | When-Issued Securities, Delayed Delivery Securities and Forward Commitments |
Zero-Coupon, Pay-in-Kind and Deferred Payment Securities: Zero-coupon securities are securities that are sold at a discount to par value and on which interest payments are not made during the life of the security. Pay-in-kind securities are securities that have interest payable by delivery of additional securities. Deferred payment securities are zero-coupon debt securities which convert on a specified date to interest bearing debt securities. | 2-12 | Debt Instruments |
Committee | Fiscal
Year Ended February 29, 2020 | |
Audit and Valuation Committee | 4 | |
Compliance Committee | 4 | |
Governance Committee | 4 | |
Equity Committee | 5 | |
Fixed Income Committee | 6 | |
Money Market and Alternative Products Committee | 7 |
Name of Trustee | Ownership
of 100% U.S. Treasury Securities Money Market Fund |
Ownership
of California Municipal Money Market Fund |
Ownership
of Federal Money Market Fund |
Ownership
of Institutional Tax Free Money Market Fund |
Ownership
of Liquid Assets Money Market Fund | |||||
Independent Trustees | ||||||||||
John F. Finn | None | None | None | None | None | |||||
Stephen P. Fisher | None | None | None | None | Over
$100,000 | |||||
Kathleen M. Gallagher | None | None | None | None | None | |||||
Dennis P. Harrington | None | None | None | None | None | |||||
Frankie D. Hughes | None | None | None | None | Over
$100,000 | |||||
Raymond Kanner | None | None | None | None | None | |||||
Peter C. Marshall | None | None | None | None | None | |||||
Mary E. Martinez | None | None | None | None | None | |||||
Marilyn McCoy | None | None | None | None | None | |||||
Mitchell M. Merin | None | None | None | None | None | |||||
Dr. Robert A. Oden, Jr. | None | None | None | None | None | |||||
Marian U. Pardo | None | None | None | None | None |
Name of Trustee | Ownership
of Municipal Money Market Fund |
Ownership
of New York Municipal Money Market Fund |
Ownership
of Prime Money Market Fund |
Ownership
of Securities Lending Money Market Fund |
Ownership
of Tax Free Money Market Fund | |||||
Independent Trustees | ||||||||||
John F. Finn | None | None | None | None | None | |||||
Stephen P. Fisher | None | None | None | None | None | |||||
Kathleen M. Gallagher | None | None | Over
$100,000 |
None | None | |||||
Dennis P. Harrington | None | None | None | None | None | |||||
Frankie D. Hughes | None | None | None | None | None | |||||
Raymond Kanner | None | None | None | None | None | |||||
Peter C. Marshall | None | None | None | None | None | |||||
Mary E. Martinez | None | None | None | None | None | |||||
Marilyn McCoy | None | None | None | None | None | |||||
Mitchell M. Merin | None | None | None | None | None |
Name of Trustee | Ownership
of Municipal Money Market Fund |
Ownership
of New York Municipal Money Market Fund |
Ownership
of Prime Money Market Fund |
Ownership
of Securities Lending Money Market Fund |
Ownership
of Tax Free Money Market Fund | |||||
Dr. Robert A. Oden, Jr. | None | None | None | None | None | |||||
Marian U. Pardo | None | None | None | None | None |
Name of Trustee | Ownership
of U.S. Government Money Market Fund |
Ownership
of U.S. Treasury Plus Money Market Fund |
Aggregate
Dollar Range of Equity Securities in all Registered Investment Companies Overseen by the Trustee in Family of Investment Companies1,2 | |||
Independent Trustees | ||||||
John F. Finn | None | None | Over $100,000 | |||
Stephen P. Fisher | None | None | Over $100,000 | |||
Kathleen M. Gallagher | None | None | Over $100,000 | |||
Dennis P. Harrington | Over $100,000 | None | Over $100,000 | |||
Frankie D. Hughes | None | None | Over $100,000 | |||
Raymond Kanner | None | None | Over $100,000 | |||
Peter C. Marshall | None | None | Over $100,000 | |||
Mary E. Martinez | None | None | Over $100,000 | |||
Marilyn McCoy | None | None | Over $100,000 | |||
Mitchell M. Merin | None | None | Over $100,000 | |||
Dr. Robert A. Oden, Jr. | None | None | Over $100,000 | |||
Marian U. Pardo | $1-$10,000 | None | Over $100,000 |
1 | A Family of Investment Companies means any two or more registered investment companies that share the same investment adviser or principal underwriter and hold themselves out to investors as related companies for purposes of investment and investor services. The Family of Investment Companies for which the Board of Trustees currently serves includes ten registered investment companies (126 J.P. Morgan Funds). |
2 | For Mses. Gallagher and McCoy and Messrs. Finn, Fisher, Harrington, Kanner, Marshall and Oden, these amounts include deferred compensation balances, as of 12/31/19, through participation in the J.P. Morgan Funds’ Deferred Compensation Plan for Eligible Trustees. For a more complete discussion, see the “Trustee Compensation” section in Part II of this SAI. |
Name of Trustee | Institutional
Tax Free Money Market Fund |
Prime
Money Market Fund |
Securities
Lending Money Market Fund |
100%
U.S. Treasury Securities Money Market Fund |
Federal
Money Market Fund | |||||
Independent Trustees |
Name of Trustee | Institutional
Tax Free Money Market Fund |
Prime
Money Market Fund |
Securities
Lending Money Market Fund |
100%
U.S. Treasury Securities Money Market Fund |
Federal
Money Market Fund | |||||
John F. Finn | $2,149 | $18,786 | $2,704 | $15,632 | $2,660 | |||||
Stephen P. Fisher | 2,084 | 15,039 | 2,479 | 11,687 | 2,447 | |||||
Kathleen M. Gallagher | 2,084 | 15,039 | 2,479 | 11,687 | 2,447 | |||||
Dr. Matthew Goldstein4 | 2,377 | 31,900 | 3,489 | 29,440 | 3,405 | |||||
Dennis P. Harrington | 2,149 | 18,786 | 2,704 | 15,632 | 2,660 | |||||
Frankie D. Hughes | 2,084 | 15,039 | 2,479 | 11,687 | 2,447 | |||||
Raymond Kanner | 2,084 | 15,039 | 2,479 | 11,687 | 2,447 | |||||
Peter C. Marshall | 2,084 | 15,039 | 2,479 | 11,687 | 2,447 | |||||
Mary E. Martinez | 2,149 | 18,786 | 2,704 | 15,632 | 2,660 | |||||
Marilyn McCoy | 2,084 | 15,039 | 2,479 | 11,687 | 2,447 | |||||
Mitchell M. Merin | 2,149 | 18,786 | 2,704 | 15,632 | 2,660 | |||||
Dr. Robert A. Oden, Jr. | 2,084 | 15,039 | 2,479 | 11,687 | 2,447 | |||||
Marian U. Pardo | 2,149 | 18,786 | 2,704 | 15,632 | 2,660 |
Name of Trustee | U.S.
Government Money Market Fund |
U.S.
Treasury Plus Money Market Fund |
California
Municipal Money Market Fund |
Liquid
Assets Money Market Fund |
Municipal
Money Market Fund | |||||
Independent Trustees | ||||||||||
John F. Finn | $38,754 | $ 9,588 | $2,051 | $3,525 | $2,655 | |||||
Stephen P. Fisher | 28,139 | 7,378 | 2,014 | 3,065 | 2,443 | |||||
Kathleen M. Gallagher | 28,139 | 7,378 | 2,014 | 3,065 | 2,443 | |||||
Dr. Matthew Goldstein4 | 75,905 | 17,320 | 2,179 | 5,136 | 3,394 | |||||
Dennis P. Harrington | 38,754 | 9,588 | 2,051 | 3,525 | 2,655 | |||||
Frankie D. Hughes | 28,139 | 7,378 | 2,014 | 3,065 | 2,443 | |||||
Raymond Kanner | 28,139 | 7,378 | 2,014 | 3,065 | 2,443 | |||||
Peter C. Marshall | 28,139 | 7,378 | 2,014 | 3,065 | 2,443 | |||||
Mary E. Martinez | 38,754 | 9,588 | 2,051 | 3,525 | 2,655 | |||||
Marilyn McCoy | 28,139 | 7,378 | 2,014 | 3,065 | 2,443 | |||||
Mitchell M. Merin | 38,754 | 9,588 | 2,051 | 3,525 | 2,655 | |||||
Dr. Robert A. Oden, Jr. | 28,139 | 7,378 | 2,014 | 3,065 | 2,443 | |||||
Marian U. Pardo | 38,754 | 9,588 | 2,051 | 3,525 | 2,655 |
Name of Trustee | New
York Municipal Money Market Fund |
Tax
Free Money Market Fund |
Total
Compensation Paid From Fund Complex1 | |||
Independent Trustees | ||||||
John F. Finn | $2,334 | $5,799 | $425,000 | |||
Stephen P. Fisher | 2,216 | 4,680 | 375,000 2 | |||
Kathleen M. Gallagher | 2,216 | 4,679 | 375,000 3 | |||
Dr. Matthew Goldstein4 | 2,747 | 9,715 | 600,000 | |||
Dennis P. Harrington | 2,334 | 5,799 | 425,000 5 | |||
Frankie D. Hughes | 2,216 | 4,680 | 375,000 | |||
Raymond Kanner | 2,216 | 4,680 | 375,000 2 | |||
Peter C. Marshall | 2,216 | 4,679 | 375,000 3 | |||
Mary E. Martinez | 2,334 | 5,799 | 425,000 | |||
Marilyn McCoy | 2,216 | 4,680 | 375,000 2 | |||
Mitchell M. Merin | 2,334 | 5,799 | 425,000 | |||
Dr. Robert A. Oden, Jr. | 2,216 | 4,680 | 375,000 | |||
Marian U. Pardo | 2,334 | 5,799 | 425,000 |
1 | A Fund Complex means two or more registered investment companies that (i) hold themselves out to investors as related companies for purposes of investment and investor services or (ii) have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees currently serves includes ten registered investment companies (126 Funds). |
2 | Includes $375,000 of Deferred Compensation. |
3 | Includes $112,500 of Deferred Compensation. |
4 | Dr. Goldstein retired as a Trustee of the Trusts, effective 12/31/19. |
5 | Includes $425,000 of Deferred Compensation. |
Fiscal Year Ended | ||||||||||||
February 28, 2018 | February 28, 2019 | February 29, 2020 | ||||||||||
Fund | Paid | Waived | Paid | Waived | Paid | Waived | ||||||
Institutional Tax Free Money Market Fund1 | N/A | N/A | $ 320 | $ (150) | $ 660 | $ (123) | ||||||
Prime Money Market Fund | $ 28,448 | $ (77) | 33,564 | (36) | 44,461 | (34) | ||||||
Securities Lending Money Market Fund2 | N/A | N/A | 15 | (471) | 763 | (1,977) | ||||||
100% U.S. Treasury Securities Money Market Fund | 21,778 | (1,167) | 30,357 | (2,277) | 47,779 | (38) | ||||||
Federal Money Market Fund | 1,928 | (534) | 2,227 | (330) | 2,137 | (95) | ||||||
U.S. Government Money Market Fund | 114,214 | (60) | 112,361 | (124) | 120,517 | (95) | ||||||
U.S. Treasury Plus Money Market Fund | 17,434 | (45) | 21,630 | (21) | 23,804 | (18) | ||||||
California Municipal Money Market Fund | 67 | (180) | 155 | (152) | 287 | (155) | ||||||
Liquid Assets Money Market Fund | 772 | (261) | 2,091 | (393) | 6,242 | (122) | ||||||
Municipal Money Market Fund | 1,034 | (540) | 1,857 | (557) | 1,460 | (629) | ||||||
New York Municipal Money Market Fund | 241 | (173) | 495 | (171) | 1,563 | (162) | ||||||
Tax Free Money Market Fund | 11,664 | (847) | 12,457 | (755) | 11,172 | — |
1 | The Fund commenced operations on 3/1/18. |
2 | The Fund commenced operations on 9/19/18. |
Fiscal Year Ended | ||||||||||||
February 28, 2018 | February 28, 2019 | February 29, 2020 | ||||||||||
Fund | Paid | Waived | Paid | Waived | Paid | Waived | ||||||
Institutional Tax Free Money Market Fund1 | N/A | N/A | $ 283 | $ (104) | $ 480 | $ (82) | ||||||
Prime Money Market Fund | $24,900 | $ (44) | 28,121 | — | 31,966 | — | ||||||
Securities Lending Money Market Fund2 | N/A | N/A | 39 | (342) | 654 | (1,318) | ||||||
100% U.S. Treasury Securities Money Market Fund | 19,292 | (770) | 25,759 | (1,499) | 34,359 | — | ||||||
Federal Money Market Fund | 1,798 | (356) | 1,918 | (221) | 1,547 | (63) | ||||||
U.S. Government Money Market Fund | 99,964 | — | 94,339 | — | 86,774 | — | ||||||
U.S. Treasury Plus Money Market Fund | 15,262 | (24) | 18,087 | — | 17,155 | — | ||||||
California Municipal Money Market Fund | 96 | (120) | 155 | (101) | 215 | (103) | ||||||
Liquid Assets Money Market Fund | 728 | (174) | 1,799 | (261) | 4,478 | (78) | ||||||
Municipal Money Market Fund | 985 | (391) | 1,651 | (370) | 1,092 | (419) |
Fiscal Year Ended | ||||||||||||
February 28, 2018 | February 28, 2019 | February 29, 2020 | ||||||||||
Fund | Paid | Waived | Paid | Waived | Paid | Waived | ||||||
New York Municipal Money Market Fund | $ 246 | $(116) | $ 442 | $ (114) | $ 1,129 | $ (106) | ||||||
Tax Free Money Market Fund | 10,375 | (566) | 10,565 | (503) | 8,071 | — |
1 | The Fund commenced operations on 3/1/18. |
2 | The Fund commenced operations on 9/19/18. |
Fiscal Year Ended | ||||||
Fund | February 28, 2018 | February 28, 2019 | February 29, 2020 | |||
Institutional Tax Free Money Market Fund1 | N/A | $ 112 | $ 111 | |||
Prime Money Market Fund | $ 71 | 630 | 774 | |||
Securities Lending Money Market Fund2 | N/A | 54 | 138 | |||
100% U.S. Treasury Securities Money Market Fund | 541 | 541 | 757 | |||
Federal Money Market Fund | 85 | 61 | 54 | |||
U.S. Government Money Market Fund | 2,416 | 1,434 | 1,431 | |||
U.S. Treasury Plus Money Market Fund | 451 | 365 | 387 | |||
California Municipal Money Market Fund | 50 | 35 | 36 | |||
Liquid Assets Money Market Fund | —* | 67 | 124 | |||
Municipal Money Market Fund | 74 | 60 | 51 | |||
New York Municipal Money Market Fund | 56 | 35 | 49 | |||
Tax Free Money Market Fund | 357 | 225 | 186 |
* | Amount rounds to less than $500. |
1 | The Fund commenced operations on 3/1/18. |
2 | The Fund commenced operations on 9/19/18. |
Fund | Total
Underwriting Discounts and Commissions |
Compensation
on Redemptions and Repurchases |
Brokerage
Commissions |
Other
Compensation* | ||||
100% U.S. Treasury Securities Money Market Fund | $— | $ — | $— | $ 7,119,124 | ||||
California Municipal Money Market Fund | — | 40 | — | 416,057 | ||||
Federal Money Market Fund | — | 250 | — | 34,859 | ||||
