UNDER THE INVESTMENT COMPANY ACT OF 1940 |
☒ |
Amendment No. 58 |
|
Prospective Investor |
Copy # ____________________ |
___________________________________________ |
DO NOT COPY OR CIRCULATE |
INSTITUTIONAL INVESTING |
|
ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the
value of your investment) |
|
|
Institutional |
Management Fees |
0.28% |
Distribution (Rule 12b-1) Fees |
NONE |
Other Expenses |
0.34 |
Remainder of Other Expenses |
0.34 |
Total Annual Fund Operating Expenses |
0.62 |
Fee Waivers and/or Expense Reimbursements1 |
-0.47 |
Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements1 |
0.15 |
WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE: | ||||
|
1 Year |
3 Years |
5 Years |
10 Years |
INSTITUTIONAL SHARES ($) |
15 |
151 |
299 |
729 |
YEAR-BY-YEAR RETURNS |
Best Quarter |
2nd quarter, 2020 |
2.90% |
Worst Quarter |
1st quarter, 2022 |
-4.08% |
The Fund’s year-to-date total return |
through |
3/31/23 |
was |
2.60% |
. |
AVERAGE ANNUAL TOTAL RETURNS
(For periods ended December 31, 2022) |
|||
|
Past
1 Year |
Past
5 Years |
Past
10 Years |
INSTITUTIONAL SHARES |
|
|
|
Return Before Taxes |
-7.74 % |
0.96 % |
1.48 % |
Return After Taxes on Distributions |
-8.72 |
-0.30 |
0.09 |
Return After Taxes on Distributions and Sale of Fund Shares |
-4.57 |
0.28 |
0.59 |
BLOOMBERG INTERMEDIATE U.S. GOVERNMENT/CREDIT INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) |
-8.23 |
0.73 |
1.12 |
Portfolio Manager |
Managed Fund Since |
Primary Title with
Investment Adviser |
Scott E. Grimshaw |
2005 |
Executive Director |
Daniel Ateru |
2019 |
Executive Director |
Purchase minimums | |
To establish an account |
$5,000,000 |
To add to an account |
No minimum levels |
ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the
value of your investment) |
|
|
Institutional |
Management Fees |
0.28% |
Distribution (Rule 12b-1) Fees |
NONE |
Other Expenses |
0.13 |
Remainder of Other Expenses |
0.13 |
Acquired Fund Fees and Expenses |
0.01 |
Total Annual Fund Operating Expenses |
0.42 |
Fee Waivers and/or Expense Reimbursements1 |
-0.27 |
Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements1 |
0.15 |
WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE: | ||||
|
1 Year |
3 Years |
5 Years |
10 Years |
INSTITUTIONAL SHARES ($) |
15 |
108 |
208 |
504 |
YEAR-BY-YEAR RETURNS |
Best Quarter |
2nd quarter, 2020 |
3.69% |
Worst Quarter |
1st quarter, 2022 |
-5.45% |
The Fund’s year-to-date total return |
through |
3/31/23 |
was |
3.64% |
. |
AVERAGE ANNUAL TOTAL RETURNS
(For periods ended December 31, 2022) |
|||
|
Past
1 Year |
Past
5 Years |
Past
10 Years |
INSTITUTIONAL SHARES |
|
|
|
Return Before Taxes |
-12.17 % |
0.70 % |
1.64 % |
Return After Taxes on Distributions |
-13.23 |
-0.72 |
0.13 |
Return After Taxes on Distributions and Sale of Fund Shares |
-7.18 |
0.05 |
0.67 |
BLOOMBERG U.S. AGGREGATE INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) |
-13.01 |
0.02 |
1.06 |
Portfolio Manager |
Managed Fund Since |
Primary Title with
Investment Adviser |
Richard D. Figuly |
2015 |
Managing Director |
Justin Rucker |
2019 |
Managing Director |
Steven Lear* |
2021 |
Managing Director |
Andrew Melchiorre |
2023 |
Managing Director |
Edward Fitzpatrick III |
2023 |
Managing Director |
Purchase minimums | |
To establish an account |
$10,000,000 |
To add to an account |
No minimum levels |
FUNDAMENTAL POLICIES |
A Fund’s investment strategy may involve “fundamental policies.” A policy is fundamental if it cannot be changed without the
consent of a majority of the outstanding shares of the Fund. The investment objectives
for the Funds are fundamental. All other fundamental policies are
specifically identified in the Risk/Return Summaries or in the Confidential Offering Memorandum Supplement. |
|
Core Bond Trust |
Intermediate Bond
Trust |
Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk
|
• |
• |
Credit Risk |
• |
• |
Cyber Security Risk |
○ |
○ |
