Fund
Name |
A |
C |
I |
L |
R2 |
R3 |
R4 |
R5 |
R6 |
Undiscovered
Managers
Behavioral
Value Fund
(the
“Behavioral Value
Fund”
or the “Fund”) |
UBVAX |
UBVCX |
UBVSX |
UBVLX |
UBVRX |
UBVTX |
UBVUX |
UBVVX |
UBVFX |
Undiscovered
Managers Behavioral Value Fund |
Class
A, Class C, Class I, Class L, Class R2,
Class
R3, Class R4, Class R5 and Class
R6 |
Undiscovered
Managers Behavioral Value Fund |
Class
A, Class C, Class I, Class L, Class R2,
Class
R3, Class R4, Class R5 and Class
R6 |
Instrument |
Part
II
Section
Reference |
Adjustable
Rate Mortgage Loans (“ARMs”)*:
Loans in a mortgage pool
which
provide for a fixed initial mortgage interest rate for a specified period
of
time, after which the rate may be subject to periodic
adjustments. |
Mortgage-Related
Securities |
Asset-Backed
Securities*:
Securities secured by company receivables, home
equity
loans, truck and auto loans, leases, and credit card receivables and
other
securities backed by other types of receivables or other
assets. |
Asset-Backed
Securities |
Auction
Rate Securities*:
Auction rate municipal securities and auction rate
preferred
securities issued by closed-end investment
companies. |
Auction
Rate
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. |
Bank
Obligations |
Borrowings:
The Fund may borrow for temporary purposes and/or for
investment
purposes. Such a practice will result in leveraging 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. |
Miscellaneous
Investment
Strategies
and
Risks |
Call
and Put Options:
A call option gives the buyer the right to buy, and
obligates
the seller of the option to sell, a security at a specified price at a
future
date. A put option gives the buyer the right to sell, and obligates the
seller
of the option to buy, a security at a specified price at a future date.
The
Fund
will sell only covered call and secured put options. |
Options
and
Futures
Transactions |
Commodity-Linked
Derivatives*:
Instruments whose value derives from the
price
of a commodity, including commodity futures and commodity
options. |
Miscellaneous
Investment
Strategies
and
Risks |
Common
Stock:
Shares of ownership of a company. |
Equity
Securities,
Warrants
and
Rights |
Instrument |
Part
II
Section
Reference |
Common
Stock Warrants and Rights:
Securities, typically issued with
preferred
stock or bonds, that give the holder the right to buy a proportionate
amount
of common stock at a specified price. |
Equity
Securities,
Warrants
and
Rights |
Convertible
Securities:
Bonds or preferred stock that can convert to common
stock
including contingent convertible securities. |
Convertible
Securities |
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. |
Debt
Securities |
Emerging
Market Securities*:
Securities
issued by issuers or governments in
countries
with emerging economies or securities markets which may be
undergoing
significant evolution and rapid development. |
Foreign
Investments
(including
Foreign
Currencies) |
Exchange-Traded
Funds (“ETFs”):
Ownership interest in unit investment
trusts,
depositary receipts, and other pooled investment vehicles that hold a
portfolio
of securities or stocks designed to track the price performance and
dividend
yield of a particular broad-based, sector or international index.
ETFs
include a wide range of investments. |
Investment
Company
Securities
and
Exchange-Traded
Funds |
Foreign
Currency Transactions:
Strategies used to hedge against currency
risks,
for other risk management purposes or to increase income or gain to
the
Fund. These strategies may consist of use of any of the following: options
on
currencies, currency futures, options on such futures, forward foreign
currency
transactions (including non-deliverable forwards (“NDFs”)),
forward
rate agreements and currency swaps, caps and floors. Certain Funds
may
engage in such transactions in both U.S. and non-U.S.
markets. |
Foreign
Investments
(including
Foreign
Currencies) |
Foreign
Investments:
Equity and debt securities (e.g., bonds and commercial
paper)
of foreign entities 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. |
Foreign
Investments
(including
Foreign
Currencies) |
High
Yield/High Risk Securities/Junk Bonds*:
Securities that are generally
rated
below investment grade by the primary rating agencies or are unrated
but
deemed by the Fund’s adviser to be of comparable
quality. |
Debt
Securities |
Inflation-Linked
Debt Securities*:
Includes 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. |
Debt
Securities |
Initial
Public Offerings (“IPOs”):
A transaction in which a previously
private
company makes its first sale of stock to the public. |
Equity
Securities,
Warrants
and Rights |
Interfund
Lending: Involves
lending money and borrowing money for
temporary
purposes through a credit facility. |
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. |
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. |
Loans |
Master
Limited Partnerships (“MLPs”)*:
Limited partnerships that are
publicly
traded on a securities exchange. |
Master
Limited
Partnerships |
Mortgages
(Directly Held)*:
Debt instruments secured by real property. |
Mortgage-Related
Securities |
Instrument |
Part
II
Section
Reference |
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. |
Mortgage-Related
Securities |
Mortgage
Dollar Rolls*:
A transaction in which the Fund sells securities for
delivery
in a current month and simultaneously contracts with the same party
to
repurchase similar but not identical securities on a specified future
date. |
Mortgage-Related
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. |
Miscellaneous
Investment
Strategies
and Risks |
Options
and Futures Transactions:
The Fund may purchase and sell (a)
exchange
traded and over-the-counter put and call options on securities,
indexes
of securities and futures contracts on securities and indexes of
securities,
and (b) futures contracts on securities and indexes of
securities. |
Options
and Futures
Transactions |
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. |
Equity
Securities,
Warrants
and Rights |
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. |
Miscellaneous
Investment
Strategies
and Risks |
Real
Estate Investment Trusts (“REITs”): Pooled
investment vehicles which
invest
primarily in income producing real estate or real estate related loans or
interest. |
Real
Estate
Investment
Trusts |
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. |
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 the
Fund. |
Reverse
Repurchase
Agreements |
Securities
Lending:
The lending of up to 33 1∕3%
of the Fund’s total assets. In
return,
the Fund will receive cash, other securities, and/or letters of credit as
collateral. |
Securities
Lending |
Short
Selling:
The Fund sells a security it does not own in anticipation of a
decline
in the market value of the security. To complete the transaction, the
Fund
must borrow the security to make delivery to the buyer. The Fund is
obligated
to replace the security borrowed by purchasing it subsequently at
the
market price at the time of replacement. |
Short
Selling |
Sovereign
Obligations:
Investments in debt obligations issued or guaranteed
by
a foreign sovereign government or its agencies, authorities or political
subdivisions. |
Foreign
Investments
(including
Foreign
Currencies) |
Stripped
Mortgage-Backed Securities*:
Derivative
multi-class mortgage
securities
which are usually structured with two classes of shares that receive
different
proportions of the interest and principal from a pool of mortgage
assets.
