UNDER THE SECURITIES ACT OF 1933 |
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Pre-Effective Amendment No. |
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Post-Effective Amendment No. 673 |
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UNDER THE INVESTMENT COMPANY ACT OF 1940 |
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Amendment No. 674 |
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Matthew J. Beck, Esq. JPMorgan Chase & Co. 1111 Polaris Parkway Columbus, OH 43240 |
Jon S. Rand, Esq. Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
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immediately upon filing pursuant to paragraph (b) |
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on March 1, 2024 pursuant to paragraph (b) |
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60 days after filing pursuant to paragraph (a)(1) |
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on (date) pursuant to paragraph (a)(1) |
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75 days after filing pursuant to paragraph (a)(2) |
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on (date) pursuant to paragraph (a)(2) |
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The post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
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Back cover |
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Class A |
Class C |
Class I |
Maximum Sales Charge (Load) Imposed on Purchases, as a % of the Offering Price |
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Maximum Deferred Sales Charge (Load), as a % of Original Cost of the Shares |
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Class A |
Class C |
Class I |
Management Fees |
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Distribution (Rule 12b-1) Fees |
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Other Expenses |
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Service Fees |
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Remainder of Other Expenses |
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Acquired Fund Fees and Expenses |
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Total Annual Fund Operating Expenses |
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Fee Waivers and/or Expense Reimbursements1 |
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Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimburse- ments1 |
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1 Year |
3 Years |
5 Years |
10 Years |
CLASS A SHARES ($) |
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CLASS C SHARES ($) |
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CLASS I SHARES ($) |
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1 Year |
3 Years |
5 Years |
10 Years |
CLASS A SHARES ($) |
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CLASS C SHARES ($) |
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CLASS I SHARES ($) |
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Past 1 Year |
Past 5 Years |
Past 10 Years |
CLASS I SHARES |
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Return Before Taxes |
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Return After Taxes on Distributions |
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Return After Taxes on Distributions and Sale of Fund Shares |
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CLASS A SHARES |
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Return Before Taxes |
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CLASS C SHARES |
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Return Before Taxes |
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MSCI ACWI INDEX (Net Total Return) (Reflects No Deduction for Fees, Expenses, or Taxes, Except Foreign With- holding Taxes) |
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BLOOMBERG GLOBAL AGGREGATE INDEX - UNHEDGED USD (Reflects No Deduction for Fees, Expenses, or Taxes) |
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60% MSCI ACWI INDEX (Net Total Return) / 40% BLOOMBERG GLOBAL AGGREGATE INDEX-UNHEDGED USD (Reflects No Deduction for Fees, Expenses, or Taxes, Except Foreign With- holding Taxes on MSCI ACWI Index) |
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Portfolio Manager |
Managed the Fund Since |
Primary Title with Investment Adviser |
Jeffrey A. Geller |
2011 |
Managing Director |
Michael H. Feser |
2020 |
Managing Director |
Eric J. Bernbaum |
2014 |
Executive Director |
Grace Koo |
2014 |
Executive Director |
Philip Camporeale Jr. |
2020 |
Managing Director |
For Class A and Class C Shares |
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To establish an account |
$1,000 |
To add to an account |
$50 |
For Class I Shares |
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To establish an account |
$1,000,000 |
To add to an account |
No minimum levels |
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Class A |
Class C |
Class I |
Maximum Sales Charge (Load) Imposed on Purchases as a % of the Offering Price |
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Maximum Deferred Sales Charge (Load), as a % of Original Cost of the Shares |
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Class A |
Class C |
Class I |
Management Fees |
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Distribution (Rule 12b-1) Fees |
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Other Expenses |
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Service Fees |
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Remainder of Other Expenses |
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Acquired Fund Fees and Expenses |
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Total Annual Fund Operating Expenses |
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Fee Waivers and/or Expense Reimbursements1 |
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Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimburse- ments1 |
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1 Year |
3 Years |
5 Years |
10 Years |
CLASS A SHARES ($) |
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CLASS C SHARES ($) |
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CLASS I SHARES ($) |
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1 Year |
3 Years |
5 Years |
10 Years |
CLASS A SHARES ($) |
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CLASS C SHARES ($) |
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CLASS I SHARES ($) |
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Past 1 Year |
Past 5 Years |
Past 10 Years |
CLASS A SHARES |
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Return Before Taxes |
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Return After Taxes on Distributions |
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Return After Taxes on Distributions and Sale of Fund Shares |
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CLASS C SHARES |
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Return Before Taxes |
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CLASS I SHARES |
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Return Before Taxes |
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MSCI WORLD INDEX (Net Total Return) (Reflects No Deduction for Fees, Expenses, or Taxes, Except Foreign With- holding Taxes) |
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BLOOMBERG U.S. AGGREGATE INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) |
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60% MSCI WORLD INDEX (Net Total Return) / 40% BLOOMBERG U.S. AGGREGATE INDEX (Reflects No Deduction for Fees, Expenses, or Taxes, Except Foreign With- holding Taxes on MSCI World Index) |
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Portfolio Manager |
Managed the Fund Since |
Primary Title with Investment Adviser |
Michael Schoenhaut |
2007 |
Managing Director |
Eric J. Bernbaum |
2014 |
Executive Director |
Jeffrey A. Geller |
2007 |
Managing Director |
Gary Herbert |
2021 |
Managing Director |
For Class A and Class C Shares |
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To establish an account |
$1,000 |
To add to an account |
$50 |
For Class I Shares |
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To establish an account |
$1,000,000 |
To add to an account |
No minimum levels |
Global Equity |
10-90% |
Global Fixed Income |
10-90% |
Alternatives |
0-60% |
Cash and Cash Equivalents |
0-80% |
NON-FUNDAMENTAL INVESTMENT OBJECTIVE |
An investment objective is fundamental if it cannot be changed without the consent of a majority of the outstanding shares of a Fund. Each Fund’s investment objective is non-fundamental and may be changed without the consent of a majority of the outstanding shares of the Fund. |
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Global Allocation Fund |
Income Builder Fund |
Asia Pacific Market Risk |
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Convertible Securities Risk |
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Credit Risk |
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Currency Risk |
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Cyber Security Risk |
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Depositary Receipts Risk |
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Derivatives Risk |
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Equity Market Risk |
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Equity-Linked Notes Risk |
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ETN Risk |
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Global Allocation Fund |
Income Builder Fund |
European Market Risk |
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• |
Foreign Securities and Emerging Markets Risk |
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General Market Risk |
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Geographic Focus Risk |
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Government Securities Risk |
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High Portfolio Turnover Risk |
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High Yield Securities Risk |
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Industry and Sector Focus Risk |
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Inflation-Linked Securities Risk |
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Interest Rate Risk |
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Interfund Lending Risk |
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Investment Company and Pooled Investment Vehicle Risk |
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Latin America Market Risk |
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Loan Risk |
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MLP Risk |
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Mortgage-Related and Other Asset-Backed Securities Risk |
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Other Investment Company Risk |
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Pooled Investment Vehicle Risk |
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Preferred Securities Risk |
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Prepayment and Call Risk |
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Real Estate Securities Risk |
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Regulatory and Legal Risk |
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Securities Lending Risk |
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Smaller Company Risk |
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Transactions and Liquidity Risk |
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Volcker Rule Risk |
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WHAT IS A DERIVATIVE? |
Derivatives are securities or contracts (for example, futures and options) that derive their value from the performance of underlying assets or securities. |
WHAT IS A CASH EQUIVALENT? |
Cash equivalents are highly liquid, high-quality instruments with maturities of three months or less on the date they are purchased. They include securities issued by the U.S. government, its agencies and instrumentalities, repurchase agreements, certificates of deposit, bankers’ acceptances, commercial paper, money market mutual funds and bank deposit accounts. |
JPMorgan Global Allocation Fund |
0.52% |
JPMorgan Income Builder Fund |
0.41 |
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Class A |
Class C |
Class I |
Eligibility1,2 |
May be purchased by the general public3 |
May be purchased by the general public4 |
May be purchased by: •Institutional Investors who meet the minimum investment requirements; •Individuals purchasing directly from the Fund through JPMorgan Distribution Services, Inc. (the “Distributor”) and meeting the investment minimum requirements; •Financial Intermediaries or any other organization, including affiliates of JPMorgan Chase & Co. (JPMorgan Chase), authorized to act in a fiduciary, advisory or custodial capacity for its clients or customers; •Brokerage program of a Financial Intermediary that has entered into a written agreement with the Distributor to offer such shares (“Eligible Brokerage Program”); and •Employees of JPMorgan Chase and its affiliates and officers or trustees of the J.P. Morgan Funds.5 |
Minimum Investment1,6,7 |
$1,000 for each Fund or $50, if establishing a monthly $50 Systematic Investment Plan8 |
$1,000 for each Fund or $50, if establishing a monthly $50 Systematic Investment Plan8 |
$1,000,000 — An investor can combine purchases of Class I Shares of other J.P. Morgan Funds in order to meet the minimum. $1,000 for each Fund or $50, if establishing a monthly $50 Systematic Investment Plan for investments through an Eligible Brokerage Program. $1,000 for each Fund or $50 if establishing a monthly $50 Systematic Investment Plan8 for investments by employees of JPMorgan Chase and its affiliates and officers or trustees of the J.P. Morgan Funds.5 |
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Class A |
Class C |
Class I |
Minimum Subsequent Investments1 |
$509 |
$509 |
No minimum except $50 for investments by employees of JPMorgan Chase and its affiliates and officers or trustees of the J.P. Morgan Funds and investments through an Eligible Brokerage Program. |
Systematic Investment Plan |
Yes |
Yes |
No, except for investments by employees of JPMorgan Chase and its affiliates and officers or trustees of the J.P. Morgan Funds and investments through an Eligible Brokerage Program. |
Systematic Redemption Plan |
Yes |
Yes |
No, except for investments by employees of JPMorgan Chase and its affiliates and officers or trustees of the J.P. Morgan Funds. |
Front-End Sales Charge (refer to Sales Charges and Financial Intermediary Compensation Section for more details) |
Up to 4.50% reduced or waived for large purchases and certain investors, eliminated for purchases of $250,000 or more of the Global Allocation Fund and Income Builder Fund. |
None |
None |
Contingent Deferred Sales Charge (CDSC) (refer to Sales Charges and Financial Intermediary Compensation Section for more details) |
On purchases of $250,000 or more of Global Allocation Fund and Income Builder Fund ($1 million or more prior to September 30, 2018): •1.00% on redemptions made within 12 months after purchase. •0.50% on redemptions made between 12 and 18 months after purchase. Waived under certain circumstances. |
•1.00% on redemptions made within 12 months after purchase. Waived under certain circumstances. |
None |
Distribution (12b-1) Fee |
0.25% of the average daily net assets. |
0.75% of the average daily net assets. |
None |
Service Fee |
0.25% of the average daily net assets. |
0.25% of the average daily net assets. |
0.25% of the average daily net assets. |
Redemption Fee |
None |
None |
None |
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Class A |
Class C |
Class I |
Conversion Feature10 |
None |
Class C Shares will be converted to Class A Shares in the following instances: •If an investor is eligible to purchase Class A Shares, then their Class C Share positions will convert to Class A Shares after 8 years, calculated from the first day of the month of purchase and processed on the tenth business day of the anniversary month. •If Class C Shares held in an account with a third party broker of record are transferred to a Fund direct account with no broker of record, those Class C Shares will be converted to Class A Shares on the tenth business day of the month following the transfer. |
None |
Advantages |
If you are eligible to have the sales charge reduced or eliminated or you have a long- term investment horizon, these shares have lower distribution fees over a longer term investment horizon than Class C Shares. |
No front-end sales charge is assessed so you own more shares initially. These shares may make sense for investors who have a shorter investment horizon relative to Class A Shares. |
No front-end sales charge or CDSC is assessed so you own more shares initially. In addition, Class I Shares have lower fees than Class A and Class C Shares. |
Disadvantages |
A front-end sales charge is generally assessed, diminishing the number of shares owned. If you are eligible to have the sales charge reduced or eliminated, you may be subject to a CDSC. Class A Shares may not make sense for investors who have a shorter investment horizon relative to Class C Shares. |
Shares are subject to CDSC and have higher ongoing distribution fees. This means that over the long term Class C Shares accrue higher fees than Class A Shares. |
Limited availability and higher minimum initial investment than Class A and Class C Shares. |
Class A Shares Amount of Investment |
Sales Charge as a % of Offering Price |
Sales Charge as a % of your Investment1 |
Commission as a % of Offering Price2 |
CDSC |
Less than $50,000 |
4.50 |
4.71 |
4.05 |
0.00 |
$50,000 to $99,999 |
3.50 |
3.63 |
3.05 |
0.00 |
$100,000 to $249,999 |
3.00 |
3.09 |
2.55 |
0.00 |
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Sales Charge as a % of Offering Price |
Sales Charge as a % of your Investment |
Finder’s Fee as a % of your Investment3 |
CDSC as a % of your Redemption3, 4 |
$250,000 to $3,999,999 |
0.00 |
0.00 |
1.00 |
0-12 months – 1.00% 12-18 months – 0.50% |
$4,000,000 to $9,999,999 |
0.00 |
0.00 |
0.75 | |
$10,000,000 to $49,999,999 |
0.00 |
0.00 |
0.50 | |
$50,000,000 or more |
0.00 |
0.00 |
0.25 |
Class A Shares Amount of Investment |
Sales Charge as a % of Offering Price |
Sales Charge as a % of your Investment |
Finder’s Fee as a % of your Investment |
CDSC as a % of your Redemption1 |
$0 to $3,999,999 |
0.00 |
0.00 |
1.00 |
0.00 |
$4,000,000 to $9,999,999 |
0.00 |
0.00 |
0.75 |
0.00 |
$10,000,000 to $49,999,999 |
0.00 |
0.00 |
0.50 |
0.00 |
$50,000,000 or more |
0.00 |
0.00 |
0.25 |
0.00 |
Class C Shares Amount of Investment |
Sales Charge as a % of Offering Price |
Sales Charge as a % of your Investment |
Commission as a % of Offering Price |
CDSC as a % of your Redemption |
All Investments |
0.00 |
0.00 |
1.00 |
0-12 months — 1.00% |
Class |
Rule 12b-1 Fee |
Class A |
0.25% |
Class C |
0.75% |
Class I |
None |
Class |
Service Fee |
Class A |
0.25% |
Class C |
0.25% |
Class I |
0.25% |
HOW TO PURCHASE DIRECTLY WITH THE J.P. MORGAN FUNDS | ||
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Opening a New Account |
Purchasing into an Existing Account |
By Phone or Online 1-800-480-4111 Shareholder Services representatives are available Monday through Friday from 8:00 am to 6:00 pm ET. www.jpmorganfunds.com Note: Certain account types are not available for online account access. Please call for additional information. |
A new account generally may not be opened by phone or online. Employees of JPMorgan Chase & Co. may open a new account online. A new fund position can be added to an existing account by phone or online if you have bank information on file. The minimum initial investment requirement must be met. |
You must already have bank information on file. If we do not have bank information on file, you must submit written instructions. Please call for instructions on how to add bank information to your account. |
By Mail Regular mailing address: J.P. Morgan Funds Services P.O. Box 219143 Kansas City, MO 64121-9143 Overnight mailing address: J.P. Morgan Funds Services 430 W 7th Street, Suite 219143 Kansas City, MO 64105-1407 |
Mail the completed and signed application with a check to our Regular or Overnight mailing address. Refer to the Additional Information Regarding Purchases section. |
Please mail your check and include your name, the Fund name, and your fund account number. |
All checks must be made payable to one of the following: •J.P. Morgan Funds; or •The specific Fund in which you are investing. Please include your existing account number, if applicable. All checks must be in U.S. dollars. The J.P. Morgan Funds do not accept credit cards, cash, starter checks, money orders or credit card checks. The Funds and/or the Distributor reserve the right to refuse “third-party” checks and checks drawn on non- U.S. financial institutions even if payment may be effected through a U.S. financial institution. Checks made payable to any individual or company and endorsed to J.P. Morgan Funds or a Fund are considered third-party checks. |
HOW TO PURCHASE DIRECTLY WITH THE J.P. MORGAN FUNDS | ||
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Opening a New Account |
Purchasing into an Existing Account |
By ACH or Wire1 1-800-480-4111 Wire Instructions: DST Asset Manager Solutions, Inc. 2000 Crown Colony Drive Quincy, MA 02169 Attn: J.P. Morgan Funds Services ABA: 021 000 021 DDA: 323 125 832 FBO: Fund Name Fund: Fund # Account: Your Account # and Your Account Registration |
You may include bank information on your application for your initial purchase to be processed via Automated Clearing House (ACH) rather than sending a check. New accounts cannot be opened by wire purchase. |
Purchase by ACH: To process a purchase via ACH using bank information on file you may call us or process the purchase online. Purchase by Wire: If you choose to pay by wire, please call to notify the Fund of your purchase. You must also initiate the wire with your financial institution. |
Systematic Investment Plan1 |
You may include instructions to set up a Systematic Investment Plan on your application. Bank Information must be included. Refer to Choosing A Share Class for fund minimums. |