Derivatives Risk |
○ |
○ |
Foreign Issuer Risk |
• |
• |
General Market Risk |
• |
• |
Government Securities Risk |
• |
• |
Industry and Sector Focus Risk |
• |
• |
Interest Rate Risk |
• |
• |
Inverse Floater Risk |
○ |
• |
Loan Risk |
○ |
○ |
Preferred Securities Risk |
|
• |
Prepayment Risk |
• |
• |
Regulatory and Legal Risk |
○ |
○ |
Securities Lending Risk |
○ |
○ |
Transactions and Liquidity Risk |
• |
• |
Volcker Rule Risk |
○ |
○ |
WHAT IS A DERIVATIVE? |
Derivatives are securities or contracts (like 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. While the Funds are engaged in a temporary defensive position, they may not meet their investment objectives. These investments may also be
inconsistent with a Fund’s main investment strategies. Therefore, the Funds will
pursue a temporary defensive position only when market conditions
warrant. |
Core Bond Trust |
0.12% |
Intermediate Bond Trust |
0.00 |
INSTRUMENT |
RISK TYPE |
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
Liquidity
Market
Political
Prepayment
Valuation |
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. |
Credit
Interest Rate
Liquidity
Market
Political
Prepayment
Valuation |
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: 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. |
Credit
Interest Rate
Market |
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. |
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
Valuation |
Convertible Securities: Bonds or preferred stock that can convert to
common stock including contingent convertible securities.
|
Credit Currency Interest Rate Liquidity Market Political Valuation |
INSTRUMENT |
RISK TYPE |
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: 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. |
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 a 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 |
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
Market |
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 |
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.
|
Credit
Currency
Interest Rate
Political |
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 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 Market |
INSTRUMENT |
RISK TYPE |
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 |
Mortgages (Directly Held): Debt instruments secured by real property. |
Credit
Environmental
Extension
Interest Rate
Liquidity
Market
Natural Event
Political
Prepayment
Valuation |
Mortgage-Backed Securities: Debt obligations secured by real estate loans and pools of loans including collateralized mortgage obligations (CMOs), commercial mortgage- backed securities (CMBSs), and other
asset-backed structures. |
Credit
Currency
Extension
Interest Rate
Leverage
Liquidity
Market
Political
Prepayment
Tax
Valuation |
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. |
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 a Fund may invest in
such options, contracts and products. |
Credit Liquidity Management Market |
INSTRUMENT |
RISK TYPE |
Obligations of Supranational Agencies: Obligations which are chartered to promote economic development and are supported by various governments and governmental agencies. |
Credit
Foreign Investment
Liquidity
Political
Valuation |
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. |
Credit
Leverage
Liquidity
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
Valuation |
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 |
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 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. |
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 a Fund’s total assets. In return, the Fund will receive cash, other securities, and/or letters of credit as collateral. |
Credit
Leverage
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. |
Credit
Foreign Investment
Liquidity
Political
Valuation |
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. |