Institutional Tax Free Money Market Fund | — | — | — | — | ||||
Liquid Assets Money Market Fund | — | 13,204 | — | 558,630 |
Fund | Total
Underwriting Discounts and Commissions |
Compensation
on Redemptions and Repurchases |
Brokerage
Commissions |
Other
Compensation* | ||||
Municipal Money Market Fund | $— | $ — | $— | $ 1,290,029 | ||||
New York Municipal Money Market Fund | — | — | — | 258,754 | ||||
Prime Money Market Fund | — | — | — | 35,927 | ||||
Securities Lending Money Market Fund | — | — | — | — | ||||
Tax Free Money Market Fund | — | — | — | 4,353,808 | ||||
U.S. Government Money Market Fund | — | 2,405 | — | 16,690,293 | ||||
U.S. Treasury Plus Money Market Fund | — | 6,355 | — | 3,135,556 |
* | Fees paid by the Fund pursuant to Rule 12b-1 are provided in the “Distribution Fees” section below. |
Fund | Fiscal Period Ended February 28, | |||||
2018 | 2019 | 2020 | ||||
Prime Money Market Fund | $ — | $— | $— | |||
Liquid Assets Money Market Fund | — | — | — | |||
U.S. Government Money Market Fund | 38 | — | — | |||
U.S. Treasury Plus Money Market Fund | — | — | — | |||
Federal Money Market Fund | — | — | — | |||
100% U.S. Treasury Securities Money Market Fund | — | — | — | |||
Tax Free Money Market Fund | — | — | — | |||
Municipal Money Market Fund | — | — | — | |||
California Municipal Money Market Fund | — | — | — | |||
New York Municipal Money Market Fund | — | — | — | |||
Institutional Tax Free Money Market Fund | N/A* | — | — | |||
Securities Lending Money Market Fund | N/A** | — | — |
* | The Fund commenced operations on 3/1/18. |
** | The Fund commenced operations on 9/19/18. |
Fiscal Year Ended | ||||||||||||
February 28, 2018 | February 28, 2019 | February 29, 2020 | ||||||||||
Fund | Paid | Waived | Paid | Waived | Paid | Waived | ||||||
Prime Money Market Fund | ||||||||||||
Class C Shares | $ 23 | $ — | $ 12 | $ — | $ 7 | $ — | ||||||
Reserve Shares | 189 | — | 55 | — | 29 | — | ||||||
100% U.S. Treasury Securities Money Market Fund | ||||||||||||
Morgan Shares | 1,291 | (3) | 1,933 | — | 1,984 | — | ||||||
Reserve Shares | 334 | (3) | 2,862 | — | 5,135 | — | ||||||
Federal Money Market Fund | ||||||||||||
Morgan Shares | 40 | — | 30 | — | 35 | — | ||||||
U.S. Government Money Market Fund | ||||||||||||
Morgan Shares | 1,883 | — | 1,436 | — | 1,902 | — | ||||||
Reserve Shares | 267 | (3) | 106 | — | 47 | — | ||||||
Service Shares | 7,691 | (1,844) | 12,081 | — | 10,770 | — | ||||||
E*TRADE Class Shares | 930 | (55) | 1,736 | — | 1,696 | — | ||||||
U.S. Treasury Plus Money Market Fund | ||||||||||||
Morgan Shares | 266 | — | 409 | — | 773 | — | ||||||
Class C Shares | 3,286 | (318) | 2,809 | — | 2,347 | — | ||||||
Reserve Shares | 190 | (4) | 34 | — | 16 | — |
Fiscal Year Ended | ||||||||||||
February 28, 2018 | February 28, 2019 | February 29, 2020 | ||||||||||
Fund | Paid | Waived | Paid | Waived | Paid | Waived | ||||||
California Municipal Money Market Fund | ||||||||||||
Morgan Shares | $ 4 | $ — | $ 2 | $ — | $ 3 | $ — | ||||||
Service Shares | 613 | (230) | 745 | (15) | 407 | (5) | ||||||
Liquid Assets Money Market Fund | ||||||||||||
Morgan Shares | 158 | — | 193 | — | 395 | — | ||||||
Class C Shares | 204 | — | 156 | — | 154 | — | ||||||
Reserve Shares | 18 | — | 14 | — | 10 | — | ||||||
Municipal Money Market Fund | ||||||||||||
Morgan Shares | 167 | — | 17 | — | 22 | — | ||||||
Service Shares | 1,436 | (426) | 1,604 | (10) | 919 | (5) | ||||||
New York Municipal Money Market Fund | ||||||||||||
Morgan Shares | 230 | — | 134 | — | 119 | — | ||||||
Reserve Shares | 6 | —* | 5 | — | 4 | — | ||||||
Service Shares | 242 | (83) | 243 | (2) | 121 | (1) | ||||||
Tax Free Money Market Fund | ||||||||||||
Morgan Shares | 12 | — | 11 | — | 11 | — | ||||||
Reserve Shares | 5,945 | (68) | 5,308 | — | 4,343 | — |
* | Amount rounds to less than $500. |
Academy | up to 0.05% |
Capital | up to 0.05% |
Institutional Class | up to 0.10% |
Agency | up to 0.15% |
Premier, Service, Reserve and | |
E *TRADE Class | up to 0.30%* |
Morgan and Investor | up to 0.35%** |
Class C | up to 0.25% |
Agency SL | None |
IM | None |
* | The amount payable for “service fees”, as defined by the Financial Industry Regulatory Authority (“FINRA”), does not exceed 0.25% of the average annual net assets attributable to these shares. The 0.05% balance of the fees is for shareholder administrative services. |
** | The amount payable for “service fees” (as defined by FINRA) does not exceed 0.25% of the average annual net assets attributable to these shares. The 0.10% balance of the fees is for shareholder administrative services. |
Fiscal Year Ended | ||||||||||||
February 28, 2018 | February 28, 2019 | February 29, 2020 | ||||||||||
Fund | Paid | Waived | Paid | Waived | Paid | Waived | ||||||
Institutional Tax Free Money Market Fund1 | ||||||||||||
Institutional Class Shares | N/A | N/A | $ 65 | $ (68) | $ 143 | $ (161) | ||||||
Capital Class Shares | N/A | N/A | 2 | (7) | 32 | (66) | ||||||
Agency Class Shares | N/A | N/A | 9 | —* | 34 | (46) |
Fiscal Year Ended | ||||||||||||
February 28, 2018 | February 28, 2019 | February 29, 2020 | ||||||||||
Fund | Paid | Waived | Paid | Waived | Paid | Waived | ||||||
Prime Money Market Fund | ||||||||||||
Capital Shares | $ 5,688 | $ (5,912) | $ 5,715 | $ (6,875) | $ 8,529 | $ (5,770) | ||||||
Morgan Shares | 1,873 | (272) | 5,119 | (158) | 9,543 | — | ||||||
Premier Shares | 2,676 | (113) | 4,041 | (143) | 6,816 | (56) | ||||||
Agency Shares | 1,339 | (630) | 1,965 | (929) | 2,633 | (1,015) | ||||||
Class C Shares | — | (8) | — | (4) | — | (2) | ||||||
Institutional Class Shares | 4,069 | (3,446) | 5,255 | (4,787) | 8,305 | (5,659) | ||||||
Reserve Shares | 187 | (40) | 34 | (32) | 7 | (27) | ||||||
Academy Shares2 | N/A | N/A | N/A | N/A | 6 | (8) | ||||||
100% U.S. Treasury Securities Money Market Fund | ||||||||||||
Capital Shares | 4,240 | (2,857) | 5,886 | (4,126) | 9,474 | (5,330) | ||||||
Morgan Shares | 4,349 | (181) | 6,517 | (250) | 6,744 | (200) | ||||||
Premier Shares | 2,762 | (9) | 4,483 | (14) | 7,172 | (11) | ||||||
Agency Shares | 1,847 | (677) | 2,530 | (941) | 4,210 | (1,433) | ||||||
Institutional Class Shares | 6,257 | (4,195) | 8,248 | (5,630) | 12,304 | (7,664) | ||||||
Reserve Shares | 400 | (4) | 3,428 | (6) | 6,147 | (15) | ||||||
Federal Money Market Fund | ||||||||||||
Morgan Shares | 111 | (28) | 78 | (27) | 98 | (24) | ||||||
Premier Shares | 402 | (5) | 572 | — | 520 | — | ||||||
Agency Shares | 158 | (57) | 137 | (45) | 232 | (76) | ||||||
Institutional Class Shares | 1,674 | (1,084) | 1,777 | (1,077) | 1,480 | (895) | ||||||
Capital Shares3 | N/A | N/A | N/A | N/A | N/A | N/A | ||||||
U.S. Government Money Market Fund | ||||||||||||
Morgan Shares | 6,147 | (444) | 4,739 | (288) | 6,467 | (190) | ||||||
Premier Shares | 21,007 | (768) | 12,460 | (275) | 11,747 | (3) | ||||||
Agency Shares | 12,398 | (6,318) | 12,930 | (5,684) | 14,115 | (4,667) | ||||||
Institutional Class Shares | 17,351 | (17,912) | 18,415 | (15,437) | 25,438 | (15,247) | ||||||
Reserve Shares | 311 | (13) | 123 | (4) | 55 | (2) | ||||||
Service Shares | 4,585 | (182) | 5,942 | (99) | 5,382 | (3) | ||||||
Capital Shares | 15,370 | (24,590) | 18,957 | (20,184) | 26,506 | (13,972) | ||||||
Investor Class Shares | 2,562 | (5) | 3,122 | — | 3,147 | — | ||||||
E*TRADE Class Shares | 393 | (100) | 705 | (163) | 714 | (134) | ||||||
Academy Shares2 | N/A | N/A | N/A | N/A | 3 | (4) | ||||||
U.S. Treasury Plus Money Market Fund | ||||||||||||
Morgan Shares | 852 | (80) | 1,358 | (73) | 2,649 | (57) | ||||||
Capital Shares4 | 227 | (232) | 1,375 | (1,321) | 2,670 | (1,205) | ||||||
Class C Shares | 279 | (922) | 243 | (693) | 231 | (551) | ||||||
Premier Shares | 1,769 | (72) | 2,201 | (37) | 3,616 | — | ||||||
Agency Shares | 1,028 | (512) | 1,439 | (585) | 2,384 | (748) | ||||||
Institutional Class Shares | 7,042 | (7,359) | 9,005 | (7,117) | 11,070 | (6,088) | ||||||
Reserve Shares | 225 | (8) | 40 | (1) | 17 | (2) | ||||||
Investor Class Shares | 196 | (2) | 139 | —* | 114 | — | ||||||
California Municipal Money Market Fund | ||||||||||||
Morgan Shares | 13 | (3) | 6 | (1) | 8 | (1) | ||||||
Premier Shares | 452 | (1) | 728 | (2) | 736 | (2) | ||||||
Service Shares | 419 | (2) | 379 | (1) | 205 | (1) | ||||||
Agency Shares5 | N/A | N/A | N/A | N/A | 15 | (5) | ||||||
Institutional Class Shares5 | N/A | N/A | N/A | N/A | 132 | (86) | ||||||
Liquid Assets Money Market Fund | ||||||||||||
Morgan Shares | 429 | (123) | 539 | (137) | 1,236 | (147) | ||||||
Class C Shares | 15 | (53) | 10 | (42) | 10 | (41) | ||||||
Premier Shares | 759 | (12) | 1,967 | (61) | 6,312 | (144) | ||||||
Agency Shares | 129 | (54) | 296 | (143) | 891 | (398) | ||||||
Institutional Class Shares | 374 | (291) | 874 | (771) | 1,577 | (1,431) | ||||||
Reserve Shares | 21 | (1) | 16 | (1) | 7 | (5) | ||||||
Investor Class Shares | 17 | — | 34 | (1) | 25 | —* | ||||||
Capital Shares | 15 | (10) | 61 | (70) | 366 | (389) |
Fiscal Year Ended | ||||||||||||
February 28, 2018 | February 28, 2019 | February 29, 2020 | ||||||||||
Fund | Paid | Waived | Paid | Waived | Paid | Waived | ||||||
Municipal Money Market Fund | ||||||||||||
Morgan Shares | $ 559 | $ (26) | $ 54 | $ (5) | $ 72 | $ (5) | ||||||
Premier Shares | 189 | (2) | 382 | (2) | 376 | (7) | ||||||
Agency Shares | 80 | (31) | 190 | (73) | 135 | (51) | ||||||
Institutional Class Shares | 433 | (319) | 1,095 | (764) | 1,217 | (828) | ||||||
Service Shares | 925 | (6) | 805 | (2) | 461 | (1) | ||||||
New York Municipal Money Market Fund | ||||||||||||
Morgan Shares | 747 | (58) | 427 | (42) | 381 | (35) | ||||||
Premier Shares | 676 | (4) | 1,879 | (14) | 2,513 | (17) | ||||||
Reserve Shares | 6 | (1) | 5 | —* | 4 | —* | ||||||
Service Shares | 161 | (1) | 122 | (1) | 59 | (2) | ||||||
Institutional Class Shares5 | N/A | N/A | N/A | N/A | 551 | (393) | ||||||
Agency Shares5 | N/A | N/A | N/A | N/A | 241 | (93) | ||||||
Tax Free Money Market Fund | ||||||||||||
Morgan Shares | 33 | (7) | 29 | (9) | 33 | (6) | ||||||
Premier Shares | 4,817 | (7) | 3,179 | (9) | 2,824 | — | ||||||
Agency Shares | 641 | (237) | 1,154 | (420) | 949 | (327) | ||||||
Institutional Class Shares | 6,573 | (4,456) | 7,366 | (4,903) | 6,419 | (4,005) | ||||||
Reserve Shares | 7,214 | (2) | 6,370 | — | 5,211 | — |
* | Amount rounds to less than $500. |
1 | The Fund commenced operations on 3/1/18. |
2 | This share class commenced operations on 5/15/19. |
3 | Capital Shares of the Federal Money Market Fund have not commenced operations as of the date of this SAI. |
4 | Capital Shares of the U.S. Treasury Plus Money Market Fund commenced operations on 9/22/17. |
5 | This share class commenced operations on 3/1/19. |
Fund | Name of Broker-Dealer | Value
of Securities Owned (000's) | ||
Prime Money Market Fund | Bank of America Corp. | $ 50,010 | ||
Barclays plc | 988,861 | |||
Citigroup, Inc. | 800,000 | |||
Credit Suisse Group AG | 1,589,769 | |||
HSBC Holdings plc | 295,052 | |||
UBS Group AG | 659,795 | |||
Securities Lending Money Market Fund | ABN AMRO Inc. | 3,988 | ||
Barclays plc | 99,926 | |||
Credit Suisse Group AG | 60,043 | |||
HSBC Holdings plc | 60,023 | |||
Liquid Assets Money Market Fund | Bank of America Corp. | 25,000 | ||
Barclays plc | 109,863 | |||
Credit Suisse Group AG | 199,832 | |||
HSBC Holdings plc | 75,000 | |||
UBS Group AG | 45,000 |
Capital Loss Carryforward Character | ||||
Fund | Short-Term | Long-Term | ||
U.S. Government Money Market Fund | $2,409 | $— | ||
U.S. Treasury Plus Money Market Fund | 191 | — |
All Funds | |||
Bloomberg LP | Monthly | 30 days after month end | |
Factset | Monthly | 30 days after month end | |
JPMorgan Chase & Co. | Monthly | At least on a 1 day lag | |
Morningstar Inc. | Monthly | 30 days after month end | |
Lipper, Inc. | Monthly | 30 days after month end | |
Vickers Stock Research Corp. | Monthly | 30 days after month end | |
The McGraw Hill Companies — Standard & Poor’s Corporation | Monthly | 30 days after month end | |
100% U.S. Treasury Securities Money Market Fund | |||
Verisign | Daily | At least on a 1 day lag | |
Fidelity Investments Institutional Services Company, Inc. | Daily | At least on a 1 day lag | |
Moody’s | Daily | At least on a 1 day lag | |
Bridgewater | Daily | At least on a 1 day lag | |
Bank of New York | Monthly | At least on a 1 day lag | |
Square 1 Bank | Monthly | At least on a 1 day lag | |
Institutional Cash Distributors | Weekly | At least on a 1 day lag | |
Diamond Hill | Weekly | At least on a 1 day lag | |
Crane Data | Weekly | At least on a 1 day lag | |
HP | Weekly | At least on a 1 day lag | |
Teledyne Technologies | Quarterly | At least on a 1 day lag | |
JPMorgan Chase & Co. | Weekly | At least on a 1 day lag | |
Federal Money Market Fund | |||
Verisign | Daily | At least on a 1 day lag | |
