Professional Documents
Culture Documents
s
R
e
p
u
b
l
i
c
o
f
C
h
i
n
a
,
4
.
2
5
0
%
,
1
0
/
2
8
/
1
4
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
9
0
.
7
3
3
2
0
6
,
2
5
0
(
3
,
1
0
5
)
2
0
4
P
u
l
t
e
G
r
o
u
p
,
I
n
c
.
,
C
o
.
,
7
.
8
7
5
%
,
0
6
/
1
5
/
3
2
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
3
/
2
0
/
1
9
1
.
5
0
6
2
,
5
2
0
(
4
2
9
)
4
0
6
B
N
P
P
a
r
i
b
a
s
:
H
.
J
.
H
e
i
n
z
C
o
.
,
6
.
3
7
5
%
,
0
7
/
1
5
/
2
8
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
3
/
2
0
/
1
6
0
.
3
0
5
3
,
3
1
0
(
4
8
)
2
3
H
.
J
.
H
e
i
n
z
C
o
.
,
6
.
3
7
5
%
,
0
7
/
1
5
/
2
8
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
3
/
2
0
/
1
6
0
.
3
0
5
6
,
6
3
0
(
9
7
)
2
9
H
.
J
.
H
e
i
n
z
C
o
.
,
6
.
3
7
5
%
,
0
7
/
1
5
/
2
8
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
3
/
2
0
/
1
6
0
.
3
0
5
6
,
6
3
0
(
9
7
)
3
1
H
.
J
.
H
e
i
n
z
C
o
.
,
6
.
3
7
5
%
,
0
7
/
1
5
/
2
8
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
3
/
2
0
/
1
6
0
.
3
0
5
6
,
6
4
0
(
9
7
)
8
2
R
e
p
u
b
l
i
c
o
f
S
o
u
t
h
A
f
r
i
c
a
,
5
.
5
0
0
%
,
0
3
/
0
9
/
2
0
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
9
1
.
7
1
3
1
7
,
1
9
0
5
5
2
(
8
6
2
)
R
e
p
u
b
l
i
c
o
f
S
o
u
t
h
A
f
r
i
c
a
,
5
.
5
0
0
%
,
0
3
/
0
9
/
2
0
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
9
1
.
7
1
3
1
7
,
2
8
0
5
5
5
(
7
2
2
)
R
e
p
u
b
l
i
c
o
f
T
u
r
k
e
y
,
1
1
.
8
7
5
%
,
0
1
/
1
5
/
3
0
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
9
1
.
7
7
9
1
7
,
2
0
0
6
0
3
(
9
0
7
)
R
e
p
u
b
l
i
c
o
f
T
u
r
k
e
y
,
1
1
.
8
7
5
%
,
0
1
/
1
5
/
3
0
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
9
1
.
7
7
9
1
7
,
2
8
0
6
0
6
(
8
5
4
)
R
e
p
u
b
l
i
c
o
f
T
u
r
k
e
y
,
1
1
.
8
7
5
%
,
0
1
/
1
5
/
3
0
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
9
1
.
7
7
9
3
4
,
3
7
0
1
,
2
0
6
(
2
,
3
9
4
)
C
i
t
i
b
a
n
k
,
N
.
A
.
:
A
l
c
o
a
,
I
n
c
.
,
5
.
7
2
0
%
,
0
2
/
2
3
/
1
9
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
3
/
2
0
/
1
6
1
.
4
7
0
1
0
,
2
8
0
2
0
1
(
3
7
9
)
C
e
n
t
u
r
y
L
i
n
k
,
I
n
c
.
,
6
.
0
0
0
%
,
0
4
/
0
1
/
1
7
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
9
1
.
6
4
2
1
3
,
8
1
0
3
9
6
(
6
0
6
)
F
e
d
e
r
a
t
i
v
e
R
e
p
u
b
l
i
c
o
f
B
r
a
z
i
l
.
,
1
2
.
2
5
0
%
,
0
3
/
0
6
/
3
0
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
9
1
.