Credit Liquidity Market Political Prepayment Valuation |
INSTRUMENT |
RISK TYPE |
Structured Investments: A security having a return tied to an underlying index or other security or asset
class. Structured investments generally are individually negotiated agreements and may
be traded over- the-counter. Structured investments are organized and
operated to restructure the investment characteristics of the underlying
security. |
Credit
Foreign Investment
Liquidity
Management
Market
Valuation |
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. |
Credit
Currency
Interest Rate
Leverage
Liquidity
Management
Market
Political
Valuation |
Temporary Defensive Positions: To respond to unusual circumstances a Fund may invest in cash and cash equivalents for temporary defensive purposes. |
Credit
Interest Rate
Liquidity
Market |
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). |
Market |
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. |
Credit
Currency
Interest Rate
Liquidity
Market
Political
Valuation |
U.S. Government Agency Securities: Securities issued or guaranteed 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 a Fund on demand or at the expiration of a
specified term. |
Credit
Liquidity
Market
Valuation |
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 Valuation |
INSTRUMENT |
RISK TYPE |
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) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
Net
investment
income |
Net
realized
gain |
Total
distributions |
JPMorgan Intermediate Bond Trust |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
$9.47 |
$0.24 |
$(0.76 ) |
$(0.52 ) |
$(0.24 ) |
$— |
$(0.24 ) |
Year Ended February 28, 2022 |
10.00 |
0.23 |
(0.43 ) |
(0.20 ) |
(0.24 ) |
(0.09 ) |
(0.33 ) |
Year Ended February 28, 2021 |
10.18 |
0.27 |
(0.02 )(d) |
0.25 |
(0.27 ) |
(0.16 ) |
(0.43 ) |
Year Ended February 29, 2020 |
9.65 |
0.31 |
0.53 |
0.84 |
(0.31 ) |
— |
(0.31 ) |
Year Ended February 28, 2019 |
9.63 |
0.31 |
0.02 |
0.33 |
(0.31 ) |
— |
(0.31 ) |
| |
(a) |
Calculated based upon average shares outstanding. |
(b) |
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset
values and returns for shareholder transactions. |
(c) |
Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(d) |
Calculation of the net realized and unrealized gains (losses) per share does not correlate with the Fund’s net realized and unrealized gains (losses) presented in the
Statement of Operations due to the timing of capital transactions in relation to the
fluctuating market values of the Fund’s investments. |
|
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 |
|
|
|
|
|
|
|
$8.71 |
(5.51 )% |
$80,471 |
0.15 % |
2.71 % |
0.62 % |
30 % |
9.47 |
(2.10 ) |
85,662 |
0.15 |
2.38 |
0.57 |
36 |
10.00 |
2.42 |
105,150 |
0.15 |
2.63 |
0.52 |
40 |
10.18 |
8.79 |
140,002 |
0.15 |
3.08 |
0.54 |
23 |
9.65 |
3.47 |
143,173 |
0.15 |
3.18 |
0.53 |
32 |
|
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 Core Bond Trust |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
$9.98 |
$0.29 |
$(1.14 ) |
$(0.85 ) |
$(0.29 ) |
$— |
$(0.29 ) |
Year Ended February 28, 2022 |
10.50 |
0.26 |
(0.45 ) |
(0.19 ) |
(0.26 ) |
(0.07 ) |
(0.33 ) |
Year Ended February 28, 2021 |
10.80 |
0.31 |
(0.03 ) |
0.28 |
(0.31 ) |
(0.27 ) |
(0.58 ) |
Year Ended February 29, 2020 |
9.97 |
0.34 |
0.87 |
1.21 |
(0.34 ) |
(0.04 ) |
(0.38 ) |
Year Ended February 28, 2019 |
10.03 |
0.34 |
(0.03 ) |
0.31 |
(0.34 ) |
(0.03 ) |
(0.37 ) |
| |
(a) |
Calculated based upon average shares outstanding. |
(b) |
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting
purposes and the returns based upon those net asset values may differ from the net asset
values and returns for shareholder transactions. |
(c) |
Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
|
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 |
|
|
|
|
|
|
|
$8.84 |
(8.57 )% |
$2,131,431 |
0.14 % |
3.19 % |
0.41 % |
53 % |