These include Interest- Only (“IO”) and Principal-Only (“PO”)
securities
issued outside a Real Estate Mortgage Investment Conduit
(“REMIC”)
or CMO structure. |
Mortgage-Related
Securities |
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 index, commodity, currency or
financial
instrument. |
Structured
Investments |
Instrument |
Part
II
Section
Reference |
Swaps
and Related Swap Products:
Swaps involve an exchange of
obligations
by two parties. Caps and floors entitle a purchaser to a principal
amount
from the seller of the cap or floor to the extent that a specified index
exceeds
or falls below a predetermined interest rate or amount. The Fund
may
enter into these transactions to manage its exposure to changing interest
rates
and other factors. |
Swaps
and Related
Swap
Products |
Temporary
Defensive Positions:
To respond to unusual circumstances, the
Fund
may invest in cash and cash equivalents for temporary defensive
purposes. |
Miscellaneous
Investment
Strategies
and Risks |
Treasury
Receipts:
The 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”). |
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 by the Government National Mortgage Association
(“Ginnie
Mae”), Federal National Mortgage Association (“Fannie Mae”) and
Federal
Home Loan Mortgage Corporation (“Freddie Mac”), including
funding
notes, subordinated benchmark notes, CMOs and
REMICs. |
Mortgage-Related
Securities |
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”). |
U.S.
Government
Obligations |
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. |
When-Issued
Securities,
Delayed
Delivery
Securities
and
Forward
Commitments |
|
Fiscal
Year Ended June 30, | |
Fund |
2022 |
2023 |
Behavioral
Value Fund |
37% |
39% |
Committee |
Fiscal
Year Ended
June
30, 2023 |
Audit
and Valuation Committee |
4 |
Compliance
Committee |
4 |
Governance
Committee |
4 |
Equity
Committee |
8 |
ETF
Committee |
4 |
Fixed
Income Committee |
6 |
Money
Market and Alternative Products Committee |
7 |
Name
of Trustee |
Dollar
Range
of
Equity
Securities
in
Behavioral
Value 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 |
Over
$100,000 |
Over
$100,000 |
Stephen
P. Fisher |
None |
Over
$100,000 |
Gary
L. French |
None |
Over
$100,000 |
Kathleen
M. Gallagher |
None |
Over
$100,000 |
Robert
J. Grassi |
None |
Over
$100,000 |
Frankie
D. Hughes |
None |
Over
$100,000 |
Raymond
Kanner |
None |
Over
$100,000 |
Thomas
P. Lemke |
None |
Over
$100,000 |
Lawrence
R. Maffia |
None |
Over
$100,000 |
Mary
E. Martinez |
None |
Over
$100,000 |
Name
of Trustee |
Dollar
Range
of
Equity
Securities
in
Behavioral
Value Fund |
Aggregate
Dollar
Range
of
Equity
Securities
in
All
Registered
Investment
Companies
Overseen
by the
Trustee
in
Family
of
Investment
Companies1,2 |
Marilyn
McCoy |
None |
Over
$100,000 |
Dr.
Robert A. Oden, Jr. |
None |
Over
$100,000 |
Marian
U. Pardo |
None |
Over
$100,000 |
Emily
A. Youssouf |
None |
Over
$100,000 |
Interested
Trustees |
|
|
Robert
Deutsch |
None |
Over
$100,000 |
Nina
O. Shenker |
$50,001–
$100,000 |
Over
$100,000 |
Name
of Trustee |
Behavioral
Value
Fund |
Total
Compensation
Paid
From
Fund
Complex1
|
Independent
Trustees |
|
|
John
F. Finn |
$4,363 |
$620,000 |
Stephen
P. Fisher |
3,024 |
445,000 |
Gary
L. French |
2,642 |
395,0002 |
Kathleen
M. Gallagher |
3,024 |
445,0003 |
Robert
J. Grassi |
2,642 |
395,000 |
Frankie
D. Hughes |
2,642 |
395,000 |
Name
of Trustee |
Behavioral
Value
Fund |
Total
Compensation
Paid
From
Fund
Complex1 |
Raymond
Kanner |
$3,024 |
$445,0004 |
Thomas
P. Lemke |
2,642 |
395,0005 |
Lawrence
R. Maffia |
2,642 |
395,000 |
Mary
E. Martinez |
3,598 |
520,000 |
Marilyn
McCoy |
2,642 |
395,0006 |
Dr.