If bank information is on file, you may call, go online or mail written instructions to start, edit or delete a Systematic Investment Plan. You cannot have a Systematic Investment Plan and a Systematic Redemption Plan or Systematic Exchange Plan on the same fund account. If bank information is not on file, you will be required to submit a completed form with your bank information and Systematic Investment Plan details. |
EXCHANGE PRIVILEGES |
Class A Shares of a Fund may be exchanged for: |
•Class A Shares of another J.P. Morgan Fund, |
•Morgan Shares of a J.P. Morgan money market fund (except for JPMorgan Prime Money Market Fund), or |
•Another share class of the same Fund if you are eligible to purchase that class. |
Class C Shares of a Fund may be exchanged for: |
•Class C Shares of another J.P. Morgan Fund. Your new Class C Shares will be subject to the CDSC of the Fund from which you exchanged, and the current holding period for your exchanged Class C Shares is carried over to your new shares. |
•Class I, Class L or Class R6 Shares, if available, of the same Fund, provided you meet the eligibility requirements for the class you are exchanging into. In addition, the Class C Shares that you wish to exchange must not currently be subject to any CDSC. |
•Reserve Shares of a J.P. Morgan money market fund (except for the JPMorgan Prime Money Market Fund). Reserve Shares are not subject to an initial sales charge or CDSC. If you exchange Class C Shares that are subject to a CDSC to Reserve Shares, you will not pay a CDSC at the time of the exchange. However, your new Reserve Class Shares will be subject to the CDSC of the Fund from which you exchanged, and the current holding period for your exchanged Class C Shares will be carried over to your new Reserve Shares. Reserve Shares investment minimums may be waived for Class C shareholders that convert or exchange their Class C Shares into Reserve Shares of a J.P. Morgan money market fund (except for the JPMorgan Prime Money Market Fund). |
Class I Shares of a Fund may be exchanged for: |
•Class I Shares of another J.P. Morgan Fund, |
•Morgan Shares of a J.P. Morgan money market fund (except for JPMorgan Prime Money Market Fund), or |
•Another share class of the same Fund if you are eligible to purchase that class. |
HOW TO REDEEM | |
By Phone or Online Note: Certain account types are not available for online account access. |
Call us at 1-800-480-4111 Shareholder Services representatives are available Monday through Friday from 8:00 am to 6:00 pm ET. www.jpmorganfunds.com |
By Mail |
Regular mailing address: J.P. Morgan Funds Services P.O. Box 219143 Kansas City, MO 64121-9143 Overnight mailing address: J.P. Morgan Funds Services 430 W 7th Street, Suite 219143 Kansas City, MO 64105-1407 |
Systematic Redemption Plan2, 3 Note:The Funds currently do not charge for this service, but may impose a charge in the future. |
You may include instructions to set up a Systematic Redemption Plan on your application. Payment instructions must be included. You may call, or mail written instructions to start, edit or delete a Systematic Redemption Plan. You may send a written redemption request to your Financial Intermediary, if applicable, or to the Fund at the following address: J.P. Morgan Funds Services P.O. Box 219143 Kansas City, MO 64121-9143 You may redeem over the phone. Please see “Can I redeem by phone?” for more information. If you own Class A or Class C Shares, the applicable CDSC will be deducted from those payments unless such payments are made:4 •Monthly and constitute no more than 1/12 of 10% of your then-current balance in the Fund each month; or •Quarterly and constitute no more than ¼ of 10% of your then-current balance in the Fund each quarter. It may not be in your best interest to buy additional Class A Shares while participating in a Systematic Redemption Plan. This is because Class A Shares have an upfront sales charge. |
INSTRUMENT |
RISKS |
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. |
Credit Interest Rate Market Political Prepayment |
Asset-Backed Securities: Securities secured by company receivables, home equity loans, truck and auto loans, leases, credit card receivables and other securities backed by other types of receivables or other assets. |
Credit Interest Rate Market Political Prepayment |
Auction Rate Securities: Auction rate municipal securities and auction rate preferred securities issued by closed-end investment companies. |
Credit Interest Rate Market |
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. |
Credit Currency Interest Rate Liquidity Market Political |
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 of borrowings not in excess of 5% of the Fund’s total assets made for temporary administrative purposes. |
Credit Interest Rate Market |
Brady Bonds: Securities created through the exchange of existing commercial bank loans to public and private entities in certain emerging markets for new bonds in connection with debt restructurings. |
Credit Currency Foreign Investment Interest Rate Market Political |
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. |
Credit Leverage Liquidity Management Market |
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. |
Credit Currency Interest Rate Liquidity Market Political |
Common Stock: Shares of ownership of a company. |
Market |
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. |
Credit Market |
INSTRUMENT |
RISKS |
Convertible Securities: Bonds or preferred stock that can convert to common stock including contingent convertible securities. |
Credit Currency Interest Rate Liquidity Market Political Valuation |
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. |
Credit Currency Interest Rate Liquidity Market Political Valuation |
Credit Default Swaps (CDSs): A swap agreement between two parties pursuant to which one party pays the other a fixed periodic coupon for the specified life of the agreement. The other party makes no payment unless a credit event, relating to a predetermined reference asset, occurs. If such an event occurs, the party will then make a payment to the first party, and the swap will terminate. |
Credit Currency Interest Rate Leverage Liquidity Management Market Political Valuation |
Custodial Receipts: The Fund may acquire securities in the form of custodial receipts that evidence ownership of future interest payments, principal payments or both on certain U.S. Treasury notes or bonds in connection with programs sponsored by banks and brokerage firms. These are not considered to be U.S. government securities. These notes and bonds are held in custody by a bank on behalf of the owners of the receipts. |
Credit Liquidity Market |
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 the Fund. |
Liquidity Management Market |
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 Investment |
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 Leverage Market |
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 interest rate, and currency swaps, caps and floors. The Fund may engage in such transactions in both U.S. and non-U.S. markets. |
Credit Foreign Investment Leverage Liquidity Management Market Prepayment |
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 Investment Liquidity Market Political Prepayment Valuation |
INSTRUMENT |
RISKS |
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. |
Credit Currency High Yield Securities Interest Rate Liquidity Market Political Portfolio Quality Valuation |
Inflation-Linked Debt Securities: Include 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. |
Credit Currency Interest Rate |
Initial Public Offerings (IPOs): A transaction in which a previously private company makes its first sale of stock to the public. |
Market |
Interfund Lending: Involves lending money and borrowing money for temporary purposes through a credit facility. |
Credit Interest Rate Market |
Inverse Floating Rate Instruments: Leveraged variable debt instruments with interest rates that reset in the opposite direction from the market rate of interest to which the inverse floater is indexed. |
Credit Leverage Market |
Investment Company Securities: Shares of other investment companies, including funds for which the adviser and/or its affiliate 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 Market |
Loan Assignments and Participations: Assignments of, or participations in, all or a portion of loans to corporations or to governments, including governments of less developed countries. |
Credit Currency Extension Foreign Investment Interest Rate Liquidity Market Political Prepayment |
Master Limited Partnership: A limited partnership that is publicly traded on a securities exchange. |
Market |
Mortgages (Directly Held): Debt instruments secured by real property. |
Credit Environmental Extension Interest Rate Liquidity Market Natural Event Political Prepayment Valuation |
INSTRUMENT |
RISKS |
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. |
Credit Currency Extension Interest Rate Leverage Market Political Prepayment Tax |
Mortgage Dollar Rolls1: 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. |
Currency Extension Interest Rate Leverage Liquidity Market Political Prepayment |
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. |
Credit Interest Rate Market Natural Event Political Prepayment Tax Valuation |
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. |
Credit Liquidity Management Market |
Obligations of Supranational Agencies: Obligations which are chartered to promote economic development and are supported by various governments and governmental agencies. |
Credit Foreign Investment |
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, indexes of securities, interest rate futures contracts and interest rate swaps and (b) futures contracts on securities and indexes of securities. |
Credit Liquidity Leverage Management Market |
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. |
Market |
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. |
Liquidity Market |
Real Estate Investment Trusts (REITs): Pooled investment vehicles which invest primarily in income producing real estate or real estate related loans or interest. |
Credit Interest Rate Liquidity Management Market Political Prepayment Tax Valuation |
INSTRUMENT |
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. |
Credit Liquidity Market |
Reverse Repurchase Agreements1: 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. |
Credit Leverage Market |
Securities Issued in Connection with Reorganizations and Corporate Restructurings: In connection with reorganizing or restructuring of an issuer, an issuer may issue common stock or other securities to holders of its debt securities. |
Market |
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. |
Credit Leverage Market |
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. |
Credit Liquidity Market |
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). |
Credit Liquidity Market |
Sovereign Obligations: Investments in debt obligations issued or guaranteed by a foreign sovereign government or its agencies, authorities or political subdivisions. |
Foreign Investment |
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 (IOs) and Principal Only (POs) securities issued outside a Real Estate Mortgage Investment Conduit (REMIC) or CMO structure. |
Credit Market Prepayment Political |
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. |
Credit Foreign Investment Liquidity Management Market |
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. |
Credit Currency Interest Rate Leverage Liquidity Management Market Political Valuation |
Synthetic Variable Rate Instruments: Instruments which 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. |
Credit Liquidity Market |
Temporary Defensive Positions: To respond to unusual circumstances, the Fund may invest in cash and cash equivalents for temporary defensive purposes. |
Credit Interest Rate Liquidity Market |
INSTRUMENT |
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). |
Market |
Trust Preferreds: Securities with characteristics of both subordinated debt and preferred stock. Trusts preferreds are generally long term securities that make periodic fixed or variable interest payments. |
Credit Currency Interest Rate Liquidity Market Political Valuation |
U.S. Government Agency Securities: Securities issued by agencies and instrumentalities of the U.S. government. These include all types of securities issued by Ginnie Mae, Fannie Mae and Freddie Mac, including funding notes, subordinated benchmark notes, CMOs and REMICs. |
Credit Government Securities Interest Rate Market |
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). |
Interest Rate Market |
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 the Fund on demand or at the expiration of a specified term. |
Credit Liquidity Market |
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. |
Credit Leverage Liquidity Market |
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. |
Credit Currency Interest Rate Liquidity Market Political Valuation Zero-Coupon Securities |
|
Per share operating performance | ||||||
|
|
Investment operations |
Distributions | ||||
|
Net asset value, beginning of period |
Net investment income (loss) (a)(b) |
Net realized and unrealized gains (losses) on investments |
Total from investment operations |
Net investment income |
Net realized gain |
Total distributions |
JPMorgan Global Allocation Fund |
|
|
|
|
|
|
|
Class A |
|
|
|
|
|
|
|
Year Ended October 31, 2023 |
$16.91 |
$0.37 |
$0.21 |
$0.58 |
$(0.67) |
$— |
$(0.67) |
Year Ended October 31, 2022 |
23.57 |
0.19 |
(4.69) |
(4.50) |
(0.36) |
(1.80) |
(2.16) |
Year Ended October 31, 2021 |
19.27 |
0.22 |
4.50 |
4.72 |
(0.28) |
(0.14) |
(0.42) |
Year Ended October 31, 2020 |
18.82 |
0.27 |
0.46 |
0.73 |
(0.28) |
— |
(0.28) |
Year Ended October 31, 2019 |
17.71 |
0.36 |
1.22 |
1.58 |
(0.47) |
— |
(0.47) |
Class C |
|
|
|
|
|
|
|
Year Ended October 31, 2023 |
16.58 |
0.27 |
0.21 |
0.48 |
(0.64) |
— |
(0.64) |
Year Ended October 31, 2022 |
23.15 |
0.09 |
(4.58) |
(4.49) |
(0.28) |
(1.80) |
(2.08) |
Year Ended October 31, 2021 |
18.94 |
0.11 |
4.41 |
4.52 |
(0.17) |
(0.14) |
(0.31) |
Year Ended October 31, 2020 |
18.54 |
0.18 |
0.46 |
0.64 |
(0.24) |
— |
(0.24) |
Year Ended October 31, 2019 |
17.47 |
0.27 |
1.19 |
1.46 |
(0.39) |
— |
(0.39) |
Class I |
|
|
|
|
|
|
|
Year Ended October 31, 2023 |
17.02 |
0.42 |
0.21 |
0.63 |
(0.68) |
— |
(0.68) |
Year Ended October 31, 2022 |
23.72 |
0.24 |
(4.73) |
(4.49) |
(0.41) |
(1.80) |
(2.21) |
Year Ended October 31, 2021 |
19.39 |
0.28 |
4.52 |
4.80 |
(0.33) |
(0.14) |
(0.47) |
Year Ended October 31, 2020 |
18.91 |
0.32 |
0.47 |
0.79 |
(0.31) |
— |
(0.31) |
Year Ended October 31, 2019 |
17.79 |
0.41 |
1.22 |
1.63 |
(0.51) |
— |
(0.51) |
|
Ratios/Supplemental data | ||||||
|
|
|
Ratios to average net assets |
|
| ||
Net asset value, end of period |
Total return (excludes sales charge)(c) |
Net assets, end of period (000's) |
Net expenses (including dividend and interest expense for securities sold short)(d)(e) |
Net investment income (loss)(a) |
Expenses without waivers and reimbursements (including dividend and interest expense for securities sold short)(d) |
Portfolio turnover rate (excluding securities sold short)(f) |
Portfolio turnover rate (including securities sold short)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$16.82 |
3.39% |
$596,497 |
1.01% |
2.11% |
1.17% |
136% |
—% |
16.91 |
(20.90) |
600,741 |
1.03(g) |
0.98 |
1.18(g) |
92 |
100 |
23.57 |
24.67 |
773,563 |
1.04(g) |
0.97 |
1.18(g) |
101 |
110 |
19.27 |
3.94 |
472,779 |
1.03(g) |
1.45 |
1.19(g) |
105 |
116 |
18.82 |
9.08 |
443,776 |
1.05(g) |
2.00 |
1.26(g) |
111 |
139 |
|
|
|
|
|
|
|
|
16.42 |
2.89 |
221,791 |
1.51 |
1.58 |
1.67 |
136 |
— |
16.58 |
(21.26) |
324,254 |
1.53(g) |
0.47 |
1.68(g) |
92 |
100 |
23.15 |
24.02 |
519,020 |
1.54(g) |
0.49 |
1.68(g) |
101 |
110 |
18.94 |
3.44 |
463,256 |
1.54(g) |
0.95 |
1.69(g) |
105 |
116 |
18.54 |
8.54 |
526,390 |
1.55(g) |
1.49 |
1.76(g) |
111 |
139 |
|
|
|
|
|
|
|
|
16.97 |
3.68 |
1,343,601 |
0.76 |
2.34 |
0.92 |
136 |
— |
17.02 |
(20.74) |
1,657,768 |
0.78(g) |
1.22 |
0.93(g) |
92 |
100 |
23.72 |
24.96 |
2,760,026 |
0.79(g) |
1.23 |
0.93(g) |
101 |
110 |
19.39 |
4.25 |
2,091,223 |
0.78(g) |
1.71 |
0.93(g) |
105 |
116 |
18.91 |
9.36 |
2,170,359 |
0.80(g) |
2.25 |
1.00(g) |
111 |
139 |
|
Per share operating performance | ||||||
|
|
Investment operations |
Distributions | ||||
|
Net asset value, beginning of period |
Net investment income (loss)(a) |
Net realized and unrealized gains (losses) on investments |
Total from investment operations |
Net investment income |
Net realized gain |
Total distributions |
JPMorgan Income Builder Fund |
|
|
|
|
|
|
|
Class A |
|
|
|
|
|
|
|
Year Ended October 31, 2023 |
$9.01 |
$0.46 |
$(0.23) |
$0.23 |
$(0.47) |
$— |
$(0.47) |
Year Ended October 31, 2022 |
11.62 |
0.41 |
(2.08) |
(1.67) |
(0.44) |
(0.50) |
(0.94) |
Year Ended October 31, 2021 |
10.21 |
0.40 |
1.42 |
1.82 |
(0.41) |
— |
(0.41) |
Year Ended October 31, 2020 |
10.73 |
0.38 |
(0.49) |
(0.11) |
(0.39) |
(0.02) |
(0.41) |
Year Ended October 31, 2019 |
10.13 |
0.41 |
0.60 |
1.01 |
(0.41) |
— |
(0.41) |
Class C |
|
|
|
|
|
|
|
Year Ended October 31, 2023 |
8.98 |
0.42 |
(0.24) |
0.18 |
(0.42) |
— |
(0.42) |
Year Ended October 31, 2022 |
11.58 |
0.36 |
(2.07) |
(1.71) |
(0.39) |
(0.50) |
(0.89) |
Year Ended October 31, 2021 |
10.19 |
0.34 |
1.40 |
1.74 |
(0.35) |
— |
(0.35) |
Year Ended October 31, 2020 |
10.70 |
0.32 |
(0.47) |
(0.15) |
(0.34) |
(0.02) |
(0.36) |
Year Ended October 31, 2019 |
10.10 |
0.36 |
0.60 |
0.96 |
(0.36) |
— |
(0.36) |
Class I |
|
|
|
|
|
|
|
Year Ended October 31, 2023 |
9.03 |
0.48 |
(0.24) |
0.24 |
(0.48) |
— |
(0.48) |
Year Ended October 31, 2022 |
11.64 |
0.43 |
(2.09) |
(1.66) |
(0.45) |
(0.50) |
(0.95) |
Year Ended October 31, 2021 |
10.23 |
0.41 |
1.42 |
1.83 |
(0.42) |
— |
(0.42) |
Year Ended October 31, 2020 |
10.74 |
0.39 |
(0.48) |
(0.09) |
(0.40) |
(0.02) |
(0.42) |
Year Ended October 31, 2019 |
10.14 |
0.43 |
0.60 |
1.03 |
(0.43) |
— |
(0.43) |
|
Ratios/Supplemental data | |||||
|
|
|
Ratios to average net assets |
| ||
Net Asset value, end of period |
Total return (excludes sales charge)(b) |
Net assets, end of period (000's) |
Net expenses(c) |
Net investment income (loss) |
Expenses without waivers and reimbursements |
Portfolio turnover rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$8.77 |
2.33% |
$4,084,316 |
0.73% |
4.95% |
1.02% |
48% |
9.01 |
(15.40) |
4,354,310 |
0.75 |
4.04 |
1.02 |
56 |
11.62 |
17.94 |
5,328,533 |
0.75 |
3.47 |
1.02 |
72 |
10.21 |
(1.01) |
4,132,310 |
0.74 |
3.65 |
1.02 |
64 |
10.73 |
10.20 |
3,678,891 |
0.74 |
3.90 |
1.05 |
48 |
|
|
|
|
|
|
|
8.74 |
1.81 |
803,856 |
1.23 |
4.49 |
1.52 |
48 |
8.98 |
(15.80) |
1,284,317 |
1.25 |
3.50 |
1.52 |
56 |
11.58 |
17.18 |
2,146,228 |
1.25 |
2.95 |
1.52 |
72 |
10.19 |
(1.42) |
2,497,469 |
1.24 |
3.16 |
1.52 |
64 |
10.70 |
9.67 |
3,814,158 |
1.24 |
3.43 |
1.55 |
48 |
|
|
|
|
|
|
|
8.79 |
2.48 |
3,261,981 |
0.58 |
5.14 |
0.77 |
48 |
9.03 |
(15.24) |
4,142,959 |
0.60 |
4.18 |
0.77 |
56 |
11.64 |
18.08 |
5,728,166 |
0.60 |
3.61 |
0.76 |
72 |
10.23 |
(0.76) |
4,930,991 |
0.59 |
3.80 |
0.77 |
64 |
10.74 |
10.35 |
5,672,266 |
0.59 |
4.08 |
0.80 |
48 |
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Back cover |
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Class R2 |
Class R3 |
Class R4 |
Class R5 |
Class R6 |
Management Fees |
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Distribution (Rule 12b-1) Fees |
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Other Expenses |
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Service Fees |
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Remainder of Other Expenses |
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Acquired Fund Fees and Expenses |
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Total Annual Fund Operating Expenses |
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Fee Waivers and/or Expense Reimburse- ments1 |
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Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements1 |
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1 Year |
3 Years |
5 Years |
10 Years |
CLASS R2 SHARES ($) |
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CLASS R3 SHARES ($) |
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CLASS R4 SHARES ($) |
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CLASS R5 SHARES ($) |
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CLASS R6 SHARES ($) |
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Past 1 Year |
Past 5 Years |
Past 10 Years |
CLASS R2 SHARES |
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Return Before Taxes |
% |
% |
% |
Return After Taxes on Distributions |
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Return After Taxes on Distributions and Sale of Fund Shares |
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CLASS R3 SHARES |
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Return Before Taxes |
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CLASS R4 SHARES |
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Return Before Taxes |
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CLASS R5 SHARES |
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Return Before Taxes |
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CLASS R6 SHARES |
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Return Before Taxes |
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MSCI ACWI INDEX (Net Total Return) (Reflects No Deduction for Fees, Expenses, or Taxes, Except Foreign With- holding Taxes) |
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BLOOMBERG GLOBAL AGGREGATE INDEX - UNHEDGED USD (Reflects No Deduction for Fees, Expenses, or Taxes) |
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- |
|
60% MSCI ACWI INDEX (Net Total Return) / 40% BLOOMBERG GLOBAL AGGREGATE INDEX-UNHEDGED USD (Reflects No Deduction for Fees, Expenses, or Taxes, Except Foreign With- holding Taxes on MSCI ACWI Index) |
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|
Portfolio Manager |
Managed the Fund Since |
Primary Title with Investment Adviser |
Jeffrey A. Geller |
2011 |
Managing Director |
Michael H. Feser |
2020 |
Managing Director |
Eric J. Bernbaum |
2014 |
Executive Director |
Grace Koo |
2014 |
Executive Director |
Philip Camporeale Jr. |
2020 |
Managing Director |
For Class R6 Shares |
|
To establish an account |