9.98 |
(1.92 ) |
2,073,952 |
0.14 |
2.46 |
0.40 |
66 |
10.50 |
2.57 |
2,220,686 |
0.14 |
2.89 |
0.40 |
66 |
10.80 |
12.32 |
2,059,714 |
0.14 |
3.25 |
0.41 |
32 |
9.97 |
3.16 |
1,876,288 |
0.15 |
3.42 |
0.42 |
17 |
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44 | |
45 | |
45 | |
46 | |
47 | |
47 | |
49 | |
50 | |
50 | |
50 | |
51 | |
51 | |
51 | |
52 | |
52 | |
53 | |
53 | |
54 | |
54 | |
54 | |
64 | |
65 |
66 | |
66 | |
67 | |
67 | |
67 | |
67 | |
67 | |
67 | |
73 | |
77 | |
77 | |
78 | |
80 | |
81 | |
83 | |
85 | |
85 | |
89 | |
90 | |
90 | |
91 | |
94 | |
95 | |
96 | |
97 | |
98 | |
99 | |
99 | |
102 | |
103 | |
105 | |
107 | |
A-1 |
|
Fiscal
Year Ended February 28, | |
Fund |
2022 |
2023 |
Core Bond Trust |
66% |
53% |
Intermediate Bond Trust |
36% |
30% |
|
Capital
Loss Carryforward Character | |
Fund |
Short-Term |
Long-Term |
Core Bond Trust |
$11,639 |
$8,549 |
Intermediate Bond Trust |
175 |
|
J.P. Morgan Investment Management Inc. |
Investment Adviser, and Administrator |
J.P. Morgan Institutional Investments Inc. |
Placement Agent |
JPMorgan Chase Bank, N.A. |
Custodian, Fund Accountant, and Securities Lending Agent |
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). |
176 |
Director, Greif, Inc. (GEF) (industrial package products and services) (2007–present); Trustee, Columbus Association for the Performing Arts (1988- present). |
Stephen P. Fisher (1959); Trustee, since 2018. |
Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker- dealer) (serving in various roles 2008- 2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008- 2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005- 2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and Main- Stay Funds Trust (2007-2017) (registered investment companies). |
176 |
Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-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) |
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). |
176 |
Independent Trustee, The China Fund, Inc. (2013- 2019); Exchange Traded Concepts Trust II (2012- 2014); Exchange Traded Concepts Trust I (2011- 2014). |
Kathleen M. Gallagher (1958); Trustee, since 2018. |
Retired; Chief Investment Officer – Benefit Plans, Ford Motor Company (serving in various roles 1985-2016). |
176 |
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). |
176 |
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). |
176 |
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). |
176 |
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. |
176 |
(1) Independent Trustee of Advisors’ Inner Circle III fund platform, consisting of the following: (i) the Advisors’ Inner Circle Fund III, (ii) the Gallery Trust, (iii) the Schroder Series Trust, (iv) the Delaware Wilshire Private Markets Fund (since 2020), (v) Chiron Capital Allocation Fund Ltd., and (vi) formerly the Winton Diversified Opportunities Fund (2014-2018); and (2) Independent Trustee of the Symmetry Panoramic Trust (since 2018). |
Lawrence R. Maffia (1950); Trustee, since 2014. |
Retired; Director and President, ICI Mutual Insurance Company (2006-2013). |
176 |
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). |
176 |
None. |
Marilyn McCoy (1948); Trustee, since 1999. |
Vice President of Administration and Planning, Northwestern University (1985– present). |
176 |
None. |
Dr. Robert A. Oden, Jr.
(1946); Trustee, since 1997. |
Retired; President, Carleton College (2002–2010); President, Kenyon College (1995–2002). |
176 |
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). |
176 |
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. |
176 |
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). |
176 |
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. |
176 |
Director and Member of Legal and Human Resources Subcommittees, American Jewish Joint Distribution Committee (2018-present). |
Name of Trustee |
Dollar Range of Equity
Securities in Core Bond
Trust |