4
2
0
3
,
0
0
0
5
5
(
1
1
5
)
R
e
p
u
b
l
i
c
o
f
T
u
r
k
e
y
,
1
1
.
8
7
5
%
,
0
1
/
1
5
/
3
0
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
9
1
.
7
7
9
1
7
,
2
0
0
6
0
4
(
9
0
7
)
R
e
p
u
b
l
i
c
o
f
T
u
r
k
e
y
,
1
1
.
8
7
5
%
,
0
1
/
1
5
/
3
0
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
9
1
.
7
7
9
3
4
,
3
9
0
1
,
2
0
7
(
1
,
7
1
4
)
C
r
e
d
i
t
S
u
i
s
s
e
I
n
t
e
r
n
a
t
i
o
n
a
l
:
A
l
c
o
a
,
I
n
c
.
,
5
.
7
2
0
%
,
0
2
/
2
3
/
1
9
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
3
/
2
0
/
1
9
1
.
4
7
0
3
,
8
0
0
7
4
(
1
0
0
)
M
o
r
g
a
n
S
t
a
n
l
e
y
C
a
p
i
t
a
l
S
e
r
v
i
c
e
s
:
A
l
c
o
a
,
I
n
c
.
,
5
.
7
2
0
%
,
0
2
/
2
3
/
1
9
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
3
/
2
0
/
1
9
1
.
4
7
0
2
3
,
9
2
0
4
6
8
(
1
,
0
2
1
)
F
e
d
e
r
a
t
i
v
e
R
e
p
u
b
l
i
c
o
f
B
r
a
z
i
l
.
,
1
2
.
2
5
0
%
,
0
3
/
0
6
/
3
0
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
9
1
.
4
2
0
6
8
,
7
2
0
1
,
2
5
6
(
2
,
8
5
1
)
F
e
d
e
r
a
t
i
v
e
R
e
p
u
b
l
i
c
o
f
B
r
a
z
i
l
.
,
1
2
.
2
5
0
%
,
0
3
/
0
6
/
3
0
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
9
1
.
4
2
0
8
5
,
8
9
0
1
,
5
6
9
(
3
,
5
2
4
)
F
e
d
e
r
a
t
i
v
e
R
e
p
u
b
l
i
c
o
f
B
r
a
z
i
l
.
,
1
2
.
2
5
0
%
,
0
3
/
0
6
/
3
0
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
9
1
.
4
2
0
1
0
3
,
1
3
0
1
,
8
8
4
(
3
,
9
4
9
)
R
e
p
u
b
l
i
c
o
f
T
u
r
k
e
y
,
1
1
.
8
7
5
%
,
0
1
/
1
5
/
3
0
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
9
1
.
7
7
9
1
7
,
1
9
0
6
0
3
(
9
3
3
)
4
,
9
1
7
(
2
0
,
1
3
0
)
C
r
e
d
i
t
I
n
d
i
c
e
s
:
S
W
A
P
C
O
U
N
T
E
R
P
A
R
T
Y
/
R
E
F
E
R
E
N
C
E
O
B
L
I
G
A
T
I
O
N
F
U
N
D
P
A
Y
S
F
I
X
E
D
R
A
T
E
(
r
)
T
E
R
M
I
N
A
T
I
O
N
D
A
T
E
I
M
P
L
I
E
D
C
R
E
D
I
T
S
P
R
E
A
D
A
S
O
F
0
5
/
3
1
/
1
4
[
3
]
N
O
T
I
O
N
A
L
A
M
O
U
N
T
[
4
]
V
A
L
U
E
U
P
F
R
O
N
T
P
R
E
M
I
U
M
S
(
P
A
I
D
)
/
R
E
C
E
I
V
E
D
[
5
]
B
a
n
k
o
f
A
m
e
r
i
c
a
:
A
B
X
.
H
E
.
A
A
A
.
0
6
-
2
0
.
1
1
0
%
m
o
n
t
h
l
y
0
5
/
2
5
/
4
6
1
.