$5,000,000 for Discretionary Accounts $5,000,000 for Institutional Investors $15,000,000 for Other Investors |
To add to an account |
No minimum levels |
| |
|
Class R6 |
Management Fees |
|
Distribution (Rule 12b-1) Fees |
|
Other Expenses |
|
Service Fees |
|
Remainder of Other Expenses |
|
Acquired Fund Fees and Expenses |
|
Total Annual Fund Operating Expenses |
|
Fee Waivers and/or Expense Reimbursements1 |
- |
Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements1 |
|
| ||||
|
1 Year |
3 Years |
5 Years |
10 Years |
CLASS R6 SHARES ($) |
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Past 1 Year |
Past 5 Years |
Past 10 Years |
CLASS R6 SHARES |
|
|
|
Return Before Taxes |
% |
% |
% |
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
MSCI WORLD INDEX (Net Total Return) (Reflects No Deduction for Fees, Expenses, or Taxes, Except Foreign With- holding Taxes) |
|
|
|
BLOOMBERG U.S. AGGREGATE INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) |
|
|
|
60% MSCI WORLD INDEX (Net Total Return) / 40% BLOOMBERG U.S. AGGREGATE INDEX (Reflects No Deduction for Fees, Expenses, or Taxes, Except Foreign With- holding Taxes on MSCI World Index) |
|
|
|
Portfolio Manager |
Managed the Fund Since |
Primary Title with Investment Adviser |
| |
Michael Schoenhaut |
2007 |
Managing Director | ||
Eric J. Bernbaum |
2014 |
Executive Director | ||
Jeffrey A. Geller |
2007 |
Managing Director | ||
Gary Herbert |
2021 |
Managing Director |
For Class R6 Shares |
|
To establish an account |
$5,000,000 for Discretionary Accounts $5,000,000 for Institutional Investors $15,000,000 for Other Investors |
To add to an account |
No minimum levels |
Global Equity |
10-90% |
Global Fixed Income |
10-90% |
Alternatives |
0-60% |
Cash and Cash Equivalents |
0-80% |
NON-FUNDAMENTAL INVESTMENT OBJECTIVE |
An investment objective is fundamental if it cannot be changed without the consent of a majority of the outstanding shares of a Fund. Each Fund’s investment objective is non-fundamental and may be changed without the consent of a majority of the outstanding shares of the Fund. |
|
Global Allocation Fund |
Income Builder Fund |
Asia Pacific Market Risk |
○ |
○ |
Convertible Securities Risk |
• |
• |
Credit Risk |
• |
• |
Currency Risk |
• |
• |
Cyber Security Risk |
○ |
○ |
Depositary Receipts Risk |
○ |
|
Derivatives Risk |
• |
• |
Equity Market Risk |
• |
• |
Equity-Linked Notes Risk |
○ |
• |
ETN Risk |
• |
|
|
Global Allocation Fund |
Income Builder Fund |
European Market Risk |
○ |
• |
Foreign Securities and Emerging Markets Risk |
• |
• |
General Market Risk |
• |
• |
Geographic Focus Risk |
• |
|
Government Securities Risk |
• |
• |
High Portfolio Turnover Risk |
• |
|
High Yield Securities Risk |
• |
• |
Industry and Sector Focus Risk |
• |
• |
Inflation-Linked Securities Risk |
• |
• |
Interest Rate Risk |
• |
• |
Interfund Lending Risk |
• |
• |
Investment Company and Pooled Investment Vehicle Risk |
• |
○ |
Latin America Market Risk |
○ |
○ |
Loan Risk |
• |
• |
MLP Risk |
• |
|
Mortgage-Related and Other Asset-Backed Securities Risk |
• |
• |
Other Investment Company Risk |
|
• |
Pooled Investment Vehicle Risk |
• |
|
Preferred Securities Risk |
|
• |
Prepayment and Call Risk |
○ |
○ |
Real Estate Securities Risk |
• |
• |
Regulatory and Legal Risk |
○ |
○ |
Securities Lending Risk |
○ |
○ |
Smaller Company Risk |
○ |
○ |
Transactions and Liquidity Risk |
• |
• |
Volcker Rule Risk |
○ |
|
WHAT IS A DERIVATIVE? |
Derivatives are securities or contracts (for example, futures and options) that derive their value from the performance of underlying assets or securities. |
WHAT IS A CASH EQUIVALENT? |
Cash equivalents are highly liquid, high-quality instruments with maturities of three months or less on the date they are purchased. They include securities issued by the U.S. government, its agencies and instrumentalities, repurchase agreements, certificates of deposit, bankers’ acceptances, commercial paper, money market mutual funds and bank deposit accounts. |
JPMorgan Global Allocation Fund |
0.52% |
JPMorgan Income Builder Fund |
0.41 |
|
Class R2 |
Class R3 |
Class R4 |
Class R5 |
Class R6 |
Eligibility1 |
May be purchased by Group Retirement Plans.1 |
May be purchased by Group Retirement Plans.1 |
May be purchased by Group Retirement Plans.1 |
May be purchased by •Group Retirement Plans,1 •Section 529 college savings plans, •Current and future JPMorgan SmartRetirement and JPMorgan SmartRetirement Blend Funds, and •Such other J.P. Morgan Funds of Funds as are designated by the J.P. Morgan Funds Board of Trustees. |
May be purchased by •Group Retirement Plans1 •Section 529 college savings plans •J.P. Morgan Funds of Funds (to the extent permitted by a Fund’s investment strategies) •Mutual Funds, ETFs and other registered investment companies and Collective Investment Trusts not affiliated with JPMIM •Investors through a fee-based advisory program of a financial intermediary that has entered into a written agreement with the Distributor to offer such shares through an omnibus account held at the Fund •Certain discretionary accounts at JPMIM or JPMorgan Chase Bank NA or their affiliates (the Investment Manager) as defined below •Institutional Investors, as described below •Other Investors, as described below |
|
Class R2 |
Class R3 |
Class R4 |
Class R5 |
Class R6 |
Minimum Investment1,2 |
No minimum |
No minimum |
No minimum |
No minimum |
$5,000,000 — Discretionary Accounts $5,000,000 — Institutional Investors $15,000,000 — Other Investors. There is no minimum for other Class R6 eligible investors as described in “Eligibility,” above. |
Minimum Subsequent Investments |
No minimum |
No minimum |
No minimum |
No minimum |
No minimum |
Distribution (12b- 1) Fee |
0.50% of the average daily net assets. |
0.25% of the average daily net assets. |
None |
None |
None |
Service Fee |
0.25% of the average daily net assets. |
0.25% of the average daily net assets. |
0.25% of the average daily net assets. |
0.10% of the average daily net assets. |
None |
Redemption Fee |
None |
None |
None |
None |
None |
Class |
Rule 12b-1 Fee |
Class R2 |
0.50% |
Class R3 |
0.25% |
Class R4 |
None |
Class R5 |
None |
Class R6 |
None |
Class |
Service Fee |
Class R2 |
0.25% |
Class R3 |
0.25% |
Class R4 |
0.25% |
Class R5 |
0.10% |
Class R6 |
None |
HOW TO PURCHASE DIRECTLY WITH THE J.P. MORGAN FUNDS | ||
|
Opening a New Account |
Purchasing into an Existing Account |
By Phone or Online 1-800-480-4111 Shareholder Services representatives are available Monday through Friday from 8:00 am to 6:00 pm ET. www.jpmorganfunds.com Note: Certain account types are not available for online account access. Please call for additional information. |
A new account may not be opened by phone or online. A new fund position can be added to an existing account by phone or online if you have bank information on file. The minimum initial investment requirement must be met. |
You must already have bank information on file. If we do not have bank information on file, you must submit written instructions. Please call for instructions on how to add bank information to your account. |
By Mail Regular mailing address: J.P. Morgan Funds Services P.O. Box 219143 Kansas City, MO 64121-9143 Overnight mailing address: J.P. Morgan Funds Services 430 W 7th Street, Suite 219143 Kansas City, MO 64105-1407 |
Mail the completed and signed application with a check to our Regular or Overnight mailing address. Refer to the Additional Information Regarding Purchases section. |
Please mail your check and include your name, the Fund name, and your fund account number. |
All checks must be made payable to one of the following: •J.P. Morgan Funds; or •The specific Fund in which you are investing. Please include your existing account number, if applicable. All checks must be in U.S. dollars. The J.P. Morgan Funds do not accept credit cards, cash, starter checks, money orders or credit card checks. The Funds and/or the Distributor reserve the right to refuse “third-party” checks and checks drawn on non- U.S. financial institutions even if payment may be effected through a U.S. financial institution. Checks made payable to any individual or company and endorsed to J.P. Morgan Funds or a Fund are considered third-party checks. | ||
By Wire1 1-800-480-4111 Wire Instructions: DST Asset Manager Solutions, Inc. 2000 Crown Colony Drive Quincy, MA 02169 Attn: J.P. Morgan Funds Services ABA: 021 000 021 DDA: 323 125 832 FBO: Fund Name Fund: Fund # Account: Your Account # and Your Account Registration |
Purchase by Wire: If you choose to pay by wire, please call to notify the Fund of your purchase. You must also initiate the wire with your financial institution. |
Purchase by Wire: If you choose to pay by wire, please call to notify the Fund of your purchase. You must also initiate the wire with your financial institution. |
EXCHANGE PRIVILEGES |
Class R2 Shares of a Fund may be exchanged for: |
•Class R2 Shares of another J.P. Morgan Fund, |
•Another share class of the same Fund if you are eligible to purchase that class. |
Class R3 Shares of a Fund may be exchanged for: |
•Class R3 Shares of another J.P. Morgan Fund, |
•Another share class of the same Fund if you are eligible to purchase that class. |
Class R4 Shares of a Fund may be exchanged for: |
•Class R4 Shares of another J.P. Morgan Fund, |
•Another share class of the same Fund if you are eligible to purchase that class. |
Class R5 Shares of a Fund may be exchanged for: |
•Class R5 Shares of another J.P. Morgan Fund, |
•Another share class of the same Fund if you are eligible to purchase that class. |
Class R6 Shares of a Fund may be exchanged for: |
•Class R6 Shares of another J.P. Morgan Fund, |
•Another share class of the same Fund if you are eligible to purchase that class. |
HOW TO REDEEM | |
By Phone or Online Note: Certain account types are not available for online account access. Please call for additional information. |
Call us at 1-800-480-4111 Shareholder Services representatives are available Monday through Friday from 8:00 am to 6:00 pm ET. www.jpmorganfunds.com |
By Mail |
Regular mailing address: J.P. Morgan Funds Services P.O. Box 219143 Kansas City, MO 64121-9143 Overnight mailing address: J.P. Morgan Funds Services 430 W 7th Street, Suite 219143 Kansas City, MO 64105-1407 |
INSTRUMENT |
RISKS |
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. |
Credit Interest Rate Market Political Prepayment |
Asset-Backed Securities: Securities secured by company receivables, home equity loans, truck and auto loans, leases, credit card receivables and other securities backed by other types of receivables or other assets. |
Credit Interest Rate Market Political Prepayment |
Auction Rate Securities: Auction rate municipal securities and auction rate preferred securities issued by closed-end investment companies. |
Credit Interest Rate Market |
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. |
Credit Currency Interest Rate Liquidity Market Political |
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 of borrowings not in excess of 5% of the Fund’s total assets made for temporary administrative purposes. |
Credit Interest Rate Market |
Brady Bonds: Securities created through the exchange of existing commercial bank loans to public and private entities in certain emerging markets for new bonds in connection with debt restructurings. |
Credit Currency Foreign Investment Interest Rate Market Political |
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. |
Credit Leverage Liquidity Management Market |
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. |
Credit Currency Interest Rate Liquidity Market Political |
Common Stock: Shares of ownership of a company. |
Market |
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. |
Credit Market |
INSTRUMENT |
RISKS |
Convertible Securities: Bonds or preferred stock that can convert to common stock including contingent convertible securities. |
Credit Currency Interest Rate Liquidity Market Political Valuation |
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. |
Credit Currency Interest Rate Liquidity Market Political Valuation |
Credit Default Swaps (CDSs): A swap agreement between two parties pursuant to which one party pays the other a fixed periodic coupon for the specified life of the agreement. The other party makes no payment unless a credit event, relating to a predetermined reference asset, occurs. If such an event occurs, the party will then make a payment to the first party, and the swap will terminate. |
Credit Currency Interest Rate Leverage Liquidity Management Market Political Valuation |
Custodial Receipts: The Fund may acquire securities in the form of custodial receipts that evidence ownership of future interest payments, principal payments or both on certain U.S. Treasury notes or bonds in connection with programs sponsored by banks and brokerage firms. These are not considered to be U.S. government securities. These notes and bonds are held in custody by a bank on behalf of the owners of the receipts. |
Credit Liquidity Market |
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 the Fund. |
Liquidity Management Market |
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 Investment |
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 Leverage Market |
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 interest rate, and currency swaps, caps and floors. The Fund may engage in such transactions in both U.S. and non-U.S. markets. |
Credit Foreign Investment Leverage Liquidity Management Market Prepayment |
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 Investment Liquidity Market Political Prepayment Valuation |
INSTRUMENT |
RISKS |
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. |
Credit Currency High Yield Securities Interest Rate Liquidity Market Political Portfolio Quality Valuation |
Inflation-Linked Debt Securities: Include 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. |
Credit Currency Interest Rate |
Initial Public Offerings (IPOs): A transaction in which a previously private company makes its first sale of stock to the public. |
Market |
Interfund Lending: Involves lending money and borrowing money for temporary purposes through a credit facility. |
Credit Interest Rate Market |
Inverse Floating Rate Instruments: Leveraged variable debt instruments with interest rates that reset in the opposite direction from the market rate of interest to which the inverse floater is indexed. |
Credit Leverage Market |
Investment Company Securities: Shares of other investment companies, including funds for which the adviser and/or its affiliate 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 Market |
Loan Assignments and Participations: Assignments of, or participations in, all or a portion of loans to corporations or to governments, including governments of less developed countries. |
Credit Currency Extension Foreign Investment Interest Rate Liquidity Market Political Prepayment |
Master Limited Partnership: A limited partnership that is publicly traded on a securities exchange. |
Market |
Mortgages (Directly Held): Debt instruments secured by real property. |
Credit Environmental Extension Interest Rate Liquidity Market Natural Event Political Prepayment Valuation |
INSTRUMENT |
RISKS |
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. |
Credit Currency Extension Interest Rate Leverage Market Political Prepayment Tax |
Mortgage Dollar Rolls1: 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. |
Currency Extension Interest Rate Leverage Liquidity Market Political Prepayment |
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. |
Credit Interest Rate Market Natural Event Political Prepayment Tax Valuation |
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. |
Credit Liquidity Management Market |
Obligations of Supranational Agencies: Obligations which are chartered to promote economic development and are supported by various governments and governmental agencies. |
Credit Foreign Investment |
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, indexes of securities, interest rate futures contracts and interest rate swaps and (b) futures contracts on securities and indexes of securities. |
Credit Liquidity Leverage Management Market |
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. |
Market |
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. |
Liquidity Market |
Real Estate Investment Trusts (REITs): Pooled investment vehicles which invest primarily in income producing real estate or real estate related loans or interest. |
Credit Interest Rate Liquidity Management Market Political Prepayment Tax Valuation |
INSTRUMENT |
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. |
Credit Liquidity Market |
Reverse Repurchase Agreements1: 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. |
Credit Leverage Market |
Securities Issued in Connection with Reorganizations and Corporate Restructurings: In connection with reorganizing or restructuring of an issuer, an issuer may issue common stock or other securities to holders of its debt securities. |
Market |
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. |
Credit Leverage Market |
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. |
Credit Liquidity Market |
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). |
Credit Liquidity Market |
Sovereign Obligations: Investments in debt obligations issued or guaranteed by a foreign sovereign government or its agencies, authorities or political subdivisions. |
Foreign Investment |
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 (IOs) and Principal Only (POs) securities issued outside a Real Estate Mortgage Investment Conduit (REMIC) or CMO structure. |
Credit Market Prepayment Political |
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. |
Credit Foreign Investment Liquidity Management Market |
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. |
Credit Currency Interest Rate Leverage Liquidity Management Market Political Valuation |
Synthetic Variable Rate Instruments: Instruments which 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. |
Credit Liquidity Market |
Temporary Defensive Positions: To respond to unusual circumstances, the Fund may invest in cash and cash equivalents for temporary defensive purposes. |
Credit Interest Rate Liquidity Market |
INSTRUMENT |
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). |
Market |
Trust Preferreds: Securities with characteristics of both subordinated debt and preferred stock. Trusts preferreds are generally long term securities that make periodic fixed or variable interest payments. |
Credit Currency Interest Rate Liquidity Market Political Valuation |
U.S. Government Agency Securities: Securities issued by agencies and instrumentalities of the U.S. government. These include all types of securities issued by Ginnie Mae, Fannie Mae and Freddie Mac, including funding notes, subordinated benchmark notes, CMOs and REMICs. |
Credit Government Securities Interest Rate Market |
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). |
Interest Rate Market |
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 the Fund on demand or at the expiration of a specified term. |
Credit Liquidity Market |
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. |
Credit Leverage Liquidity Market |
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. |
Credit Currency Interest Rate Liquidity Market Political Valuation Zero-Coupon Securities |
|
Per share operating performance | ||||||
|
|
Investment operations |
Distributions | ||||
|
Net asset value, beginning of period |
Net investment income (loss) (a)(b) |
Net realized and unrealized gains (losses) on investments |
Total from investment operations |
Net investment income |
Net realized gain |
Total distributions |
JPMorgan Global Allocation Fund |
|
|
|
|
|
|
|
Class R2 |
|
|
|
|
|
|
|
Year Ended October 31, 2023 |
$16.78 |
$0.30 |
$0.21 |
$0.51 |
$(0.65) |
$— |
$(0.65) |
Year Ended October 31, 2022 |
23.40 |
0.12 |
(4.65) |
(4.53) |
(0.29) |
(1.80) |
(2.09) |
Year Ended October 31, 2021 |
19.14 |
0.14 |
4.45 |
4.59 |
(0.19) |
(0.14) |
(0.33) |
Year Ended October 31, 2020 |
18.73 |
0.20 |
0.46 |
0.66 |
(0.25) |
— |
(0.25) |
Year Ended October 31, 2019 |
17.64 |
0.30 |
1.20 |
1.50 |
(0.41) |
— |
(0.41) |
Class R3 |
|
|
|
|
|
|
|
Year Ended October 31, 2023 |
16.97 |
0.35 |
0.21 |
0.56 |
(0.66) |
— |
(0.66) |
Year Ended October 31, 2022 |
23.65 |
0.16 |
(4.70) |
(4.54) |
(0.34) |
(1.80) |
(2.14) |
Year Ended October 31, 2021 |
19.34 |
0.20 |
4.50 |
4.70 |
(0.25) |
(0.14) |
(0.39) |
Year Ended October 31, 2020 |
18.90 |
0.24 |
0.48 |
0.72 |
(0.28) |
— |
(0.28) |
Year Ended October 31, 2019 |
17.79 |
0.34 |
1.22 |
1.56 |
(0.45) |
— |
(0.45) |
Class R4 |
|
|
|
|
|
|
|
Year Ended October 31, 2023 |
16.91 |
0.39 |
0.21 |
0.60 |
(0.67) |
— |
(0.67) |
Year Ended October 31, 2022 |
23.57 |
0.21 |
(4.68) |
(4.47) |
(0.39) |
(1.80) |
(2.19) |
Year Ended October 31, 2021 |
19.28 |
0.26 |
4.48 |
4.74 |
(0.31) |
(0.14) |
(0.45) |
Year Ended October 31, 2020 |
18.81 |
0.30 |
0.47 |
0.77 |
(0.30) |
— |
(0.30) |
Year Ended October 31, 2019 |
17.71 |
0.42 |
1.17 |
1.59 |
(0.49) |
— |
(0.49) |
Class R5 |
|
|
|
|
|
|
|
Year Ended October 31, 2023 |
17.04 |
0.41 |
0.22 |
0.63 |
(0.68) |
— |
(0.68) |
Year Ended October 31, 2022 |
23.73 |
0.25 |
(4.72) |
(4.47) |
(0.42) |
(1.80) |
(2.22) |
Year Ended October 31, 2021 |
19.39 |
0.33 |
4.48 |
4.81 |
(0.33) |
(0.14) |
(0.47) |
Year Ended October 31, 2020 |
18.92 |
0.33 |
0.46 |
0.79 |
(0.32) |
— |
(0.32) |
Year Ended October 31, 2019 |
17.80 |
0.42 |
1.22 |
1.64 |
(0.52) |
— |
(0.52) |
|
Ratios/Supplemental data | ||||||
|
|
|
Ratios to average net assets |
|
| ||
Net asset value, end of period |
Total return(c) |
Net assets, end of period (000's) |
Net expenses (including dividend and interest expense for securities sold short)(d)(e) |
Net investment income (loss)(a) |
Expenses without waivers and reimbursements (including dividend and interest expense for securities sold short)(d) |
Portfolio turnover rate (excluding securities sold short)(f) |
Portfolio turnover rate (including securities sold short)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$16.64 |
3.02% |
$3,737 |
1.38% |
1.72% |
1.45% |
136% |
—% |
16.78 |
(21.17) |
4,859 |
1.40(g) |
0.62 |
1.45(g) |
92 |
100 |
23.40 |
24.16 |
6,946 |
1.41(g) |
0.61 |
1.45(g) |
101 |
110 |
19.14 |
3.55 |
5,724 |
1.40(g) |
1.09 |
1.46(g) |
105 |
116 |
18.73 |
8.69 |
5,394 |
1.42(g) |
1.64 |
1.56(g) |
111 |
139 |
|
|
|
|
|
|
|
|
16.87 |
3.29 |
1,237 |
1.13 |
1.97 |
1.17 |
136 |