Robert A. Oden, Jr. |
3,024 |
445,000 |
Marian
U. Pardo |
3,024 |
445,000 |
Emily
A. Youssouf |
2,642 |
395,0007 |
Interested
Trustees |
|
|
Robert
Deutsch |
3,024 |
445,0008 |
Nina
O. Shenker9 |
2,642 |
395,0006 |
|
Fiscal
Year Ended | |||||
|
June
30, 2021 |
June
30, 2022 |
June
30, 2023 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived |
Behavioral
Value Fund |
$37,365 |
$(2,202) |
$53,409 |
$(3,249) |
$51,844 |
$(3,449) |
Fund |
Sub-Adviser |
Fiscal
Year Ended | ||
June
30, 2021 |
June
30, 2022 |
June
30, 2023 | ||
Behavioral
Value Fund |
Fuller
& Thaler |
$27,475,546 |
$39,310,078 |
$38,265,848 |
|
Non-Performance
Based Fee Advisory Accounts | |||||
Registered
Investment
Companies |
Other
Pooled Investment
Vehicles |
Other
Accounts | ||||
Number
of
Accounts |
Total
Assets
($thousands) |
Number
of
Accounts |
Total
Assets
($thousands) |
Number
of
Accounts |
Total
Assets
($thousands) | |
Behavioral
Value Fund | ||||||
David
M. Potter |
1 |
$417,054 |
1 |
$68,467 |
1,612 |
$1,668,165 |
Ryam
S. Lee |
1 |
417,054 |
1 |
68,467 |
1,612 |
1,668,165 |
|
Performance
Based Fee Advisory Accounts | |||||
Registered
Investment
Companies |
Other
Pooled Investment
Vehicles |
Other
Accounts | ||||
Number
of
Accounts |
Total
Assets
($thousands) |
Number
of
Accounts |
Total
Assets
($thousands) |
Number
of
Accounts |
Total
Assets
($thousands) | |
Behavioral
Value Fund | ||||||
David
M. Potter |
0 |
$0 |
0 |
$0 |
0 |
$0 |
Ryam
S. Lee |
0 |
0 |
0 |
0 |
0 |
0 |
Fund |
Aggregate
Dollar Range of Securities in the Fund | ||||||
None |
$1-$10,000 |
$10,001-
$50,000 |
$50,001-
$100,000 |
$100,001-
$500,000 |
$500,001-
$1,000,000 |
Over
$1,000,000 | |
Behavioral
Value Fund | |||||||
David
M. Potter |
|
|
|
|
|
|
X |
Ryam
S. Lee |
|
|
|
|
|
X |
|
Name
of Fund |
Benchmark |
Behavioral
Value Fund |
Russell
2000®
Value Index |
|
Fiscal
Year Ended | |||||
|
June
30, 2021 |
June
30, 2022 |
June
30, 2023 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived |
Behavioral
Value Fund |
$3,747 |
$(210) |
$5,360 |
$(306) |
$5,217 |
$(312) |
|
Fiscal
Year Ended | ||
Fund |
June
30, 2021 |
June
30, 2022 |
June
30, 2023 |
Behavioral
Value Fund |
$135 |
$188 |
$190 |
|
Undiscovered
Managers
Behavioral
Value
Fund |
Gross
Income from Securities Lending Activities1 |
$3,059,008 |
Fees
and/or Compensation for Securities Lending
Activities |
|
Revenue
Split2 |
16,194 |
Cash
Collateral Management Fees3 |
44,165 |
Administrative
Fees |
— |
Indemnification
Fees |
— |
Rebates
to Borrowers |
2,808,926 |
Others
Fees |
— |
Aggregate
Fees/Compensation for Securities Lending Activities |
2,869,285 |
Net
Income from the Securities Lending Activities |
189,723 |
1
Gross income includes income from the reinvestment of cash collateral,
premium income
(i.e.
rebates paid by borrowers to the Fund), management fees from a pooled cash
collateral
reinvestment
vehicle that are deducted from the vehicle's assets before income is
distributed,
and any other income. |
|
2
Revenue split represents the share of revenue generated by securities
lending program and
paid
to Citi. |
|
3
Cash collateral is reinvested in certain JPMorgan money market funds that
are advised by
JPMIM
(“money market funds”). Cash collateral management fees include the fees
and
expenses
deducted from the money market funds. The contractual management fees are
derived
using the Total Annual Fund Operating Expenses after Fee Waivers and/or
Expense
Reimbursements
from the money market funds’ most recently available prospectus. Actual
fees
incurred by the Money Market Funds may differ due to other expenses, fee
waivers and
expense
reimbursements. |
|
Fund |
Total
Underwriting
Discounts
and
Commissions |
Compensation
on
Redemptions
and
Repurchases |
Brokerage
Commissions |
Other
Compensation* |
Behavioral
Value Fund |
$64,340 |
$18,505 |
$— |
$1,943,548 |
Fund |
Fiscal
Year Ended | ||
June
30, 2021 |
June
30, 2022 |
June
30, 2023 | |
Behavioral
Value Fund |
$54,649 |
$64,291 |
$64,340 |
|
Fiscal
Year Ended | |||||
|
June
30, 2021 |
June
30, 2022 |
June
30, 2023 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived |
Behavioral
Value Fund | ||||||
Class
A Shares |
$978 |
$— |
$1,294 |
$— |
$1,424 |
$— |
Class
C Shares |
614 |
— |
587 |
— |
434 |
— |
Class
R2 Shares |
73 |
— |
70 |
— |
70 |
— |
Class
R3 Shares |
14 |
— |
16 |
— |
15 |
— |
Class
A, Class C, Class I, Class R2, Class R3 and Class R4 |
Up
to 0.25% |
Class
L and Class R5 |
Up
to 0.10% |
Class
R6 |
None |
|
Fiscal
Year Ended | |||||
|
June
30, 2021 |
June
30, 2022 |
June
30, 2023 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived |
Behavioral
Value Fund | ||||||
Class
A Shares |
$965 |
$(13) |
$1,124 |
$(170) |
$1,067 |
$(357) |
Class
C Shares |
201 |
(4) |
172 |
(24) |
109 |