Fidelity Investments Institutional Services Company, Inc. | Daily | At least on a 1 day lag | |
Moody’s | Daily | At least on a 1 day lag | |
Bank of New York | Monthly | At least on a 1 day lag | |
Institutional Cash Distributors | Weekly | At least on a 1 day lag | |
Crane Data | Weekly | At least on a 1 day lag | |
JPMorgan Chase & Co. | Weekly | At least on a 1 day lag | |
Liquid Assets Money Market Fund | |||
Verisign | Daily | At least on a 1 day lag |
All Funds | |||
Mizuho Securities USA Inc. | Daily | At least on a 1 day lag | |
Fidelity Investments Institutional Services Company, Inc. | Daily | At least on a 1 day lag | |
Bank of New York | Monthly | At least on a 1 day lag | |
Union Bank of California | Monthly | At least on a 1 day lag | |
Institutional Cash Distributors | Weekly | At least on a 1 day lag | |
Crane Data | Weekly | At least on a 1 day lag | |
Chicago Mercantile Exchange | Monthly | At least on a 1 day lag | |
JPMorgan Chase & Co. | Weekly | At least on a 1 day lag | |
Municipal Money Market Fund | |||
Verisign | Daily | At least on a 1 day lag | |
Fidelity Investments Institutional Services Company, Inc. | Daily | At least on a 1 day lag | |
Institutional Cash Distributors | Weekly | At least on a 1 day lag | |
Crane Data | Weekly | At least on a 1 day lag | |
JPMorgan Chase & Co. | Weekly | At least on a 1 day lag | |
Prime Money Market Fund | |||
Verisign | Daily | At least on a 1 day lag | |
E*Trade | Daily | At least on a 1 day lag | |
Morgan Stanley Smith Barney | Daily | At least on a 1 day lag | |
Best Buy | Daily | At least on a 1 day lag | |
Mizuho Securities USA Inc. | Daily | At least on a 1 day lag | |
Sovereign | Daily | At least on a 1 day lag | |
Fidelity Investments Institutional Services Company, Inc. | Daily | At least on a 1 day lag | |
Moody’s | Daily | At least on a 1 day lag | |
ABS Investment Management | Monthly | At least on a 1 day lag | |
Atlas Air | Monthly | At least on a 1 day lag | |
Bank of New York | Monthly | At least on a 1 day lag | |
BP | Monthly | At least on a 1 day lag | |
Commonfund Securities | Monthly | At least on a 1 day lag | |
Ernst & Young | Monthly | At least on a 1 day lag | |
GE Asset Management | Monthly | At least on a 1 day lag | |
Koch Industries | Monthly | At least on a 1 day lag | |
KPMG | Monthly | At least on a 1 day lag | |
Lear | Monthly | At least on a 1 day lag | |
Lockheed Martin | Monthly | At least on a 1 day lag | |
Mercer | Monthly | At least on a 1 day lag | |
Newedge | Monthly | At least on a 1 day lag | |
Ohio Bureau of Worker’s Compensation | Monthly | At least on a 1 day lag | |
Pennsylvania State University | Monthly | At least on a 1 day lag | |
SVB | Monthly | At least on a 1 day lag | |
Texas Treasury Safekeeping Trust Co. | Monthly | At least on a 1 day lag | |
Union Bank of California | Monthly | At least on a 1 day lag | |
West Virginia Board of Treasury Investments | Monthly | At least on a 1 day lag | |
IBM | Weekly | At least on a 1 day lag | |
Diamond Hill | Weekly | At least on a 1 day lag | |
Stanford University | Weekly | At least on a 1 day lag | |
CBS Corp | Weekly | At least on a 1 day lag | |
AmerisourceBergen | Weekly | At least on a 1 day lag | |
Chicago Mercantile Exchange | Monthly | At least on a 1 day lag | |
Crane Data | Weekly | At least on a 1 day lag | |
Institutional Cash Distributors | Weekly | At least on a 1 day lag | |
Atlas Air | Weekly | At least on a 1 day lag | |
Bank of America | Weekly | At least on a 1 day lag | |
MFS Asset Management | Weekly | At least on a 1 day lag | |
Newstar Financial | Weekly | At least on a 1 day lag | |
Texas Treasury Safekeeping | Weekly | At least on a 1 day lag | |
Square 1 Bank | Monthly | At least on a 1 day lag | |
Fitch | Monthly | At least on a 1 day lag | |
Grande | Monthly | At least on a 1 day lag | |
JPMorgan Chase & Co. | Weekly | At least on a 1 day lag | |
Tax Free Money Market Fund | |||
Verisign | Daily | At least on a 1 day lag |
All Funds | |||
Fidelity Investments Institutional Services Company, Inc. | Daily | At least on a 1 day lag | |
Moody’s | Daily | At least on a 1 day lag | |
Bank of New York | Monthly | At least on a 1 day lag | |
Square 1 Bank | Monthly | At least on a 1 day lag | |
SVB | Monthly | At least on a 1 day lag | |
Crane Data | Weekly | At least on a 1 day lag | |
Institutional Cash Distributors | Weekly | At least on a 1 day lag | |
JPMorgan Chase & Co. | Weekly | At least on a 1 day lag | |
U.S. Government Money Market Fund | |||
Common fund | Weekly | At least on a 1 day lag | |
Texas Treasury Safekeeping Trust Co. | Weekly | At least on a 1 day lag | |
Texas County & District Retirement System | Daily | At least on a 1 day lag | |
International paper | Daily | At least on a 1 day lag | |
Verisign | Daily | At least on a 1 day lag | |
E*Trade | Daily | At least on a 1 day lag | |
Fidelity Investments Institutional Services Company, Inc. | Daily | At least on a 1 day lag | |
Johnson County Kansas Government | Daily | At least on a 1 day lag | |
Moody’s | Daily | At least on a 1 day lag | |
Bank of New York | Monthly | At least on a 1 day lag | |
Ohio Bureau of Worker’s Compensation | Monthly | At least on a 1 day lag | |
Atlas Air | Monthly | At least on a 1 day lag | |
Square 1 Bank | Monthly | At least on a 1 day lag | |
SVB | Monthly | At least on a 1 day lag | |
Treasury Partners | Monthly | At least on a 1 day lag | |
Union Bank of California | Monthly | At least on a 1 day lag | |
Atlas Air | Weekly | At least on a 1 day lag | |
Crane Data | Weekly | At least on a 1 day lag | |
HP | Weekly | At least on a 1 day lag | |
IBM | Weekly | At least on a 1 day lag | |
Diamond Hill | Weekly | At least on a 1 day lag | |
Institutional Cash Distributors | Weekly | At least on a 1 day lag | |
Fitch | Monthly | At least on a 1 day lag | |
Grande | Monthly | At least on a 1 day lag | |
JPMorgan Chase & Co. | Weekly | At least on a 1 day lag | |
U.S. Treasury Plus Money Market Fund | |||
International Paper | Daily | At least on a 1 day lag | |
Verisign | Daily | At least on a 1 day lag | |
Fidelity Investments Institutional Services Company, Inc. | Daily | At least on a 1 day lag | |
Moody’s | Daily | At least on a 1 day lag | |
Bank of New York | Monthly | At least on a 1 day lag | |
SVB | Monthly | At least on a 1 day lag | |
Crane Data | Weekly | At least on a 1 day lag | |
HP | Weekly | At least on a 1 day lag | |
Institutional Cash Distributors | Weekly | At least on a 1 day lag | |
Commonfund | Monthly | At least on a 1 day lag | |
Square 1 Bank | Monthly | At least on a 1 day lag | |
JPMorgan Chase & Co. | Weekly | At least on a 1 day lag |
Name of Fund | Name and Address of Shareholder | Percentage
Held |
JPMORGAN PRIME MONEY MARKET FUND | ||
ACADEMY SHARES | ONEMAIN
GENERAL SERVICES CORPORATION PO BOX 59 EVANSVILLE IN 47701-0059 |
81.62% |
MGM
RESORTS INTERNATIONAL ATTN CORPORATE TREASURY 3600 LAS VEGAS BLVD S LAS VEGAS NV 89109-4303 |
11.18% | |
OFFICE
OF THE ILLINOIS TREASURER ATTN DIRECTOR OF IPTIP INVESTMENTS 400 W MONROE ST STE 401 SPRINGFIELD IL 62704-1800 |
6.66% | |
AGENCY SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
43.10% |
JPMORGAN
CHASE BANK N.A.* FBO ITSELF AND ITS CUSTOMERS ATTN: LIQUIDITY OPERATIONS 10410 HIGHLAND MANOR DR FL 3 TAMPA FL 33610-9128 |
16.26% | |
JPMORGAN
CHASE BANK, N.A.* FBO ITSELF AND ITS CUSTOMERS ATTN:LIQUIDITY OPERATIONS JPMORGAN CHASE BANK NATIONAL ASSOC 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
11.79% |
Name of Fund | Name and Address of Shareholder | Percentage
Held |
JPMORGAN
CHASE BANK, N.A.* FBO ITS CUSTOMERS ATTN:LIQUIDITY OPERATIONS 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
9.62% | |
BRONX
LEBANON HOSPITAL CENTER 1276 FULTON AVE BRONX NY 10456-3499 |
8.71% | |
CAPITAL SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
20.91% |
JPMORGAN
CHASE BANK, N.A.* FBO ITS CUSTOMERS ATTN:LIQUIDITY OPERATIONS 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
13.39% | |
TOYOTA
MOTOR CREDIT CO 19001 S WESTERN AVE TORRANCE CA 90501-1106 |
6.56% | |
HARE
& CO ATTN: FRANK NOTARO 111 SANDERS CREEK PKWY EAST SYRACUSE NY 13057-1382 |
5.94% | |
STRYKER
CORPORATION 2825 AIRVIEW BLVD KALAMAZOO MI 49002-1802 |
5.03% | |
C SHARES | NATIONAL
FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS 499 WASHINGTON BLVD ATTN MUTUAL FUNDS DEPT 4TH FLOOR JERSEY CITY NJ 07310-1995 |
54.92% |
UMB
BANK NA CUST IRA FBO LIBRA M MILLIN 68315 RISUENO RD CATHEDRAL CTY CA 92234-8800 |
13.70% | |
MORGAN
STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1932 |
12.76% |
Name of Fund | Name and Address of Shareholder | Percentage
Held |
MLPF&S
FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMINISTRATION 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 |
6.55% | |
IM SHARES | JPMORGAN
CHASE BANK, N.A.* FBO ITS CUSTOMERS WSS SWEEP OMNIBUS ACCOUNT 10410 HIGHLAND MANOR DR FLOOR3 TAMPA FL 33610-9128 |
64.63% |
JPMORGAN
CHASE BANK, N.A.* FBO ITS CUSTOMERS JPM INDY SWEEP NON DISCLOSED ACCT 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
33.53% | |
INSTITUTIONAL CLASS SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
29.85% |
JPMORGAN
CHASE BANK, N.A.* FBO ITS CUSTOMERS JPM INDY SWEEP NON DISCLOSED ACCT 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
27.80% | |
JPMORGAN
CHASE BANK, N.A.* FBO ITS CUSTOMERS ATTN:LIQUIDITY OPERATIONS 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
13.66% | |
HARE
& CO ATTN: FRANK NOTARO 111 SANDERS CREEK PKWY EAST SYRACUSE NY 13057-1382 |
5.37% | |
MORGAN SHARES | JPMORGAN
CHASE BANK, N.A.* FBO ITSELF AND ITS CUSTOMERS ATTN:LIQUIDITY OPERATIONS JPMORGAN CHASE BANK NATIONAL ASSOC 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
84.62% |
JPMORGAN
CHASE BANK, N.A.* FBO ITS CUSTOMERS ATTN:LIQUIDITY OPERATIONS 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
5.53% |
Name of Fund | Name and Address of Shareholder | Percentage
Held |
PREMIER SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
71.72% |
JPMORGAN
CHASE BANK N.A.* FBO ITSELF AND ITS CUSTOMERS ATTN: LIQUIDITY OPERATIONS 10410 HIGHLAND MANOR DR FL 3 TAMPA FL 33610-9128 |
13.01% | |
RESERVE SHARES | JPMORGAN
CHASE BANK, N.A.* FBO ITSELF AND ITS CUSTOMERS ATTN:LIQUIDITY OPERATIONS JPMORGAN CHASE BANK NATIONAL ASSOC 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
41.22% |
JPMS
LLC - CHASE PROCESSING* 4 CHASE METROTECH CENTER 7THFL BROOKLYN NY 11245-0003 |
12.92% | |
JPMS
LLC - CHASE PROCESSING* 4 CHASE METROTECH CENTER 7THFL BROOKLYN NY 11245-0003 |
11.08% | |
JPMS
LLC - CHASE PROCESSING* 4 CHASE METROTECH CENTER 7THFL BROOKLYN NY 11245-0003 |
9.62% | |
JPMORGAN 100% US TREASURY SECURITIES MONEY MARKET FUND | ||
AGENCY SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
32.49% |
JPMORGAN
CHASE BANK, N.A.* FBO ITS CUSTOMERS WSS EOD REGULAR SWEEP 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
27.64% | |
JPMORGAN
CHASE BANK, N.A.* FBO ITSELF AND ITS CUSTOMERS ATTN:LIQUIDITY OPERATIONS JPMORGAN CHASE BANK NATIONAL ASSOC 10410 HIGHLAND MANOR DR FL 03 TAMPA FL 33610-9128 |
19.98% |
Name of Fund | Name and Address of Shareholder | Percentage
Held |
JPMORGAN
CHASE BANK, N.A.* FBO ITSELF AND ITS CUSTOMERS ATTN:LIQUIDITY OPERATIONS JPMORGAN CHASE BANK NATIONAL ASSOC 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
7.83% | |
CAPITAL SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
26.02% |
JPMORGAN
CHASE BANK, N.A.* FBO ITS CUSTOMERS ATTN:LIQUIDITY OPERATIONS 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
8.08% | |
PROCTER
AND GAMBLE COMPANY 1 PROCTER & GAMBLE PLAZA C-10 CINCINNATI OH 45202-3393 |
5.24% | |
IM SHARES | COLUMN
PARK MASTER FUND LTD 3 COLUMBUS CIRCLE FL 17 NEW YORK NY 10019-8760 |
75.36% |
COLUMN
PARK MASTER FUND LTD (SUB ACCOUNT) 3 COLUMBUS CIRCLE FL 17 NEW YORK NY 10019-8760 |
23.41% | |
INSTITUTIONAL CLASS SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
31.99% |
KINGSLEY
& CO/JPM ASSET SWEEP FUND OMNIBUS ACCOUNT ATTN SPECIAL PRODUCTS 2 OPS/3 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
14.10% | |
HARE
& CO ATTN: FRANK NOTARO 111 SANDERS CREEK PKWY EAST SYRACUSE NY 13057-1382 |
8.94% |
Name of Fund | Name and Address of Shareholder | Percentage
Held |
HARE
& CO ATTN FRANK NOTARO 111 SANDERS CREEK PKWY EAST SYRACUSE NY 13057-1382 |
6.23% | |
STATE
STREET BANK & TRUST CASH SWEEP CLIENTS ATTN CASH SWEEP SUPPORT- RICHARD LETHAM 1776 HERITAGE DR QUINCY MA 02171-2119 |
5.44% | |
MORGAN SHARES | E
TRADE SEC LLC AS AGE FOR THE EXC EX BEN OF ITS DEP CUST FOR THEM&OTH ATTN PAYMENT SERVICES DEPT 671 N GLEBE RD BALLSTON TOWERS ARLINGTON VA 22203-2120 |
63.14% |
JPMORGAN
CHASE BANK, N.A.* FBO ITSELF AND ITS CUSTOMERS ATTN:LIQUIDITY OPERATIONS JPMORGAN CHASE BANK NATIONAL ASSOC 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
12.98% | |
J.