— |
16.97 |
(21.01) |
1,410 |
1.l5(g) |
0.83 |
1.18(g) |
92 |
100 |
23.65 |
24.47 |
932 |
1.16(g) |
0.86 |
1.18(g) |
101 |
110 |
19.34 |
3.85 |
720 |
1.15(g) |
1.22 |
1.26(g) |
105 |
116 |
18.90 |
8.97 |
50 |
1.17(g) |
1.83 |
1.44(g) |
111 |
139 |
|
|
|
|
|
|
|
|
16.84 |
3.54 |
1,529 |
0.88 |
2.24 |
0.92 |
136 |
— |
16.91 |
(20.78) |
1,656 |
0.89(g) |
1.11 |
0.93(g) |
92 |
100 |
23.57 |
24.77 |
1,377 |
0.91(g) |
1.12 |
0.93(g) |
101 |
110 |
19.28 |
4.13 |
688 |
0.90(g) |
1.59 |
0.95(g) |
105 |
116 |
18.81 |
9.20 |
631 |
0.92(g) |
2.29 |
1.02(g) |
111 |
139 |
|
|
|
|
|
|
|
|
16.99 |
3.69 |
48 |
0.73 |
2.29 |
0.79 |
136 |
— |
17.04 |
(20.66) |
61 |
0.75(g) |
1.26 |
0.79(g) |
92 |
100 |
23.73 |
25.00 |
89 |
0.76(g) |
1.43 |
0.81(g) |
101 |
110 |
19.39 |
4.23 |
22 |
0.75(g) |
1.73 |
0.97(g) |
105 |
116 |
18.92 |
9.39 |
21 |
0.78(g) |
2.27 |
1.00(g) |
111 |
139 |
|
Per share operating performance | ||||||
|
|
Investment operations |
Distributions | ||||
|
Net asset value, beginning of period |
Net investment income (loss) (a)(b) |
Net realized and unrealized gains (losses) on investments |
Total from investment operations |
Net investment income |
Net realized gain |
Total distributions |
JPMorgan Global Allocation Fund (continued) |
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
Year Ended October 31, 2023 |
$17.02 |
$0.44 |
$0.20 |
$0.64 |
$(0.68) |
$— |
$(0.68) |
Year Ended October 31, 2022 |
23.71 |
0.27 |
(4.72) |
(4.45) |
(0.44) |
(1.80) |
(2.24) |
Year Ended October 31, 2021 |
19.38 |
0.31 |
4.52 |
4.83 |
(0.36) |
(0.14) |
(0.50) |
Year Ended October 31, 2020 |
18.91 |
0.35 |
0.46 |
0.81 |
(0.34) |
— |
(0.34) |
Year Ended October 31, 2019 |
17.79 |
0.43 |
1.22 |
1.65 |
(0.53) |
— |
(0.53) |
|
Ratios/Supplemental data | ||||||
|
|
|
Ratios to average net assets |
|
| ||
Net asset value, end of period |
Total return (excludes sales charge)(c) |
Net assets, end of period (000's) |
Net expenses (including dividend and interest expense for securities sold short)(d)(e) |
Net investment income (loss)(a) |
Expenses without waivers and reimbursements (including dividend and interest expense for securities sold short)(d) |
Portfolio turnover rate (excluding securities sold short)(f) |
Portfolio turnover rate (including securities sold short)(f) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$16.98 |
3.78% |
$696,721 |
0.63% |
2.50% |
0.67% |
136% |
—% |
17.02 |
(20.59) |
690,542 |
0.65(g) |
1.36 |
0.68(g) |
92 |
100 |
23.71 |
25.13 |
1,060,644 |
0.66(g) |
1.36 |
0.68(g) |
101 |
110 |
19.38 |
4.34 |
594,754 |
0.65(g) |
1.83 |
0.68(g) |
105 |
116 |
18.91 |
9.50 |
528,192 |
0.67(g) |
2.35 |
0.75(g) |
111 |
139 |
|
Per share operating performance | ||||||
|
|
Investment operations |
Distributions | ||||
|
Net asset value, beginning of period |
Net investment income (loss)(a) |
Net realized and unrealized gains (losses) on investments |
Total from investment operations |
Net investment income |
Net realized gain |
Total distributions |
JPMorgan Income Builder Fund |
|
|
|
|
|
|
|
Class R6 |
|
|
|
|
|
|
|
Year Ended October 31, 2023 |
$9.03 |
$0.49 |
$(0.24) |
$0.25 |
$(0.49) |
$— |
$(0.49) |
Year Ended October 31, 2022 |
11.64 |
0.44 |
(2.09) |
(1.65) |
(0.46) |
(0.50) |
(0.96) |
Year Ended October 31, 2021 |
10.23 |
0.42 |
1.42 |
1.84 |
(0.43) |
— |
(0.43) |
Year Ended October 31, 2020 |
10.74 |
0.40 |
(0.48) |
(0.08) |
(0.41) |
(0.02) |
(0.43) |
Year Ended October 31, 2019 |
10.14 |
0.43 |
0.61 |
1.04 |
(0.44) |
— |
(0.44) |
|
Ratios/Supplemental data | |||||
|
|
|
Ratios to average net assets |
| ||
Net asset value, end of period |
Total return(b) |
Net assets, end of period (000's) |
Net expenses(c) |
Net investment income (loss) |
Expenses without waivers and reimbursements |
Portfolio turnover rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$8.79 |
2.57% |
$381,308 |
0.50% |
5.21% |
0.52% |
48% |
9.03 |
(15.16) |
392,531 |
0.51 |
4.29 |
0.52 |
56 |
11.64 |
18.18 |
476,037 |
0.51 |
3.69 |
0.51 |
72 |
10.23 |
(0.68) |
508,648 |
0.51 |
3.90 |
0.52 |
64 |
10.74 |
10.44 |
354,830 |
0.51 |
4.15 |
0.55 |
48 |
| |||
|
Class A |
Class C |
Class I |
Maximum Sales Charge (Load) Imposed on Purchases as a % of the Offering Price |
|
|
|
Maximum Deferred Sales Charge (Load) as a % of Original Cost of the Shares |
1 |
|
|
| |||
|
Class A |
Class C |
Class I |
Management Fees |
|
|
|
Distribution (Rule 12b-1) Fees |
|
|
|
Other Expenses |
|
|
|
Service Fees |
|
|
|
Remainder of Other Expenses |
|
|
|
Acquired Fund Fees and Expenses |
|
|
|
Total Annual Fund Operating Expenses |
|
|
|
Fee Waivers and/or Expense Reimbursements1 |
- |
- |
- |
Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimburse- ments1 |
|
|
|
| ||||
|
1 Year |
3 Years |
5 Years |
10 Years |
CLASS A SHARES ($) |
|
|
|
|
CLASS C SHARES ($) |
|
|
|
|
CLASS I SHARES ($) |
|
|
|
|
| ||||
|
1 Year |
3 Years |
5 Years |
10 Years |
CLASS A SHARES ($) |
|
|
|
|
CLASS C SHARES ($) |
|
|
|
|
CLASS I SHARES ($) |
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Past 1 Year |
Past 5 Years |
Past 10 Years |
CLASS A SHARES |
|
|
|
Return Before Taxes |
% |
% |
% |
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
CLASS C SHARES |
|
|
|
Return Before Taxes |
|
|
|
CLASS I SHARES |
|
|
|
Return Before Taxes |
|
|
|
TAX AWARE REAL RETURN COMPOSITE BENCHMARK (Reflects No Deduction for Fees, Expenses, or Taxes) |
|
|
|
BLOOMBERG U.S. 1-15 YEAR BLEND (1-17) MUNICIPAL BOND INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) |
|
|
|
Portfolio Manager |
Managed Fund Since |
Primary Title with Investment Adviser |
David Rooney |
2015 |
Executive Director |
Michael R. Myers |
2024 |
Executive Director |
Rachel Betton |
2024 |
Managing Director |
For Class A and Class C Shares |
|
To establish an account |
$1,000 |
To add to an account |
$50 |
For Class I Shares |
|
To establish an account |
$1,000,000 |
To add to an account |
No minimum levels |
FUNDAMENTAL INVESTMENT OBJECTIVES |
An investment objective is fundamental if it cannot be changed without the consent of a majority of the outstanding shares of the Fund. The Fund does not have fundamental investment objectives, and each may be changed without the consent of a majority of the outstanding shares of the Fund. |
|
Tax Aware Real Return Fund |
CFTC Regulation Risk |
○ |
Convertible Securities Risk |
○ |
Credit Risk |
• |
Debt Securities and Other Callable Securities Risk |
• |
Derivatives Risk |
• |
ETF and Other Investment Company Risk |
○ |
General Market Risk |
• |
Government Securities Risk |
• |
High Yield Securities Risk |
• |
Industry and Sector Focus Risk |
• |
Inflation-Linked Securities Risk |
• |
Interest Rate Risk |
• |
Mortgage-Related and Other Asset-Backed Securities Risk |
• |
Municipal Obligations Risk |
• |
Regulatory and Legal Risk |
○ |
Repurchase Agreement Risk |
• |
Securities Lending Risk |
○ |
Strategy Risk |
• |
Taxability Risk |
• |
Tax Aware Investing Risk |
• |
Transactions and Liquidity Risk |
• |
Cyber Security Risk |
○ |
Volcker Rule Risk |
○ |
WHAT IS A DERIVATIVE? |
Derivatives are securities or contracts (for example, futures and options) that derive their value from the performance of underlying assets or securities. |
WHAT IS A CASH EQUIVALENT? |
Cash equivalents are highly liquid, high-quality instruments with maturities of three months or less on the date they are purchased. They include securities issued by the U.S. government, its agencies and instrumentalities, repurchase agreements, certificates of deposit, bankers’ acceptances, commercial paper, money market mutual funds and bank deposit accounts. |
JPMorgan Tax Aware Real Return Fund |
0.25% |
|
Class A |
Class C |
Class I |
Eligibility1,2 |
May be purchased by the general public3 |
May be purchased by the general public4 |
May be purchased by: •Institutional Investors who meet the minimum investment requirements; •Individuals purchasing directly from the Fund through JPMorgan Distribution Services, Inc. (the “Distributor”) and meeting the investment minimum requirements; •Financial Intermediaries or any other organization, including affiliates of JPMorgan Chase & Co. (JPMorgan Chase), authorized to act in a fiduciary, advisory or custodial capacity for its clients or customers; •Brokerage program of a Financial Intermediary that has entered into a written agreement with the Distributor to offer such shares (“Eligible Brokerage Program”); and •Employees of JPMorgan Chase and its affiliates and officers or trustees of the J.P. Morgan Funds.5 |
Minimum Investment1,6,7 |
$1,000 for the Fund or $50, if establishing a monthly $50 Systematic Investment Plan8 |
$1,000 for the Fund or $50, if establishing a monthly $50 Systematic Investment Plan8 |
$1,000,000 — An investor can combine purchases of Class I Shares of other J.P. Morgan Funds in order to meet the minimum. $1,000 for each Fund or $50, if establishing a monthly $50 Systematic Investment Plan for investments through an Eligible Brokerage Program. $1,000 for each Fund or $50 if establishing a monthly $50 Systematic Investment Plan8 for investments by employees of JPMorgan Chase and its affiliates and officers or trustees of the J.P. Morgan Funds.5 |
|
Class A |
Class C |
Class I |
Minimum Subsequent Investments1 |
$509 |
$509 |
No minimum except $50 for investments by employees of JPMorgan Chase and its affiliates and officers or trustees of the J.P. Morgan Funds and investment through an Eligible Brokerage Program. |
Systematic Investment Plan |
Yes |
Yes |
No except for investments by employees of JPMorgan Chase and its affiliates and officers or trustees of the J.P. Morgan Funds and investments through an Eligible Brokerage Program. |
Systematic Redemption Plan |
Yes |
Yes |
No except for investments by employees of JPMorgan Chase and its affiliates and officers or trustees of the J.P. Morgan Funds. |
Front-End Sales Charge (refer to Sales Charges and Financial Intermediary Compensation Section for more details) |
Up to 3.75% reduced or waived for large purchases and certain investors, eliminated for purchases of $250,000 or more. |
None |
None |
Contingent Deferred Sales Charge (CDSC) (refer to Sales Charges and Financial Intermediary Compensation Section for more details) |
•On purchases of $250,000 or more: •0.75% on redemptions made within 18 months after purchase. Waived under certain circumstances. |
•1.00% on redemptions made within 12 months after purchase. Waived under certain circumstances. |
None |
Distribution (12b-1) Fee |
0.25% of the average daily net assets. |
0.75% of the average daily net assets. |
None |
Service Fee |
0.25% of the average daily net assets. |
0.25% of the average daily net assets. |
0.25% of the average daily net assets. |
Redemption Fee |
None |
None |
None |
|
Class A |
Class C |
Class I |
Conversion Feature10 |
None |
Class C Shares will be converted to Class A Shares in the following instances: •If an investor is eligible to purchase Class A Shares, then their Class C Share positions will convert to Class A Shares after 8 years, calculated from the first day of the month of purchase and processed on the tenth business day of the anniversary month. •If Class C Shares held in an account with a third party broker of record are transferred to a Fund direct account with no broker of record, those Class C Shares will be converted to Class A Shares on the tenth business day of the month following the transfer. |
None |
Advantages |
If you are eligible to have the sales charge reduced or eliminated or you have a long- term investment horizon, these shares have lower distribution fees over a longer term investment horizon than Class C Shares. |
No front-end sales charge is assessed so you own more shares initially. These shares may make sense for investors who have a shorter investment horizon relative to Class A Shares. |
No front-end sales charge or CDSC is assessed so you own more shares initially. In addition, Class I Shares have lower fees than Class A and Class C Shares. |
Disadvantages |
A front-end sales charge is generally assessed, diminishing the number of shares owned. If you are eligible to have the sales charge reduced or eliminated, you may be subject to a CDSC. Class A Shares may not make sense for investors who have a shorter investment horizon relative to Class C Shares. |
Shares are subject to CDSC and have higher ongoing distribution fees. This means that over the long term Class C Shares accrue higher fees than Class A Shares. |
Limited availability and higher minimum initial investment than Class A and Class C Shares. |
Class A Shares Amount of Investment |
Sales Charge as a % of Offering Price |
Sales Charge as a % of your Investment1 |
Commission as a % of Offering Price2 |
CDSC |
Less than $100,000 |
3.75 |
3.90 |
3.25 |
0.00 |
$100,000 to $249,999 |
3.25 |
3.36 |
2.75 |
0.00 |
Amount of Investment |
Sales Charge as a % of Offering Price |
Sales Charge as a % of your Investment |
Finder’s Fee as a % of your Investment3 |
CDSC as a % of your Redemption3, 4 |
$250,000 to $3,999,999 |
0.00 |
0.00 |
0.75 |
0-18 months — 0.75% |
$4,000,000 to $49,999,999 |
0.00 |
0.00 |
0.50 | |
$50,000,000 or more |
0.00 |
0.00 |
0.25 |
Class A Shares Amount of Investment |
Sales Charge as a % of Offering Price |
Sales Charge as a % of your Investment |
Finder’s Fee as a % of your Investment |
CDSC as a % of your Redemption1 |
$0 to $3,999,999 |
0.00 |
0.00 |
0.75 |
0.00 |
$4,000,000 to $49,999,999 |
0.00 |
0.00 |
0.50 |
0.00 |
$50,000,000 or more |
0.00 |
0.00 |
0.25 |
0.00 |
Class C Shares Amount of Investment |
Sales Charge as a % of Offering Price |
Sales Charge as a % of your Investment |
Commission as a % of Offering Price |
CDSC as a % of your Redemption |
All Investments |
0.00 |
0.00 |
1.00 |
0-12 months — 1.00% |
Class |
Rule 12b-1 Fee |
Class A |
0.25% |
Class C |
0.75% |
Class I |
None |
Class |
Service Fee |
Class A |
0.25% |
Class C |
0.25% |
Class I |
0.25% |
HOW TO PURCHASE DIRECTLY WITH THE J.P. MORGAN FUNDS | ||
|
Opening a New Account |
Purchasing into an Existing Account |
By Phone or Online 1-800-480-4111 Shareholder Services representatives are available Monday through Friday from 8:00 am to 6:00 pm ET. www.jpmorganfunds.com Note: Certain account types are not available for online account access. Please call for additional information. |
A new account generally may not be opened by phone or online. Employees of JPMorgan Chase & Co. may open a new account online. A new fund position can be added to an existing account by phone or online if you have bank information on file. The minimum initial investment requirement must be met. |
You must already have bank information on file. If we do not have bank information on file, you must submit written instructions. Please call for instructions on how to add bank information to your account. |
HOW TO PURCHASE DIRECTLY WITH THE J.P. MORGAN FUNDS | ||
|
Opening a New Account |
Purchasing into an Existing Account |
By Mail Regular mailing address: J.P. Morgan Funds Services P.O. Box 219143 Kansas City, MO 64121-9143 Overnight mailing address: J.P. Morgan Funds Services 430 W 7th Street, Suite 219143 Kansas City, MO 64105-1407 |
Mail the completed and signed application with a check to our Regular or Overnight mailing address. Refer to the Additional Information Regarding Purchases section. |
Please mail your check and include your name, the Fund name, and your fund account number. |
All checks must be made payable to one of the following: •J.P. Morgan Funds; or •The specific Fund in which you are investing. Please include your existing account number, if applicable. All checks must be in U.S. dollars. The J.P. Morgan Funds do not accept credit cards, cash, starter checks, money orders or credit card checks. The Funds and/or the Distributor reserve the right to refuse “third-party” checks and checks drawn on non- U.S. financial institutions even if payment may be effected through a U.S. financial institution. Checks made payable to any individual or company and endorsed to J.P. Morgan Funds or the Fund are considered third-party checks. | ||
By ACH or Wire1 1-800-480-4111 Wire Instructions: DST Asset Manager Solutions, Inc. 2000 Crown Colony Drive Quincy, MA 02169 Attn: J.P. Morgan Funds Services ABA: 021 000 021 DDA: 323 125 832 FBO: Fund Name Fund: Fund # Account: Your Account # and Your Account Registration |
You may include bank information on your application for your initial purchase to be processed via Automated Clearing House (ACH) rather than sending a check. New accounts cannot be opened by wire purchase. |
Purchase by ACH: To process a purchase via ACH using bank information on file you may call us or process the purchase online. Purchase by Wire: If you choose to pay by wire, please call to notify the Fund of your purchase. You must also initiate the wire with your financial institution. |
Systematic Investment Plan1 |
You may include instructions to set up a Systematic Investment Plan on your application. Bank Information must be included. Refer to Choosing A Share Class for fund minimums. |
If bank information is on file, you may call, go online or mail written instructions to start, edit or delete a Systematic Investment Plan. You cannot have a Systematic Investment Plan and a Systematic Redemption Plan or Systematic Exchange Plan on the same fund account. If bank information is not on file, you will be required to submit a completed form with your bank information and Systematic Investment Plan details. |
EXCHANGE PRIVILEGES |
Class A Shares of the Fund may be exchanged for: |
•Class A Shares of another J.P. Morgan Fund, |
•Morgan Shares of a J.P. Morgan money market fund (except for JPMorgan Prime Money Market Fund), or |
•Another share class of the same Fund if you are eligible to purchase that class. |
Class C Shares of the Fund may be exchanged for: |
•Class C Shares of another J.P. Morgan Fund. Your new Class C Shares will be subject to the CDSC of the Fund from which you exchanged, and the current holding period for your exchanged Class C Shares is carried over to your new shares. |
•Class I, Class L or Class R6 Shares, if available, of the same Fund, provided you meet the eligibility requirements for the class you are exchanging into. In addition, the Class C Shares that you wish to exchange must not currently be subject to any CDSC. |
•Reserve Shares of a J.P. Morgan money market fund (except for the JPMorgan Prime Money Market Fund). Reserve Shares are not subject to an initial sales charge or CDSC. If you exchange Class C Shares that are subject to a CDSC to Reserve Shares, you will not pay a CDSC at the time of the exchange. However, your new Reserve Class Shares will be subject to the CDSC of the Fund from which you exchanged, and the current holding period for your exchanged Class C Shares will be carried over to your new Reserve Shares. Reserve Shares investment minimums may be waived for Class C shareholders that convert or exchange their Class C Shares into Reserve Shares of a J.P. Morgan money market fund (except for the JPMorgan Prime Money Market Fund). |
Class I Shares of the Fund may be exchanged for: |
•Class I Shares of another J.P. Morgan Fund, |
•Morgan Shares of a J.P. Morgan money market fund (except for JPMorgan Prime Money Market Fund), or |
•Another share class of the same Fund if you are eligible to purchase that class. |
HOW TO REDEEM | |
By Phone or Online Note: Certain account types are not available for online account access. |
Call us at 1-800-480-4111 Shareholder Services representatives are available Monday through Friday from 8:00 am to 6:00 pm ET. www.jpmorganfunds.com |
By Mail |
Regular mailing address: J.P. Morgan Funds Services P.O. Box 219143 Kansas City, MO 64121-9143 Overnight mailing address: J.P. Morgan Funds Services 430 W 7th Street, Suite 219143 Kansas City, MO 64105-1407 |
Systematic Redemption Plan2, 3 Note:The Funds currently do not charge for this service, but may impose a charge in the future. |
You may include instructions to set up a Systematic Redemption Plan on your application. Payment instructions must be included. You may call, or mail written instructions to start, edit or delete a Systematic Redemption Plan. You may send a written redemption request to your Financial Intermediary, if applicable, or to the Fund at the following address: J.P. Morgan Funds Services P.O. Box 219143 Kansas City, MO 64121-9143 You may redeem over the phone. Please see “Can I redeem by phone?” for more information. If you own Class A or Class C Shares, the applicable CDSC will be deducted from those payments unless such payments are made:4 •Monthly and constitute no more than 1/12 of 10% of your then-current balance in the Fund each month; or •Quarterly and constitute no more than ¼ of 10% of your then-current balance in the Fund each quarter. It may not be in your best interest to buy additional Class A Shares while participating in a Systematic Redemption Plan. This is because Class A Shares have an upfront sales charge. |
|
|
Per share operating performance | |||
|
|
Investment operations |
Distributions | ||
|
Net asset value, beginning of period |
Net investment income (loss) (a) |
Net realized and unrealized gains (losses) on investments |
Total from investment operations |
Net investment income |
JPMorgan Tax Aware Real Return Fund |
|
|
|
|
|
Class A |
|
|
|
|
|
Year Ended October 31, 2023 |
$9.06 |
$0.26 |
$(0.11) |
$0.15 |
$(0.26) |
Year Ended October 31, 2022 |
9.94 |
0.14 |
(0.88) |
(0.74) |
(0.14) |
Year Ended October 31, 2021 |
9.11 |
0.13 |
0.84 |
0.97 |
(0.14) |
Year Ended October 31, 2020 |
9.25 |
0.18 |
(0.13) |
0.05 |
(0.19) |
Year Ended October 31, 2019 |
9.19 |
0.22 |
0.07 |
0.29 |
(0.23) |
Class C |
|
|
|
|
|
Year Ended October 31, 2023 |
9.04 |
0.21 |
(0.11) |
0.10 |
(0.21) |
Year Ended October 31, 2022 |
9.92 |
0.09 |
(0.87) |
(0.78) |
(0.10) |
Year Ended October 31, 2021 |
9.09 |
0.08 |
0.84 |
0.92 |
(0.09) |
Year Ended October 31, 2020 |
9.23 |
0.14 |
(0.14) |
—(d) |
(0.14) |
Year Ended October 31, 2019 |
9.17 |
0.17 |
0.07 |
0.24 |
(0.18) |
Class I |
|
|
|
|
|
Year Ended October 31, 2023 |
9.09 |
0.29 |
(0.12) |
0.17 |
(0.28) |
Year Ended October 31, 2022 |
9.97 |
0.17 |
(0.88) |
(0.71) |
(0.17) |
Year Ended October 31, 2021 |
9.13 |
0.16 |
0.84 |
1.00 |
(0.16) |
Year Ended October 31, 2020 |
9.27 |
0.20 |
(0.13) |
0.07 |
(0.21) |
Year Ended October 31, 2019 |
9.21 |
0.24 |
0.07 |
0.31 |
(0.25) |
|
Ratios/Supplemental data | |||||
|
|
|
Ratios to average net assets |
| ||
Net asset value, end of period |
Total return (excludes sales charge)(b) |
Net assets, end of period (000's) |
Net expenses (c) |
Net investment income (loss) |