(36) |
Class
I Shares |
2,740 |
(78) |
4,182 |
(723) |
3,171 |
(1,204) |
Class
L Shares |
2,001 |
(90) |
2,537 |
(86) |
2,317 |
(154) |
Class
R2 Shares |
34 |
(3) |
32 |
(2) |
32 |
(3) |
Class
R3 Shares |
14 |
—* |
16 |
—* |
15 |
— |
Class
R4 Shares |
5 |
(1) |
6 |
(1) |
17 |
— |
Class
R5 Shares |
12 |
(1) |
19 |
—* |
20 |
(1) |
|
Fiscal
Year Ended | ||
Fund |
June
30, 2021 |
June
30, 2022 |
June
30, 2023 |
Behavioral
Value Fund | |||
Total
Brokerage Commissions |
$1,800,263 |
$2,644,435 |
$3,297,236 |
Brokerage
Commissions to Affiliated Broker/Dealers |
— |
— |
— |
Fund
Name |
Amount |
Behavioral
Value Fund |
$1,262,089 |
Fund |
Name
of Broker-Dealer |
Value
of Securities
Owned
(000's) |
Undiscovered
Managers Behavioral Value Fund |
KeyCorp |
$230,193 |
Amount
of Purchases |
Finders’
Fee |
$1,000,000
– $3,999,999* |
1.00% |
$4,000,000
– $9,999,999 |
0.75% |
$10,000,000
– $49,999,999 |
0.50% |
Amount
of Purchases |
Finders’
Fee |
$50,000,000
or more |
0.25% |
Bloomberg
LP |
Monthly |
30
days after month end |
Casey,
Quirk & Associates |
Monthly |
30
days after month end |
Lipper,
Inc. |
Monthly |
30
days after month end |
Morningstar
Inc. |
Monthly |
30
days after month end |
Thomson
Financial |
Monthly |
30
days after month end |
Vickers
Stock Research Corp. |
Monthly |
30
days after month end |
The
McGraw-Hill Companies, Inc. — Standard & Poor’s |
Monthly |
30
days after month end |
JPMorgan
Chase & Co. |
Monthly |
30
days after month end |
Factset |
Monthly |
30
days after month end |
Fernand
Schoppig Associates |
Quarterly |
30
days after quarter end |
Wells
Fargo — Felix Cordas |
Quarterly |
30
days after quarter end |
Name
of Fund |
Name
and Address of Shareholder |
Percentage
Held |
UNDISCOVERED
MANAGERS BEHAVIORAL VALUE FUND | ||
CLASS
A SHARES |
EDWARD
D JONES & CO
FOR
THE BENEFIT OF CUSTOMERS
12555
MANCHESTER RD
SAINT
LOUIS MO 63131-3710 |
29.80% |
|
|
|
|
MLPF&S
FOR THE SOLE BENEFIT OF
ITS
CUSTOMERS
ATTN
FUND ADMINISTRATION
4800
DEER LAKE DR E FL 3
JACKSONVILLE
FL 32246-6484 |
11.73% |
|
|
|
|
CHARLES
SCHWAB & CO INC
SPECIAL
CUSTODY ACCOUNT FOR
BENEFIT
OF CUSTOMERS
ATTN
MUTUAL FUNDS
211
MAIN ST
SAN
FRANCISCO CA 94105-1901 |
10.84% |
|
|
|
|
NATIONAL
FINANCIAL SERVICES LLC
FOR
EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499
WASHINGTON BLVD
ATTN
MUTUAL FUNDS DEPT 4TH FLOOR
JERSEY
CITY NJ 07310-1995 |
7.71% |
|
|
|
|
RAYMOND
JAMES
OMNIBUS
FOR MUTUAL FUNDS
ATTN
COURTNEY WALLER
880
CARILLON PKWY
ST
PETERSBURG FL 33716-1100 |
7.06% |
|
|
|
CLASS
C SHARES |
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL
CUSTODY ACCT FOR THE
EXCLUSIVE
BENEFIT OF CUSTOMER
2801
MARKET STREET
ST
LOUIS MO 63103-2523 |
19.80% |
|
|
|
|
PERSHING
LLC
P.O.
BOX 2052
JERSEY
CITY NJ 07303-2052 |
12.67% |
|
|
|
|
MORGAN
STANLEY SMITH BARNEY LLC
FOR
THE EXCLUSIVE BENE OF ITS CUST
1
NEW YORK PLZ FL 12
NEW
YORK NY 10004-1965 |
11.86% |
Name
of Fund |
Name
and Address of Shareholder |
Percentage
Held |
|
|
|
|
RAYMOND
JAMES
OMNIBUS
FOR MUTUAL FUNDS
ATTN
COURTNEY WALLER
880
CARILLON PKWY
ST
PETERSBURG FL 33716-1100 |
8.73% |
|
|
|
|
UBS
WM USA
OMNI
ACCOUNT M/F
SPEC
CDY A/C EBOC UBSFSI
1000
HARBOR BLVD
WEEHAWKEN
NJ 07086-6761 |
7.62% |
|
|
|
|
NATIONAL
FINANCIAL SERVICES LLC
FOR
EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
499
WASHINGTON BLVD
ATTN
MUTUAL FUNDS DEPT 4TH FLOOR
JERSEY
CITY NJ 07310-1995 |
5.60% |
|
|
|
|
AMERICAN
ENTERPRISE INVESTMENT SVC
707
2ND AVE S
MINNEAPOLIS
MN 55402-2405 |
5.52% |
|
|
|
|
LPL
FINANCIAL
OMNIBUS
CUSTOMER ACCOUNT
ATTN
MUTUAL FUND TRADING
4707
EXECUTIVE DR
SAN
DIEGO CA 92121-3091 |
5.25% |
|
|
|
|
MLPF&S
FOR THE SOLE BENEFIT OF
ITS
CUSTOMERS
ATTN
FUND ADMINISTRATION
4800
DEER LAKE DR E FL 3
JACKSONVILLE
FL 32246-6484 |
5.23% |
|
|
|
|
J.
P. MORGAN SECURITIES LLC*
FOR
EXCLUSIVE BENEFIT OF CUSTOMERS
4
CHASE METROTECH CTR
BROOKLYN
NY 11245-0003 |
5.23% |
|
|
|
CLASS
I SHARES |
MLPF&S
FOR THE SOLE BENEFIT OF
ITS
CUSTOMERS
ATTN
FUND ADMINISTRATION
4800
DEER LAKE DR E FL 3
JACKSONVILLE
FL 32246-6484 |
35.58% |
|
|
|
|
MORGAN
STANLEY SMITH BARNEY LLC
FOR
THE EXCLUSIVE BENE OF ITS CUST
1
NEW YORK PLZ FL 12
NEW
YORK NY 10004-1965 |
15.30% |
Name
of Fund |
Name
and Address of Shareholder |
Percentage
Held |
|
|
|
|
UBS
WM USA
OMNI
ACCOUNT M/F
SPEC
CDY A/C EBOC UBSFSI
1000
HARBOR BLVD
WEEHAWKEN
NJ 07086-6761 |
12.14% |
|
|
|
|
LPL
FINANCIAL
OMNIBUS
CUSTOMER ACCOUNT
ATTN
MUTUAL FUND TRADING
4707
EXECUTIVE DR
SAN
DIEGO CA 92121-3091 |
10.63% |
|
|
|
|
AMERICAN
ENTERPRISE INVESTMENT SVC
707
2ND AVE S
MINNEAPOLIS
MN 55402-2405 |
8.66% |
|
|
|
|
NATIONAL
FINANCIAL SERVICES LLC
FOR
THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
ATTN
MUTUAL FUNDS DEPT 4TH FL
499
WASHINGTON BLVD
JERSEY
CITY NJ 07310-1995 |
7.10% |
|
|
|
|
PERSHING
LLC
P.O.