2
6
7
1
4
,
1
7
0
2
,
6
3
8
(
2
,
7
7
2
)
B
a
r
c
l
a
y
s
B
a
n
k
p
l
c
:
A
B
X
.
H
E
.
A
A
A
.
0
6
-
2
0
.
1
1
0
%
m
o
n
t
h
l
y
0
5
/
2
5
/
4
6
1
.
2
6
7
1
3
,
3
7
0
2
,
4
8
8
(
3
,
9
7
4
)
C
D
X
.
E
M
.
2
1
-
V
1
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
9
2
.
4
7
4
1
0
3
,
0
7
0
(
1
2
,
9
8
2
)
8
,
2
6
0
C
M
B
X
.
N
A
.
A
A
.
3
0
.
2
7
0
%
m
o
n
t
h
l
y
1
2
/
1
3
/
4
9
2
6
.
7
9
3
1
4
,
1
0
0
7
,
7
5
0
(
7
,
9
9
9
)
i
T
r
a
x
x
E
u
r
o
p
e
2
1
.
1
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
9
0
.
7
3
0
E
U
R
1
0
4
,
1
4
5
(
2
,
1
6
4
)
(
1
1
2
)
C
i
t
i
b
a
n
k
,
N
.
A
.
:
C
M
B
X
.
N
A
.
B
B
B
-
.
4
5
.
0
0
0
%
m
o
n
t
h
l
y
0
2
/
1
7
/
5
1
1
1
1
.
7
1
1
6
,
9
0
0
1
,
9
2
7
(
5
,
8
5
4
)
C
M
B
X
.
N
A
.
B
B
B
-
.
4
5
.
0
0
0
%
m
o
n
t
h
l
y
0
2
/
1
7
/
5
1
1
1
1
.
7
1
1
1
0
,
5
5
0
2
,
9
4
6
(
8
,
4
3
4
)
C
r
e
d
i
t
S
u
i
s
s
e
I
n
t
e
r
n
a
t
i
o
n
a
l
:
A
B
X
.
H
E
.
A
A
A
.
0
6
-
2
0
.
1
1
0
%
m
o
n
t
h
l
y
0
5
/
2
5
/
4
6
1
.
2
6
7
6
,
6
0
0
1
,
2
2
9
(
1
,
8
4
0
)
A
B
X
.
H
E
.
A
A
A
.
0
6
-
2
0
.
1
1
0
%
m
o
n
t
h
l
y
0
5
/
2
5
/
4
6
1
.
2
6
7
1
3
,
3
8
0
2
,
4
9
1
(
3
,
4
0
4
)
C
M
B
X
.
N
A
.
B
B
B
-
.
5
5
.
0
0
0
%
m
o
n
t
h
l
y
0
2
/
1
5
/
5
1
8
3
.
0
6
8
6
,
9
0
0
1
,
8
8
7
(
5
,
8
6
5
)
D
e
u
t
s
c
h
e
B
a
n
k
A
G
,
N
e
w
Y
o
r
k
:
C
M
B
X
.
N
A
.
A
A
A
0
.
1
0
0
%
m
o
n
t
h
l
y
1
0
/
1
2
/
5
2
0
.
3
7
6
5
,
7
0
0
1
8
(
1
,
0
9
7
)
M
o
r
g
a
n
S
t
a
n
l
e
y
C
a
p
i
t
a
l
S
e
r
v
i
c
e
s
:
C
D
X
.
E
M
.
2
1
-
V
1
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
9
2
.
4
7
4
1
7
,
2
0
0
(
2
,
1
6
6
)
1
,
9
7
1
C
D
X
.
E
M
.
2
1
-
V
1
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
9
2
.
4
7
4
3
4
,
3
6
0
(
4
,
3
2
8
)
2
,
8
2
2
C
D
X
.
E
M
.
2
1
-
V
1
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
9
2
.
4
7
4
3
4
,
3
9
0
(
4
,
3
3
2
)
3
,
4
4
3
C
M
B
X
.
N
A
.
A
A
.
3
0
.