P. MORGAN SECURITIES LLC* FOR EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CTR BROOKLYN NY 11245-0003 |
10.03% | |
PREMIER SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
74.05% |
LPL
FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING 4707 EXECUTIVE DR SAN DIEGO CA 92121-3091 |
8.08% | |
TD
AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 |
5.70% |
Name of Fund | Name and Address of Shareholder | Percentage
Held |
RESERVE SHARES | JPMSI
AS AGENT FOR KINGSLEY AND CO* FUND OMNIBUS ACCOUNT ATTN SPECIAL PRODUCTS 2 OPS/3 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
97.49% |
JPMORGAN FEDERAL MONEY MARKET FUND | ||
AGENCY SHARES | JPMORGAN
CHASE BANK, N.A.* FBO ITS CUSTOMERS WSS EOD REGULAR SWEEP 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
44.14% |
JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
16.04% | |
HARE
& CO ATTN: FRANK NOTARO 111 SANDERS CREEK PKWY EAST SYRACUSE NY 13057-1382 |
13.42% | |
TD
AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 |
13.05% | |
J.
P. MORGAN SECURITIES LLC* FOR EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CTR BROOKLYN NY 11245-0003 |
8.05% | |
INSTITUTIONAL CLASS SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
52.39% |
EDWARD
D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 |
21.41% | |
JPMORGAN
CHASE BANK, N.A.* FBO ITS CUSTOMERS ATTN:LIQUIDITY OPERATIONS 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
5.31% |
Name of Fund | Name and Address of Shareholder | Percentage
Held |
MORGAN SHARES | J.
P. MORGAN SECURITIES LLC* FOR EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CTR BROOKLYN NY 11245-0003 |
41.96% |
EDWARD
D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 |
9.08% | |
PERSHING
LLC P.O. BOX 2052 JERSEY CITY NJ 07303-2052 |
5.77% | |
PREMIER SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
51.77% |
TD
AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 |
15.49% | |
LPL
FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING 4707 EXECUTIVE DR SAN DIEGO CA 92121-3091 |
11.79% | |
JPMORGAN
CHASE BANK, N.A.* FBO ITS CUSTOMERS WSS EOD REGULAR SWEEP 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
10.04% | |
JPMORGAN CALIFORNIA MUNICIPAL MONEY MARKET FUND | ||
AGENCY SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
99.97% |
INSTITUTIONAL CLASS SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
99.08% |
MORGAN SHARES | J.
P. MORGAN SECURITIES LLC* FOR EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CTR BROOKLYN NY 11245-0003 |
91.69% |
Name of Fund | Name and Address of Shareholder | Percentage
Held |
PREMIER SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
53.21% |
BEAR
STEARNS & CO INC* ATTN DENISE DILORENZO SIEGEL 1 METROTECH CTR N BROOKLYN NY 11201-3832 |
18.96% | |
FIDUCIARY
TRUST REVENUE ATTN: BANK OPERATIONS 280 PARK AVE FL 6TH NEW YORK NY 10017-1274 |
13.40% | |
LPL
FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING 4707 EXECUTIVE DR SAN DIEGO CA 92121-3091 |
8.21% | |
SERVICE SHARES | LPL
FINANCIAL LLC AS AGENT FOR AND EXCLUSIVE BENEFIT FOR IT'S CUSTOMERS ATTN KRISTIN KENNEDY 4707 EXECUTIVE DR SAN DIEGO CA 92121-3091 |
100.00% |
JPMORGAN NEW YORK MUNICIPAL MONEY MARKET FUND | ||
AGENCY SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
99.99% |
INSTITUTIONAL CLASS SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
97.36% |
MORGAN SHARES | J.
P. MORGAN SECURITIES LLC* FOR EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CTR BROOKLYN NY 11245-0003 |
33.54% |
RUTH
PERES 1521 SURF AVE BROOKLYN NY 11224-2405 |
11.31% | |
GLORIA
VISELTEAR-REISS 170 E 79TH ST APT 6B NEW YORK NY 10075-0568 |
6.97% |
Name of Fund | Name and Address of Shareholder | Percentage
Held |
PREMIER SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
65.11% |
JP
MORGAN SECURITIES LLC* ATTN DENISE DILORENZO SIEGEL 3 CHASE METROTECH CENTER BROOKLYN NY 11245-0001 |
20.77% | |
BEAR
STEARNS & CO INC* ATTN DENISE DILORENZO SIEGEL 1 METROTECH CTR N BROOKLYN NY 11201-3832 |
8.61% | |
RESERVE SHARES | INGALLS
& SNYDER LLC AS AGENT OMNIBUS A/C FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: JOSEPH DIBUONO 1325 AVENUE OF THE AMERICAS FL 18 NEW YORK NY 10019-2872 |
95.53% |
SERVICE SHARES | LPL
FINANCIAL LLC AS AGENT FOR AND EXCLUSIVE BENEFIT FOR IT'S CUSTOMERS ATTN KRISTIN KENNEDY 4707 EXECUTIVE DR SAN DIEGO CA 92121-3091 |
100.00% |
JPMORGAN TAX FREE MONEY MARKET FUND | ||
AGENCY SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
95.01% |
INSTITUTIONAL CLASS SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
49.15% |
KINGSLEY
& CO/JPM ASSET SWEEP FUND OMNIBUS ACCOUNT ATTN SPECIAL PRODUCTS 2 OPS/3 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
42.07% | |
MORGAN SHARES | EDWARD
D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 |
58.46% |
Name of Fund | Name and Address of Shareholder | Percentage
Held |
J.
P. MORGAN SECURITIES LLC* FOR EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CTR BROOKLYN NY 11245-0003 |
30.51% | |
PREMIER SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
92.93% |
RESERVE SHARES | JPMSI
AS AGENT FOR KINGSLEY AND CO* FUND OMNIBUS ACCOUNT ATTN SPECIAL PRODUCTS 2 OPS/3 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
98.78% |
JPMORGAN US GOVERNMENT MONEY MARKET FUND | ||
ACADEMY SHARES | THE
TRAVELERS INDEMNITY CO AS MANAGERS FOR THE TRAVELERS MMKT LIQUIDITY POOL ATTN SCOTT E DURBAHN 385 WASHINGTON STREET LC13B SAINT PAUL MN 55102-1309 |
53.19% |
MGM
RESORTS INTERNATIONAL ATTN CORPORATE TREASURY 3600 LAS VEGAS BLVD S LAS VEGAS NV 89109-4303 |
11.27% | |
STATE
OF ARIZONA ACCOUNT (STATE AGENCY - DIVERSIFIED) ATTN MICHAEL LESLEIN 1700 W WASHINGTON ST PHOENIX AZ 85007-2812 |
10.13% | |
STATE
OF ARIZONA ACCOUNT (STATE AGENCY - GOV) ATTN MICHAEL LESLEIN 1700 W WASHINGTON ST PHOENIX AZ 85007-2812 |
7.50% | |
STATE
OF ARIZONA ACCOUNT (LGIP) ATTN MICHAEL LESLEIN 1700 W WASHINGTON ST PHOENIX AZ 85007-2812 |
5.63% | |
AGENCY SHARES | JPMORGAN
CHASE BANK, N.A.* FBO ITS CUSTOMERS WSS EOD REGULAR SWEEP 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
52.37% |
Name of Fund | Name and Address of Shareholder | Percentage
Held |
JPMORGAN
CHASE BANK, N.A.* FBO ITSELF AND ITS CUSTOMERS ATTN:LIQUIDITY OPERATIONS JPMORGAN CHASE BANK NATIONAL ASSOC 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
25.41% | |
JPMORGAN
CHASE BANK N.A.* FBO ITSELF AND CUSTOMERS ATTN: LIQUIDITY OPERATIONS 10410 HIGHLAND MANOR DR FL 3 TAMPA FL 33610-9128 |
6.41% | |
CAPITAL SHARES | JPMORGAN
CHASE BANK, N.A.* FBO ITS CUSTOMERS JPM INDY SWEEP NON DISCLOSED ACCT 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
8.63% |
JPMORGAN
CHASE BANK, N.A.* FBO ITS CUSTOMERS ATTN:LIQUIDITY OPERATIONS 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
7.89% | |
BOFA
SECURITIES INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 200 N COLLEGE ST FL 3 NCI-004-03-06 CHARLOTTE NC 28202-2191 |
5.06% | |
AMAZON
PAYMENTS INC CORPORATE ATTN TREASURY ACCOUNTING PO BOX 81226 SEATTLE WA 98108-1300 |
5.01% | |
E*TRADE CLASS SHARES | E
TRADE SEC LLC AS AGE FOR THE EXC EX BEN OF ITS DEP CUST FOR THEM&OTH ATTN PAYMENT SERVICES DEPT 671 N GLEBE RD BALLSTON TOWERS ARLINGTON VA 22203-2120 |
100.00% |
IM SHARES | WELLS
FARGO BANK NA CASH SWEEP PROCESSING 550 S 4TH ST MINNEAPOLIS MN 55415-1529 |
33.44% |
JPMORGAN
CHASE BANK, N.A.* FBO ITS CUSTOMERS WSS SWEEP OMNIBUS ACCOUNT 10410 HIGHLAND MANOR DR FL 3 TAMPA FL 33610-9128 |
23.24% |
Name of Fund | Name and Address of Shareholder | Percentage
Held |
BAND
& CO C/O US BANK ATTN ALLISON SCHMIDT MUTUAL FUND REVENUE 1555 N RIVERCENTER DR STE 302 MILWAUKEE WI 53212-3958 |
17.64% | |
AMG
YACKTMAN FUND ATTN FUND ADMIN 600 STEAMBOAT RD GREENWICH CT 06830-7181 |
9.79% | |
INSTITUTIONAL CLASS SHARES | JPMORGAN
CHASE BANK, N.A.* FBO ITS CUSTOMERS JPM INDY SWEEP NON DISCLOSED ACCT 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
18.00% |
JPMORGAN
CHASE BANK, N.A.* FBO ITS CUSTOMERS ATTN:LIQUIDITY OPERATIONS 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
16.37% | |
HARE
& CO ATTN: FRANK NOTARO 111 SANDERS CREEK PKWY EAST SYRACUSE NY 13057-1382 |
16.27% | |
JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
5.58% | |
INVESTOR SHARES | LPL
FINANCIAL LLC AS AGENT FOR AND EXCLUSIVE BENEFIT FOR IT'S CUSTOMERS ATTN KRISTIN KENNEDY 4707 EXECUTIVE DR SAN DIEGO CA 92121-3091 |
99.99% |
MORGAN SHARES | JPMORGAN
CHASE BANK, N.A.* FBO ITSELF AND ITS CUSTOMERS ATTN:LIQUIDITY OPERATIONS JPMORGAN CHASE BANK NATIONAL ASSOC 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
49.57% |
J.