BOX 2052
JERSEY
CITY NJ 07303-2052 |
5.88% |
|
|
|
CLASS
L SHARES |
NATIONAL
FINANCIAL SERVICES LLC
FOR
THE EXCLUSIVE BENEFIT OF OUR
CUSTOMERS
ATTN
MUTUAL FUNDS DEPT 4TH FL
499
WASHINGTON BLVD
JERSEY
CITY NJ 07310-1995 |
22.33% |
|
|
|
|
CHARLES
SCHWAB & CO INC
SPECIAL
CUST A/C
FBO
EXCLUSIVE BENEFIT OF CUSTOMERS
ATTN
MUTUAL FUNDS
211
MAIN ST
SAN
FRANCISCO CA 94105-1901 |
20.07% |
|
|
|
|
RAYMOND
JAMES
OMNIBUS
FOR MUTUAL FUNDS
ATTN
COURTNEY WALLER
880
CARILLON PKWY
ST
PETERSBURG FL 33716-1100 |
16.78% |
|
|
|
|
WELLS
FARGO CLEARING SERVICES LLC
SPECIAL
CUSTODY ACCT FOR THE
EXCLUSIVE
BENEFIT OF CUSTOMER
2801
MARKET STREET
ST
LOUIS MO 63103-2523 |
8.32% |
Name
of Fund |
Name
and Address of Shareholder |
Percentage
Held |
|
|
|
|
PERSHING
LLC
P.O.
BOX 2052
JERSEY
CITY NJ 07303-2052 |
5.83% |
|
|
|
CLASS
R2 SHARES |
STATE
STREET BANK & TRUST AS
TRUSTEE
AND/OR CUSTODIAN
FBO
ADP ACCESS PRODUCT
PO
BOX 5501
BOSTON
MA 02206-5501 |
71.53% |
|
|
|
CLASS
R3 SHARES |
EMPOWER
TRUST COMPANY LLC TTEE F
EMPLOYEE
BENEFITS CLIENTS 401K
8515
E ORCHARD RD # 2T2
GREENWOOD
VLG CO 80111-5002 |
40.28% |
|
|
|
|
STATE
STREET BANK & TRUST AS
TRUSTEE
AND/OR CUSTODIAN
FBO
ADP ACCESS PRODUCT
PO
BOX 5501
BOSTON
MA 02206-5501 |
27.07% |
|
|
|
|
EMPOWER
LIFE & ANNUITY
FBO
FUTURE FUNDS II
8515
E ORCHARD RD # 2T2
GREENWOOD
VLG CO 80111-5002 |
9.65% |
|
|
|
|
EMPOWER
TRUST COMPANY LLC TTEE F
RETIREMENT
PLANS
8515
E ORCHARD RD # 2T2
GREENWOOD
VLG CO 80111-5002 |
6.24% |
|
|
|
CLASS
R4 SHARES |
NATIONAL
FINANCIAL SERVICES LLC
499
WASHINGTON BLVD
JERSEY
CITY NJ 07310-1995 |
58.75% |
|
|
|
|
DCGT
AS TTEE AND/OR CUST
FBO
PLIC VARIOUS RETIREMENT PLANS
ATTN
NPIO TRADE DESK
OMNIBUS
711
HIGH ST
DES
MOINES IA 50392-0001 |
10.57% |
|
|
|
|
EMPOWER
TRUST FBO
EMPOWER
BENEFIT PLANS
8515
E ORCHARD RD # 2T2
GREENWOOD
VLG CO 80111-5002 |
8.20% |
|
|
|
CLASS
R5 SHARES |
MLPF&S
FOR THE SOLE BENEFIT OF
ITS
CUSTOMERS
ATTN
FUND ADMINISTRATION
4800
DEER LAKE DR E FL 3
JACKSONVILLE
FL 32246-6484 |
44.08% |
Name
of Fund |
Name
and Address of Shareholder |
Percentage
Held |
|
|
|
|
EMPOWER
TRUST COMPANY LLC TTEE F
C/O
FASCORE LLC
FBO
STATE OF ALABAMA DCP 457
8515
E ORCHARD RD # 2T2
GREENWOOD
VLG CO 80111-5002 |
18.53% |
|
|
|
|
ATTN
MUTUAL FUNDS
SEI
PRIVATE TRUST COMPANY
1
FREEDOM VALLEY DR
OAKS
PA 19456-9989 |
6.59% |
|
|
|
|
NATIONAL
FINANCIAL SERVICES LLC
499
WASHINGTON BLVD
JERSEY
CITY NJ 07310-1995 |
6.55% |
|
|
|
|
STATE
STREET BANK & TRUST AS
TRUSTEE
AND/OR CUSTODIAN
FBO
ADP ACCESS PRODUCT
PO
BOX 5501
BOSTON
MA 02206-5501 |
5.33% |
|
|
|
CLASS
R6 SHARES |
MLPF&S
FOR THE SOLE BENEFIT OF
ITS
CUSTOMERS
ATTN
FUND ADMINISTRATION
4800
DEER LAKE DR E FL 3
JACKSONVILLE
FL 32246-6484 |
18.24% |
|
|
|
|
EDWARD
D JONES & CO
FOR
THE BENEFIT OF CUSTOMERS
12555
MANCHESTER RD
SAINT
LOUIS MO 63131-3710 |
15.37% |
|
|
|
|
NATIONAL
FINANCIAL SERVICES LLC
499
WASHINGTON BLVD
JERSEY
CITY NJ 07310-1995 |
14.50% |
|
|
|
|
DCGT
TRUSTEE & OR CUSTODIAN
FBO
PLIC VARIOUS RETIREMENT PLANS
OMNIBUS
ATTN
NPIO TRADE DESK
711
HIGH ST
DES
MOINES IA 50392-0001 |
5.21% |
5 | |
5 | |
7 | |
7 | |
8 | |
8 | |
9 | |
9 | |
9 | |
9 | |
9 | |
10 | |
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26 | |
31 | |
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63 | |
63 |
65 | |
66 | |
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66 | |
67 | |
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68 | |
68 | |
69 | |
69 | |
69 | |
70 | |
79 | |
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82 | |
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86 | |
86 | |
86 | |
86 | |
88 | |
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90 | |
91 | |
95 | |
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96 | |
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98 | |
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105 | |
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114 | |
115 | |
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116 | |
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124 |
128 | |
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134 | |
136 | |
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137 | |
140 | |
141 | |
141 | |
141 | |
143 | |
144 | |
144 | |
145 | |
145 | |
146 | |
147 | |
148 | |
149 | |
159 | |
A-1 | |
B-1 |
Name
(Year of Birth; Term of Office,
and
Length of Time Served)(1)
|
Principal
Occupation(s)
During
Past 5 Years
(or
longer) |
Number
of Funds
in
Fund Complex
Overseen
by
Trustee(2)
|
Other
Trusteeships/
Directorships
Held
During
the Past 5 Years
(or
longer)(3)
|
Independent
Trustees |
|
|
|
John
F. Finn
(1947);
Chair, since 2020;
Trustee,
since 1998. |
Chairman,
Gardner,
Inc.