Dollar Range of Equity
Securities in Intermediate
Bond Trust |
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 |
None |
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 |
Committee |
Fiscal Year
Ended February 28, 2023 |
Audit and Valuation Committee |
4 |
Compliance Committee |
4 |
Governance Committee |
4 |
Equity Committee |
6 |
ETF Committee |
4 |
Fixed Income Committee |
5 |
Money Market and Alternative Products Committee |
8 |
Name of Committee |
Members |
Committee Chair |
Audit and Valuation Committee |
Ms. Gallagher Mr. Maffia Mr. French Mr. Kanner |
Ms. Gallagher |
Compliance Committee |
Ms. Pardo Mr. Fisher Ms. Hughes Mr. Lemke |
Ms. Pardo |
Governance Committee |
Mr. Finn Ms. Martinez Ms. McCoy Dr. Oden |
Mr. Finn |
ETF Committee |
Mr. Deutsch Mr. Finn Mr. Grassi Ms. Martinez Ms. Shenker Ms. Youssouf |
Mr. Deutsch |
Equity Committee |
Mr. Kanner Mr. French Mr. Maffia Ms. Pardo |
Mr. Kanner |
Fixed Income Committee |
Dr. Oden Mr. Grassi Ms. Hughes Ms. Martinez Ms. Shenker Ms. Youssouf |
Dr. Oden |
Money Market and Alternative Products Committee |
Mr. Fisher Mr. Deutsch Ms. Gallagher Mr. Lemke Ms. McCoy |
Mr. Fisher |
Name of Trustee |
Core
Bond Trust |
Intermediate Bond Trust |
Total
Compensation Paid From
Fund Complex1 |
Independent Trustees |
|
|
|
John F. Finn |
$2,318 |
$1,593 |
$620,000 |
Stephen P. Fisher |
1,957 |
1,578 |
445,000 |
Gary L. French |
1,853 |
1,574 |
395,0002 |
Kathleen M. Gallagher |
1,957 |
1,578 |
445,0003 |
Robert J. Grassi |
1,853 |
1,574 |
395,000 |
Frankie D. Hughes |
1,853 |
1,574 |
395,000 |
Raymond Kanner |
1,957 |
1,578 |
445,0004 |
Thomas P. Lemke |
1,853 |
1,574 |
395,0005 |
Lawrence R. Maffia |
1,853 |
1,574 |
395,000 |
Mary E. Martinez |
2,111 |
1,585 |
520,000 |
Marilyn McCoy |
1,853 |
1,574 |
395,0006 |
Dr. Robert A. Oden, Jr. |
1,957 |
1,578 |
445,000 |
Marian U. Pardo |
1,957 |
1,578 |
445,000 |
Emily A. Youssouf |
1,853 |
1,574 |
395,0007 |
Interested Trustees |
|
|
|
Robert Deutsch |
1,957 |
1,578 |
445,0008 |
Nina O. Shenker9 |
1,853 |
1,574 |
395,0006 |
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. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013. |
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary 2010-2019) |
Managing Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010. |
Stephen M. Ungerman (1953), Chief Compliance Officer (2005) |
Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. |
Kiesha Astwood-Smith (1973), Assistant Secretary (2021) |
Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Senior Director and Counsel, Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance Company) from September 2015 through June 2021. |
Matthew Beck (1988), Assistant Secretary (2021)** |
Vice President and Assistant General Counsel, JPMorgan Chase since May 2021; Senior Legal Counsel, Ultimus Fund Solutions from May 2018 through May 2021; General Counsel, The Nottingham Company from April 2014 through May 2018. |
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; Associate, Stroock & Stroock & Lavan LLP (law firm) from October 2015 to March 2017. |
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017) |
Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Vonnegut-Gabovitch has been with JPMorgan Chase & Co. 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. |
Name (Year of Birth), Positions Held with the Trusts (Since) |
Principal Occupations During Past 5 Years |
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. since July 2006. |
Michael Mannarino (1985), Assistant Treasurer (2020) |
Vice President, 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. since September 2012. |
|
Fiscal
Year Ended | |||||
|
February 28, 2021 |
February 28, 2022 |
February 28, 2023 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived
|
Core Bond Trust |
$2,429 |
$(3,198) |
$2,585 |
$(3,359) |
$2,391 |
$(3,278) |
Intermediate Bond Trust |
10 |
(341) |
— |
(259) |
— |
(228) |
|