2
7
0
%
m
o
n
t
h
l
y
1
2
/
1
3
/
4
9
2
6
.
7
9
3
7
,
0
5
0
3
,
8
7
5
(
4
,
0
8
8
)
C
M
B
X
.
N
A
.
A
J
.
2
1
.
0
9
0
%
m
o
n
t
h
l
y
0
3
/
1
5
/
4
9
4
.
8
8
6
1
7
,
1
5
0
1
,
3
4
9
(
2
,
1
3
9
)
C
M
B
X
.
N
A
.
A
M
.
1
0
.
5
0
0
%
m
o
n
t
h
l
y
1
0
/
1
2
/
5
2
0
.
7
1
2
1
7
,
1
0
0
5
0
(
2
,
7
7
3
)
R
o
y
a
l
B
a
n
k
o
f
S
c
o
t
l
a
n
d
:
A
B
X
.
H
E
.
P
E
N
A
A
A
.
0
6
-
2
0
.
1
1
0
%
m
o
n
t
h
l
y
0
5
/
2
5
/
4
6
1
.
2
6
7
1
,
5
0
0
7
1
(
2
7
7
)
A
B
X
.
H
E
.
P
E
N
A
A
A
.
0
6
-
2
0
.
1
1
0
%
m
o
n
t
h
l
y
0
5
/
2
5
/
4
6
1
.
2
6
7
8
,
8
0
0
4
1
5
(
3
,
0
0
0
)
A
B
X
.
H
E
.
P
E
N
A
A
A
.
0
6
-
2
0
.
1
1
0
%
m
o
n
t
h
l
y
0
5
/
2
5
/
4
6
1
.
2
6
7
1
2
,
1
0
0
5
7
1
(
3
,
5
9
6
)
C
M
B
X
.
N
A
.
A
A
A
0
.
1
0
0
%
m
o
n
t
h
l
y
1
0
/
1
2
/
5
2
0
.
3
7
6
1
7
,
7
0
0
5
5
(
1
,
1
0
5
)
3
,
7
8
8
(
4
1
,
8
3
3
)
C
e
n
t
r
a
l
l
y
C
l
e
a
r
e
d
C
r
e
d
i
t
D
e
f
a
u
l
t
S
w
a
p
s
-
B
u
y
P
r
o
t
e
c
t
i
o
n
[
1
]
C
r
e
d
i
t
I
n
d
i
c
e
s
:
R
E
F
E
R
E
N
C
E
O
B
L
I
G
A
T
I
O
N
F
U
N
D
P
A
Y
S
F
I
X
E
D
R
A
T
E
(
r
)
T
E
R
M
I
N
A
T
I
O
N
D
A
T
E
I
M
P
L
I
E
D
C
R
E
D
I
T
S
P
R
E
A
D
A
S
O
F
0
5
/
3
1
/
1
4
[
3
]
N
O
T
I
O
N
A
L
A
M
O
U
N
T
[
4
]
V
A
L
U
E
U
P
F
R
O
N
T
P
R
E
M
I
U
M
S
(
P
A
I
D
)
/
R
E
C
E
I
V
E
D
[
5
]
C
D
X
.
N
A
.
H
Y
.
2
1
-
V
1
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
1
2
/
2
0
/
1
8
2
.
8
5
9
1
,
0
3
5
(
1
0
1
)
4
9
C
D
X
.
N
A
.
H
Y
.
2
2
-
V
1
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
9
3
.
1
3
1
3
4
,
2
5
0
(
3
,
1
6
7
)
2
,
5
9
3
C
D
X
.
N
A
.
I
G
.
2
2
-
V
1
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
9
0
.
6
2
3
5
1
4
,
4
0
0
(
1
0
,
4
5
1
)
9
,
0
6
0
C
D
X
.
N
A
.
I
G
.
2
2
-
V
1
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
9
0
.
6
2
3
9
0
2
,
4
9
0
(
1
8
,
3
3
5
)
1
3
,
6
2
9
i
T
r
a
x
x
E
u
r
o
p
e
2
0
.