Expenses without waivers and reimbursements |
Portfolio turnover rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$8.95 |
1.60% |
$89,954 |
0.69% |
2.83% |
1.01% |
60% |
9.06 |
(7.46) |
77,066 |
0.74 |
1.48 |
1.00 |
68 |
9.94 |
10.68 |
97,845 |
0.75 |
1.33 |
1.01 |
7 |
9.11 |
0.57 |
35,094 |
0.75 |
1.96 |
1.01 |
12 |
9.25 |
3.14 |
39,846 |
0.76 |
2.32 |
0.99 |
4 |
|
|
|
|
|
|
|
8.93 |
1.08 |
4,493 |
1.19 |
2.31 |
1.52 |
60 |
9.04 |
(7.93) |
6,183 |
1.24 |
0.98 |
1.50 |
68 |
9.92 |
10.17 |
7,095 |
1.25 |
0.84 |
1.51 |
7 |
9.09 |
0.04 |
2,859 |
1.25 |
1.50 |
1.51 |
12 |
9.23 |
2.60 |
8,353 |
1.26 |
1.85 |
1.48 |
4 |
|
|
|
|
|
|
|
8.98 |
1.84 |
307,086 |
0.44 |
3.06 |
0.75 |
60 |
9.09 |
(7.20) |
415,000 |
0.49 |
1.74 |
0.75 |
68 |
9.97 |
11.04 |
429,314 |
0.50 |
1.61 |
0.76 |
7 |
9.13 |
0.82 |
214,709 |
0.50 |
2.24 |
0.75 |
12 |
9.27 |
3.38 |
384,626 |
0.51 |
2.58 |
0.73 |
4 |
| |
|
Class R6 |
Management Fees |
|
Distribution (Rule 12b-1) Fees |
|
Other Expenses |
|
Service Fees |
|
Remainder of Other Expenses |
|
Acquired Fund Fees and Expenses |
|
Total Annual Fund Operating Expenses |
|
Fee Waivers and/or Expense Reimbursements1 |
- |
Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements1 |
|
| ||||
|
1 Year |
3 Years |
5 Years |
10 Years |
CLASS R6 SHARES ($) |
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Past 1 Year |
Past 5 Years |
Past 10 Years |
CLASS R6 SHARES |
|
|
|
Return Before Taxes |
% |
% |
% |
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
TAX AWARE REAL RETURN COMPOSITE BENCHMARK (Reflects No Deduction for Fees, Expenses, or Taxes) |
|
|
|
BLOOMBERG U.S. 1-15 YEAR BLEND (1-17) MUNICIPAL BOND INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) |
|
|
|
Portfolio Manager |
Managed Fund Since |
Primary Title with Investment Adviser |
David Rooney |
2015 |
Executive Director |
Michael R. Myers |
2024 |
Executive Director |
Rachel Betton |
2024 |
Managing Director |
For Class R6 Shares |
|
To establish an account |
$5,000,000 for Discretionary Accounts |
|
$5,000,000 for Institutional Investors |
|
$15,000,000 for Other Investors |
To add to an account |
No minimum levels |
FUNDAMENTAL INVESTMENT OBJECTIVES |
An investment objective is fundamental if it cannot be changed without the consent of a majority of the outstanding shares of the Fund. The Fund does not have fundamental investment objectives, and each may be changed without the consent of a majority of the outstanding shares of the Fund. |
|
Tax Aware Real Return Fund |
CFTC Regulation Risk |
○ |
Convertible Securities Risk |
○ |
Credit Risk |
• |
Debt Securities and Other Callable Securities Risk |
• |
Derivatives Risk |
• |
ETF and Other Investment Company Risk |
○ |
General Market Risk |
• |
Government Securities Risk |
• |
High Yield Securities Risk |
• |
Industry and Sector Focus Risk |
• |
Inflation-Linked Securities Risk |
• |
Interest Rate Risk |
• |
Mortgage-Related and Other Asset-Backed Securities Risk |
• |
Municipal Obligations Risk |
• |
Regulatory and Legal Risk |
○ |
Repurchase Agreement Risk |
• |
Securities Lending Risk |
○ |
Strategy Risk |
• |
Taxability Risk |
• |
Tax Aware Investing Risk |
• |
Transactions and Liquidity Risk |
• |
Cyber Security Risk |
○ |
Volcker Rule Risk |
○ |
WHAT IS A DERIVATIVE? |
Derivatives are securities or contracts (for example, futures and options) that derive their value from the performance of underlying assets or securities. |
WHAT IS A CASH EQUIVALENT? |
Cash equivalents are highly liquid, high-quality instruments with maturities of three months or less on the date they are purchased. They include securities issued by the U.S. government, its agencies and instrumentalities, repurchase agreements, certificates of deposit, bankers’ acceptances, commercial paper, money market mutual funds and bank deposit accounts. |
JPMorgan Tax Aware Real Return Fund |
0.25% |
|
Class R6 |
Eligibility1 |
May be purchased by •Group Retirement Plans,1 •Section 529 college savings plans, •J.P. Morgan Funds of Funds (to the extent permitted by the Fund’s investment strategies), •Mutual Funds, ETFs, and other registered investment companies and Collective Investment Trusts not affiliated with JPMIM, •Investors through a fee-based advisory program of a financial intermediary that has entered into a written agreement with the Distributor to offer such shares through an omnibus account held at the Fund, •Certain discretionary accounts at JPMIM or JPMorgan Chase Bank NA or their affiliates (the Investment Manager) as described below, •Institutional Investors, as described below, •Other Investors, as described below |
Minimum Investment2 |
$ 5,000,000 — Discretionary Accounts. $ 5,000,000 — Institutional Investors. $ 15,000,000 — Other Investors. You are required to maintain a minimum account balance equal to the minimum initial investment in the Fund. There is no minimum for other Class R6 eligible investors as described in “Eligibility”, above. |
Minimum Subsequent Investments |
No minimum |
Distribution (12b-1) Fee |
None |
Service Fee |
None |
|
Class R6 |
Redemption Fee |
None |
HOW TO PURCHASE DIRECTLY WITH THE J.P. MORGAN FUNDS | ||
|
Opening a New Account |
Purchasing into an Existing Account |
By Phone or Online 1-800-480-4111 Shareholder Services representatives are available Monday through Friday from 8:00 am to 6:00 pm ET. www.jpmorganfunds.com Note: Certain account types are not available for online account access. Please call for additional information. |
A new account may not be opened by phone or online. A new fund position can be added to an existing account by phone or online if you have bank information on file. The minimum initial investment requirement must be met. |
You must already have bank information on file. If we do not have bank information on file, you must submit written instructions. Please call for instructions on how to add bank information to your account. |
By Mail Regular mailing address: J.P. Morgan Funds Services P.O. Box 219143 Kansas City, MO 64121-9143 Overnight mailing address: J.P. Morgan Funds Services 430 W 7th Street, Suite 219143 Kansas City, MO 64105-1407 |
Mail the completed and signed application with a check to our Regular or Overnight mailing address. Refer to the Additional Information Regarding Purchases section. |
Please mail your check and include your name, the Fund name, and your fund account number. |
All checks must be made payable to one of the following: •J.P. Morgan Funds; or •The specific Fund in which you are investing. Please include your existing account number, if applicable. All checks must be in U.S. dollars. The J.P. Morgan Funds do not accept credit cards, cash, starter checks, money orders or credit card checks. The Funds and/or the Distributor reserve the right to refuse “third-party” checks and checks drawn on non- U.S. financial institutions even if payment may be effected through a U.S. financial institution. Checks made payable to any individual or company and endorsed to J.P. Morgan Funds or the Fund are considered third-party checks. | ||
By Wire1 1-800-480-4111 Wire Instructions: DST Asset Manager Solutions, Inc. 2000 Crown Colony Drive Quincy, MA 02169 Attn: J.P. Morgan Funds Services ABA: 021 000 021 DDA: 323 125 832 FBO: Fund Name Fund: Fund # Account: Your Account # and Your Account Registration |
Purchase by Wire: If you choose to pay by wire, please call to notify the Fund of your purchase. You must also initiate the wire with your financial institution. |
Purchase by Wire: If you choose to pay by wire, please call to notify the Fund of your purchase. You must also initiate the wire with your financial institution. |
EXCHANGE PRIVILEGES |
Class R6 Shares of the Fund may be exchanged for: |
•Class R6 Shares of another J.P. Morgan Fund, |
•Another share class of the same Fund if you are eligible to purchase that class. |
HOW TO REDEEM | |
By Phone or Online Note: Certain account types are not available for online account access. Please call for additional information. |
Call us at 1-800-480-4111 Shareholder Services representatives are available Monday through Friday from 8:00 am to 6:00 pm ET. www.jpmorganfunds.com |
By Mail |
Regular mailing address: J.P. Morgan Funds Services P.O. Box 219143 Kansas City, MO 64121-9143 Overnight mailing address: J.P. Morgan Funds Services 430 W 7th Street, Suite 219143 Kansas City, MO 64105-1407 |
|
|
Per share operating performance | |||
|
|
Investment operations |
Distributions | ||
|
Net asset value, beginning of period |
Net investment income (loss) (a) |
Net realized and unrealized gains (losses) on investments |
Total from investment operations |
Net investment income |
JPMorgan Tax Aware Real Return Fund |
|
|
|
|
|
Class R6 |
|
|
|
|
|
Year Ended October 31, 2023 |
$9.08 |
$0.30 |
$(0.12) |
$0.18 |
$(0.29) |
Year Ended October 31, 2022 |
9.96 |
0.18 |
(0.88) |
(0.70) |
(0.18) |
Year Ended October 31, 2021 |
9.13 |
0.17 |
0.83 |
1.00 |
(0.17) |
Year Ended October 31, 2020 |
9.27 |
0.23 |
(0.15) |
0.08 |
(0.22) |
Year Ended October 31, 2019 |
9.21 |
0.25 |
0.07 |
0.32 |
(0.26) |
|
Ratios/Supplemental data | |||||
|
|
|
Ratios to average net assets |
| ||
Net asset value, end of period |
Total return (b) |
Net assets, end of period (000's) |
Net expenses (c) |
Net investment income (loss) |
Expenses without waivers and reimbursements |
Portfolio turnover rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$8.97 |
1.95% |
$105,632 |
0.34% |
3.20% |
0.51% |
60% |
9.08 |
(7.11) |
64,574 |
0.39 |
1.90 |
0.50 |
68 |
9.96 |
11.04 |
31,580 |
0.40 |
1.76 |
0.51 |
7 |
9.13 |
0.92 |
22,231 |
0.40 |
2.48 |
0.49 |
12 |
9.27 |
3.49 |
316,009 |
0.41 |
2.70 |
0.48 |
4 |
| |||
|
Class A |
Class C |
Class I |
Maximum Sales Charge (Load) Imposed on Purchases as % of the Offering Price |
|
|
|
Maximum Deferred Sales Charge (Load) as % of Original Cost of the Shares |
1 |
|
|
| |||
|
Class A |
Class C |
Class I |
Management Fees |
|
|
|
Distribution (Rule 12b-1) Fees |
|
|
|
Other Expenses |
|
|
|
Dividend and Interest Expense on Short Sales |
|
|
|
Service Fees |
|
|
|
Remainder of Other Expenses |
|
|
|
Acquired Fund (Underlying Fund) Fees and Expenses |
|
|
|
Total Annual Fund Operating Expenses |
|
|
|
Fee Waivers and/or Expense Reimbursements1 |
- |
- |
- |
Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimburse- ments1 |
|
|
|
| ||||
|
1 Year |
3 Years |
5 Years |
10 Years |
CLASS A SHARES ($) |
|
|
|
|
CLASS C SHARES ($) |
|
|
|
|
CLASS I SHARES ($) |
|
|
|
|
| ||||
|
1 Year |
3 Years |
5 Years |
10 Years |
CLASS A SHARES ($) |
|
|
|
|
CLASS C SHARES ($) |
|
|
|
|
CLASS I SHARES ($) |
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Past 1 Year |
Past 5 Years |
Past 10 Years |
CLASS A SHARES |
|
|
|
Return Before Taxes |
% |
% |
% |
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
CLASS C SHARES |
|
|
|
Return Before Taxes |
|
|
|
CLASS I SHARES |
|
|
|
Return Before Taxes |
|
|
|
ICE BOFA 3-MONTH US TREASURY BILL INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) |
|
|
|
Portfolio Manager |
Managed the Fund Since |
Primary Title with Investment Adviser |
Steven G. Lee |
2014 |
Managing Director |
David Small |
2023 |
Managing Director |
Danielle Hines |
2023 |
Executive Director |
For Class A and Class C Shares |
|
To establish an account |
$1,000 |
To add to an account |
$50 |
For Class I Shares |
|
To establish an account |
$1,000,000 |
To add to an account |
No minimum levels |
NON-FUNDAMENTAL INVESTMENT OBJECTIVES |
An investment objective is fundamental if it cannot be changed without the consent of a majority of the outstanding shares of the Fund. The investment objective for each Fund is non-fundamental and may be changed without the consent of a majority of the outstanding shares of that Fund. |
|
Research Market Neutral Fund |
Cyber Security Risk |
○ |
Derivatives Risk |
• |
Equity Market Risk |
• |
Exchange-Traded Fund (ETF) and Other Investment Company Risk |
○ |
General Market Risk |
• |
High Portfolio Turnover Risk |
• |
Industry and Sector Focus Risk |
• |
Real Estate Securities Risk |
○ |
Regulatory and Legal Risk |
○ |
Securities Lending Risk |
○ |
Short Positions Risk |
• |
Strategy Risk |
• |
Transactions and Liquidity Risk |
• |
Volcker Rule Risk |
○ |
WHAT IS A DERIVATIVE? |
Derivatives are securities or contracts (for example, futures and options) that derive their value from the performance of underlying assets or securities. |
WHAT IS A CASH EQUIVALENT? |
Cash equivalents are highly liquid, high-quality instruments with maturities of three months or less on the date they are purchased. They include securities issued by the U.S. government, its agencies and instrumentalities, repurchase agreements, certificates of deposit, bankers’ acceptances, commercial paper, money market mutual funds and bank deposit accounts. |
Research Market Neutral Fund |
0.24 |
|
Class A |
Class C |
Class I |
Eligibility1,2 |
May be purchased by the general public3 |
May be purchased by the general public4 |
May be purchased by: •Institutional Investors who meet the minimum investment requirements; •Individuals purchasing directly from the Fund through JPMorgan Distribution Services, Inc. (the “Distributor”) and meeting the investment minimum requirements; •Financial Intermediaries or any other organization, including affiliates of JPMorgan Chase & Co. (JPMorgan Chase), authorized to act in a fiduciary, advisory or custodial capacity for its clients or customers; •Brokerage program of a Financial Intermediary that has entered into a written agreement with the Distributor to offer such shares (“Eligible Brokerage Program”); and •Employees of JPMorgan Chase and its affiliates and officers or trustees of the J.P. Morgan Funds.5 |
Minimum Investment1,6,7 |
$1,000 for the Fund or $50, if establishing a monthly $50 Systematic Investment Plan8 |
$1,000 for the Fund or $50, if establishing a monthly $50 Systematic Investment Plan8 |
$1,000,000 – An investor can combine purchases of Class I Shares of other J.P. Morgan Funds in order to meet the minimum. $1,000 for the Fund or $50, if establishing a monthly $50 Systematic Investment Plan for investments through an Eligible Brokerage Program. $1,000 for the Fund or $50 if establishing a monthly $50 Systematic Investment Plan9 for investments by employees of JPMorgan Chase and its affiliates and officers or trustees of the J.P. Morgan Funds.5 |
|
Class A |
Class C |
Class I |
Minimum Subsequent Investments1 |
$509 |
$509 |
No minimum except $50 for investments by employees of JPMorgan Chase and its affiliates and officers or trustees of the J.P. Morgan Funds and investments through an Eligible Brokerage Program. |
Systematic Investment Plan |
Yes |
Yes |
No, except for investments by employees of JPMorgan Chase and its affiliates and officers or trustees of the J.P. Morgan Funds and investments through an Eligible Brokerage Program. |
Systematic Redemption Plan |
Yes |
Yes |
No, except for investments by employees of JPMorgan Chase and its affiliates and officers or trustees of the J.P. Morgan Funds. |
Front-End Sales Charge (refer to Sales Charges and Financial Intermediary Compensation Section for more details) |
Up to 5.25% reduced or waived for large purchases and certain investors, eliminated for purchases of $1,000,000 or more. |
None |
None |
Contingent Deferred Sales Charge (CDSC) (refer to Sales Charges and Financial Intermediary Compensation Section for more details) |
On purchases of $1 million or more: •1.00% on redemptions made within 12 months after purchase. •0.50% on redemptions made between 12 and 18 months after purchase. Waived under certain circumstances. |
•1.00% on redemptions made within 12 months after purchase. Waived under certain circumstances. |
None |
Distribution (12b-1) Fee |
0.25% of the average daily net assets. |
0.75% of the average daily net assets. |
None |
Service Fee |
0.25% of the average daily net assets. |
0.25% of the average daily net assets. |
0.25% of the average daily net assets. |
Redemption Fee |
None |
None |
None |
|
Class A |
Class C |
Class I |
Conversion Feature9 |
None |
Class C Shares will be converted to Class A Shares in the following instances: •If an investor is eligible to purchase Class A Shares, then their Class C Share positions will convert to Class A Shares after 8 years, calculated from the first day of the month of purchase and processed on the tenth business day of the anniversary month. •If Class C Shares held in an account with a third party broker of record are transferred to a Fund direct account with no broker of record after April 10, 2017, those Class C Shares will be converted to Class A Shares on the tenth business day of the month following the transfer. |
None |
Advantages |
If you are eligible to have the sales charge reduced or eliminated or you have a long- term investment horizon, these shares have lower distribution fees over a longer term investment horizon than Class C Shares. |
No front-end sales charge is assessed so you own more shares initially. These shares may make sense for investors who have a shorter investment horizon relative to Class A Shares. |
No front-end sales charge or CDSC is assessed so you own more shares initially. In addition, Class I Shares have lower fees than Class A and Class C Shares. |
Disadvantages |
A front-end sales charge is generally assessed, diminishing the number of shares owned. If you are eligible to have the sales charge reduced or eliminated, you may be subject to a CDSC. Class A Shares may not make sense for investors who have a shorter investment horizon relative to Class C Shares. |
Shares are subject to CDSC and have higher ongoing distribution fees. This means that over the long term Class C Shares accrue higher fees than Class A Shares. |
Limited availability and higher minimum initial investment than Class A and Class C Shares. |
Class A Shares Amount of Investment |
Sales Charge as a % of Offering Price |
Sales Charge as a % of your Investment1 |
Commission as a % of Offering Price2 |
CDSC |
Less than $50,000 |
5.25 |
5.54 |
4.75 |
0.00 |
$50,000 to $99,999 |
4.50 |
4.71 |
4.05 |
0.00 |
$100,000 to $249,999 |
3.50 |
3.63 |
3.05 |
0.00 |
$250,000 to $499,999 |
2.50 |
2.56 |
2.05 |
0.00 |
$500,000 to $999,999 |
2.00 |
2.04 |
1.60 |
0.00 |
Amount of Investment |
Sales Charge as a %of Offering Price |
Sales Charge as a % of your Investment |
Finder’s Fee as a % of your Investment3 |
CDSC as a % of your Redemption3,4 |
$1,000,000 to $3,999,999 |
0.00 |
0.00 |
1.00 |
0-12 months — 1.00% 12-18 months — 0.50% |
$4,000,000 to $9,999,999 |
0.00 |
0.00 |
0.75 | |
$10,000,000 to $49,999,999 |
0.00 |
0.00 |
0.50 | |
$50,000,000 or more |
0.00 |
0.00 |
0.25 |
Class A Shares Amount of Investment |
Sales Charge as a %of Offering Price |
Sales Charge as a % of your Investment |
Finder’s Fee as a % of your Investment |
CDSC as a % of your Redemption1 |
$0 to $3,999,999 |
0.00 |
0.00 |
1.00 |
0.00 |
$4,000,000 to $9,999,999 |
0.00 |
0.00 |
0.75 |
0.00 |
$10,000,000 to $49,999,999 |
0.00 |
0.00 |
0.50 |
0.00 |
$50,000,000 or more |
0.00 |
0.00 |
0.25 |
0.00 |
Class C Shares Amount of Investment |
Sales Charge as a % of Offering Price |
Sales Charge as a % of your Investment |
Commission as a % of Offering Price |
CDSC as a % of your Redemption |
All Investments |
0.00 |
0.00 |
1.00 |
0-12 months — 1.00% |
Class |
Rule 12b-1 Fee |
Class A |
0.25% |
Class C |
0.75% |
Class I |
None |
Class |
Service Fee |
Class A |
0.25% |
Class C |
0.25% |
Class I |
0.25% |
HOW TO PURCHASE DIRECTLY WITH THE J.P. MORGAN FUNDS | ||
|
Opening a New Account |
Purchasing into an Existing Account |
By Phone or Online 1-800-480-4111 Shareholder Services representatives are available Monday through Friday from 8:00 am to 6:00 pm ET. www.jpmorganfunds.com Note: Certain account types are not available for online account access. Please call for additional information. |
A new account generally may not be opened by phone or online. Employees of JPMorgan Chase & Co. may open a new account online. A new fund position can be added to an existing account by phone or online if you have bank information on file. The minimum initial investment requirement must be met. |
You must already have bank information on file. If we do not have bank information on file, you must submit written instructions. Please call for instructions on how to add bank information to your account. |
HOW TO PURCHASE DIRECTLY WITH THE J.P. MORGAN FUNDS | ||
|
Opening a New Account |
Purchasing into an Existing Account |
By Mail Regular mailing address: J.P. Morgan Funds Services P.O. Box 219143 Kansas City, MO 64121-9143 Overnight mailing address: J.P. Morgan Funds Services 430 W 7th Street, Suite 219143 Kansas City, MO 64105-1407 |
Mail the completed and signed application with a check to our Regular or Overnight mailing address. Refer to the Additional Information Regarding Purchases section. |
Please mail your check and include your name, the Fund name, and your fund account number. |
All checks must be made payable to one of the following: •J.P. Morgan Funds; or •The specific Fund in which you are investing. Please include your existing account number, if applicable. All checks must be in U.S. dollars. The J.P. Morgan Funds do not accept credit cards, cash, starter checks, money orders or credit card checks. The Funds and/or the Distributor reserve the right to refuse “third-party” checks and checks drawn on non- U.S. financial institutions even if payment may be effected through a U.S. financial institution. Checks made payable to any individual or company and endorsed to J.P. Morgan Funds or the Fund are considered third-party checks. | ||
By ACH or Wire1 1-800-480-4111 Wire Instructions: DST Asset Manager Solutions, Inc. 2000 Crown Colony Drive Quincy, MA 02169 Attn: J.P. Morgan Funds Services ABA: 021 000 021 DDA: 323 125 832 FBO: Fund Name Fund: Fund # Account: Your Account # and Your Account Registration |
You may include bank information on your application for your initial purchase to be processed via Automated Clearing House (ACH) rather than sending a check. New accounts cannot be opened by wire purchase. |
Purchase by ACH: To process a purchase via ACH using bank information on file you may call us or process the purchase online. Purchase by Wire: If you choose to pay by wire, please call to notify the Fund of your purchase. You must also initiate the wire with your financial institution. |
Systematic Investment Plan1 |
You may include instructions to set up a Systematic Investment Plan on your application. Bank Information must be included. Refer to Choosing A Share Class for fund minimums. |