(supply chain
management
company
serving
industrial and
consumer
markets)
(serving
in various
roles
1974–present). |
170 |
Director,
Greif, Inc.
(GEF)
(industrial
package
products and
services)
(2007–present);
Trustee,
Columbus
Association
for the
Performing
Arts (1988-
present). |
Stephen
P. Fisher
(1959);
Trustee, 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 Main-
Stay
Funds Trust
(2007-2017)
(registered
investment
companies). |
170 |
Honors
Program
Advisory
Board
Member,
The Zicklin
School
of Business,
Baruch
College, The
City
University of New
York
(2017-present). |
Gary
L. French
(1951);
Trustee, since 2014. |
Real
Estate Investor
(2011-2020);
Investment
management
industry
Consultant
and Expert
Witness
(2011-present);
Senior
Consultant for
The
Regulatory
Fundamentals
Group
LLC
(2011-2017). |
170 |
Independent
Trustee, The
China
Fund, Inc. (2013-
2019);
Exchange Traded
Concepts
Trust II (2012-
2014);
Exchange Traded
Concepts
Trust I (2011-
2014). |
Name
(Year of Birth; Term of Office,
and
Length of Time Served)(1) |
Principal
Occupation(s)
During
Past 5 Years
(or
longer) |
Number
of Funds
in
Fund Complex
Overseen
by
Trustee(2) |
Other
Trusteeships/
Directorships
Held
During
the Past 5 Years
(or
longer)(3) |
Kathleen
M. Gallagher
(1958);
Trustee, since 2018. |
Retired;
Chief
Investment
Officer –
Benefit
Plans, Ford
Motor
Company
(serving
in various
roles
1985-2016). |
170 |
Non-Executive
Director,
Legal
& General
Investment
Management
(Holdings)
(2018-
present);
Non-Executive
Director,
Legal &
General
Investment
Management
America
(U.S.
Holdings)
(financial
services and
insurance)
(2017-
present);
Advisory Board
Member,
State Street
Global
Advisors Total
Portfolio
Solutions
(2017-present);
Member,
Client
Advisory Council,
Financial
Engines, LLC
(registered
investment
adviser)
(2011-2016);
Director,
Ford Pension
Funds
Investment
Management
Ltd. (2007-
2016). |
Robert
J. Grassi
(1957);
Trustee, since 2014. |
Sole
Proprietor,
Academy
Hills
Advisors
LLC (2012-
present);
Pension
Director,
Corning
Incorporated
(2002-
2012). |
170 |
None. |
Frankie
D. Hughes
(1952);
Trustee, 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). |
170 |
None. |
Name
(Year of Birth; Term of Office,
and
Length of Time Served)(1) |
Principal
Occupation(s)
During
Past 5 Years
(or
longer) |
Number
of Funds
in
Fund Complex
Overseen
by
Trustee(2) |
Other
Trusteeships/
Directorships
Held
During
the Past 5 Years
(or
longer)(3) |
Raymond
Kanner
(1953);
Trustee, since 2017. |
Retired;
Managing
Director
and Chief
Investment
Officer,
IBM
Retirement Funds
(2007–2016). |
170 |
Advisory
Board
Member,
Penso
Advisors,
LLC (2020-
present);
Advisory Board
Member,
Los Angeles
Capital
(2018-present);
Advisory
Board
Member,
State Street
Global
Advisors Total
Portfolio
Solutions
(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). |
Thomas
P. Lemke
(1954);
Trustee, since 2014. |
Retired
since 2013. |
170 |
(1)
Independent Trustee
of
Advisors’ Inner Circle
III
fund platform,
consisting
of the
following:
(i) the
Advisors’
Inner Circle
Fund
III, (ii) the Gallery
Trust,
(iii) the Schroder
Series
Trust, (iv) the
Delaware
Wilshire
Private
Markets Fund
(since
2020), (v) Chiron
Capital
Allocation Fund
Ltd.,
and (vi) formerly
the
Winton Diversified
Opportunities
Fund
(2014-2018);
and (2)
Independent
Trustee of
the
Symmetry Panoramic
Trust
(since 2018). |
Lawrence
R. Maffia
(1950);
Trustee, since 2014. |
Retired;
Director and
President,
ICI Mutual
Insurance
Company
(2006-2013). |
170 |
Director,
ICI Mutual
Insurance
Company
(1999-2013). |
Name
(Year of Birth; Term of Office,
and
Length of Time Served)(1) |
Principal
Occupation(s)
During
Past 5 Years
(or
longer) |
Number
of Funds
in
Fund Complex
Overseen
by
Trustee(2) |
Other
Trusteeships/
Directorships
Held
During
the Past 5 Years
(or
longer)(3) |
Mary
E. Martinez
(1960);
Vice Chair, since 2021;
Trustee,
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). |
170 |
None. |
Marilyn
McCoy
(1948);
Trustee, since 1999. |
Retired;
Vice President
of
Administration and
Planning,
Northwestern
University
(1985–
2023). |
170 |
None. |
Dr.