1
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
1
2
/
2
0
/
1
8
2
.
1
2
4
E
U
R
3
3
,
4
1
0
(
5
,
9
7
7
)
2
,
1
8
4
(
3
8
,
0
3
1
)
2
7
,
5
1
5
C
r
e
d
i
t
D
e
f
a
u
l
t
S
w
a
p
s
-
S
e
l
l
P
r
o
t
e
c
t
i
o
n
[
2
]
C
o
r
p
o
r
a
t
e
a
n
d
S
o
v
e
r
e
i
g
n
I
s
s
u
e
r
s
:
S
W
A
P
C
O
U
N
T
E
R
P
A
R
T
Y
/
R
E
F
E
R
E
N
C
E
O
B
L
I
G
A
T
I
O
N
F
U
N
D
R
E
C
E
I
V
E
S
F
I
X
E
D
R
A
T
E
(
r
)
T
E
R
M
I
N
A
T
I
O
N
D
A
T
E
I
M
P
L
I
E
D
C
R
E
D
I
T
S
P
R
E
A
D
A
S
O
F
0
5
/
3
1
/
1
4
[
3
]
N
O
T
I
O
N
A
L
A
M
O
U
N
T
[
4
]
V
A
L
U
E
U
P
F
R
O
N
T
P
R
E
M
I
U
M
S
(
P
A
I
D
)
/
R
E
C
E
I
V
E
D
[
5
]
B
a
n
k
o
f
A
m
e
r
i
c
a
:
B
o
y
d
G
a
m
i
n
g
C
o
r
p
.
,
6
.
7
5
0
%
,
0
4
/
1
5
/
1
4
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
0
.
3
9
8
6
,
5
0
0
8
2
3
0
M
c
C
l
a
t
c
h
y
C
o
.
(
T
h
e
)
,
5
.
7
5
0
%
,
0
9
/
0
1
/
1
7
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
0
.
5
6
7
1
2
,
9
5
0
1
6
3
1
0
1
M
c
C
l
a
t
c
h
y
C
o
.
(
T
h
e
)
,
5
.
7
5
0
%
,
0
9
/
0
1
/
1
7
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
0
.
5
6
7
1
3
,
2
5
0
1
6
7
9
9
B
a
r
c
l
a
y
s
B
a
n
k
p
l
c
:
D
.
R
.
H
o
r
t
o
n
,
I
n
c
.
,
3
.
6
2
5
%
,
0
2
/
1
5
/
1
8
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
3
/
2
0
/
1
9
1
.
5
2
4
3
,
0
0
0
(
6
6
)
1
2
9
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
6
0
.
8
4
7
6
9
0
(
1
5
)
4
0
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
6
0
.
8
4
7
1
,
9
7
0
(
4
3
)
1
5
0
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
6
0
.
8
4
7
1
,
9
7
0
(
4
3
)
2
1
9
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
6
0
.
8
4
7
6
,
9
3
0
(
1
5
0
)
4
4
1
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
6
0
.
8
4
7
9
,
0
2
0
(
1
9
5
)
4
4
5
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
9
/
2
0
/
1
4
5
7
.
9
0
0
2
,
9
1
0
(
3
8
8
)
3
6
4
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
9
/
2
0
/
1
4
5
7
.
9
0
0
4
,
8
5
0
(
6
4
7
)
6
2
6
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
9
/
2
0
/
1
4
5
7
.
9
0
0
4
,
8
5
0
(
6
4
7
)
7
3
3
B
N
P
P
a
r
i
b
a
s
:
H
.
J
.
H
e
i
n
z
C
o
.
,
6
.
3
7
5
%
,
0
7
/
1
5
/
2
8
*
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
3
/
2
0
/
1
8
0
.
9
3
5
3
,
3
1
0
1
5
1
6
0
H
.
J
.
H
e
i
n
z
C
o
.
,
6
.
3
7
5
%
,
0
7
/
1
5
/
2
8
*
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
3
/
2
0
/
1
8
0
.
9
3
5
6
,
6
3
0
3
0
2
7
7
H
.