If bank information is on file, you may call, go online or mail written instructions to start, edit or delete a Systematic Investment Plan. You cannot have a Systematic Investment Plan and a Systematic Redemption Plan or Systematic Exchange Plan on the same fund account. If bank information is not on file, you will be required to submit a completed form with your bank information and Systematic Investment Plan details. |
EXCHANGE PRIVILEGES |
Class A Shares of the Fund may be exchanged for: |
•Class A Shares of another J.P. Morgan Fund, |
•Morgan Shares of a J.P. Morgan money market fund (except for JPMorgan Prime Money Market Fund), or |
•Another share class of the same Fund if you are eligible to purchase that class. |
Class C Shares of the Fund may be exchanged for: |
•Class C Shares of another J.P. Morgan Fund. Your new Class C Shares will be subject to the CDSC of the Fund from which you exchanged, and the current holding period for your exchanged Class C Shares is carried over to your new shares. |
•Class I, Class L or Class R6 Shares, if available, of the same Fund, provided you meet the eligibility requirements for the class you are exchanging into. In addition, the Class C Shares that you wish to exchange must not currently be subject to any CDSC. |
•Reserve Shares of a J.P. Morgan money market fund (except for the JPMorgan Prime Money Market Fund). Reserve Shares are not subject to an initial sales charge or CDSC. If you exchange Class C Shares that are subject to a CDSC to Reserve Shares, you will not pay a CDSC at the time of the exchange. However, your new Reserve Class Shares will be subject to the CDSC of the Fund from which you exchanged, and the current holding period for your exchanged Class C Shares will be carried over to your new Reserve Shares. Reserve Shares investment minimums may be waived for Class C shareholders that convert or exchange their Class C Shares into Reserve Shares of a J.P. Morgan money market fund (except for the JPMorgan Prime Money Market Fund). |
Class I Shares of the Fund may be exchanged for: |
•Class I Shares of another J.P. Morgan Fund, |
•Morgan Shares of a J.P. Morgan money market fund (except for JPMorgan Prime Money Market Fund), or |
•Another share class of the same Fund if you are eligible to purchase that class. |
HOW TO REDEEM | |
By Phone or Online Note: Certain account types are not available for online account access. |
Call us at 1-800-480-4111 Shareholder Services representatives are available Monday through Friday from 8:00 am to 6:00 pm ET. www.jpmorganfunds.com |
By Mail |
Regular mailing address: J.P. Morgan Funds Services P.O. Box 219143 Kansas City, MO 64121-9143 Overnight mailing address: J.P. Morgan Funds Services 430 W 7th Street, Suite 219143 Kansas City, MO 64105-1407 |
Systematic Redemption Plan2, 3 Note:The Funds currently do not charge for this service, but may impose a charge in the future. |
You may include instructions to set up a Systematic Redemption Plan on your application. Payment instructions must be included. You may call, or mail written instructions to start, edit or delete a Systematic Redemption Plan. You may send a written redemption request to your Financial Intermediary, if applicable, or to the Fund at the following address: J.P. Morgan Funds Services P.O. Box 219143 Kansas City, MO 64121-9143 You may redeem over the phone. Please see “Can I redeem by phone?” for more information. If you own Class A or Class C Shares, the applicable CDSC will be deducted from those payments unless such payments are made:4 •Monthly and constitute no more than 1/12 of 10% of your then-current balance in the Fund each month; or •Quarterly and constitute no more than ¼ of 10% of your then-current balance in the Fund each quarter. It may not be in your best interest to buy additional Class A Shares while participating in a Systematic Redemption Plan. This is because Class A Shares have an upfront sales charge. |
|
|
Per share operating performance | |||
|
|
Investment operations |
Distributions | ||
|
Net asset value, beginning of period |
Net investment income (loss) (a) |
Net realized and unrealized gains (losses) on investments |
Total from investment operations |
Net realized gain |
JPMorgan Research Market Neutral Fund |
|
|
|
|
|
Class A |
|
|
|
|
|
Year Ended October 31, 2023 |
$12.08 |
$0.34 |
$0.91 |
$1.25 |
$— |
Year Ended October 31, 2022 |
12.41 |
(0.10) |
(0.23) |
(0.33) |
— |
Year Ended October 31, 2021 |
13.01 |
(0.21) |
0.52 |
0.31 |
(0.91) |
Year Ended October 31, 2020 |
13.11 |
(0.20) |
1.59 |
1.39 |
(1.49) |
Year Ended October 31, 2019 |
14.29 |
(0.04) |
0.31 |
0.27 |
(1.45) |
Class C |
|
|
|
|
|
Year Ended October 31, 2023 |
10.74 |
0.24 |
0.81 |
1.05 |
— |
Year Ended October 31, 2022 |
11.09 |
(0.14) |
(0.21) |
(0.35) |
— |
Year Ended October 31, 2021 |
11.77 |
(0.25) |
0.48 |
0.23 |
(0.91) |
Year Ended October 31, 2020 |
12.06 |
(0.23) |
1.43 |
1.20 |
(1.49) |
Year Ended October 31, 2019 |
13.32 |
(0.10) |
0.29 |
0.19 |
(1.45) |
Class I |
|
|
|
|
|
Year Ended October 31, 2023 |
12.96 |
0.40 |
0.97 |
1.37 |
— |
Year Ended October 31, 2022 |
13.28 |
(0.06) |
(0.26) |
(0.32) |
— |
Year Ended October 31, 2021 |
13.82 |
(0.20) |
0.57 |
0.37 |
(0.91) |
Year Ended October 31, 2020 |
13.80 |
(0.19) |
1.70 |
1.51 |
(1.49) |
Year Ended October 31, 2019 |
14.93 |
—(f) |
0.32 |
0.32 |
(1.45) |
|
Ratios/Supplemental data | ||||||
|
|
|
Ratios to average net assets |
|
| ||
Net asset value, end of period |
Total return (excludes sales charge)(b) |
Net assets, end of period (000's) |
Net expenses (including dividend expense for securities sold short)(c)(d) |
Net investment income (loss) |
Expenses without waivers and reimbursements (including dividend expense for securities sold short)( d) |
Portfolio turnover rate (excluding securities sold short) |
Portfolio turnover rate (including securities sold short) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$13.33 |
10.35% |
$22,702 |
2.89% |
2.65% |
3.07% |
92% |
232% |
12.08 |
(2.66) |
19,898 |
2.77 |
(0.86) |
2.95 |
100 |
252 |
12.41 |
2.72 |
16,867 |
2.99(e) |
(1.77) |
3.22 |
119 |
307 |
13.01 |
11.97 |
18,205 |
3.23 |
(1.57) |
3.61 |
224 |
531 |
13.11 |
2.01 |
14,276 |
3.69 |
(0.26) |
4.09 |
125 |
356 |
|
|
|
|
|
|
|
|
11.79 |
9.78 |
1,730 |
3.39 |
2.16 |
3.56 |
92 |
232 |
10.74 |
(3.16) |
1,476 |
3.27 |
(1.31) |
3.46 |
100 |
252 |
11.09 |
2.29 |
1,211 |
3.49(e) |
(2.25) |
3.73 |
119 |
307 |
11.77 |
11.36 |
1,949 |
3.75 |
(2.00) |
4.10 |
224 |
531 |
12.06 |
1.52 |
3,731 |
4.20 |
(0.74) |
4.56 |
125 |
356 |
|
|
|
|
|
|
|
|
14.33 |
10.57 |
197,058 |
2.60 |
2.95 |
2.77 |
92 |
232 |
12.96 |
(2.41) |
136,972 |
2.45 |
(0.48) |
2.64 |
100 |
252 |
13.28 |
3.01 |
74,112 |
2.74(e) |
(1.50) |
2.95 |
119 |
307 |
13.82 |
12.26 |
121,285 |
2.91 |
(1.42) |
3.28 |
224 |
531 |
13.80 |
2.27 |
27,694 |
3.43 |
0.01 |
3.79 |
125 |
356 |
Fund Name |
Class A |
Class C |
Class I |
Class R2 |
Class R3 |
Class R4 |
Class R5 |
Class R6 |
JPMorgan Global Allocation Fund (“Global Allocation Fund”) |
GAOAX |
GAOCX |
GAOSX |
GAONX |
GAOTX |
GAOFX |
GAORX |
GAOZX |
JPMorgan Income Builder Fund (“Income Builder Fund”) |
JNBAX |
JNBCX |
JNBSX |
|
|
|
|
JNBZX |
1 | |
1 | |
1 | |
1 | |
2 | |
3 | |
3 | |
9 | |
9 | |
9 | |
9 | |
10 | |
10 | |
11 | |
11 | |
12 | |
12 | |
12 | |
13 | |
13 | |
13 | |
13 | |
13 | |
14 | |
14 | |
14 | |
15 | |
15 | |
15 | |
15 | |
15 | |
16 | |
16 | |
16 | |
16 | |
17 | |
17 | |
17 | |
17 | |
17 | |
18 | |
18 | |
18 | |
18 |
Fund Name |
Class A |
Class C |
Class I |
Class R2 |
Class R3 |
Class R4 |
Class R5 |
Class R6 |
Global Allocation Fund |
X |
X |
X |
X |
X |
X |
X |
X |
Income Builder Fund |
X |
X |
X |
|
|
|
|
X |
Fund Name |
FUND CODE |
Global Allocation Fund |
1 |
Income Builder Fund |
2 |
Instrument |
Fund Codes |
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. |
1, 2 |
Mortgage-Related Securities |
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, 2 |
Asset-Backed Securities |
Auction Rate Securities: Auction rate municipal securities and auction rate preferred securities issued by closed-end investment companies. |
1, 2 |
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. |
1, 2 |
Bank Obligations |
Borrowings*: A Fund may borrow for temporary purposes and/or for investment purposes. Such a practice will result in leveraging of a Fund’s assets and may cause a Fund to liquidate portfolio positions when it would not be advantageous to do so. A Fund must maintain continuous asset coverage of 300% of the amount borrowed, with the exception for borrowings not in excess of 5% of a Fund’s total assets made for temporary administrative purposes. |
1, 2 |
Miscellaneous Investment Strategies and Risks |
Brady Bonds: Securities created through the exchange of existing commercial bank loans to public and private entities in certain emerging markets for new bonds in connection with debt restructurings. |
1, 2 |
Foreign Investments (including Foreign Currencies) |
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. |
1, 2 |
Options and Futures Transactions |
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, 2 |
Commercial Paper |
Commodity-Linked Derivatives: Instruments whose value derives from the price of a commodity, including commodity futures and commodity options. |
1, 2 |
Miscellaneous Investment Strategies and Risks |
Common Stock: Shares of ownership of a company. |
1, 2 |
Equity Securities, Warrants and Rights |
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. |
1, 2 |
Equity Securities, Warrants and Rights |
Convertible Securities: Bonds or preferred stock that can convert to common stock including contingent convertible securities. |
1, 2 |
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. |
1, 2 |
Debt Instruments |
Instrument |
Fund Codes |
Part II Section Reference |
Credit Default Swaps (“CDSs”): A swap agreement between two parties pursuant to which one party pays the other a fixed periodic coupon for the specified life of the agreement. The other party makes no payment unless a credit event, relating to a predetermined reference asset, occurs. If such an event occurs, the party will then make a payment to the first party, and the swap will terminate. |
1, 2 |
Swaps and Related Swap Products |
Custodial Receipts: A Fund may acquire securities in the form of custodial receipts that evidence ownership of future interest payments, principal payments or both on certain U.S. Treasury notes or bonds in connection with programs sponsored by banks and brokerage firms. These are not considered to be U.S. government securities. These notes and bonds are held in custody by a bank on behalf of the owners of the receipts. |
1, 2 |
Custodial Receipts |
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, 2 |
Demand Features |
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. |
1, 2 |
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. |
1, 2 |
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 a 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. |
1, 2 |
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 (“ADSs”). |
1, 2 |
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 a Fund’s adviser to be of comparable quality. |
1, 2 |
Debt Instruments |
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. |
1, 2 |
Debt Instruments |
Initial Public Offerings (“IPOs”): A transaction in which a previously private company makes its first sale of stock to the public. |
1, 2 |
Equity Securities, Warrants and Rights |
Instrument |
Fund Codes |
Part II Section Reference |
Interfund Lending: Involves lending money and borrowing money for temporary purposes through a credit facility. |
1, 2 |
Miscellaneous Investment Strategies and Risks |
Inverse Floating Rate Instruments: Leveraged variable debt instruments with interest rates that reset in the opposite direction from the market rate of interest to which the inverse floater is indexed. |
1, 2 |
Inverse Floaters and Interest Rate Caps |
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, 2 |
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 of less developed countries. |
1, 2 |
Loans |
Master Limited Partnerships: Limited partnerships that are publicly traded on a securities exchange. |
1, 2 |
Miscellaneous Investment Strategies and Risks |
Mortgages (Directly Held): Debt instruments secured by real property. |
1, 2 |
Mortgage-Related Securities |
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, 2 |
Mortgage-Related Securities |
Mortgage Dollar Rolls: A transaction in which a 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. |
1, 2 |
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, 2 |
Municipal Securities |
New Financial Products: New options and futures contracts and other financial products continue to be developed and a Fund may invest in such options, contracts and products. |
1, 2 |
Miscellaneous Investment Strategies and Risks |
Obligations of Supranational Agencies: Obligations which are chartered to promote economic development and are supported by various governments and governmental agencies. |
1, 2 |
Foreign Investments (including Foreign Currencies) |
Options and Futures Transactions: A 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, commodities, interest rate futures contracts and interest rate swaps and (b) futures contracts on securities and indexes of securities and commodities. |
1, 2 |
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. |
1, 2 |
Equity Securities, Warrants and Rights |
Instrument |
Fund Codes |
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, 2 |
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. |
1, 2 |
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. |
1, 2 |
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, 2 |
Reverse Repurchase Agreements |
Securities Issued in Connection with Reorganizations and Corporate Restructurings: In connection with reorganizing or restructuring of an issuer, an issuer may issue common stock or other securities to holders of its debt securities. |
1, 2 |
Miscellaneous Investment Strategies and Risks |
Securities Lending: The lending of up to 33 1∕3% of a Fund’s total assets. In return, a Fund will receive cash, other securities, and/or letters of credit as collateral. |
1, 2 |
Securities Lending |
Short Selling: A Fund sells a security it does not own in anticipation of a decline in the market value of the security. To complete the transaction, a Fund must borrow the security to make delivery to the buyer. A Fund is obligated to replace the security borrowed by purchasing it subsequently at the market price at the time of replacement. |
1, 2 |
Short Selling |
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”). |
1, 2 |
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. |
1, 2 |
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. |
1, 2 |
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. |
1, 2 |
Structured Investments |
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. A Fund may enter into these transactions to manage its exposure to changing interest rates and other factors. |
1, 2 |
Swaps and Related Swap Products |
Instrument |
Fund Codes |
Part II Section Reference |
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, 2 |
Swaps and Related Swap Products |
Temporary Defensive Positions: To respond to unusual circumstances a Fund may invest in cash and cash equivalents for temporary defensive purposes. |
1, 2 |
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”). |
1, 2 |
Treasury Receipts |
Trust Preferreds: Securities with characteristics of both subordinated debt and preferred stock. Trust preferreds are generally long term securities that make periodic fixed or variable interest payments. |
1, 2 |
Trust Preferred Securities |
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”), the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”), including funding notes, subordinated benchmark notes, CMOs and REMICs. |
1, 2 |
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”). |
1, 2 |
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, 2 |
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, 2 |
When-Issued Securities, Delayed Delivery Securities and Forward Commitments |
Instrument |
Fund Codes |
Part II Section Reference |
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. |
1, 2 |
Debt Instruments |
|
Fiscal Year Ended October 31, | |
Fund |
2022 |
2023 |
Global Allocation Fund |
100% |
0%1 |
|
Fiscal Year Ended October 31, | |
Fund |
2022 |
2023 |
Global Allocation Fund2 |
92% |
136% |
Income Builder Fund |
56% |
48% |
Committee |
Fiscal Year Ended October 31, 2023 |
Audit and Valuation Committee |
4 |
Compliance Committee |
4 |
Governance Committee |
5 |
Equity Committee |
7 |
Committee |
Fiscal Year Ended October 31, 2023 |
ETF Committee |
4 |
Fixed Income Committee |
6 |
Money Market and Alternative Products Committee |
6 |
Name of Trustee |
Dollar Range of Equity Securities in Global Allocation Fund |
Dollar Range of Equity Securities in Income Builder 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 |
Gary L. French |
None |
None |
Over $100,000 |
Kathleen M. Gallagher |
None |
None |
Over $100,000 |
Robert J. Grassi |
None |
None |
Over $100,000 |
Frankie D. Hughes |
None |
None |
Over $100,000 |
Raymond Kanner |
None |
None |
Over $100,000 |
Thomas P. Lemke |
None |
None |
Over $100,000 |
Lawrence R. Maffia |
None |
None |
Over $100,000 |
Mary E. Martinez |
None |
None |
Over $100,000 |
Marilyn McCoy |
None |
None |
Over $100,000 |
Dr. Robert A. Oden, Jr. |
None |
None |
Over $100,000 |
Marian U. Pardo |
Over $100,000 |
None |
Over $100,000 |
Emily A. Youssouf |
None |
None |
Over $100,000 |
Interested Trustees |
|
|
|
Robert Deutsch |
None |
None |
Over $100,000 |
Nina O. Shenker |
None |
None |
Over $100,000 |
Name of Trustee |
Global Allocation Fund |
Income Builder Fund |
Total Compensation Paid From Fund Complex1 |
Independent Trustees |
|
|
|
John F. Finn |
$2,757 |
$5,156 |
$660,000 |
Stephen P. Fisher |
2,238 |
3,594 |
485,000 |
Gary L. French |
2,045 |
3,013 |
420,0002 |
Kathleen M. Gallagher |
2,238 |
3,594 |
485,0003 |
Robert J. Grassi |
2,045 |
3,013 |
420,000 |
Frankie D. Hughes |
2,045 |
3,013 |
420,000 |
Raymond Kanner |
2,238 |
3,594 |
485,0004 |
Thomas P. Lemke |
2,045 |
3,013 |
420,0005 |
Lawrence R. Maffia |
2,045 |
3,013 |
420,000 |
Mary E. Martinez |
2,460 |
4,263 |
560,000 |
Marilyn McCoy |
2,045 |
3,013 |
420,0006 |
Dr. Robert A. Oden, Jr. |
2,238 |
3,594 |
485,000 |
Marian U. Pardo |
2,238 |
3,594 |
485,000 |
Emily A. Youssouf |
2,045 |
3,013 |
420,0002 |
Interested Trustees |
|
|
|
Robert Deutsch |
2,238 |
3,594 |
485,0007 |
Nina O. Shenker8 |
2,045 |
3,013 |
420,0006 |
|
Fiscal Year Ended | |||||
|
October 31, 2021 |
October 31, 2022 |
October 31, 2023 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived |
Global Allocation Fund |
$25,339 |
$(631) |
$22,771 |
$(890) |
$16,950 |
$(824) |
Income Builder Fund |
55,293 |
(567) |
50,216 |
(641) |
39,999 |
(976) |
Fund |
Non-Performance Based Fee Advisory Accounts | |||||
Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts | ||||
Number of Accounts |
Total Assets ($thousands) |
Number of Accounts |
Total Assets ($thousands) |
Number of Accounts |
Total Assets ($thousands) | |
Global Allocation Fund |
|
|
|
|
|
|
Jeffrey A. Geller |
38 |
63,651,158 |
49 |
54,680,448 |
19 |
29,168,756 |
Michael H. Feser |
12 |
18,175,645 |
4 |
799,601 |
10 |
2,257,273 |
Eric J. Bernbaum |
5 |
9,578,547 |
9 |
25,449,524 |
1 |
39,844 |
Grace Koo |
9 |
12,647,670 |
1 |
203,915 |
0 |
0 |
Philip Camporeale Jr. |
1 |
28 |
1 |
203,915 |
0 |
0 |
Income Builder Fund |
|
|
|
|
|
|
Michael Schoenhaut |
7 |
304,776 |
8 |
25,245,609 |
1 |
39,844 |
Eric J. Bernbaum |
5 |
3,910,577 |
9 |
25,449,524 |
1 |
39,844 |
Jeffrey A. Geller |
38 |
57,983,188 |
49 |
54,680,448 |
19 |
29,168,756 |
Gary Herbert |
10 |
8,977,651 |
11 |
26,532,390 |
5 |
3,098,318 |
Fund |
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) | |
Global Allocation Fund |
|
|
|
|
|
|
Jeffrey A. Geller |
0 |
0 |
0 |
0 |
1 |
535,166 |
Michael H. Feser |
0 |
0 |
0 |
0 |
0 |
0 |
Eric J. Bernbaum |
0 |
0 |
0 |
0 |
0 |
0 |
Grace Koo |
0 |
0 |
0 |
0 |
0 |
0 |
Philip Camporeale Jr. |
0 |
0 |
0 |
0 |
0 |
0 |
Income Builder Fund |
|
|
|
|
|
|
Michael Schoenhaut |
0 |
0 |
0 |
0 |
0 |
0 |
Eric J. Bernbaum |
0 |
0 |
0 |
0 |
0 |
0 |
Jeffrey A. Geller |
0 |
0 |
0 |
0 |
1 |
535,166 |
Gary Herbert |
0 |
0 |
0 |
0 |
1 |
2,286,242 |
|
|
|
|
|
|
|
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 | |
Global Allocation Fund |
|
|
|
|
|
|
|
Jeffrey A. Geller |
|
|
|
|
|
|
X |
Michael H. Feser |
|
|
|
|
X |
|
|
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 | |
Eric J. Bernbaum |
|
|
|
X |
|
|
|
Grace Koo |
|
|
|
X |
|
|
|
Philip Camporeale Jr. |
|
|
|
|
X |
|
|
Income Builder Fund |
|
|
|
|
|
|
|
Jeffrey A. Geller |
X |
|
|
|
|
|
|
Michael Schoenhaut |
|
|
|
|
|
|
X |
Eric J. Bernbaum |
|
|
|
|
X |
|
|
Gary Herbert |
|
|
|
|
|
X |
|
|
|
|
|
|
|
|
|
Name of Fund |
Benchmark |
Global Allocation Fund |
Global Allocation Composite Benchmark1 |
Income Builder Fund |
Income Builder Composite Benchmark2 |
|
Fiscal Year Ended | |||||
|
October 31, 2021 |
October 31, 2022 |
October 31, 2023 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived |
Global Allocation Fund |
$3,335 |
$(206) |
$2,931 |
$(296) |
$2,037 |
$(387) |
Income Builder Fund |
9,175 |
— |
8,433 |
(47) |
7,014 |
(303) |
|
Fiscal Year Ended | ||
Fund |
October 31, 2021 |
October 31, 2022 |
October 31, 2023 |
Global Allocation Fund |
$119 |
$107 |
$82 |
Income Builder Fund |
333 |
258 |
292 |
|
Global Allocation Fund |
Income Builder Fund |
Gross Income from Securities Lending Activities1 |
$1,677,676 |
$8,864,445 |
Fees and/or Compensation for Securities Lending Activities |
|
|
Revenue Split2 |
29,410 |
200,851 |
Cash Collateral Management Fees3 |
26,762 |
114,025 |
Administrative Fees |
— |
— |
Indemnification Fees |
— |
— |
Rebates to Borrowers |
1,272,504 |
6,161,569 |
Others Fees |
— |
— |
Aggregate Fees/Compensation for Securities Lending Activities |
1,328,676 |
6,476,445 |
Net Income from the Securities Lending Activities |
349,000 |
2,388,000 |
|
349,000 |
2,388,000 |
Fund |
Total Underwriting Discounts and Commissions |
Compensation on Redemptions and Repurchases |
Brokerage Commissions |
Other Compensation* |
Global Allocation Fund |
$30,418 |
$46,995 |
$7 |
$3,788,251 |
Income Builder Fund |
198,468 |
291,263 |
— |
19,402,060 |
Fund |
Fiscal Year Ended | ||
October 31, 2021 |
October 31, 2022 |
October 31, 2023 | |
Global Allocation Fund |
$90,345 |
$51,751 |
$30,418 |
Income Builder Fund |