Non-Performance Based Fee Advisory Accounts | |||||
Registered
Investment Companies |
Other
Pooled Investment Vehicles |
Other
Accounts | ||||
Number
of Accounts |
Total
Assets ($thousands) |
Number
of Accounts |
Total
Assets ($thousands) |
Number
of Accounts |
Total Assets ($thousands) | |
Core Bond Trust |
|
|
|
|
|
|
Richard Figuly |
27 |
$70,865,227 |
15 |
$20,627,149 |
18 |
$4,484,536 |
Justin Rucker |
12 |
46,319,467 |
13 |
16,249,173 |
26 |
6,900,554 |
Steven Lear |
15 |
69,458,016 |
10 |
19,734,057 |
10 |
1,778,584 |
Andrew Melchiorre |
8 |
14,738,093 |
4 |
3,682,970 |
23 |
5,703.345 |
Edward Fitzpatrick III |
1 |
262,967 |
2 |
51,642 |
2 |
1,628,352 |
Intermediate Bond Trust |
|
|
|
|
|
|
Scott Grimshaw |
2 |
1,043,086 |
2 |
769,120 |
14 |
3,060,963 |
Daniel Ateru |
11 |
3,652,077 |
7 |
1,150,438 |
15 |
3,840,717 |
|
Performance Based Fee Advisory Accounts | |||||||
Registered
Investment Companies |
Other
Pooled Investment Vehicles |
Other
Accounts | ||||||
Number
of Accounts |
Total
Assets ($thousands) |
Number
of Accounts |
Total
Assets ($thousands) |
Number
of Accounts |
Total Assets ($thousands) | |||
Core Bond Trust |
|
|
|
|
|
| ||
Richard Figuly |
0 |
$0 |
0 |
$0
|
1 |
$1,065,399 | ||
Justin Rucker |
0 |
0 |
0 |
0 |
1 |
1,065,399 | ||
Steven Lear |
0 |
0 |
0 |
0 |
0 |
0 | ||
Andrew Melchiorre |
0 |
0 |
0 |
0 |
0 |
0 | ||
Edward Fitzpatrick III |
0 |
0 |
0 |
0 |
1 |
125,897 | ||
Intermediate Bond Trust |
|
|
|
|
|
| ||
Scott Grimshaw |
0 |
0 |
0 |
0 |
0 |
0 | ||
Daniel Ateru |
0 |
0 |
0 |
0 |
0 |
0 |
Name of Fund |
Benchmark |
Core Bond Trust |
Bloomberg U.S. Aggregate Bond Index |
Intermediate Bond Trust |
Bloomberg Intermediate U.S. Government/Credit Index |
|
Dollar Range of Shares in
the Fund | ||||||
Fund |
None |
$1-$10,000 |
$10,001 $50,000 |
$50,001- $100,000 |
$100,001- 500,000 |
$500,0001- 1,000,000 |
Over $1,000.000 |
Core Bond Trust |
|
|
|
|
|
|
|
Richard Figuly |
X |
|
|
|
|
|
|
Justin Rucker |
X |
|
|
|
|
|
|
Steven Lear |
X |
|
|
|
|
|
|
Andrew Melchiorre* |
X |
|
|
|
|
|
|
Edward Fitzpatrick III* |
X |
|
|
|
|
|
|
Intermediate Bond Trust |
|
|
|
|
|
|
|
Scott Grimshaw |
X |
|
|
|
|
|
|
Daniel Ateru |
X |
|
|
|
|
|
|
|
Fiscal
Year Ended | ||
Fund |
February 28, 2021 |
February 28, 2022 |
February 28, 2023 |
Core Bond Trust | |||
Total Brokerage Commissions |
$— |
$— |
$6,160 |
Brokerage Commissions to Affiliated Broker/ Dealers |
— |
— |
— |
Intermediate Bond Trust | |||
Total Brokerage Commissions |
— |
— |
— |
Brokerage Commissions to Affiliated Broker/ Dealers |
— |
— |
— |
Fund |
Name of
Broker-Dealer |
Value of
Securities Owned (000's)* |
Core Bond Trust |
Barclays plc |
$1,852 |
|
BNP Paribas SA |
3,117 |
|
Bank of America Corp. |
16,051 |
|
Citigroup, Inc. |
6,938 |
|
Credit Suisse Group AG |
5,698 |
|
Deutsche Bank AG |
3,477 |
|
Goldman Sachs Group, Inc. (The) |
13,662 |
|
Morgan Stanley |
6,658 |
|
Wells Fargo & Co. |
1,255 |
Intermediate Bond Trust |
Bank of America Corp. |
841 |
|
Citigroup, Inc. |
452 |
|
Deutsche Bank AG |
118 |
|
Goldman Sachs Group, Inc. (The) |
340 |
|
HSBC Holdings plc |
363 |
|
Morgan Stanley |
402 |
|
Societe Generale SA |
192 |
|
Wells Fargo & Co. |
301 |
|
Fiscal
Year Ended | |||||
|
February 28, 2021 |
February 28, 2022 |
February 28, 2023 | |||
Fund |
Paid |
Waived |
Paid |
Waived |
Paid |
Waived
|
Core Bond Trust |
$15 |
$(1,994) |
$— |
$(2,123) |
$1 |
$(2,024) |
Intermediate Bond Trust |
— |
(125) |
— |
(93) |
— |
(81) |
Complex
Assets1
Funds: |
|
|
Tier One |
First $75 billion |
0.00425% |
Tier Two |
Next $25 billion |
0.0040% |
Tier Three |
Over $100 billion |
0.0035% |
Non-Complex Assets Funds: |
|
|
Tier One |
First $75 billion |
0.0025% |
Tier Two |
Next $25 billion |
0.0020% |
Tier Three |
Over $100 billion |
0.0015% |
|
Fiscal
Year Ended | ||
Fund |
February 28, 2021 |
February 28, 2022 |
February 28, 2023 |
Core Bond Trust |
$53 |
$53 |
$52 |
Intermediate Bond Trust |
20 |
20 |
20 |
All Funds except Money Market Funds |