J
.
H
e
i
n
z
C
o
.
,
6
.
3
7
5
%
,
0
7
/
1
5
/
2
8
*
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
3
/
2
0
/
1
8
0
.
9
3
5
6
,
6
3
0
2
9
3
0
6
H
.
J
.
H
e
i
n
z
C
o
.
,
6
.
3
7
5
%
,
0
7
/
1
5
/
2
8
*
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
3
/
2
0
/
1
8
0
.
9
3
5
6
,
6
4
0
3
0
1
6
9
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
6
0
.
8
4
7
3
,
4
7
0
(
7
5
)
1
5
4
S
U
P
E
R
V
A
L
U
,
I
n
c
.
,
8
.
0
0
0
%
,
0
5
/
0
1
/
1
6
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
3
/
2
0
/
1
6
0
.
9
3
7
2
,
0
1
0
1
6
8
1
8
6
C
i
t
i
b
a
n
k
,
N
.
A
.
:
M
c
C
l
a
t
c
h
y
C
o
.
(
T
h
e
)
,
5
.
7
5
0
%
,
0
9
/
0
1
/
1
7
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
3
/
2
0
/
1
5
0
.
6
7
5
1
,
4
0
0
6
3
6
6
M
c
C
l
a
t
c
h
y
C
o
.
(
T
h
e
)
,
5
.
7
5
0
%
,
0
9
/
0
1
/
1
7
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
3
/
2
0
/
1
5
0
.
6
7
5
6
,
8
3
0
3
0
7
2
5
5
R
u
s
s
i
a
n
F
e
d
e
r
a
t
i
o
n
,
2
.
2
5
0
%
,
0
3
/
3
1
/
3
0
1
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
9
1
.
9
1
6
5
1
,
5
6
0
(
2
,
1
3
2
)
3
,
8
3
7
C
r
e
d
i
t
S
u
i
s
s
e
I
n
t
e
r
n
a
t
i
o
n
a
l
:
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
6
0
.
8
4
7
4
,
8
5
0
(
1
0
5
)
2
6
9
S
U
P
E
R
V
A
L
U
,
I
n
c
.
,
8
.
0
0
0
%
,
0
5
/
0
1
/
1
6
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
3
/
2
0
/
1
6
0
.
9
3
7
2
,
0
0
0
1
6
7
2
0
6
D
e
u
t
s
c
h
e
B
a
n
k
A
G
,
N
e
w
Y
o
r
k
:
B
o
y
d
G
a
m
i
n
g
C
o
r
p
.
,
6
.
7
5
0
%
,
0
4
/
1
5
/
1
4
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
0
.
3
9
8
5
,
9
0
0
7
5
7
9
B
o
y
d
G
a
m
i
n
g
C
o
r
p
.
,
6
.
7
5
0
%
,
0
4
/
1
5
/
1
4
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
0
.
3
9
8
2
2
,
5
0
0
2
8
5
1
3
6
B
o
y
d
G
a
m
i
n
g
C
o
r
p
.
,
6
.
7
5
0
%
,
0
4
/
1
5
/
1
4
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
0
.
3
9
8
3
2
,
3
0
0
4
1
0
6
7
M
c
C
l
a
t
c
h
y
C
o
.
(
T
h
e
)
,
5
.
7
5
0
%
,
0
9
/
0
1
/
1
7
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
3
/
2
0
/
1
5
0
.
6
7
5
6
,
9
0
0
3
1
1
3
2
7
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
6
0
.
8
4
7
2
,
9
6
0
(
6
4
)
1
6
9
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
6
0
.
8
4
7
4
,
9
3
0
(
1
0
7
)
3
2
7
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
9
/
2
0
/
1
4
5
7
.
9
0
0
2
,
9
1
0
(
3
8
8
)
3
7
6
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
9
/
2
0
/
1
4
5
7
.
9
0
0
4
,
8
5
0
(
6
4
7
)
5
2
2
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
9
/
2
0
/
1
4
5
7
.