365,527 |
303,999 |
198,468 |
|
Fiscal Year Ended | |||||
|
October 31, 2021 |
October 31, 2022 |
October 31, 2023 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived |
Global Allocation Fund | ||||||
Class A Shares |
$1,648 |
$— |
$1,754 |
$— |
$1,556 |
$— |
Class C Shares |
3,909 |
— |
3,175 |
— |
2,207 |
— |
Class R2 Shares |
33 |
— |
30 |
— |
22 |
— |
Class R3 Shares |
2 |
— |
3 |
— |
3 |
— |
Income Builder Fund | ||||||
Class A Shares |
12,216 |
— |
12,286 |
— |
10,980 |
— |
Class C Shares |
17,983 |
— |
12,898 |
— |
8,422 |
— |
Class A, Class C, Class I, Class R2, Class R3 and Class R4 |
up to 0.25% |
Class R5 |
up to 0.10% |
Class R6 |
None |
|
Fiscal Year Ended | |||||
|
October 31, 2021 |
October 31, 2022 |
October 31, 2023 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived |
Global Allocation Fund | ||||||
Class A Shares |
$831 |
$(817) |
$888 |
$(866) |
$787 |
$(769) |
Class C Shares |
652 |
(651) |
527 |
(531) |
367 |
(369) |
Class I Shares |
3,363 |
(3,154) |
2,915 |
(2,734) |
2,035 |
(1,907) |
Class R2 Shares |
15 |
(2) |
13 |
(2) |
9 |
(2) |
Class R3 Shares |
2 |
—* |
3 |
—* |
3 |
—* |
Class R4 Shares |
3 |
—* |
3 |
—* |
4 |
—* |
Class R5 Shares |
—* |
—* |
—* |
—* |
—* |
—* |
Income Builder Fund | ||||||
Class A Shares |
— |
(12,216) |
— |
(12,286) |
— |
(10,980) |
Class C Shares |
— |
(5,994) |
1 |
(4,299) |
— |
(2,807) |
Class I Shares |
4,768 |
(9,021) |
4,236 |
(8,350) |
2,689 |
(6,947) |
|
Fiscal Year Ended | ||
Fund |
October 31, 2021 |
October 31, 2022 |
October 31, 2023 |
Global Allocation Fund | |||
Total Brokerage Commissions |
$2,725,392 |
$2,193,838 |
$1,210,404 |
Brokerage Commissions to Affiliated Broker/Dealers |
— |
— |
— |
|
Fiscal Year Ended | ||
Fund |
October 31, 2021 |
October 31, 2022 |
October 31, 2023 |
Income Builder Fund | |||
Total Brokerage Commissions |
$2,997,083 |
$2,271,337 |
$2,685,118 |
Brokerage Commissions to Affiliated Broker/Dealers |
— |
— |
— |
Fund Name |
Amount |
Income Builder Fund |
$57,666 |
Global Allocation Fund |
84,802 |
Fund |
Name of Broker-Dealer |
Value of Securities Owned (000's) |
Global Allocation Fund |
Bank of America Corp. |
$13,093 |
|
Barclays plc |
158 |
|
BNP Paribas SA |
382 |
|
Charles Schwab Corp. (The) |
6,042 |
|
Citigroup, Inc. |
2,590 |
|
Daiwa Capital Markets America, Inc. |
49 |
|
Deutsche Bank AG |
135 |
|
Fidelity National Information Services, Inc. |
747 |
|
Goldman Sachs Group, Inc. (The) |
2,077 |
|
Morgan Stanley |
1,469 |
|
UBS Group AG |
2,756 |
|
Wells Fargo & Co. |
7,300 |
Income Builder Fund |
Bank of America Corp. |
70,940 |
|
Barclays plc |
16,606 |
|
BNP Paribas SA |
19,944 |
|
Citigroup, Inc. |
62,188 |
|
Goldman Sachs Group, Inc. (The) |
36,115 |
|
Morgan Stanley |
49,650 |
|
Power Corporation of Canada |
6,339 |
|
Royal Bank of Canada |
6,400 |
|
Societe Generale SA |
30,827 |
|
UBS Group AG |
26,643 |
|
Wells Fargo & Co. |
49,490 |
Amount of Purchases |
Finders’ Fees |
$250,000 – $3,999,999* |
1.00% |
$4,000,000 – $9,999,999 |
0.75% |
$10,000,000 – $49,999,999 |
0.50% |
$50,000,000 or more |
0.25% |
|
Capital Loss Carryforward Character | |
Fund |
Short-Term |
Long-Term |
Global Allocation Fund |
$228,726 |
$108,676 |
Income Builder Fund |
453,247 |
538,883 |
All Funds |
|
|
JPMorgan Chase & Co. |
Monthly |
30 days after month end |
MorningStar Inc. |
Monthly |
30 days after month end |
Factset |
Monthly |
5 days after month end |
Lipper, Inc. |
Monthly |
30 days after month end |
Bloomberg LP |
Monthly |
30 days after month end |
Wells Fargo Wealth Management |
Quarterly |
30 days after month end |
Income Builder |
|
|
The McGraw-Hill Companies, Inc. — Standard & Poor’s |
Monthly |
30 days after month end |
Name of Fund |
Name and Address of Shareholder |
Percentage Held |
JPMORGAN GLOBAL ALLOCATION FUND | ||
CLASS A SHARES |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 |
30.96% |
|
|
|
|
J. P. MORGAN SECURITIES LLC* FOR EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CTR BROOKLYN NY 11245-0003 |
19.40% |
|
|
|
|
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 |
11.80% |
|
|
|
|
MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMINISTRATION 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 |
8.88% |
|
|
|
CLASS C SHARES |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 |
15.81% |
|
|
|
|
AMERICAN ENTERPRISE INVESTMENT SVC FBO 707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
14.00% |
|
|
|
|
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET STREET ST LOUIS MO 63103-2523 |
12.81% |
|
|
|
|
RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
11.88% |
Name of Fund |
Name and Address of Shareholder |
Percentage Held |
|
|
|
|
PERSHING LLC P.O. BOX 2052 JERSEY CITY NJ 07303-2052 |
7.79% |
|
|
|
|
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS 499 WASHINGTON BLVD ATTN MUTUAL FUNDS DEPT 4TH FLOOR JERSEY CITY NJ 07310-1995 |
6.98% |
|
|
|
|
J. P. MORGAN SECURITIES LLC* FOR EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CTR BROOKLYN NY 11245-0003 |
6.73% |
|
|
|
|
LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING 4707 EXECUTIVE DR SAN DIEGO CA 92121-3091 |
5.65% |
|
|
|
|
MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMINISTRATION 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 |
5.24% |
|
|
|
|
UBS WM USA OMNI ACCOUNT M/F SPEC CDY A/C 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 |
5.21% |
|
|
|
CLASS I SHARES |
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 |
16.62% |
|
|
|
|
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCOUNT FOR BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 |
15.54% |
|
|
|
|
MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMINISTRATION 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 |
14.77% |
Name of Fund |
Name and Address of Shareholder |
Percentage Held |
|
|
|
|
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 |
10.40% |
|
|
|
|
LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING 4707 EXECUTIVE DR SAN DIEGO CA 92121-3091 |
8.11% |
|
|
|
|
UBS WM USA OMNI ACCOUNT M/F SPEC CDY A/C 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 |
7.40% |
|
|
|
|
AMERICAN ENTERPRISE INVESTMENT SVC FBO 707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
7.35% |
|
|
|
|
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET STREET ST LOUIS MO 63103-2523 |
5.21% |
|
|
|
CLASS R2 SHARES |
STATE STREET BANK & TRUST AS TRUSTEE AND/OR CUSTODIAN FBO ADP ACCESS PRODUCT PO BOX 5501 BOSTON MA 02206-5501 |
16.51% |
|
|
|
|
ASCENSUS TRUST COMPANY FBO TASTE BUDS 401K PLAN PO BOX 10758 FARGO ND 58106-0758 |
13.48% |
|
|
|
|
ASCENSUS TRUST COMPANY FBO KERR PUMP AND SUPPLY INC 401K RETIR PO BOX 10758 FARGO ND 58106-0758 |
10.66% |
|
|
|
|
ASCENSUS TRUST COMPANY FBO BUZZ'S MARINE SUPPLY INC 401(K) P PO BOX 10758 FARGO ND 58106-0758 |
5.71% |
Name of Fund |
Name and Address of Shareholder |
Percentage Held |
|
|
|
|
ASCENSUS TRUST COMPANY FBO MORGENSTERN CENTER INC 401(K) RETIR PO BOX 10758 FARGO ND 58106-0758 |
5.64% |
|
|
|
CLASS R3 SHARES |
MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMINISTRATION 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 |
60.85% |
|
|
|
|
ASCENSUS TRUST COMPANY FBO SPRING RIDGE SURGICAL SPECIALISTS PO BOX 10758 FARGO ND 58106-0758 |
18.13% |
|
|
|
|
EMPOWER TRUST FBO EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002 |
17.97% |
|
|
|
CLASS R4 SHARES |
MATRIX TRUST COMPANY AS AGENT FOR ADVISOR TRUST, INC. CHURCH AND CLERGY 403(B) PLAN 717 17TH ST STE 1300 DENVER CO 80202-3304 |
38.17% |
|
|
|
|
NATIONAL FINANCIAL SERVICES LLC DIANE YBARRA, SANG KANG MATTHEW MYAARD, KENT ENSING TTEE GLOBAL CONCEPTS 401K PLAN 785 WAVERLY CT HOLLAND MI 49423-9387 |
34.89% |
|
|
|
|
NATIONAL FINANCIAL SERVICES LLC PAUL A RENKE AARON POKORNY TTEE ROCHESTER HILLS OMS PC 401K PLAN 1205 W UNIVERSITY DR ROCHESTER HLS MI 48307-1864 |
23.74% |
|
|
|
CLASS R5 SHARES |
JP MORGAN INVESTMENT MGMT* ATTN LOREN STRIFE OH1-0185 1111 POLARIS PKWY COLUMBUS OH 43240-2031 |
99.99% |
|
|
|
CLASS R6 SHARES |
FACTORY MUTUAL INSURANCE COMPANY ATTN SANJAY CHAWLA 404 WYMAN ST STE 390 WALTHAM MA 02451-1275 |
40.50% |
Name of Fund |
Name and Address of Shareholder |
Percentage Held |
|
|
|
|
ASPIRIANT DEFENSIVE ALLOCATION FUND 111 EAST KILBOURN AVE MILWAUKEE WI 53202-6633 |
16.42% |
|
|
|
|
OLTRUST & CO - CASH/CASH 123 MAIN ST FL 3RD EVANSVILLE IN 47708-2400 |
12.69% |
|
|
|
|
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 |
6.83% |
|
|
|
|
J. P. MORGAN SECURITIES LLC* FOR EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CTR BROOKLYN NY 11245-0003 |
6.34% |
JPMORGAN INCOME BUILDER FUND | ||
CLASS A SHARES |
J. P. MORGAN SECURITIES LLC* FOR EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CTR BROOKLYN NY 11245-0003 |
26.17% |
|
|
|
|
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 |
24.89% |
|
|
|
|
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 |
8.87% |
|
|
|
|
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET STREET ST LOUIS MO 63103-2523 |
7.51% |
|
|
|
|
MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMINISTRATION 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 |
6.40% |
|
|
|
CLASS C SHARES |
J. P. MORGAN SECURITIES LLC* FOR EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CTR BROOKLYN NY 11245-0003 |
21.11% |
Name of Fund |
Name and Address of Shareholder |
Percentage Held |
|
|
|
|
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET STREET ST LOUIS MO 63103-2523 |
19.02% |
|
|
|
|
AMERICAN ENTERPRISE INVESTMENT SVC FBO 707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
8.56% |
|
|
|
|
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 |
8.47% |
|
|
|
|
RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
6.88% |
|
|
|
|
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS 499 WASHINGTON BLVD ATTN MUTUAL FUNDS DEPT 4TH FLOOR JERSEY CITY NJ 07310-1995 |
6.45% |
|
|
|
|
PERSHING LLC P.O. BOX 2052 JERSEY CITY NJ 07303-2052 |
5.68% |
|
|
|
CLASS I SHARES |
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET STREET ST LOUIS MO 63103-2523 |
15.17% |
|
|
|
|
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 |
13.52% |
|
|
|
|
MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMINISTRATION 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 |
9.23% |
Name of Fund |
Name and Address of Shareholder |
Percentage Held |
|
|
|
|
RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
8.29% |
|
|
|
|
AMERICAN ENTERPRISE INVESTMENT SVC FBO 707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
7.76% |
|
|
|
|
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 |
7.23% |
|
|
|
|
LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING 4707 EXECUTIVE DR SAN DIEGO CA 92121-3091 |
6.96% |
|
|
|
|
UBS WM USA OMNI ACCOUNT M/F SPEC CDY A/C 1000 HARBOR BLVD WEEHAWKEN NJ 07086-6761 |
5.71% |
|
|
|
CLASS R6 SHARES |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 |
61.21% |
|
|
|
|
CHARLES SCHWAB & CO INC SPECIAL CUSTODY A/C FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1901 |
19.43% |
1 | |
1 | |
1 | |
1 | |
2 | |
2 | |
3 | |
3 | |
7 | |
7 | |
8 | |
8 | |
9 | |
9 | |
9 | |
10 | |
11 | |
11 | |
11 | |
11 | |
11 | |
12 | |
12 | |
12 | |
12 | |
12 | |
12 | |
13 | |
13 | |
13 | |
13 | |
13 | |
14 | |
14 | |
14 | |
14 | |
14 | |
14 | |
14 | |
15 | |
15 | |
15 | |
15 | |
15 | |
15 | |
15 | |
15 |
Tax Aware Real Return Fund |
Class A, Class C, Class I 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, 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 |
Instrument |
Part II Section Reference |
Borrowings: A Fund may borrow for temporary purposes and may cause a Fund to liquidate portfolio positions when it would not be advantageous to do so. A Fund must maintain continuous asset coverage of 300% of the amount borrowed, with the exception for borrowings not in excess of 5% of a Fund’s total assets made for temporary administrative purposes. |
Miscellaneous Investment Strategies and Risks |
Brady Bonds: Securities created through the exchange of existing commercial bank loans to public and private entities in certain emerging markets for new bonds in connection with debt restructurings. |
Foreign Investments (including Foreign Currencies) |
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. A Fund will sell only covered call and secured put options. |
Options and Futures Transactions |
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. |
Commercial Paper |
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 |
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 Instruments |
Credit Default Swaps (“CDSs”): A swap agreement between two parties pursuant to which one party pays the other a fixed periodic coupon for the specified life of the agreement. The other party makes no payment unless a credit event, relating to a predetermined reference asset, occurs. If such an event occurs, the party will then make a payment to the first party, and the swap will terminate. |
Swaps and Related Swap Products |
Custodial Receipts: A Fund may acquire securities in the form of custodial receipts that evidence ownership of future interest payments, principal payments or both on certain U.S. Treasury notes or bonds in connection with programs sponsored by banks and brokerage firms. These are not considered to be U.S. government securities. These notes and bonds are held in custody by a bank on behalf of the owners of the receipts. |
Custodial Receipts |
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. |
Demand Features |
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 |
Instrument |
Part II Section Reference |
Foreign Currency Transactions: Strategies used to hedge against currency risks, for other risk management purposes or to increase income or gain to a 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. |
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 that are unrated but deemed by a Fund’s adviser to be of comparable quality. |
Debt Instruments |
Inflation-Linked Debt Securities: Include 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 Instruments |
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 |
Inverse Floating Rate Instruments: Leveraged variable debt instruments with interest rates that reset in the opposite direction from the market rate of interest to which the inverse floater is indexed. |
Inverse Floaters and Interest Rate Caps |
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 of less developed countries. |
Loans |
Mortgages (Directly Held): Debt instruments secured by real property. |
Mortgage-Related Securities |
Mortgage-Backed Securities: Debt obligations secured by real estate 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 a 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 |
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. |
Municipal Securities |
New Financial Products: New options and futures contracts and other financial products continue to be developed and a Fund may invest in such options, contracts and products. |
Miscellaneous Investment Strategies and Risks |
Options and Futures Transactions: A 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, interest rate futures contracts and interest rate swaps and (b) futures contracts on securities and indexes of securities. |
Options and Futures Transactions |
Instrument |
Part II Section Reference |
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 a Fund. |
Reverse Repurchase Agreements |
Securities Issued in Connection with Reorganizations and Corporate Restructurings: In connection with reorganizing or restructuring of an issuer, an issuer may issue common stock or other securities to holders of its debt securities. |
Miscellaneous Investment Strategies and Risks |
Securities Lending: The lending of up to 33 1∕3% of a Fund’s total assets. In return, a Fund will receive cash, other securities, and/or letters of credit as collateral. |
Securities Lending |
Short Selling: A Fund sells a security it does not own in anticipation of a decline in the market value of the security. To complete the transaction, a Fund must borrow the security to make delivery to the buyer. A Fund is obligated to replace the security borrowed by purchasing it subsequently at the market price at the time of replacement. |
Short Selling |
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”). |
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. |
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 |
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. A Fund may enter into these transactions to manage its exposure to changing interest rates and other factors. |
Swaps and Related Swap Products |
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. |
Swaps and Related Swap Products |
Temporary Defensive Positions: To respond to unusual circumstances a Fund may invest in cash and cash equivalents for temporary defensive purposes. |
Miscellaneous Investment Strategies and Risks |
Instrument |
Part II Section Reference |
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”). |
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”), the Federal National Mortgage Association (“Fannie Mae”) and the 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 |
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. |
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. |
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. |
Debt Instruments |
|
Fiscal Year Ended October 31, | |
Fund |
2022 |
2023 |
Tax Aware Real Return Fund |
68% |
60% |
Committee |
Fiscal Year Ended October 31, 2023 |
Audit and Valuation Committee |
4 |
Compliance Committee |
4 |
Governance Committee |
5 |
Equity Committee |
7 |
ETF Committee |
4 |
Fixed Income Committee |
6 |
Money Market and Alternative Products Committee |
6 |
Name of Trustee |
Dollar Range of Equity Securities in Tax Aware Real Return 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 |
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 |
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 |
None |
Over $100,000 |
Name of Trustee |
Tax Aware Real Return Fund |
Total Compensation Paid From Fund Complex1 |
Independent Trustees |
|
|
John F. Finn |
$1,767 |
$660,000 |
Stephen P. Fisher |
1,678 |
485,000 |
Gary L. French |
1,645 |
420,0002 |
Kathleen M. Gallagher |
1,678 |
485,0003 |
Robert J. Grassi |
1,645 |
420,000 |
Frankie D. Hughes |
1,645 |
420,000 |
Raymond Kanner |
1,678 |
485,0004 |
Thomas P. Lemke |
1,645 |
420,0005 |
Lawrence R. Maffia |
1,645 |
420,000 |
Mary E. Martinez |
1,716 |
560,000 |
Marilyn McCoy |
1,645 |
420,0006 |
Dr. Robert A. Oden, Jr. |
1,678 |
485,000 |
Marian U. Pardo |
1,678 |
485,000 |
Emily A. Youssouf |
1,645 |
420,0002 |
Interested Trustees |
|
|
Robert Deutsch |
1,678 |
485,0007 |
Nina O. Shenker8 |
1,645 |
420,0006 |
|
Fiscal Year Ended | |||||
|
October 31, 2021 |
October 31, 2022 |
October 31, 2023 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived |
Tax Aware Real Return Fund |
$1,159 |
$(287) |
$1,646 |
$(401) |
$1,390 |
$(560) |
|
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) | |
Tax Aware Real Return Fund |
|
|
|
|
|
|
David Rooney |
2 |
698,401 |
1 |
323,196 |
3 |
2,460,164 |
Michael R. Myers1 |
1 |
859,226 |
0 |
0 |
12 |
621,840 |
Rachel Betton1 |
0 |
0 |
0 |
0 |
0 |
0 |
|
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) | |
Tax Aware Real Return Fund |
|
|
|
|
|
|
David Rooney |
0 |
0 |
0 |
0 |
1 |
118,941 |
Michael R. Myers1 |
0 |
0 |
0 |
0 |
0 |
0 |
Rachel Betton1 |
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 | |
Tax Aware Real Return Fund |
|
|
|
|
|
|
|
David Rooney |
X |
|
|
|
|
|
|
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 | |
Michael R. Myers1 |
X |
|
|
|
|
|
|
Rachel Betton1 |
X |
|
|
|
|
|
|
Name of Fund |
Benchmark |
Tax Aware Real Return Fund |
Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index |
|
Fiscal Year Ended | |||||
|
October 31, 2021 |
October 31, 2022 |
October 31, 2023 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived |
Tax Aware Real Return Fund |
$130 |
$(180) |
$213 |
$(225) |
$73 |
$(345) |
|
Fiscal Year Ended | ||
Fund |
October 31, 2021 |
October 31, 2022 |
October 31, 2023 |
Tax Aware Real Return Fund |
$20 |
$20 |
$20 |
Fund |
Total Underwriting Discounts and Commissions |
Compensation on Redemptions and Repurchases |
Brokerage Commissions |
Other Compensation* |
Tax Aware Real Return Fund |
$6,935 |
$19,120 |
$— |
$277,290 |
|
Fiscal Year Ended | ||
Fund |
October 31, 2021 |
October 31, 2022 |
October 31, 2023 |
Tax Aware Real Return Fund |
$5,818 |
$2,945 |
$6,935 |
|
Fiscal Year Ended | |||||
|
October 31, 2021 |
October 31, 2022 |
October 31, 2023 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived |
Tax Aware Real Return Fund | ||||||
Class A Shares |
$146 |
$— |
$236 |
$— |
$238 |
$— |
Class C Shares |
34 |
— |
55 |
— |
39 |
— |
Class A and Class C and Class I |
up to 0.25% |
Class R6 |
None |
|
Fiscal Year Ended | |||||
|
October 31, 2021 |
October 31, 2022 |
October 31, 2023 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived |
Tax Aware Real Return Fund | ||||||
Class A Shares |
$58 |
$(88) |
$93 |
$(143) |
$94 |
$(144) |
Class C Shares |
4 |
(7) |
7 |
(11) |
5 |
(8) |
Class I Shares |
327 |
(485) |
438 |
(654) |
382 |
(563) |
|
Fiscal Year Ended | ||
Fund |
October 31, 2021 |
October 31, 2022 |
October 31, 2023 |
Tax Aware Real Return Fund | |||
Total Brokerage Commissions |
$1,789 |
$1,446 |
$3,328 |
Brokerage Commissions to Affiliated Broker/Dealers |
— |
— |
— |
Amount of Purchases |
Finders’ Fee |
$250,000 – $3,999,999* |
0.75% |
$4,000,000 – $49,999,999 |
0.50% |
$50,000,000 or more |
0.25% |
|
Capital Loss Carryforward Character | |
Fund |
Short-Term |
Long-Term |
Tax Aware Real Return Fund |
$90,129 |
$23,715 |
Factset |
Monthly |
5 days after month end |
Morningstar Inc. |
Monthly |
30 days after month end |
Lipper, Inc. |
Monthly |
30 days after month end |
Bloomberg LP |
Monthly |
30 days after month end |
JPMorgan Chase & Co. |
Monthly |
30 days after month end |
The McGraw-Hill Companies, Inc. – Standard & Poor’s |
Monthly |
30 days after month end |
Name of Fund |
Name and Address of Shareholder |
Percentage Held |
|
|
|
CLASS A SHARES |
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 |
29.17% |
|
|
|
|
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 |
25.60% |
|
|
|
|
J. P. MORGAN SECURITIES LLC* FOR EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CTR BROOKLYN NY 11245-0003 |
9.16% |
|
|
|
|
PERSHING LLC P.O. BOX 2052 JERSEY CITY NJ 07303-2052 |
6.53% |
|
|
|
|
MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMINISTRATION 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 |
5.30% |
|
|
|
|