|
|
Tier One |
Up to $100 billion |
0.00375% |
Tier Two |
$100 billion to $175 billion |
0.0030% |
Tier Three |
Over $175 billion |
0.0020% |
Annual Minimums: |
|
$20,000 per Fund |
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% | ||
Annual Minimums: |
|
| ||
All Funds |
$20,000 per Fund |
|
All Funds |
|
|
JPMorgan Chase & Co. |
Monthly |
30 days after month end |
JPMorgan Core Bond Trust |
|
|
Rockwell Automation Inc. |
Monthly |
30 days after month end |
Detroit Symphony Orchestra |
Monthly |
30 days after month end |
New England Pension Consultants |
Monthly |
30 days after month end |
Alan Biller |
Monthly |
30 days after month end |
BNY Mellon |
Monthly |
30 days after month end |
Timken Company |
Monthly |
30 days after month end |
University of Illinois |
Monthly |
10 days after month end |
Wayne State University |
Monthly |
10 days after month end |
Exelon Corporation |
Monthly |
10 days after month end |
JPMorgan Intermediate Bond Trust |
|
|
Brunswick Corporation |
Monthly |
30 days after month end |
Blue Cross Blue Shield |
Monthly |
10 days after month end |
BNY Mellon |
Monthly |
10 days after month end |
Name of Fund |
Name and Address of Shareholder |
Percentage Held |
JPMORGAN CORE BOND TRUST | ||
|
JPMIM AS AGENT FOR* CONCORDIA RETIREMENT PLAN JPMIT CORE BOND TRUST ATTN CLIENT SERVICES 1111 POLARIS PKWY # OH1-0084 COLUMBUS OH 43240-2031 |
14.07% |
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JPMIM AS AGENT FOR* UNIVERSITY OF WISCONSIN FOUNDATION ATTN CLIENT SERVICES 1111 POLARIS PKWY OH1-0084 COLUMBUS OH 43240-2031 |
12.35% |
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JPMIM AS AGENT FOR* THE LUTHERAN CHURCH - MISSOURI SYNOD FOUNDATION ATTN: CLIENT SERVICES 1111 POLARIS PKWY # OH1-0084 COLUMBUS OH 43240-2031 |
6.63% |
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JPMIM AS AGENT FOR* NEBRASKA METHODIST HEALTH SYSTEM ATTN CLIENT SERVICES 1111 POLARIS PKWY OH1-0084 COLUMBUS OH 43240-2031 |
6.18% |
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JPMIM AS AGENT FOR* ROCKWELL ATTN CLIENT SERVICES 1111 POLARIS PKWY # OH1-0084 COLUMBUS OH 43240-2031 |
5.25% |
Name of Fund |
Name and Address of Shareholder |
Percentage Held |
JPMORGAN INTERMEDIATE BOND TRUST | ||
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JPMIM AS AGENT FOR* HEALTH INTELLIGENCE COMPANY LLC ATTN CLIENT SERVICES 1111 POLARIS PKWY # OH1-0084 COLUMBUS OH 43240-2031 |
38.95% |
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JPMIM AS AGENT FOR* BLUE CROSS BLUE SHIELD ASSOCIATION ATTN CLIENT SERVICES 500 STANTON CHRISTIANA RD OPS3/FLR2 DE3-3650 NEWARK DE 19713-2105 |
21.79% |
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JPMIM AS AGENT FOR* ELECTRICAL WORKERS IBEW 4TH DISTRICT ATTN CLIENT SERVICES 1111 POLARIS PKWY # OH1-0084 COLUMBUS OH 43240-2031 |
13.78% |
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JPMIM AS AGENT FOR* UNION BENEFITS TRUST ATTN CLIENT SERVICES 1111 POLARIS PKWY # OH1-0084 COLUMBUS OH 43240-2031 |
9.90% |
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JPMIM AS AGENT FOR* BLUE CROSS BLUE SHIELD ASSOCIATION ATTN CLIENT SERVICES 500 STANTON CHRISTIANA RD NEWARK DE 19713-2105 |
9.82% |
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JPMIM AS AGENT FOR* ASSOCIATED GENERAL CONTRACTORS SAN DIEGO CHAPTER INC ATTN CLIENT SERVICES 1111 POLARIS PKWY OH1-0084 COLUMBUS OH 43240-2031 |
5.76% |
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. |
Exhibits filed pursuant to Form N-1A: | |
(a)(1) |
|
(a)(2) |
|
(a)(3) |
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(b) |
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(c) |
None. |
(d)(1) |
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(d)(2) |
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(e) |
Not applicable. |
(f) |
|
(g)(1)(a) |
|
(g)(1)(b) |
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(g)(1)(c) |