P. MORGAN SECURITIES LLC* FOR EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CTR BROOKLYN NY 11245-0003 |
25.13% |
Name of Fund | Name and Address of Shareholder | Percentage
Held |
UMB
BANK - CUSTODIAN SECURITY FINANCIAL RESOURCES 1 SW SECURITY BENEFIT PL TOPEKA KS 66636-1000 |
6.97% | |
PREMIER SHARES | KINGSLEY
& CO/JPM ASSET SWEEP FUND OMNIBUS ACCOUNT ATTN SPECIAL PRODUCTS 2 OPS/3 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
56.64% |
JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
8.91% | |
RESERVE SHARES | THE
HARTFORD 1 HARTFORD PLZ HARTFORD CT 06155-0001 |
52.40% |
RELIANCE
TRUST COMPANY FBO MASSMUTUAL DMF PO BOX 28004 ATLANTA GA 30358-0004 |
25.41% | |
BEAR
STEARNS & CO INC* ATTN DENISE DILORENZO SIEGEL 1 METROTECH CTR N BROOKLYN NY 11201-3832 |
8.20% | |
SERVICE SHARES | LPL
FINANCIAL LLC AS AGENT FOR AND EXCLUSIVE BENEFIT FOR IT'S CUSTOMERS ATTN KRISTIN KENNEDY 4707 EXECUTIVE DR SAN DIEGO CA 92121-3091 |
76.34% |
THE
HARTFORD 1 HARTFORD PLZ HARTFORD CT 06155-0001 |
19.18% | |
JPMORGAN US TREASURY PLUS MONEY MARKET FUND | ||
AGENCY SHARES | JPMORGAN
CHASE BANK, N.A.* FBO ITS CUSTOMERS WSS EOD REGULAR SWEEP 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
37.82% |
Name of Fund | Name and Address of Shareholder | Percentage
Held |
JPMORGAN
CHASE BANK, N.A.* FBO ITSELF AND ITS CUSTOMERS ATTN:LIQUIDITY OPERATIONS JPMORGAN CHASE BANK NATIONAL ASSOC 10410 HIGHLAND MANOR DR FL 03 TAMPA FL 33610-9128 |
17.55% | |
JPMORGAN
CHASE BANK, N.A.* FBO ITSELF AND ITS CUSTOMERS ATTN:LIQUIDITY OPERATIONS JPMORGAN CHASE BANK NATIONAL ASSOC 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
10.24% | |
JPMORGAN
CHASE BANK, N.A* FBO ITS CUSTOMERS ATTN:LIQUIDITY OPERATIONS 10410 HIGHLAND MANOR DRIVE 3RD FLOOR TAMPA FL 33610-9128 |
10.14% | |
JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
5.00% | |
CAPITAL SHARES | HARE
& CO ATTN: FRANK NOTARO 111 SANDERS CREEK PKWY EAST SYRACUSE NY 13057-1382 |
18.61% |
JPMORGAN
CHASE BANK* N.A. FBO ITS CUSTOMERS WSS NON-RESTRICTED SWEEP OMNIBUS ACCT 10410 HIGHLAND MANOR DR FLOOR 3 TAMPA FL 33610-9128 |
8.88% | |
BMO
NESBITT BURNS BRKR & SVE AGT & HARRIS BANK OMNIBUS PO BOX 71940 CHICAGO IL 60694-1940 |
8.72% | |
WELLS
FARGO BANK ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN MONEY FUNDS MAIL CODE D1109-010 1525 W WT HARRIS BLVD CHARLOTTE NC 28262-8522 |
5.36% |
Name of Fund | Name and Address of Shareholder | Percentage
Held |
JPMORGAN
CHASE BANK, N.A.* FBO P 57482 000 ATTN: NICK CIFELLI 4 CHASE METROTECH CENTER, FLOOR 3 BROOKLYN NY 11245-0003 |
5.23% | |
HARE
& CO ATTN FRANK NOTARO 111 SANDERS CREEK PKWY EAST SYRACUSE NY 13057-1382 |
5.04% | |
C SHARES | INGALLS
& SNYDER LLC AS AGENT OMNIBUS A/C FOR EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: JOSEPH DIBUONO 1325 AVENUE OF THE AMERICAS FL 18 NEW YORK NY 10019-6066 |
84.60% |
J.
P. MORGAN SECURITIES LLC* FOR EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CTR BROOKLYN NY 11245-0003 |
13.19% | |
IM SHARES | JPMORGAN
CHASE BANK, N.A.* FBO ITS CUSTOMERS JPM INDY SWEEP NON DISCLOSED ACCT 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
100.00% |
INSTITUTIONAL CLASS SHARES | HARE
& CO ATTN: FRANK NOTARO 111 SANDERS CREEK PKWY EAST SYRACUSE NY 13057-1382 |
15.90% |
JPMORGAN
CHASE BANK, N.A.* FBO ITS CUSTOMERS ATTN:LIQUIDITY OPERATIONS 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
12.31% | |
BRISTOL-MYERS
SQUIBB CO ATTN: GENERAL ACCOUNTING 777 SCUDDERS MILL RD PLAINSBORO NJ 08536-1695 |
8.29% | |
SPECIAL
CUSTODY A/C FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS OF GS & CO (RE: CUSTOMERS OF CITI) 71 S WACKER DR STE 500 CHICAGO IL 60606-4673 |
5.75% |
Name of Fund | Name and Address of Shareholder | Percentage
Held |
INVESTOR SHARES | HARE
& CO ATTN: FRANK NOTARO 111 SANDERS CREEK PKWY EAST SYRACUSE NY 13057-1382 |
97.65% |
MORGAN SHARES | JPMORGAN
CHASE BANK, N.A.* FBO ITSELF AND ITS CUSTOMERS ATTN:LIQUIDITY OPERATIONS JPMORGAN CHASE BANK NATIONAL ASSOC 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
74.06% |
J.
P. MORGAN SECURITIES LLC* FOR EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CTR BROOKLYN NY 11245-0003 |
11.63% | |
US
AVIATION UNDERWRITERS INC UNITED STATES AVIATION UNDERWRITERS 125 BROAD ST FL 6 NEW YORK NY 10004-2744 |
5.83% | |
PREMIER SHARES | FIDUCIARY
TRUST REVENUE ATTN: BANK OPERATIONS 280 PARK AVE FL 6TH NEW YORK NY 10017-1274 |
33.27% |
UBATCO
AND CO ATTN TRUST OPERATIONS PO BOX 82529 LINCOLN NE 68501-2529 |
21.15% | |
FIDUCIARY
TRUST ATTN: BANK OPERATIONS 280 PARK AVE FL 6TH NEW YORK NY 10017-1216 |
14.24% | |
JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
6.79% | |
LPL
FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING 4707 EXECUTIVE DR SAN DIEGO CA 92121-3091 |
6.01% | |
RESERVE SHARES | BEAR
STEARNS & CO INC* ATTN DENISE DILORENZO SIEGEL 1 METROTECH CTR N BROOKLYN NY 11201-3832 |
79.96% |
Name of Fund | Name and Address of Shareholder | Percentage
Held |
GREAT-WEST
TRUST COMPANY LLC TTEE FBO CERTAIN RETIREMENT PLANS 8515 E ORCHARD ROAD 2T2 GREENWOOD VLG CO 80111-5002 |
11.65% | |
ASCENSUS
TRUST COMPANY FBO COPELAND ROOFING SAVINGS 000159 PO BOX 10758 FARGO ND 58106-0758 |
7.59% | |
JPMORGAN LIQUID ASSETS MONEY MARKET FUND | ||
AGENCY SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
62.34% |
TD
AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 |
36.58% | |
CAPITAL SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
63.03% |
RAYMOND
JAMES OMNIBUS FOR MUTUAL FUNDS ATTN COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
35.95% | |
C SHARES | J.
P. MORGAN SECURITIES LLC* FOR EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CTR BROOKLYN NY 11245-0003 |
78.40% |
INSTITUTIONAL CLASS SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
75.27% |
WELLS
FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET STREET ST LOUIS MO 63103-2523 |
12.26% | |
INVESTOR SHARES | ASCENSUS
TRUST COMPANY FBO INTERNAL MEDICINE ASSOCIATES 401(K) PO BOX 10758 FARGO ND 58106-0758 |
27.10% |
Name of Fund | Name and Address of Shareholder | Percentage
Held |
ASCENSUS
TRUST COMPANY FBO FOREST HILLS PROPERTY GROUP, LTD. 4 PO BOX 10758 FARGO ND 58106-0758 |
14.91% | |
ASCENSUS
TRUST COMPANY FBO PO BOX 10758 FARGO ND 58106-0758 |
14.84% | |
ASCENSUS
TRUST COMPANY FBO TAKARA SAKE USA INC 401(K) PLAN PO BOX 10758 FARGO ND 58106-0758 |
11.39% | |
ASCENSUS
TRUST COMPANY FBO SPECIAL AGENTS MUTUAL 401(K) PO BOX 10758 FARGO ND 58106-0758 |
11.11% | |
ASCENSUS
TRUST COMPANY FBO CORTESE IMP DBA RICHMOND MAZDA PSP PO BOX 10758 FARGO ND 58106-0758 |
6.47% | |
NATIONAL
FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 |
5.59% | |
MORGAN SHARES | J.
P. MORGAN SECURITIES LLC* FOR EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CTR BROOKLYN NY 11245-0003 |
84.45% |
PREMIER SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
49.94% |
LPL
FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING 4707 EXECUTIVE DR SAN DIEGO CA 92121-3091 |
33.73% | |
TD
AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 |
11.03% |
Name of Fund | Name and Address of Shareholder | Percentage
Held |
RESERVE SHARES | ASCENSUS
TRUST COMPANY FBO HIGGINBOTHAM-BARTLETT CO. OF NEW ME PO BOX 10758 FARGO ND 58106-0758 |
24.72% |
ASCENSUS
TRUST COMPANY FBO BECKER ORTHOPEDIC EMPLOYEES RETIREM PO BOX 10758 FARGO ND 58106-0758 |
17.45% | |
ASCENSUS
TRUST COMPANY FBO HADER INDUSTRIES, INC. SALARY DEFER PO BOX 10758 FARGO ND 58106-0758 |
17.03% | |
ASCENSUS
TRUST COMPANY FBO BOPP-BUSCH MANUFACTURING CO 401(K) PO BOX 10758 FARGO ND 58106-0758 |
13.48% | |
ASCENSUS
TRUST COMPANY FBO EMERGENCY 24, INC. RETIREMENT SAVIN PO BOX 10758 FARGO ND 58106-0758 |
9.92% | |
ASCENSUS
TRUST COMPANY FBO UNITED STEEL SERVICE, INC. EE P/S T PO BOX 10758 FARGO ND 58106-0758 |
9.09% | |
ASCENSUS
TRUST COMPANY FBO NORTH STAR LIGHTING, LLC PROFIT SHA PO BOX 10758 FARGO ND 58106-0758 |
7.21% | |
JPMORGAN MUNICIPAL MONEY MARKET FUND | ||
AGENCY SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
69.15% |
TD
AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 |
30.75% | |
INSTITUTIONAL CLASS SHARES | JP
MORGAN SECURITIES LLC* ATTN DENISE DILORENZO SIEGEL 3 CHASE METROTECH CENTER BROOKLYN NY 11245-0001 |
49.60% |
Name of Fund | Name and Address of Shareholder | Percentage
Held |
JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
46.24% | |
MORGAN SHARES | J.
P. MORGAN SECURITIES LLC* FOR EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CTR BROOKLYN NY 11245-0003 |
87.45% |
PREMIER SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
79.91% |
LPL
FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING 4707 EXECUTIVE DR SAN DIEGO CA 92121-3091 |
11.94% | |
TD
AMERITRADE INC FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS PO BOX 2226 OMAHA NE 68103-2226 |
7.40% | |
SERVICE SHARES | LPL
FINANCIAL LLC AS AGENT FOR AND EXCLUSIVE BENEFIT FOR IT'S CUSTOMERS ATTN KRISTIN KENNEDY 4707 EXECUTIVE DR SAN DIEGO CA 92121-3091 |
100.00% |
JPMORGAN INSTITUTIONAL TAX FREE MONEY MARKET FUND | ||
AGENCY SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
100.00% |
CAPITAL SHARES | JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
80.87% |
THE
NORTHERN TRUST COMPANY FBO MA 1994 B SHARES LP TR PO BOX 92956 CHICAGO IL 60675-2956 |
16.48% |
Name of Fund | Name and Address of Shareholder | Percentage
Held |
IM SHARES | JPMORGAN
CHASE BANK* N.A. FBO ITS CUSTOMER WSS RESTRICTED SWEEP OMNIBUS ACCT 10410 HIGHLAND MANOR DR FLOOR 3 TAMPA FL 33610-9128 |
100.00% |
INSTITUTIONAL CLASS SHARES | JPM
INDY SWEEP NON DISCLOSED* ACCOUNT ATTN LIQUIDITY OPERATIONS 10410 HIGHLAND MANOR DRIVE FLOOR 03 TAMPA FL 33610-9128 |
52.43% |
JPMORGAN
CHASE BANK N.A.* FBO CLIENTS ATTN PB MF OPS 3OPS3 DE3-3740 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
47.04% | |
JPMORGAN SECURITIES LENDING MONEY MARKET FUND | ||
AGENCY SL SHARES | CITIBANK
N.A. AS AGENT FOR JPMORGAN LARGE CAP GROWTH FUND ATTN JOHN BILELLO 390 GREENWICH ST FL 4TH NEW YORK NY 10013 |
26.62% |
CITIBANK
N.A. AS AGENT FOR JPMORGAN GROWTH ADVANTAGE FUND ATTN JOHN BILELLO 390 GREENWICH ST FL 4TH NEW YORK NY 10013 |
8.22% | |
CITIBANK
N.A. AS AGENT FOR JPMORGAN SMALL CAP GROWTH FUND ATTN JOHN BILELLO 390 GREENWICH ST FL 4TH NEW YORK NY 10013 |
8.18% | |
CITIBANK
N.A. AS AGENT FOR JPMORGAN SMALL CAP EQUITY FUND ATTN JOHN BILELLO 390 GREENWICH ST FL 4TH NEW YORK NY 10013 |
6.42% |
* | The shareholder of record is a subsidiary or affiliate of JPMorgan Chase & Co. (a “JPMorgan Affiliate”). Typically, the shares are held for the benefit of underlying accounts for which the JPMorgan Affiliate may have voting or investment power. To the extent that JPMorgan Affiliates own 25% or more of a class of shares of a Fund, JPMorgan Chase & Co. may be deemed to be a “controlling person” of such shares under the 1940 Act. |
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A-1 |
|
B-1 |
1. | bridges; |
2. | highways; |
3. | roads; |
4. | schools; |
5. | waterworks and sewer systems; and |
6. | other utilities. |
1. | refunding outstanding obligations; |
2. | obtaining funds for general operating expenses; and |
3. | obtaining funds to lend to other public institutions and facilities. |
1. | water, sewage and solid waste facilities; |
2. | qualified residential rental projects; |
3. | certain local electric, gas and other heating or cooling facilities; |
4. | qualified hazardous waste facilities; |
5. | high-speed intercity rail facilities; |
6. | governmentally-owned airports, docks and wharves and mass transportation facilities; |
7. | qualified mortgages; |
8. | student loan and redevelopment bonds; and |
9. | bonds used for certain organizations exempt from Federal income taxation. |
1. | privately operated housing facilities; |
2. | sports facilities; |
3. | industrial parks; |
4. | convention or trade show facilities; |
5. | airport, mass transit, port or parking facilities; |
6. | air or water pollution control facilities; |
7. | sewage or solid waste disposal facilities; and |
8. | facilities for water supply. |
1. | Short-term tax-exempt General Obligations Notes; |
2. | Tax Anticipation Notes; |
3. | Bond Anticipation Notes; |
4. | Revenue Anticipation Notes; |
5. | Project Notes; and |
6. | Other forms of short-term tax-exempt loans. |
1. | general money market conditions; |
2. | coupon rate; |
3. | the financial condition of the issuer; |
4. | general conditions of the municipal bond market; |
5. | the size of a particular offering; |
6. | the maturity of the obligations; and |
7. | the rating of the issue. |
• | the interest on the bonds may become taxable, possibly retroactively from the date of issuance; |
• | the value of the bonds may be reduced; |
• | you and other Shareholders may be subject to unanticipated tax liabilities; |
• | a Fund may be required to sell the bonds at the reduced value; |
• | it may be an event of default under the applicable mortgage; |
• | the holder may be permitted to accelerate payment of the bond; and |
• | the issuer may be required to redeem the bond. |
• | limited financial resources; |
• | infrequent or limited trading; and |
• | more abrupt or erratic price movements than larger company securities. |
(a) | derive at least 90% of its gross income for each taxable year from (i) dividends, interest, payments with respect to certain securities loans, and gain from the sale or other disposition of stock, securities, or foreign currencies, or other income (including, but not limited to, gain from options, swaps, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies and (ii) net income derived from interests in “qualified publicly traded partnerships” (“QPTPs,” defined below); |
(b) | diversify its holdings so that, at the end of each quarter of the Fund’s taxable year, (i) at least 50% of the market value of the Fund’s total assets is represented by cash and cash items, U.S. government securities, securities of other regulated investment companies, and other securities, limited in respect of any one issuer to an amount not greater than 5% of the value of the Fund’s total assets and not more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Fund’s total assets is invested (x) in the securities (other than cash or cash items, or securities issued by the U.S. government or other regulated investment companies) of any one issuer or of two or more issuers that the Fund controls and that are engaged in the same, similar, or related trades or businesses, or (y) in the securities of one or more QPTPs. In the case of a Fund’s investments in loan participations, the Fund shall treat both the financial intermediary and the issuer of the underlying loan as an issuer for the purposes of meeting this diversification requirement; and |
(c) | distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code, without regard to the deduction for dividends paid — generally, taxable ordinary income and any excess of net short-term capital gain over net long-term capital loss) and net tax-exempt interest income, for such taxable year. |
Name
(Year of Birth; Positions with the Funds since) |
Principal
Occupation During Past 5 Years |
Number
of Funds in Fund Complex Overseen by Trustee(1) |
Other
Directorships Held During the Past 5 Years | |||
John
F. Finn (1947); Chair since 2020; Trustee of the Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998. |
Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974–present). | 126 | Director,
Greif, Inc. (GEF) (industrial package products and services)
(2007–present); Trustee, Columbus Association for the Performing Arts
(1988– present); Director, Cardinal Health, Inc. (CAH) (1994–2014). |
Name
(Year of Birth; Positions with the Funds since) |
Principal
Occupation During Past 5 Years |
Number
of Funds in Fund Complex Overseen by Trustee(1) |
Other
Directorships Held During the Past 5 Years | |||
Stephen
P. Fisher (1959); Trustee of the Trusts since 2018. |
Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies). | 126 | Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present). | |||
Kathleen
M. Gallagher (1958); Trustee of the Trusts since 2018. |
Retired; Chief Investment Officer – Benefit Plans, Ford Motor Company (serving in various roles 1985-2016). | 126 | Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Global Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016). |
Name
(Year of Birth; Positions with the Funds since) |
Principal
Occupation During Past 5 Years |
Number
of Funds in Fund Complex Overseen by Trustee(1) |
Other
Directorships Held During the Past 5 Years | |||
Dennis
P. Harrington (1950); Trustee of the Trusts since 2017. |
Retired;
Partner, Deloitte LLP (serving in various roles 1984– 2012). |
126 | None. | |||
Frankie
D. Hughes (1952); Trustee of the Trusts since 2008. |
President,
Ashland Hughes Properties (property management) (2014–present); President
and Chief Investment Officer, Hughes Capital Management, Inc. (fixed
income asset management) (1993– 2014). |
126 | None. | |||
Raymond
Kanner (1953); Trustee of the Trusts since 2017. |
Retired; Managing Director and Chief Investment Officer, IBM Retirement Funds (2007–2016). | 126 | Advisory
Board Member, Penso Advisors, LLC (2020-present); Advisory Board Member,
Los Angeles Capital (2018-present); Advisory Board Member, State Street
Global Advisors Global Fiduciary Solutions Board (2017-present); Acting
Executive Director, Committee on Investment of Employee Benefit Assets
(CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo
advisor) (2016– 2017); Advisory Board Member, BlueStar Indexes (index creator) (2013–2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001– 2015). | |||
Peter
C. Marshall (1942); Trustee of the Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985. |
Self-employed
business consultant (2002– present). |
126 | None. |
Name
(Year of Birth; Positions with the Funds since) |
Principal
Occupation During Past 5 Years |
Number
of Funds in Fund Complex Overseen by Trustee(1) |
Other
Directorships Held During the Past 5 Years | |||
Mary
E. Martinez (1960); Trustee of the Trusts since 2013. |
Associate,
Special Properties, a Christie’s International Real Estate Affiliate
(2010– present); Managing Director, Bank of America (asset management)
(2007– 2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003–2007); President, Excelsior Funds (registered investment companies) (2004–2005). |
126 | None. | |||
Marilyn
McCoy (1948); Trustee of the Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999. |
Vice
President, Administration and Planning, Northwestern University
(1985– present). |
126 | None. | |||
Mitchell
M. Merin (1953); Trustee of the Trusts since 2013. |
Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006). | 126 | Director, Sun Life Financial (SLF) (financial services and insurance) (2007–2013). | |||
Dr.