AMERICAN ENTERPRISE INVESTMENT SVC FBO 707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
5.21% |
|
|
|
CLASS C SHARES |
J. P. MORGAN SECURITIES LLC* FOR EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CTR BROOKLYN NY 11245-0003 |
21.36% |
|
|
|
|
WELLS FARGO CLEARING SERVICES LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET STREET ST LOUIS MO 63103-2523 |
15.78% |
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 |
15.65% |
|
|
|
|
RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
10.76% |
|
|
|
|
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 |
10.65% |
|
|
|
|
PERSHING LLC P.O. BOX 2052 JERSEY CITY NJ 07303-2052 |
7.74% |
|
|
|
CLASS I SHARES |
AMERICAN ENTERPRISE INVESTMENT SVC FBO 707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
19.71% |
|
|
|
|
MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMINISTRATION 4800 DEER LAKE DR EAST 2ND FL JACKSONVILLE FL 32246-6484 |
15.61% |
|
|
|
|
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 |
14.77% |
|
|
|
|
J. P. MORGAN SECURITIES LLC* FOR EXCLUSIVE BENEFIT OF CUSTOMERS 4 CHASE METROTECH CTR BROOKLYN NY 11245-0003 |
12.82% |
|
|
|
|
PERSHING LLC P.O. BOX 2052 JERSEY CITY NJ 07303-2052 |
7.53% |
Name of Fund |
Name and Address of Shareholder |
Percentage Held |
|
|
|
|
RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
6.16% |
|
|
|
|
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCOUNT FOR BENEFIT OF CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 |
5.10% |
|
|
|
CLASS R6 SHARES |
MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMINISTRATION 4800 DEER LAKE DR EAST 2ND FL JACKSONVILLE FL 32246-6484 |
47.48% |
|
|
|
|
EDWARD D JONES & CO FOR THE BENEFIT OF CUSTOMERS 12555 MANCHESTER RD SAINT LOUIS MO 63131-3710 |
23.56% |
|
|
|
|
NATIONAL FINANCIAL SERVICES LLC PEOPLES BANK DBA PEBATCO 138 PUTNAM ST MARIETTA OH 45750-2923 |
11.49% |
|
|
|
|
SEI PRIVATE TRUST COMPANY C/O ID 261 ATTN MUTUAL FUNDS 1 FREEDOM VALLEY DR OAKS PA 19456-9989 |
11.27% |
1 | |
1 | |
1 | |
1 | |
2 | |
3 | |
5 | |
5 | |
5 | |
5 | |
6 | |
6 | |
7 | |
7 | |
8 | |
8 | |
8 | |
8 | |
9 | |
9 | |
9 | |
9 | |
9 | |
9 | |
9 | |
10 | |
10 | |
10 | |
10 | |
10 | |
10 | |
11 | |
11 | |
11 | |
11 | |
11 | |
12 | |
12 | |
12 | |
12 | |
12 | |
12 | |
14 |
Fund |
Class A |
Class C |
Class I |
|
|
Research Market Neutral Fund |
X |
X |
X |
|
|
Instrument |
Part II Section Reference |
Borrowings: A Fund may borrow for temporary purposes and/or for investment purposes. Such a practice will result in leveraging of a Fund’s assets and may cause a Fund to liquidate portfolio positions when it would not be advantageous to do so. A Fund must maintain continuous asset coverage of 300% of the amount borrowed, with the exception for borrowings not in excess of 5% of a 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. A Fund will sell only covered call and secured put options. |
Options and Futures Transactions |
Instrument |
Part II Section Reference |
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. |
Commercial Paper |
Common Stock: Shares of ownership of a company. |
Equity Securities, Warrants and Rights |
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 |
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 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) |
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 |
Master Limited Partnerships (MLPs): Limited partnerships that are publicly traded on a securities exchange. |
Master Limited Partnerships |
Options and Futures Transactions: A 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 |
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 |
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. A Fund may enter into these transactions to manage its exposure to changing interest rates and other factors. |
Swaps and Related Swap Products |
Instrument |
Part II Section Reference |
Temporary Defensive Positions: To respond to unusual circumstances, a Fund may invest in cash and cash equivalents for temporary defensive purposes. |
Miscellaneous Investment Strategies and Risks |
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 |
|
Fiscal Year Ended October 31, | |
Fund |
2022 |
2023 |
Research Market Neutral Fund |
252% |
232% |
|
Fiscal Year Ended October 31, | |
Fund |
2022 |
2023 |
Research Market Neutral Fund |
100% |
92% |
Committee |
Fiscal Year Ended October 31, 2023 |
Audit and Valuation Committee |
4 |
Compliance Committee |
4 |
Governance Committee |
5 |
Equity Committee |
7 |
ETF Committee |
4 |
Fixed Income Committee |
6 |
Money Market and Alternative Products Committee |
6 |
Name of Trustee |
Dollar Range of Equity Securities in Research Market Neutral 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 |
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 |
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 |
None |
Over $100,000 |
Name of Trustee |
Research Market Neutral Fund |
Total Compensation Paid From Fund Complex1 |
Independent Trustees |
|
|
John F. Finn |
$1,628 |
$660,000 |
Stephen P. Fisher |
1,600 |
485,000 |
Gary L. French |
1,589 |
420,0002 |
Kathleen M. Gallagher |
1,600 |
485,0003 |
Robert J. Grassi |
1,589 |
420,000 |
Frankie D. Hughes |
1,589 |
420,000 |
Raymond Kanner |
1,600 |
485,0004 |
Thomas P. Lemke |
1,589 |
420,0005 |
Lawrence R. Maffia |
1,589 |
420,000 |
Mary E. Martinez |
1,612 |
560,000 |
Marilyn McCoy |
1,589 |
420,0006 |
Dr. Robert A. Oden, Jr. |
1,600 |
485,000 |
Marian U. Pardo |
1,600 |
485,000 |
Emily A. Youssouf |
1,589 |
420,0002 |
Interested Trustees |
|
|
Robert Deutsch |
1,600 |
485,0007 |
Nina O. Shenker8 |
1,589 |
420,0006 |
|
Fiscal Year Ended | |||||
|
October 31, 2021 |
October 31, 2022 |
October 31, 2023 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived |
Research Market Neutral Fund |
$209 |
$(144) |
$274 |
$(155) |
$414 |
$(195) |
|
Non-Performance Based Fee Advisory Accounts | |||||
|
Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts | |||
|
Number of Accounts |
Total Assets ($thousands) |
Number of Accounts |
Total Assets ($thousands) |
Number of Accounts |
Total Assets ($thousands) |
Research Market Neutral Fund |
|
|
|
|
|
|
Steven G. Lee |
1 |
1,393,614 |
5 |
12,229,231 |
2 |
1,751,172 |
David Small |
14 |
10,782,197 |
4 |
8,530,036 |
18 |
4,512,601 |
Danielle Hines |
0 |
0 |
0 |
0 |
0 |
0 |
|
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) |
Research Market Neutral Fund |
|
|
|
|
|
|
Steven G. Lee |
0 |
0 |
0 |
0 |
0 |
0 |
David Small |
0 |
0 |
0 |
0 |
5 |
1,268,367 |
Danielle Hines |
0 |
0 |
0 |
0 |
0 |
0 |
|
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 |
Research Market Neutral Fund |
|
|
|
|
|
|
|
Steven G. Lee |
|
|
|
|
|
x |
|
David Small |
|
|
|
|
|
x |
|
Danielle Hines |
x |
|
|
|
|
|
|
Name of Fund |
Benchmark |
Research Market Neutral Fund |
ICE BofA 3-Month US Treasury Bill Index |
|
Fiscal Year Ended | |||||
|
October 31, 2021 |
October 31, 2022 |
October 31, 2023 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived |
Research Market Neutral Fund |
$7 |
$(69) |
$29 |
$(63) |
$43 |
$(88) |
|
Fiscal Year Ended | ||
Fund |
October 31, 2021 |
October 31, 2022 |
October 31, 2023 |
Research Market Neutral Fund |
$20 |
$20 |
$20 |
Fund |
Total Underwriting Discounts and Commissions |
Compensation on Redemptions and Repurchases |
Brokerage Commissions |
Other Compensation* |
Research Market Neutral Fund |
$1,529 |
$150 |
$— |
$67,463 |
|
Fiscal Year Ended | ||
Fund |
October 31, 2021 |
October 31, 2022 |
October 31, 2023 |
Research Market Neutral Fund |
$4,381 |
$493 |
$1,529 |
|
Fiscal Year Ended | |||||
|
October 31, 2021 |
October 31, 2022 |
October 31, 2023 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived |
Research Market Neutral Fund | ||||||
Class A Shares |
$38 |
$— |
$48 |
$— |
$55 |
$— |
Class C Shares |
12 |
— |
9 |
— |
12 |
— |
Class A, Class C and Class I |
up to 0.25% |
|
Fiscal Year Ended | |||||
|
October 31, 2021 |
October 31, 2022 |
October 31, 2023 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived |
Research Market Neutral Fund | ||||||
Class A Shares |
$36 |
$(2) |
$47 |
$(1) |
$54 |
$(1) |
Class C Shares |
3 |
—* |
3 |
—* |
4 |
—* |
Class I Shares |
207 |
(3) |
250 |
(6) |
369 |
(7) |
|
Fiscal Year Ended | ||
Fund |
October 31, 2021 |
October 31, 2022 |
October 31, 2023 |
Research Market Neutral Fund | |||
Total Brokerage Commissions |
$146,810 |
$115,303 |
$178,813 |
Brokerage Commissions to Affiliated Broker/Dealers |
— |
— |
— |
Fund Name |
Amount |
Research Market Neutral Fund |
$96,145 |
Fund |
Name of Broker-Dealer |
Value of Securities Owned (000's) |
Research Market Neutral Fund |
Bank of America Corp. |
$836 |
|
Charles Schwab Corp. (The) |
2,013 |
|
Fidelity National Information Services, Inc. |
1,625 |
|
Morgan Stanley |
446 |
|
Raymond James Financial, Inc. |
2,567 |
|
Wells Fargo & Co. |
1,827 |
Amount of Purchases |
Finder’s Fees |
$ 1,000,000 – $ 3,999,999* |
1.00% |
$ 4,000,000 – $ 9,999,999 |
0.75% |
$10,000,000 – $49,999,999 |
0.50% |
$50,000,000 or more |
0.25% |
|
Capital Loss Carryforward Character | |
Fund |
Short-Term |
Long-Term |
Research Market Neutral Fund |
$27,749* |
$— |
Factset |
Monthly |
5 days after month end |
Morningstar Inc. |
Monthly |
30 days after month end |
Lipper, Inc. |
Monthly |
30 days after month end |
Bloomberg LP |
Monthly |
30 days after month end |
JPMorgan Chase & Co. |
Monthly |
30 days after month end |
The McGraw Hill Companies, Inc. — Standard & Poor’s |
Monthly |
30 days after month end |
Name of Fund |
Name and Address of Shareholder |
Percentage Held |
JPMORGAN RESEARCH MARKET NEUTRAL FUND | ||
CLASS A SHARES |
CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCOUNT FOR BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105-1901 |
20.89% |
|
|
|
|
LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING 4707 EXECUTIVE DR SAN DIEGO CA 92121-3091 |
20.66% |
|
|
|
|
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS 499 WASHINGTON BLVD ATTN MUTUAL FUNDS DEPT 4TH FLOOR JERSEY CITY NJ 07310-1995 |
13.35% |
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 |
8.12% |
|
|
|
|
VOYA INSTITUTIONAL TRUST COMPANY CUST VOYA INSTITUTIONAL TRUST 1 ORANGE WAY # B3N WINDSOR CT 06095-4773 |
6.22% |
|
|
|
|
MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENE OF ITS CUST 1 NEW YORK PLZ FL 12 NEW YORK NY 10004-1965 |
5.06% |
|
|
|
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 |
66.24% |
|
|
|
|
AMERICAN ENTERPRISE INVESTMENT SVC FBO 707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
18.73% |
|
|
|
|
STIFEL NICOLAUS & CO INC EXCLUSIVE BENEFIT OF CUSTOMERS 501 N BROADWAY SAINT LOUIS MO 63102-2188 |
7.13% |
|
|
|
|
LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING 4707 EXECUTIVE DR SAN DIEGO CA 92121-3091 |
5.64% |
|
|
|
CLASS I SHARES |
NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-1995 |
25.29% |
|
|
|
|
AMERICAN ENTERPRISE INVESTMENT SVC FBO 707 2ND AVE S MINNEAPOLIS MN 55402-2405 |
22.79% |
|
|
|
|
MLPF&S FOR THE SOLE BENEFIT OF ITS CUSTOMERS ATTN FUND ADMINISTRATION 4800 DEER LAKE DR E FL 3 JACKSONVILLE FL 32246-6484 |
17.83% |
Name of Fund |
Name and Address of Shareholder |
Percentage Held |
|
|
|
|
LPL FINANCIAL OMNIBUS CUSTOMER ACCOUNT ATTN MUTUAL FUND TRADING 4707 EXECUTIVE DR SAN DIEGO CA 92121-3091 |
8.89% |
|
|
|
|
RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM ATTN COURTNEY WALLER 880 CARILLON PKWY ST PETERSBURG FL 33716-1100 |
5.51% |
5 | |
5 | |
7 | |
7 | |
8 | |
8 | |
9 | |
9 | |
9 | |
9 | |
9 | |
10 | |
11 | |
13 | |
13 | |
13 | |
14 | |
14 | |
14 | |
14 | |
15 | |
15 | |
15 | |
15 | |
17 | |
17 | |
17 | |
17 | |
18 | |
19 | |
20 | |
23 | |
24 | |
25 | |
25 | |
25 | |
26 | |
27 | |
31 | |
31 | |
32 | |
32 | |
33 | |
33 | |
34 | |
34 | |
34 | |
35 | |
35 | |
35 |
36 | |
36 | |
36 | |
37 | |
37 | |
37 | |
37 | |
37 | |
38 | |
38 | |
38 | |
39 | |
39 | |
39 | |
41 | |
42 | |
42 | |
42 | |
43 | |
44 | |
45 | |
47 | |
48 | |
50 | |
51 | |
51 | |
52 | |
52 | |
53 | |
53 | |
54 | |
54 | |
55 | |
55 | |
55 | |
55 | |
55 | |
56 | |
56 | |
56 | |
56 | |
57 | |
58 | |
59 | |
59 | |
60 | |
61 | |
61 | |
62 | |
63 | |
63 | |
64 |
64 | |
66 | |
67 | |
67 | |
67 | |
68 | |
68 | |
69 | |
69 | |
70 | |
70 | |
70 | |
71 | |
80 | |
81 | |
81 | |
83 | |
84 | |
86 | |
86 | |
86 | |
87 | |
87 | |
87 | |
87 | |
89 | |
89 | |
91 | |
92 | |
96 | |
96 | |
97 | |
98 | |
99 | |
99 | |
100 | |
100 | |
100 | |
106 | |
110 | |
110 | |
113 | |
113 | |
113 | |
115 | |
115 | |
117 | |
117 | |
117 | |
123 | |
124 | |
125 |
125 | |
125 | |
129 | |
129 | |
130 | |
131 | |
133 | |
133 | |
133 | |
134 | |
134 | |
135 | |
136 | |
136 | |
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). |
167 |
Director, Greif, Inc. (GEF) (industrial package products and services) (2007–2023); 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). |
167 |
None. |
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). |
167 |
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). |
167 |
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). |
167 |
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). |
167 |
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). |
167 |
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. |
167 |
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., (vi) formerly the Winton Diversified Opportunities Fund (2014-2018), and (vii) Symmetry Panoramic Trust (since 2018). |
Lawrence R. Maffia (1950); Trustee, since 2014. |
Retired; Director and President, ICI Mutual Insurance Company (2006-2013). |
167 |
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). |
167 |
None. |
Marilyn McCoy (1948); Trustee, since 1999. |
Retired; Vice President of Administration and Planning, Northwestern University (1985– 2023). |
167 |
None. |
Dr. Robert A. Oden, Jr. (1946); Trustee, since 1997. |
Retired; President, Carleton College (2002–2010); President, Kenyon College (1995–2002). |
167 |
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). |
167 |
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. |
167 |
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). |
167 |
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. |
167 |
Director and Member of Executive, Legal and Human Resources Committees; 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. Fisher Mr. Grassi Ms. Hughes 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. |
Name (Year of Birth), Positions Held with the Trusts (Since) |
Principal Occupations During Past 5 Years |
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. |
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 |
$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. |
(a) Articles of Incorporation | |
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(b) By-laws | |
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(c) Instruments Defining Rights of Security Holders: Incorporated by reference to Exhibits (a) and (b). | |
(d) Investment Advisory Contracts | |
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(d)(2) |
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(e) Underwriting Contracts | |
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(f) Bonus or Profit Sharing Contracts | |
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(g) Custodian Agreements | |
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(h) Other Material Contracts | |
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(h)(2)(d) |
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(h)(12)(e) |
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(h)(12)(f) |
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(h)(12)(g) |
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(h)(12)(h) |
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(h)(12)(i) |
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(h)(12)(j) |
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(h)(12)(k) |
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(h)(12)(l) |
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(i) Legal Opinion | |
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(j) Other Opinions | |
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(k) Omitted Financial Statements: Not applicable. | |
(l) Initial Capital Agreements | |
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(m) Rule 12b-1 Plan | |
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(m)(2) |
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(n) Rule 18f-3 Plan | |
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(o) Reserved. | |
(p) Codes of Ethics | |
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(p)(2) |
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(p)(4) |
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(q) Power of Attorney | |
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(q)(3) |
EX-101.INS |
XBRL Instance Document - the instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
EX-101.SCH |
XBRL Taxonomy Extension Schema Document. |
EX-101.CAL |
XBRL Taxonomy Extension Calculation Linkbase Document. |
EX-101.DEF |
XBRL Taxonomy Extension Definition Linkbase Document. |
EX-101.LAB |
XBRL Taxonomy Extension Labels Linkbase Document. |
EX-101.PRE |
XBRL Taxonomy Extension Presentation Linkbase Document. |
Name with Registrant |
Positions and Office with JPMorgan Distribution Services, Inc. |
Positions and Offices with the Funds |
Wendy K. Barta |
Director, President & Managing Director |
None |
Gary C. Krivo |
Managing Director & Chief Risk Officer |
None |
Andrea L. Lisher |
Director & Managing Director |
None |
Michael R. Machulski |
Director & Managing Director |
None |
Joseph F. Sanzone |
Director & Managing Director |
None |
Brian S. Shlissel |
Managing Director |
President & Principal Executive Officer |
Jessica K. Ditullio |
Executive Director & Assistant Secretary |
Assistant Secretary |
Frank J. Drozek |
Executive Director & Assistant Treasurer |
None |
James A. Hoffman |
Executive Director & Chief Administrative Officer |
None |
Rachel Horn |
Executive Director & Assistant Secretary |
None |
Kevin Kloza |
Executive Director & Chief Compliance Officer |
None |
Carmine Lekstutis |
Executive Director & Chief Legal Officer |
Assistant Secretary |
Christopher J. Mohr |
Executive Director & Assistant Treasurer |
None |
Christopher G. Sprules |
Executive Director & Treasurer |
None |
Carmen S. Lopez |
Anti-Money Laundering Compliance Officer |
None |
Adetunji Ogunmefun |
Vice President & Secretary |
None |
Sarah A. Clark |
Vice President & Assistant Secretary |
None |
Andrea Belen Daneri |
Vice President & Assistant Secretary |
None |
Chike N. Egbuniwe |
Vice President & Assistant Secretary |
None |
Alysee N. Pelletier |
Vice President & Assistant Secretary |
None |
Emilia Wade |
Assistant Secretary |
None |
JPMorgan Trust I | |
By: |
Brian S. Shlissel* |
|
Name: Brian S. Shlissel |
|
Title: President and Principal Executive Officer |
John F. Finn* |
John F. Finn |
Trustee |
Stephen P. Fisher* |
Stephen P. Fisher |
Trustee |
Gary L. French* |
Gary L. French |
Trustee |
Kathleen M. Gallagher* |
Kathleen M. Gallagher |
Trustee |
Robert J. Grassi* |
Robert J. Grassi |
Trustee |
Frankie D. Hughes* |
Frankie D. Hughes |
Trustee |
Raymond Kanner* |
Raymond Kanner |
Trustee |
Thomas P. Lemke* |
Thomas P. Lemke |
Trustee |
Timothy J. Clemens* |
Timothy J. Clemens |
Treasurer and Principal Financial Officer |
*By |
/s/ Matthew J. Beck |
|
Matthew J. Beck |
|
Attorney-In-Fact |
Lawrence R. Maffia* |
Lawrence R. Maffia |
Trustee |
Mary E. Martinez* |
Mary E. Martinez |
Trustee |
Marilyn McCoy* |
Marilyn McCoy |
Trustee |
Robert A. Oden, Jr.* |
Robert A. Oden, Jr. |
Trustee |
Marian U. Pardo* |
Marian U. Pardo |
Trustee |
Emily A. Youssouf* |
Emily A. Youssouf |
Trustee |
Robert F. Deutsch* |
Robert F. Deutsch |
Trustee |
Nina O. Shenker* |
Nina O. Shenker |
Trustee |
Brian S. Shlissel* |
Brian S. Shlissel |
President and Principal Executive Officer |
Exhibit No. |
Description |
(a)(3) |
Amended Schedule B, dated February 8, 2024, to the Declaration of Trust, dated November 5, 2004 (as amended February 15, 2005, May 14, 2014 and January 13, 2022). |
(d)(1)(b) |
Form of Amended Schedule A to the Investment Advisory Agreement (amended as of February 8, 2024). |
(e)(5) |
Form of Amended Schedule B to the Distribution Agreement, amended as of February 8, 2024. |
(e)(6) |
Form of Amended Schedule C to the Distribution Agreement, amended as of February 8, 2024. |
(e)(7) |
Form of Amended Schedule D to the Distribution Agreement, amended as of February 8, 2024. |
(e)(8) |
Form of Amended Schedule F to the Distribution Agreement, amended as of February 8, 2024. |
(g)(1)(c) |
Form of Amended Schedule A to the Amended and Restated Global Custody and Fund Accounting Agreement (as of February 8, 2024). |
(g)(2)(b) |
Form of Amendment to the Third Party Securities Lending Rider (as of February 8, 2024). |
(h)(1)(d) |
Form of Amended Schedule B to the Administration Agreement, amended as of February 8, 2024. |
(h)(2)(d) |
Form of Amendment to Amended and Restated Transfer Agency Agreement between the Trust and SS&C GIDS, Inc. as of February 8, 2024. |
(h)(3)(c) |
Form of Amended Schedule B to the Shareholder Servicing Agreement, (amended as of February 8, 2024). |
(h)(4)(d) |
Form of Amendment to the Global Securities Lending Agency Agreement (as of February 8, 2024). |
(h)(12)(j) |
Fee Waiver Agreement for the Registrant’s 10-31 FYE Funds, dated March 1, 2024. |
(h)(12)(k) |
Affiliated Money Market Fund Fee Waiver Agreement for 10-31 FYE Funds, dated March 1, 2024. |
(h)(12)(l) |
Fee Waiver Agreement for JPMorgan Global Allocation Fund and JPMorgan Income Builder Fund, dated March 1, 2024. |
(i) |
Opinion and consent of counsel. |
(j) |
Consent of independent registered public accounting firm. |
(m)(2) |
Form of Amended Schedule B to the Distribution Plan, amended as of February 8, 2024. |
(n)(2) |
Amended Exhibit B to the Combined Amended and Restated Rule 18f-3 Multi-Class Plan, as of February 8, 2024. |
(p)(2) |
Code of Ethics for JPMAM, including JPMIM. |
(p)(4) |
J.P. Morgan Private Investment Inc. Code of Ethics. |
(q)(2) |
Power of Attorney for Brian S. Shlissel. |
(q)(3) |
Power of Attorney for Timothy J. Clemens. |
EX-101.INS |
XBRL Instance Document - the instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
EX-101.SCH |
XBRL Taxonomy Extension Schema Document. |
EX-101.CAL |
XBRL Taxonomy Extension Calculation Linkbase Document. |
EX-101.DEF |
XBRL Taxonomy Extension Definition Linkbase Document. |
EX-101.LAB |
XBRL Taxonomy Extension Labels Linkbase Document. |
EX-101.PRE |
XBRL Taxonomy Extension Presentation Linkbase Document. |