Robert A. Oden, Jr.
(1946);
Trustee, since 1997. |
Retired;
President,
Carleton
College
(2002–2010);
President,
Kenyon
College
(1995–2002). |
170 |
Trustee,
The Coldwater
Conservation
Fund;
Trustee,
American
Museum
of Fly Fishing
(2013–present);
Trustee
and
Vice Chair, Trout
Unlimited
(2017-2021);
Trustee,
Dartmouth-
Hitchcock
Medical
Center
(2011–2020). |
Marian
U. Pardo
(1946);
Trustee, since 2013. |
Managing
Director and
Founder,
Virtual
Capital
Management
LLC
(investment
consulting)
(2007–
present);
Managing
Director,
Credit Suisse
Asset
Management
(portfolio
manager)
(2003–2006). |
170 |
Board
Chair and
Member,
Board of
Governors,
Columbus
Citizens
Foundation
(not-for-profit
supporting
philanthropic
and
cultural programs)
(2006–present). |
Name
(Year of Birth; Term of Office,
and
Length of Time Served)(1) |
Principal
Occupation(s)
During
Past 5 Years
(or
longer) |
Number
of Funds
in
Fund Complex
Overseen
by
Trustee(2) |
Other
Trusteeships/
Directorships
Held
During
the Past 5 Years
(or
longer)(3) |
Emily
A. Youssouf
(1951);
Trustee, since 2014. |
Adjunct
Professor
(2011-present)
and
Clinical
Professor
(2009-2011),
NYU
Schack
Institute of Real
Estate;
Board Member
and
Member of the
Audit
Committee
(2013-present),
Chair
of
Finance Committee
(2019-present),
Member
of Related
Parties
Committee
(2013-2018)
and
Member
of the
Enterprise
Risk
Committee
(2015-
2018),
PennyMac
Financial
Services,
Inc.;
Board Member
(2005-2018),
Chair of
Capital
Committee
(2006-2016),
Chair of
Audit
Committee
(2005-2018),
Member
of
Finance Committee
(2005-2018)
and Chair
of
IT Committee
(2016-2018),
NYC
Health
and Hospitals
Corporation. |
170 |
Trustee,
NYC School
Construction
Authority
(2009-present);
Board
Member,
NYS Job
Development
Authority
(2008-present);
Trustee
and
Chair of the Audit
Committee
of the Transit
Center
Foundation
(2015-2019). |
Interested
Trustees |
|
|
|
Robert
F. Deutsch(4)
(1957);
Trustee, since 2014. |
Retired;
Head of ETF
Business
for JPMorgan
Asset
Management
(2013-2017);
Head of
Global
Liquidity
Business
for JPMorgan
Asset
Management
(2003-2013). |
170 |
Treasurer
and Director of
the
JUST Capital
Foundation
(2017-
present). |
Nina
O. Shenker(4)
(1957);
Trustee, since 2022. |
Vice
Chair (2017-
2021),
General Counsel
and
Managing Director
(2008-2016),
Associate
General
Counsel and
Managing
Director
(2004-2008),
J.P.
Morgan
Asset & Wealth
Management. |
170 |
Director
and Member of
Legal
and Human
Resources
Subcommittees,
American
Jewish Joint
Distribution
Committee
(2018-present). |
Name
of Committee |
Members |
Committee
Chair |
Audit
and Valuation Committee |
Ms.
Gallagher
Mr.
Maffia
Mr.
French
Mr.
Kanner |
Ms.
Gallagher |
Compliance
Committee |
Ms.
Pardo
Mr.
Fisher
Ms.
Hughes
Mr.
Lemke |
Ms.
Pardo |
Governance
Committee |
Mr.
Finn
Ms.
Martinez
Ms.
McCoy
Dr.
Oden |
Mr.
Finn |
ETF
Committee |
Mr.
Deutsch
Mr.
Finn
Mr.
Grassi
Ms.
Martinez
Ms.
Shenker
Ms.
Youssouf |
Mr.
Deutsch |
Equity
Committee |
Mr.
Kanner
Mr.
French
Mr.
Maffia
Ms.
Pardo |
Mr.
Kanner |
Fixed
Income Committee |
Dr.
Oden
Mr.
Grassi
Ms.
Hughes
Ms.
Martinez
Ms.
Shenker
Ms.
Youssouf |
Dr.
Oden |
Money
Market and Alternative
Products
Committee |
Mr.
Fisher
Mr.
Deutsch
Ms.
Gallagher
Mr.
Lemke
Ms.
McCoy |
Mr.
Fisher |
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.
since
2014. |
Timothy
J. Clemens (1975),
Treasurer
and Principal
Financial
Officer (2018) |
Managing
Director, J.P. Morgan Investment Management Inc. Mr.
Clemens
has been with J.P. Morgan Investment Management Inc.
since
2013. |
Gregory
S. Samuels (1980),
Secretary
(2019) (formerly
Assistant
Secretary 2010-2019) |
Managing
Director and Assistant General Counsel, JPMorgan
Chase.
Mr. Samuels has been with JPMorgan Chase since
2010. |
Stephen
M. Ungerman (1953),
Chief
Compliance Officer
(2005) |
Managing
Director, JPMorgan Chase & Co. Mr. Ungerman has been
with
JPMorgan Chase & Co. since 2000. |
Kiesha
Astwood-Smith (1973),
Assistant
Secretary (2021) |
Vice
President and Assistant General Counsel, JPMorgan Chase
since
June 2021; Senior Director and Counsel, Equitable Financial
Life
Insurance Company (formerly, AXA Equitable Life Insurance
Company)
from September 2015 through June 2021. |
Matthew
Beck (1988),
Assistant
Secretary (2021)* |
Vice
President and Assistant General Counsel, JPMorgan Chase
since
May 2021; Senior Legal Counsel, Ultimus Fund Solutions
from
May 2018 through May 2021; General Counsel, The
Nottingham
Company from April 2014 through May
2018. |
Name
(Year of Birth),
Positions
Held with
the
Trusts (Since) |
Principal
Occupations During Past 5 Years |
Elizabeth
A. Davin (1964),
Assistant
Secretary (2005)* |
Executive
Director and Assistant General Counsel, JPMorgan
Chase.