Robert A. Oden, Jr. (1946); Trustee of the Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997. |
Retired; President, Carleton College (2002–2010); President, Kenyon College (1995–2002). | 126 | Trustee
and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum
of Fly Fishing (2013– present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011– present); Trustee, American University in Cairo (1999–2014). | |||
Marian
U. Pardo (1946); Trustee of the Trusts since 2013. |
Managing
Director and Founder, Virtual Capital Management LLC (investment
consulting) (2007– present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003–2006). |
126 | President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006–present). |
Name
(Year of Birth; Positions with the Funds since) |
Principal
Occupation During Past 5 Years |
Number
of Funds in Fund Complex Overseen by Trustee(1) |
Other
Directorships Held During the Past 5 Years | |||
(1) | A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (126 J.P. Morgan Funds). |
1 | J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc. |
Name of Committee | Members | Committee Chair | ||
Audit and Valuation Committee | Mr.
Harrington Ms. Gallagher Mr. Kanner |
Mr. Harrington | ||
Compliance Committee | Ms.
Pardo Mr. Fisher Ms. Hughes Mr. Marshall |
Ms. Pardo | ||
Governance Committee | Mr.
Finn Ms. Martinez Ms. McCoy Mr. Merin Dr. Oden |
Mr. Finn | ||
Equity Committee | Mr.
Kanner Mr. Fisher Mr. Harrington Ms, Hughes |
Mr. Kanner | ||
Fixed Income Committee | Mr.
Merin Ms. Gallagher Dr. Oden Ms. Pardo |
Mr. Merin | ||
Money
Market and Alternative Products Committee |
Ms.
Martinez Mr. Marshall Ms. McCoy |
Ms. Martinez |
Name
(Year of Birth), Positions Held with the Trusts (Since) |
Principal Occupations During Past 5 Years | |
Brian S. Shlissel (1964), President and Principal Executive Officer (2016) | Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014) | |
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018) | Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016; Chief Financial Officer and Head of Valuation, Aberdeen Asset Management PLC (previously Artio Global Management) from 2009 to September 2013. | |
Gregory S. Samuels (1980), Secretary (2019)* (formerly Assistant Secretary since 2010) | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010. | |
Stephen M. Ungerman (1953), Chief Compliance Officer (2005) | Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. | |
Elizabeth A. Davin (1964), Assistant Secretary (2005)** | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005. | |
Jessica K. Ditullio (1962), Assistant Secretary (2005)** | Executive Director and Assistant General Counsel. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990. | |
Anthony Geron (1971), Assistant Secretary (2018)* | Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014. | |
Carmine Lekstutis (1980), Assistant Secretary (2011)* | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015. | |
Keri
E. Riemer (1976), Assistant Secretary (2019)* |
Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (2016-2019); Associate, Seward & Kissel LLP (2011-2016). | |
Zachary
E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)* |
Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016. | |
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012) | Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, J.P. Morgan Investment Management Inc. from 2012 to May 2014. |
Name
(Year of Birth), Positions Held with the Trusts (Since) |
Principal Occupations During Past 5 Years | |
Lauren
Paino (1973), Assistant Treasurer (2014)* |
Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000 to 2013. | |
Joseph Parascondola (1963), Assistant Treasurer (2011)* | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006. | |
Jeffrey D. House (1972), Assistant Treasurer (2017)** | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006. | |
Gillian I. Sands (1969), Assistant Treasurer (2012)* | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from September 2012; Assistant Treasurer, Wells Fargo Funds Management (from 2007 to 2009). | |
Shannon Gaines (1977), Assistant Treasurer (2018)** | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014. | |
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)* | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012. |
* | The contact address for the officer is 4 New York Plaza, New York, NY 10004. |
** | The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240 |
1 | The affiliates of JPMIM that act as Adviser or Sub-Adviser to a Fund – J.P. Morgan Private Investments Inc.—will also face some or all of the conflicts of interest described in this section. References to JPMIM should be read to apply to these other advisers for a Fund advised or sub-advised by such other adviser. |
1 | JPMorgan Funds Management, Inc. (“JPMFM”), the former Administrator, was merged with and into JPMIM effective April 1, 2016. |
Money Market Funds: | ||
Tier One | First $250 billion | 0.0013% |
Tier Two | Over $250 billion | 0.0010% |
Complex Assets1 Funds: | ||
Tier One | First $75 billion | 0.00425% |
Tier Two | Next $25 billion | 0.0040% |
Tier Three | Over $100 billion | 0.0035% |
Non-Complex Assets Funds: | ||
Tier One | First $75 billion | 0.0025% |
Tier Two | Next $25 billion | 0.0020% |
Tier Three | Over $100 billion | 0.0015% |
Other Fees: | ||
Fund of Funds (for a Fund of Funds that invests in J.P. Morgan Funds only) | $17,500 2 | |
Additional Share Classes (this additional class expense applies after the fifth class) | $ 2,000 | |
Daily Market-based Net Asset Value Calculation for Money Market Funds | $15,000 per Fund | |
Hourly Net Asset Value Calculation for Money Market Funds | $5,000 per Fund | |
Floating NAV Support for Money Market Funds | $100,000 per Fund |
1 | “Complex Assets Funds” are Funds whose strategy “routinely” employs one or more of the following instrument types: Bank Loans, Exchange Traded Derivatives or CFD/Portfolio Swaps. The Funds’ classification as either “Complex” or “Non-Complex” will be reviewed on at least an annual basis. Fund of Funds are excluded by both “Complex Assets Funds” and “Non-Complex Assets Funds.” |
2 | Fund of Funds are not subject to the asset based fees described above. |
Annual
Minimums: (except for certain Funds of Funds which are subject to the fee described above) |
|
Money Market Funds | $15,000 per Fund |
All Other Funds | $20,000 per Fund |
• | $15 or $45 per proxy (depending on the country where the issuer is located) for its service which helps facilitate the voting of proxies throughout the world. For securities in the U.S. market, this fee is waived if the Adviser votes the proxies directly; |
• | $2,000 per year for account maintenance for each custody collateral control account; |
• | $2.25 or $15 for income or redemption processing (depending on whether the security is held book entry or physically); and |
• | $2.50 to $53.50 for each cash payment or receipt transaction. |
Money Market Funds1: | ||
Tier One | First $250 billion | 0.0013% |
Tier Two | Over $250 billion | 0.0010% |
All Funds except Money Market Funds: | ||
Tier One | Up to $100 billion | 0.00375% |
Tier Two | $100 billion to $175 billion | 0.0030% |
Tier Three | Over $175 billion | 0.0020% |
Other Fees: | ||
Additional Share Classes (this additional class expense applies after the tenth class) | $2,000 per Class | |
Daily Market-based Net Asset Value Calculation for Money Market Funds | $15,000 per Fund | |
Hourly Net Asset Value Calculation for Money Market Funds | $5,000 per Fund | |
Floating NAV Support for Money Market Funds | $85,000 per Fund |
1 | A cap on fund accounting fees for each Money Market Fund will be set at $1,400,000 per year. This cap may be reviewed annually for possible adjustment. |
Annual Minimums: | |
Money Market Funds | $15,000 per Fund |
All Other Funds | $20,000 per Fund |
1. | Academy Securities, Inc. |
2. | Allianz Life Insurance Company of North America |
3. | American Veterans Group, PBC |
4. | Ameriprise Financial Services, Inc. |
5. | Apex Clearing Corporation |
6. | Arlington Trust Company Inc. |
7. | AXA Advisors, LLC |
8. | BB&T Securities, LLC |
9. | Bellator Asset Management LLC (fka Drexel Hamilton Asset Management LLC) |
10. | BofA Securities (fka Merrill Lynch, Pierce, Fenner, & Smith) |
11. | Broadridge Business Process Outsourcing LLC |
12. | Cadaret Grant & Co Inc. |
13. | Cambridge Investment Research |
14. | Cetera Advisor Networks LLC |
15. | Cetera Advisors LLC |
16. | Cetera Financial Specialists LLC |
17. | Cetera Investment Services LLC |
18. | Charles Schwab & Co Inc |
19. | Citco Securities Inc. |
20. | Citigroup Global Markets, Inc. |
21. | Comerica Securities, Inc. |
22. | Commonfund Securities, Inc. |
23. | Commonwealth Equity Services, Inc. (dba Commonwealth Financial Network) |
24. | Credit Suisse Securities (USA) LLC |
25. | DA Davidson & Co |
26. | Deutsche Bank Securities Inc. |
27. | Edward D Jones & Co LP |
28. | Envestnet Asset Management, Inc. |
29. | E*Trade Securities LLC |
30. | Fidelity Brokerage Services/National Financial Services LLC/FMR LLC |
31. | Fifth Third Securities, Inc. |
32. | First Allied Securities, Inc. |
33. | First Command Financial Planning |
34. | Fi-Tek LLC |
35. | FSC Securities Corp.\Royal Alliance Associates\SagePoint Financial, Inc.\Woodbury Financial Services, Inc. |
36. | GWFS Equities, Inc. |
37. | HazelTree Fund Services, Inc. |
38. | Hilltop Securities Inc. |
39. | Huntington Investment Company |
40. | Ingalls & Snyder, LLC |
41. | Institutional Bond Network, LLC |
42. | Institutional Cash Distributors, LLC |
43. | Investacorp, Inc.\Securities America Inc.\Triad Advisors Inc. |
44. | J.P. Morgan Clearing Corp |
45. | J.P. Morgan Securities LLC |
46. | Janney Montgomery Scott LLC |
47. | Ladenburg Thalmann Advisor Network LLC |
48. | Lincoln Financial Advisors Corp |
49. | Lincoln Financial Distributors, Inc. |
50. | Lincoln Financial Securities Corporation |
51. | Lincoln Investment Planning, LLC |
52. | Lord Securities Corporation d/b/a TMF Group New York, LLC |
53. | LPL Financial LLC |
54. | Merrill Lynch, Pierce, Fenner & Smith Inc. |
55. | Mischler Financial Group, Inc |
56. | MML Investor Services, LLC |
57. | Moreton Capital Markets, LLC |
58. | Morgan Stanley Smith Barney LLC |
59. | New York Life Investments |
60. | NFP Advisor Services, LLC |
61. | Northwestern Mutual Investment Services LLC |
62. | Oppenheimer & Co., Inc. |
63. | Pershing LLC |
64. | PFS Investments, Inc. |
65. | PNC Capital Markets LLC |
66. | PNC Investments LLC |
67. | Raymond James & Associates, Inc.\Raymond James Financial Services, Inc. |
68. | RBC Capital Markets, LLC |
69. | Robert W. Baird & Co. Incorporated |
70. | Santander Securities Corporation |
71. | Silicon Valley Bank |
72. | State Street Global Markets, LLC |
73. | Stifel Nicholaus & Co Inc. |
74. | Summit Brokerage Services, Inc. |
75. | SVB Asset Management/U.S. Bank, N.A. |
76. | TD Ameritrade |
77. | Texas Capital Bank, NA |
78. | Transamerica Capital Inc. |
79. | U.S. Bancorp Investments Inc. |
80. | UBS Financial Services |
81. | Voya Financial Advisors, Inc. |
82. | Wedbush Securities, Inc. |
83. | Wells Fargo Clearing Services, LLC |
84. | Wells Fargo Advisors Financial Network, LLC |
85. | Wells Fargo Securities LLC |
• | Corporate governance procedures differ among the countries. Because of time constraints and local customs, it is not always possible for the Adviser to receive and review all proxy materials in connection with each item submitted for a vote. Many proxy statements are in foreign languages. Proxy materials are generally mailed by the issuer to the sub-custodian which holds the securities for the client in the country where the portfolio company is organized, and there may not be sufficient time for such materials to be transmitted to the Adviser in time for a vote to be cast. In some countries, proxy statements are not mailed at all, and in some locations, the deadline for voting is two to four days after the initial announcement that a vote is to be solicited and it may not always be possible to obtain sufficient information to make an informed decision in good time to vote. |
• | Certain markets require that shares being tendered for voting purposes are temporarily immobilized from trading until after the shareholder meeting has taken place. Elsewhere, notably emerging markets, it may not always be possible to obtain sufficient information to make an informed decision in good time to vote. Some markets require a local representative to be hired in order to attend the meeting and vote in person on our behalf, which can result in considerable cost. |
The Adviser also considers the cost of voting in light of the expected benefit of the vote. In certain instances, it may sometimes be in the Fund’s best interests to intentionally refrain from voting in certain overseas markets from time to time. | |
• | Where proxy issues concern corporate governance, takeover defense measures, compensation plans, capital structure changes and so forth, the Adviser pays particular attention to management’s arguments for promoting the prospective change. The Adviser’s sole criterion in determining its voting stance is whether such changes will be to the economic benefit of the beneficial owners of the shares. |
• | The Adviser is in favor of a unitary board structure of the type found in the United Kingdom as opposed to tiered board structures. Thus, the Adviser will generally vote to encourage the gradual phasing out of tiered board structures, in favor of unitary boards. However, since tiered boards are still very prevalent in markets outside of the United Kingdom, local market practice will always be taken into account. |
• | The Adviser will use its voting powers to encourage appropriate levels of board independence, taking into account local market practice. |
• | The Adviser will usually vote against discharging the board from responsibility in cases of pending litigation, or if there is evidence of wrongdoing for which the board must be held accountable. |
• | The Adviser will vote in favor of increases in capital which enhance a company’s long-term prospects. The Adviser will also vote in favor of the partial suspension of preemptive rights if they are for purely technical reasons (e.g., rights offers which may not be legally offered to shareholders in certain jurisdictions). However, the Adviser will vote against increases in capital which would allow the company to adopt “poison pill” takeover defense tactics, or where the increase in authorized capital would dilute shareholder value in the long term. |
• | The Adviser will vote in favor of proposals which will enhance a company’s long-term prospects. The Adviser will vote against an increase in bank borrowing powers which would result in the company reaching an unacceptable level of financial leverage, where such borrowing is expressly intended as part of a takeover defense, or where there is a material reduction in shareholder value. |
• | The Adviser will generally vote against anti-takeover devices. |
• | The Adviser considers social or environmental issues on a case-by-case basis, keeping in mind at all times the best long-term/economic interests of its clients. |
• | The Adviser considers votes on director nominees on a case-by-case basis. Votes generally will be withheld from directors who: (a) attend less than 75% of board and committee meetings without a valid excuse; (b) adopt or renew a poison pill without shareholder approval; (c) are affiliated directors who serve on audit, compensation or nominating committees or are affiliated directors and the full board serves on such committees or the company does not have such committees; (d) ignore a shareholder proposal that is approved by a majority of either the shares outstanding or the votes cast based on a review over a consecutive two year time frame; (e) are insiders and affiliated outsiders on boards that are not at least majority independent; or (f) are CEOs of publicly-traded companies who serve on more than three public boards or serve on more than four public company boards. In addition, votes are generally withheld for directors who serve on committees in certain cases. For example, the Adviser generally withholds votes from audit committee members in circumstances in which there is evidence that there exists material weaknesses in the company’s internal controls. Votes generally are also withheld from directors when there is a demonstrated history of poor performance or inadequate risk oversight or when the board adopts changes to the company’s governing documents without shareholder approval if the changes materially diminish shareholder rights. Votes generally will be withheld from Board chair, lead independent directors, or government committee chairs of publicly traded companies where employees have departed for significant violation of code of conduct without claw back of compensation. |
• | The Adviser votes proposals to classify boards on a case-by-case basis, but normally will vote in favor of such proposal if the issuer’s governing documents contain each of eight enumerated safeguards (for example, a majority of the board is composed of independent directors and the nominating committee is composed solely of such directors). |