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(g)(2)(a) |
|
(g)(2)(b) |
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(h)(1)(a) |
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(h)(1)(b) |
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(h)(1)(c) |
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(h)(1)(d) |
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(h)(1)(e) |
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(h)(2)(a) |
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(h)(2)(b) |
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(h)(2)(c) |
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(h)(3) |
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(h)(4) |
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(h)(5)(a) |
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(h)(5)(b) |
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(h)(5)(c) |
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(h)(5)(d) |
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(h)(6) |
|
(i) |
Not applicable. |
(j) |
Not applicable. |
(k) |
Not applicable. |
(l) |
Not applicable. |
(m) |
Not applicable. |
(n) |
Not applicable. |
(o) |
Reserved. |
(p) |
Codes of Ethics. |
(1) |
|
(2) |
|
(99)(a) |
|
(99)(b) |
|
(99)(c) |
JPMorgan Institutional Trust | |
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/ Zachary E. Vonnegut-Gabovitch |
|
Zachary E. Vonnegut-Gabovitch |
|
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 |
June 28, 2023
JPMorgan Institutional Trust
277 Park Avenue
New York, NY 10172
Dear Sirs:
J.P. Morgan Investment Management Inc. (JPMIM) hereby agrees to waive fees owed to JPMIM or to reimburse each Fund listed on Schedule A for the time periods so indicated. JPMIM will waive fees or reimburse expenses to the extent total operating expenses exceed the rate of average daily net assets also indicated on Schedule A. This expense limitation does not include acquired fund fees and expenses, dividend and interest1 expenses on securities sold short, interest, taxes, placement related expenses (if any), expenses related to Trustee elections, expenses related to litigation and potential litigation, and extraordinary expenses not incurred in the ordinary course of each Funds business. In addition, each Fund may invest in one or more money market funds advised by JPMIM or its affiliates (affiliated money market funds). JPMIM hereby contractually agrees to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees for advisory, administration and/or shareholder services that JPMIM and/or its affiliates collect from the affiliated money market funds on such Funds investment in such money market funds. This waiver does not apply to each Funds investments in affiliated money market funds made with cash received as collateral from securities lending borrowers.
The JPMorgan Service Providers understand and intend that each Fund will rely on this agreement in preparing and filings their registration statements on Form N-1A and in accruing each Funds expenses for purposes of calculating net asset value and for other purposes, and expressly permit each Fund to do so.
Please acknowledge acceptance on the enclosed copy of this letter.
Very truly yours,
J.P. Morgan Investment Management Inc. |
/s/ Brian S. Shlissel |
By: Brian S. Shlissel |
Managing Director |
Accepted By: JPMorgan Institutional Trust |
/s/ Timothy J. Clemens |
By: Timothy J. Clemens |
Treasurer |
1 | In calculating the interest expense on short sales for purposes of this exclusion, each Fund will recognize all economic elements of interest costs, including premium and discount adjustments. |
SCHEDULE A
Fund Name |
Fiscal Year End | Expense Cap | ||||||
JPMorgan Intermediate Bond Trust1 |
Last day of February | 0.15 | % | |||||
JPMorgan Core Bond Trust1 |
Last day of February | 0.15 | % |
1 | Expense limitation is in place until at least 6/30/24. |
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