Ms. Davin has been with JPMorgan Chase (formerly Bank
One
Corporation) since 2004. |
Jessica
K. Ditullio (1962),
Assistant
Secretary (2005)* |
Executive
Director and Assistant General Counsel, JPMorgan
Chase.
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. |
Carmine
Lekstutis (1980),
Assistant
Secretary (2011) |
Executive
Director and Assistant General Counsel, JPMorgan
Chase.
Mr. Lekstutis has been with JPMorgan Chase since
2011. |
Max
Vogel (1990),
Assistant
Secretary (2021) |
Vice
President and Assistant General Counsel, JPMorgan Chase
since
June 2021; Associate, Proskauer Rose LLP (law firm) from
March
2017 to June 2021. |
Zachary
E. Vonnegut-Gabovitch
(1986),
Assistant
Secretary (2017) |
Executive
Director and Assistant General Counsel, JPMorgan
Chase.
Mr. Vonnegut-Gabovitch has been with JPMorgan Chase
since
September 2016. |
Frederick
J. Cavaliere (1978),
Assistant
Treasurer (2015)** |
Executive
Director, J.P. Morgan Investment Management Inc. Mr.
Cavaliere
has been with JPMorgan since May 2006. |
Michael
M. D’Ambrosio (1969),
Assistant
Treasurer (2012) |
Managing
Director, J.P. Morgan Investment Management Inc. Mr.
D’Ambrosio
has been with J.P. Morgan Investment Management
Inc.
since 2012. |
Aleksandr
Fleytekh (1972),
Assistant
Treasurer (2019) |
Executive
Director, J.P. Morgan Investment Management Inc. Mr.
Fleytekh
has been with J.P. Morgan Investment Management Inc.
since
February 2012. |
Shannon
Gaines (1977),
Assistant
Treasurer (2018)* |
Executive
Director, J.P. Morgan Investment Management Inc. Mr.
Gaines
has been with J.P. Morgan Investment Management Inc.
since
January 2014. |
Jeffrey
D. House (1972),
Assistant
Treasurer (2017)* |
Vice
President, J.P. Morgan Investment Management Inc. Mr. House
has
been with J.P. Morgan Investment Management Inc. since July
2006. |
Michael
Mannarino (1985),
Assistant
Treasurer (2020) |
Vice
President, J.P. Morgan Investment Management Inc. Mr.
Mannarino
has been with J.P. Morgan Investment Management Inc.
since
2014. |
Joseph
Parascondola (1963),
Assistant
Treasurer (2011)** |
Executive
Director, J.P. Morgan Investment Management Inc. Mr.
Parascondola
has been with J.P. Morgan Investment Management
Inc.
since 2006. |
Gillian
I. Sands (1969), Assistant
Treasurer
(2012) |
Executive
Director, J.P. Morgan Investment Management Inc. Ms.
Sands
has been with J.P. Morgan Investment Management Inc. since
September
2012. |
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 |
Annual
Minimums: |
|
Money
Market Funds |
$15,000
per Fund |
All
Other Funds |
$20,000
per Fund |
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 |
$175
billion to $600 billion |
0.0020% |
Tier
Four |
Over
$600 billion |
0.0015% |
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 |
|
$100,000
per Fund |
Annual
Minimums: |
|
Money
Market Funds |
$15,000
per Fund |
All
Other Funds |
$20,000
per Fund |
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 date due, 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 debt
restructuring. |
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. |
P-1 |
Ratings
of Prime-1 reflect a superior ability to repay short-term debt
obligations. |
P-2 |
Ratings
of Prime-2 reflect a strong ability to repay short-term debt
obligations. |
P-3 |
Ratings
of Prime-3 reflect 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 an obligation after the exhaustion of
grace periods,
a
downgrade to D may occur. DBRS Morningstar may also use SD (Selective
Default)
in
cases where only some securities are impacted, such as the case of a
“distressed
exchange.” |
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 commitments 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,B,CCC,CC
and
C |
Obligations
rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant
speculative
characteristics. ‘BB’ indicates the least degree of speculation and ‘C’
the
highest.
While such obligations will likely have some quality and protective
characteristics,
these may be outweighed by large uncertainties or major exposure to
adverse
conditions. |
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 that 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
commitments 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 Global Ratings
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 date due, 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 debt
restructuring. |
AAA |
HIGHEST
CREDIT QUALITY. ‘AAA’ ratings denote the lowest expectation of default
risk.
They are assigned only in cases 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 or 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;
•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 that has otherwise ceased
business. |
Aaa |
Obligations
rated Aaa are judged to be of the highest quality, with minimal
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 judged to be upper-medium-grade and are subject to low credit
risk. |
Baa |
Obligations
rated Baa are subject to moderate credit risk. They are considered
medium-
grade
and as such may possess certain speculative
characteristics. |
Ba |
Obligations
rated Ba are judged to have speculative elements 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 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 in principal and interest. |
C |
Obligations
rated C are the lowest-rated class of bonds 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 Morningstar 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 Global
Ratings. |
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,
B, CCC,
and
CC |
An
insurer rated ‘BB’ or lower is regarded as having vulnerable
characteristics that may
outweigh
its strengths, ‘BB’ indicates the least degree of vulnerability within the
range
and
‘CC’ the highest. |
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 debt restructuring. 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. |
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 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 |
Ratings
of Prime-1 reflect a superior ability to repay short-term debt
obligations. |
P-2 |
Ratings
of Prime-2 reflect a strong ability to repay short-term debt
obligations. |
P-3 |
Ratings
of Prime-3 reflect 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. |
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 debt
restructuring,
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 as 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 a sufficiently
strong
short-term rating or may lack the structural or legal protections
necessary to
ensure
the timely payment of purchase price upon
demand. |
Pfd-1 |
Preferred
shares rated Pfd-1 are generally 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 Pfd-5 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 Morningstar 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. |