• | The Adviser also considers management poison pill proposals on a case-by-case basis, looking for shareholder-friendly provisions before voting in favor. |
• | The Adviser votes against proposals for a super-majority vote to approve a merger. |
• | The Adviser considers proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan on a case-by-case basis, taking into account such factors as the extent of dilution and whether the transaction will result in a change in control. |
• | The Adviser considers vote proposals with respect to compensation plans on a case-by-case basis. The analysis of compensation plans focuses primarily on the transfer of shareholder wealth (the dollar cost of pay plans to shareholders) and includes an analysis of the structure of the plan and pay practices of other companies in the relevant industry and peer companies. Other matters included in the analysis are the amount of the company’s outstanding stock to be reserved for the award of stock options, whether the exercise price of an option is less than the stock’s fair market value at the date of the grant of the options, and whether the plan provides for the exchange of outstanding options for new ones at lower exercise prices. |
• | The Adviser also considers on a case-by-case basis proposals to change an issuer’s state of incorporation, mergers and acquisitions and other corporate restructuring proposals and certain social issue proposals. |
• | The Adviser generally votes for management proposals which seek shareholder approval to make the state of incorporation the exclusive forum for disputes if the company is a Delaware corporation; otherwise, the Adviser votes on a case by case basis. |
• | The Adviser supports board refreshment, independence, and a diverse skill set for directors. As a matter of principle, we expect our investee companies to be committed to diversity and inclusiveness in their general recruitment policies as we believe such diversity contributes to the effectiveness of boards. The Adviser will utilize its voting power to bring about change where Boards are lagging in gender and racial and/or ethnic diversity. |
• | The Adviser generally encourages a level of reporting on environmental matters that is not unduly costly or burdensome and which does not place the company at a competitive disadvantage, but which provides meaningful information to enable shareholders to evaluate the impact of the company’s environmental policies and practices on its financial performance. In general, the Adviser supports management disclosure practices that are overall consistent with the goals and objective expressed above. Proposals with respect to companies that have been involved in controversies, fines or litigation are expected to be subject to heightened review and consideration. |
• | In evaluating how to vote environmental proposals, key considerations may include, but are not limited to, issuer considerations such as asset profile of the company, including whether it is exposed to potentially declining demand for the company’s products or services due to environmental considerations; cash deployments; cost structure of the company, including its position on the cost curve, expected impact of future carbon tax and exposure to high fixed operating costs; corporate behavior of the company; demonstrated capabilities of the company, its strategic planning process, and past performance; current level of disclosure of the company and consistency of disclosure across its industry; and whether the company incorporates environmental or social issues in a risk assessment or risk reporting framework. The Adviser may also consider whether peers have received similar proposals and if so, were the responses transparent and insightful; would adoption of the proposal inform and educate shareholders; and have companies that adopted the proposal provided insightful and meaningful information that would allow shareholders to evaluate the long-term risks and performance of the company; does the proposal require disclosure that is already addressed by existing and proposed mandated regulatory requirements or formal guidance at the local, state, or national level or the company’s existing disclosure practices; and does the proposal create the potential for unintended consequences such as a competitive disadvantage. |
• | The Adviser votes against the chair of the committee responsible for providing oversight of environmental matters and/or risk where the Adviser believes the company is lagging peers in terms of disclosure, business practices or targets. The Adviser also votes against committee members, lead independent director and/or board chair for companies that have lagged over several years. |
• | With regard to social issues, among other factors, the Adviser considers the company’s labor practices, supply chain, how the company supports and monitors those issues, what types of disclosure the company and its peers currently provide, and whether the proposal would result in a competitive disadvantage for the company. |
• | The Adviser reviews Say on Pay proposals on a case by case basis with additional review of proposals where the issuer’s previous year’s proposal received a low level of support. |
• | Routine corporate matters including: |
• | Selection of directors |
• | Appointment of auditors |
• | An increase in authorized shares where needed for clearly defined business purposes |
• | Follow management recommendations on “social” issues |
• | Indemnification of directors and/or officers where such indemnification includes “negligence and gross negligence” in the performance of their fiduciary duties |
• | Super-majority voting requirements |
• | Anti-takeover proposals which restrict shareholder authority |
• | An increase in authorized shares of more than 25% without a stated business purpose |
• | Changes in corporate charter that do not have a clearly stated business purpose |
• | Provisions for multi-tiered voting rights |
• | Authorizations of “blank check” preferred stock or other capital stock without a stated business purpose |
• | “Shareholder rights” provisions which tend to diminish rather than enhance shareholder power |
• | “Anti-greenmail” provisions which also restrict shareholder authority |
• | Staggered boards of directors |
• | Corporate combinations and divestments |
• | Shareholder proposals |
• | Profit sharing and stock options plans |
• | Send a list of the securities held in client accounts to ISS. |
• | Download proxy statements. |
1. | Terminated Account: Once a client account has been terminated with us in accordance with its investment advisory agreement, we will not vote any proxies received after the termination. |
2. | Limited Value: If we determine that the value of a client’s economic interest or the value of the portfolio holding is indeterminable or insignificant, we may abstain from voting a proxy or alternatively, vote proxies in accordance with ISS recommendations with minimal review of the proxies. We also will not vote proxies received for securities no longer held by the client’s account. |
3. | Unmanaged Assets. If a client account contains securities that we do not actively manage, but that are maintained in the account at the client’s request (designated as “Unmanaged Assets”), we will abstain from voting on such securities unless the client directs us in writing to take action with respect to a particular matter. |
4. | Securities Lending Programs: When securities are out on loan, they are transferred into the borrower’s name and are voted by the borrower, in its discretion. However, where we determine that a proxy vote (or other shareholder action) is materially important to the client’s account, we may recall the security for purposes of voting. |
i. | Copies of proxy policies and procedures. |
ii. | A copy of each proxy statement that Fuller & Thaler receives regarding client securities. Alternatively, Fuller & Thaler may rely on ISS to make and retain a copy of a proxy statement on Fuller & Thaler’s behalf (provided that Fuller & Thaler has obtained an undertaking from ISS to provide a copy of the proxy statement promptly upon request) or may rely on obtaining a copy of a proxy statement from the Commission's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. |
iii. | A record of each vote cast by Fuller & Thaler on behalf of a client. Alternatively, Fuller& Thaler may rely on a third party to make and retain a record of the vote cast on Fuller & Thaler's behalf (provided that Fuller & Thaler has obtained an undertaking from ISS to provide a copy of the record promptly upon request). |
iv. | A copy of any document created by Fuller & Thaler that was material to making a decision on how to vote proxies on behalf of a client or that memorializes the basis for that decision. |
v. | A copy of each written client request for information on how Fuller & Thaler voted proxies on behalf of the client, and a copy of any written response by Fuller & Thaler to any (written or oral) client request for information on how Fuller & Thaler voted proxies on behalf of the requesting client. |
• | adhering to this policy which includes voting proxies consistently with these guidelines; |
• | notifying the Chief Compliance Officer of any conflicts of interest; |
• | providing the Portfolio Administrator with a copy of any document that was material to making a voting decision or that memorializes the basis for a decision, if any was created; |
• | recommending any policy or procedure changes to the Director of Trading Operations and Chief Compliance Officer. |
(a) | trading on the Exchange is broadly restricted by the applicable rules and regulations of the SEC; |
(b) | the Exchange is closed for other than customary weekend and holiday closing; |
(c) | the SEC has by order permitted such suspension; or |
(d) | the SEC has declared a market emergency. |
• | Beginning November 14, 2017, Class C Share positions will convert to Class A Shares after 10 years, calculated from the first day of the month of purchase and processed on the tenth business day of the anniversary month. |
• | If the Class C Shares are held in an account with a third party broker of record are transferred to an account with the Distributor after April 21, 2017, those Class C Shares will be converted to Class A Shares on the tenth business day of the month following the transfer. |
• | Class C Shares of the Funds (excluding the Money Market Funds) automatically convert to Class A Shares (and thus are then subject to the lower expenses borne by Class A Shares) after the period of time specified in the applicable Prospectuses has elapsed since the date of purchase (the “CDSC Period”), together with the pro-rata portion of all Class C Shares representing dividends and other distributions paid in additional Class C Shares attributable to the Class C Shares then converting. The conversion of Class C Shares will be effected at the relative net asset value per share of the two classes on the tenth business day of the month following the tenth anniversary of the original purchase or such other applicable yearly anniversary. At the time of the conversion, the net asset value per share of the Class A Shares may be higher or lower than the net asset value per share of the Class C Shares; as a result, depending on the relative net asset value per share, a shareholder may receive fewer or more Class A Shares than the number of Class C Shares converted. |
• | Class C Shares of the Money Market Funds automatically convert to Morgan Shares (and thus are then subject to the lower expenses borne by Morgan Shares) after the CDSC Period, together with the pro-rata portion of all Class C Shares representing dividends and other distributions paid in additional Class C Shares attributable to the Class C Shares then converting. The conversion of Class C Shares will be effected at the relative net asset value per share of the two classes on the tenth business day of the month following the tenth anniversary of the original purchase or such other applicable yearly anniversary. At the time of the conversion, the net asset value per share of the Morgan Shares may be higher or lower than the net asset value per share of the Class C Shares; as a result, depending on the relative net asset value per share, a shareholder may receive fewer or more Morgan Shares than the number of Class C Shares converted. |
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 commitments 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 commitments 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 commitments 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 weaken an obligor’s capacity to meet its financial commitments 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 that 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 commitments 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 due date, 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. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed exchange offer. |
• | Preliminary ratings may be assigned to obligations, most commonly structured and project finance issues, pending receipt of final documentation and legal opinions. |
• | Preliminary ratings may be assigned to obligations that will likely be issued upon the obligor’s emergence from bankruptcy or similar reorganization, based on late-stage reorganization plans, documentation and discussions with the obligor. Preliminary ratings may also be assigned to the obligors. These ratings consider the anticipated general credit quality of the reorganized or post-bankruptcy issuer as well as attributes of the anticipated obligation(s). |
• | Preliminary ratings may be assigned to entities that are being formed or that are in the process of being independently established when, in S&P’s opinion, documentation is close to final. Preliminary ratings may also be assigned to the obligations of these entities. |
• | Preliminary ratings may be assigned when a previously unrated entity is undergoing a well-formulated restructuring, recapitalization, significant financing or other transformative event, generally at the point that investor or lender commitments are invited. The preliminary rating may be assigned to the entity and to its proposed obligation(s). These preliminary ratings consider the anticipated general credit quality of the obligor, as well as attributes of the anticipated obligation(s), assuming successful completion of the transformative event. Should the transformative event not occur, S&P would likely withdraw these preliminary ratings. |
• | A preliminary recovery rating may be assigned to an obligation that has a preliminary issue credit rating. |
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. |
• | The ratings do not predict a specific percentage of default likelihood or failure likelihood over any given time period. |
• | The ratings do not opine on the market value of any issuer’s securities or stock, or the likelihood that this value may change. |
• | The ratings do not opine on the liquidity of the issuer’s securities or stock. |
• | The ratings do not opine on the possible loss severity on an obligation should an issuer (or an obligation with respect to structured finance transactions) default, except in the following two cases: |
• | Ratings assigned to individual obligations of issuers in corporate finance, banks, non-bank financial institutions, insurance and covered bonds. |
• | In limited circumstances for U.S. public finance obligations where Chapter 9 of the Bankruptcy Code provides reliably superior prospects for ultimate recovery to local government obligations that benefit from a statutory lien on revenues or during the pendency of a bankruptcy proceeding under the Code if there is sufficient visibility on potential recovery prospects. |
• | The ratings do not opine on the suitability of an issuer as a counterparty to trade credit. |
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. |
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 favorable 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 and 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.” |
• | The likelihood of payment — the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation; |
• | The nature of and provisions of the obligation, and the promise we impute; and |
• | The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights. |
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 | 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 which 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 commitment 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 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 due date, 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 exchange offer. |
AAA | HIGHEST CREDIT QUALITY. ‘AAA’ ratings denote the lowest expectation of default risk. They are assigned only in case 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 default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events. |
A | HIGH CREDIT QUALITY. ‘A’ ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business economic conditions than is the case for higher ratings. |
BBB | GOOD CREDIT QUALITY. ‘BBB’ ratings indicate that expectations of default 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 default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments. |
B | HIGHLY SPECULATIVE. ‘B’ ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment. |
CCC | SUBSTANTIAL CREDIT RISK. Default is a real possibility. |
CC | VERY HIGH LEVELS OF CREDIT RISK. Default of some kind appears probable. |
C | NEAR DEFAULT. A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a ‘C’ category rating for an issuer include: |
•
the issuer has entered
into a grace or cure period following non-payment of a material financial
obligation; • the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation; or • the formal announcement by the issuer or their agent of a distressed debt exchange; • a closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent. | |
RD | RESTRICTED DEFAULT. ‘RD’ ratings indicate an issuer that in Fitch’s opinion has experienced: |
•
an uncured payment
default or distressed debt exchange on a bond, loan or other material
financial obligation, but • has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, and • has not otherwise ceased operating. This would include: • the selective payment default on a specific class or currency of debt; • the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation; • the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; ordinary execution of a distressed debt exchange on one or more material financial obligations. |
D | DEFAULT. ‘D’ ratings indicate an issuer that in Fitch Ratings’ opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, or which has otherwise ceased business. |
Aaa | Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit 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 judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics. |
Ba | Obligations rated Ba are judged to be speculative 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 speculative 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 of principal and interest. |
C | Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest. |
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.” |
AAA | An insurer rated ‘AAA’ has extremely strong financial security characteristics. ‘AAA’ is the highest insurer financial strength rating assigned by S&P. |
AA | An insurer rated ‘AA’ has very strong financial security characteristics, differing only slightly from those rated higher. |
A | An insurer rated ‘A’ has strong financial security characteristics, but is somewhat more likely to be affected by adverse business conditions than are insurers with higher ratings. |
BBB | An insurer rated ‘BBB’ has good financial security characteristics, but is more likely to be affected by adverse business conditions than are higher-rated insurers. |
BB | An insurer rated ‘BB’ has marginal financial security characteristics. Positive attributes exist, but adverse business conditions could lead to insufficient ability to meet financial commitments. |
B | An insurer rated ‘B’ has weak financial security characteristics. Adverse business conditions will likely impair its ability to meet financial commitments. |
CCC | An insurer rated ‘CCC’ has very weak financial security characteristics, and is dependent on favorable business conditions to meet financial commitments. |
CC | An insurer rated ‘CC’ has extremely weak financial security characteristics and is likely not to meet some of its financial commitments. |
SD and D | An
insurer rated ‘SD’ (selective default) or ‘D” is in default on one or more
of its insurance policy obligations. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar action if payments on a policy obligation are at risk. A ‘D’ rating is assigned when S&P Global Ratings believes that the default will be a general default and that the obligor will fail to pay substantially all of its obligations in full in accordance with the policy terms. An ‘SD’ rating is assigned when S&P Global Ratings believes that the insurer has selectively defaulted on a specific class of policies but it will continue to meet its payment obligations on other classes of obligations. An ‘SD’ includes the completion of a distressed exchange offer. Claim denials due to lack of coverage or other legally permitted defenses are not considered defaults. |
AAA | EXCEPTIONALLY STRONG. ‘AAA’ IFS Ratings denote the lowest expectation of ceased or interrupted payments. They are assigned only in the case of exceptionally strong capacity to meet policyholder and contract obligations. This capacity is highly unlikely to be adversely affected by foreseeable events. |
AA | VERY STRONG. ‘AA’ IFS Ratings denote a very low expectation of ceased or interrupted payments. They indicate very strong capacity to meet policyholder and contract obligations. This capacity is not significantly vulnerable to foreseeable events. |
A | STRONG. ‘A’ IFS Ratings denote a low expectation of ceased or interrupted payments. They indicate strong capacity to meet policyholder and contract obligations. This capacity may, nonetheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings. |
BBB | GOOD. ‘BBB’ IFS Ratings indicate that there is currently a low expectation of ceased or interrupted payments. The capacity to meet policyholder and contract obligations on a timely basis is considered adequate, but adverse changes in circumstances and economic conditions are more likely to impact this capacity. |
BB | MODERATELY WEAK. ‘BB’ IFS Ratings indicate that there is an elevated vulnerability to ceased or interrupted payments, particularly as the result of adverse economic or market changes over time. However, business or financial alternatives may be available to allow for policyholder and contract obligations to be met in a timely manner. |
B | WEAK. ‘B’ IFS Ratings indicate two possible conditions. If obligations are still being met on a timely basis, there is significant risk that ceased or interrupted payments could occur in the future, but a limited margin of safety remains. Capacity for continued timely payments is contingent upon a sustained, favorable business and economic environment, and favorable market conditions. Alternatively, a ‘B’ IFS Rating is assigned to obligations that have experienced ceased or interrupted payments, but with the potential for extremely high recoveries. Such obligations would possess a recovery assessment of ‘RR1’ (Outstanding). |
CCC | VERY WEAK. ‘CCC’ IFS Ratings indicate two possible conditions. If obligations are still being met on a timely basis, there is a real possibility that ceased or interrupted payments could occur in the future. Capacity for continued timely payments is solely reliant upon a sustained, favorable business and economic environment, and favorable market conditions. Alternatively, a ‘CCC’ IFS Rating is assigned to obligations that have experienced ceased or interrupted payments, and with the potential for average to superior recoveries. Such obligations would possess a recovery assessment of ‘RR2’ (Superior), ‘RR3’ (Good), and ‘RR4’ (Average). |
CC | EXTREMELY WEAK. ‘CC’ IFS Ratings indicate two possible conditions. If obligations are still being met on a timely basis, it is probable that ceased or interrupted payments will occur in the future. Alternatively, a ‘CC’ IFS Rating is assigned to obligations that have experienced ceased or interrupted payments, with the potential for average to below-average recoveries. Such obligations would possess a recovery assessment of ‘RR4’ (Average) or ‘RR5’ (Below Average). |
C | DISTRESSED. ‘C’ IFS Ratings indicate two possible conditions. If obligations are still being met on a timely basis, ceased or interrupted payments are imminent. Alternatively, a ‘C’ IFS Rating is assigned to obligations that have experienced ceased or interrupted payments, and with the potential for below average to poor recoveries. Such obligations would possess a recovery assessment of ‘RR5’ (Below Average) or ‘RR6’ (Poor). |
F1 | Insurers are viewed as having a strong capacity to meet their near-term obligations. When an insurer rated in this rating category is designated with a (+) sign, it is viewed as having a very strong capacity to meet near-term obligations. |
F2 | Insurers are viewed as having a good capacity to meet their near-term obligations. |
F3 | Insurers are viewed as having an adequate capacity to meet their near-term obligations. |
B | Insurers are viewed as having a weak capacity to meet their near-term obligations. |
C | Insurers are viewed as having a very weak capacity to meet their near-term obligations. |
RR1 | OUTSTANDING RECOVERY PROSPECTS GIVEN DEFAULT. ‘RR1’ rated securities have characteristics consistent with securities historically recovering 91%–100% of current principal and related interest. |
RR2 | SUPERIOR RECOVERY PROSPECTS GIVEN DEFAULT. ‘RR2’ rated securities have characteristics consistent with securities historically recovering 71%–90% of current principal and related interest. |
RR3 | GOOD RECOVERY PROSPECTS GIVEN DEFAULT. ‘RR3’ rated securities have characteristics consistent with securities historically recovering 51%–70% of current principal and related interest. |
RR4 | AVERAGE RECOVERY PROSPECTS GIVEN DEFAULT. ‘RR4’ rated securities have characteristics consistent with securities historically recovering 31%–50% of current principal and related interest. |
RR5 | BELOW
AVERAGE RECOVERY PROSPECTS GIVEN DEFAULT. ‘RR5’ rated securities have
characteristics consistent with securities historically recovering
11%– 30% of current principal and related interest. |
RR6 | POOR RECOVERY PROSPECTS GIVEN DEFAULT. ‘RR6’ rated securities have characteristics consistent with securities historically recovering 0%–10% of current principal and related interest. |
• | The ratings do not predict a specific percentage of recovery should a default occur. |
• | The ratings do not opine on the market value of any issuer’s securities or stock, or the likelihood that this value may change. |
• | The ratings do not opine on the liquidity of the issuer’s securities or stock. |
• | The ratings do not opine on any quality related to an issuer or transaction’s profile other than the agency’s opinion on the relative loss severity of the rated obligation should the obligation default. |
• | Recovery Ratings, in particular, reflect a fundamental analysis of the underlying relationship between financial claims on an entity or transaction and potential sources to meet those claims. The size of such sources and claims is subject to a wide variety of dynamic factors outside the agency’s analysis that will influence actual recovery rates. |
• | Out-of-court settlements are not contemplated by Fitch’s Recovery Ratings, other than in broad concession payments for some classes of junior-ranking bonds in some specific scenarios. In reality, out-of-court settlements will be influenced heavily by creditor composition and local political and economic imperatives, and Fitch does not attempt to factor these into its Recovery Ratings. |
• | Creditor composition is outside the scope of Recovery Ratings. Concentration of creditors at a certain level of the capital structure, common ownership of claims at different levels in a capital structure or even differing entry prices of investors within a creditor class can have a profound effect on actual recovery rates. |
• | Information flows for companies close to default can become erratic, which may reduce Fitch’s visibility on its Recovery Ratings. |
• | Enterprise valuations play a key role in the allocation of recoveries across credit classes. Recovery Ratings assume cash-flow multiples or advance rates, which are driven by subjective forecasts of Fitch analysts of post-restructuring cash flow, achievable exit multiples and appropriate advance rates. All these parameters are subject to volatility before and during the restructuring process. |
• | Recovery rates are strongly influenced by legal decisions. Potential legal decisions are not factored into Fitch’s Recovery Ratings. |
Aaa | Insurance companies rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk. |
Aa | Insurance companies rated Aa are judged to be of high quality and are subject to very low credit risk. |
A | Insurance companies rated A are judged to be of upper-medium grade and are subject to low credit risk. |
Baa | Insurance companies rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics. |
Ba | Insurance companies rated Ba are judged to be speculative and are subject to substantial credit risk. |
B | Insurance companies rated B are considered speculative and are subject to high credit risk. |
Caa | Insurance companies rated Caa are judged to be speculative of poor standing and are subject to very high credit risk. |
Ca | Insurance companies rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest. |
C | Insurance companies rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest. |
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 Prim-3 have an acceptable ability to repay short-term obligations. |
P-4 | Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories. |
• | Amortization schedule — the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and |
• | Source of payment — the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note. |
SP-1 | Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation. |
SP-2 | Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes. |
SP-3 | Speculative capacity to pay principal and interest. |
D | ‘D’ is assigned upon failure to pay the note when due, completion of a distressed exchange offer, or 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. |
MIG 1 | This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support or demonstrated broad-based access to the market for refinancing. |
MIG 2 | This designation denotes strong credit quality. Margins of protection are ample although not so large as in the preceding group. |
MIG 3 | This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established. |
SG | This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection. |
VMIG 1 | This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. |
VMIG 2 | This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. |
VMIG 3 | This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. |
SG | This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have an investment grade short-term rating or may lack the structural and/or legal protections necessary to ensure the timely payment of purchase price upon demand. |
Pfd-1 | Preferred shares rated Pfd-1 are of superior credit quality, and are supported by entities with strong earnings and balance sheet characteristics. Pfd-1 ratings generally correspond with issuers with a AAA or AA category reference point1. |
Pfd-2 | Preferred shares rated Pfd-2 are generally of good credit quality. Protection of dividends and principal is still substantial, but earnings, the balance sheet and coverage ratios are not as strong as Pfd-1 rated companies. Generally, Pfd-2 ratings correspond with issuers with an A category or higher reference point. |
Pfd-3 | Preferred shares rated Pfd-3 are generally of adequate credit quality. While protection of dividends and principal is still considered acceptable, the issuing entity is more susceptible to adverse changes in financial and economic conditions, and there may be other adverse conditions present which detract from debt protection. Pfd-3 ratings generally correspond with issuers with a BBB category or higher reference point. |
Pfd-4 | Preferred shares rated Pfd-4 are generally speculative, where the degree of protection afforded to dividends and principal is uncertain, particularly during periods of economic adversity. Issuers with preferred shares rated Pfd-4 generally correspond with issuers with a BB category or higher reference point. |
Pfd-5 | Preferred shares rated Pfd-5 are generally highly speculative and the ability of the entity to maintain timely dividend and principal payments in the future is highly uncertain. Entities with a Pfd-5 rating generally correspond with issuers with a B category or higher reference point. Preferred shares rated Pfd5 often have characteristics that, if not remedied, may lead to default. |
D | When the issuer has filed under any applicable bankruptcy, insolvency or winding up or the issuer is in default per the legal documents, a downgrade to D may occur. Because preferred share dividends are only payable when approved, the non-payment of a preferred share dividend does not necessarily result in a D. DBRS may also use SD (Selective Default) in cases where only some securities are impacted, such as the case of a “distressed exchange”. See the Default Definition document posted on the website for more information. |
1 | The reference point is a credit rating or intrinsic assessment on the relevant issuer expressed using the long-term obligations scale. For instance, it could be the issuer rating (for a corporate issuer), the intrinsic assessment (for a bank or a non-bank finance company), or the financial strength rating (for an insurance company). |