9
0
0
4
,
8
5
0
(
6
4
7
)
6
0
6
R
e
a
l
o
g
y
C
o
r
p
.
,
1
0
.
5
0
0
%
,
0
4
/
1
5
/
1
4
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
0
.
4
2
0
1
2
,
9
0
0
1
6
3
4
2
6
R
e
a
l
o
g
y
C
o
r
p
.
,
1
0
.
5
0
0
%
,
0
4
/
1
5
/
1
4
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
9
/
2
0
/
1
4
0
.
4
2
0
5
,
1
0
0
1
2
4
2
5
6
M
o
r
g
a
n
S
t
a
n
l
e
y
C
a
p
i
t
a
l
S
e
r
v
i
c
e
s
:
C
l
e
a
r
C
h
a
n
n
e
l
C
o
m
m
u
n
i
c
a
t
i
o
n
s
,
I
n
c
.
,
6
.
8
7
5
%
,
0
6
/
1
5
/
1
8
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
3
.
9
6
3
1
0
,
0
2
0
1
0
6
4
2
3
C
l
e
a
r
C
h
a
n
n
e
l
C
o
m
m
u
n
i
c
a
t
i
o
n
s
,
I
n
c
.
,
6
.
8
7
5
%
,
0
6
/
1
5
/
1
8
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
9
/
2
0
/
1
4
3
.
9
6
3
3
,
2
7
5
4
3
1
2
5
C
l
e
a
r
C
h
a
n
n
e
l
C
o
m
m
u
n
i
c
a
t
i
o
n
s
,
I
n
c
.
,
6
.
8
7
5
%
,
0
6
/
1
5
/
1
8
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
9
/
2
0
/
1
4
3
.
9
6
3
1
0
,
9
0
0
1
4
4
4
1
6
S
W
A
P
C
O
U
N
T
E
R
P
A
R
T
Y
/
R
E
F
E
R
E
N
C
E
O
B
L
I
G
A
T
I
O
N
F
U
N
D
R
E
C
E
I
V
E
S
F
I
X
E
D
R
A
T
E
(
r
)
T
E
R
M
I
N
A
T
I
O
N
D
A
T
E
I
M
P
L
I
E
D
C
R
E
D
I
T
S
P
R
E
A
D
A
S
O
F
0
5
/
3
1
/
1
4
[
3
]
N
O
T
I
O
N
A
L
A
M
O
U
N
T
[
4
]
V
A
L
U
E
U
P
F
R
O
N
T
P
R
E
M
I
U
M
S
(
P
A
I
D
)
/
R
E
C
E
I
V
E
D
[
5
]
M
c
C
l
a
t
c
h
y
C
o
.
(
T
h
e
)
,
5
.
7
5
0
%
,
0
9
/
0
1
/
1
7
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
0
.
5
6
7
3
,
2
0
0
4
0
1
1
9
M
c
C
l
a
t
c
h
y
C
o
.
(
T
h
e
)
,
5
.
7
5
0
%
,
0
9
/
0
1
/
1
7
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
0
.
5
6
7
4
,
1
0
0
5
2
1
9
0
M
c
C
l
a
t
c
h
y
C
o
.
(
T
h
e
)
,
5
.
7
5
0
%
,
0
9
/
0
1
/
1
7
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
0
.
5
6
7
6
,
5
7
5
8
3
2
2
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
6
0
.
8
4
7
2
,
9
6
0
(
6
4
)
2
8
4
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
6
0
.
8
4
7
3
,
4
3
0
(
7
4
)
2
1
8
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
6
0
.
8
4
7
5
,
9
2
0
(
1
2
8
)
3
4
3
U
n
i
o
n
B
a
n
k
o
f
S
w
i
t
z
e
r
l
a
n
d
A
G
:
C
l
e
a
r
C
h
a
n
n
e
l
C
o
m
m
u
n
i
c
a
t
i
o
n
s
,
I
n
c
.
,
6
.
8
7
5
%
,
0
6
/
1
5
/
1
8
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
9
/
2
0
/
1
4
3
.
9
6
3
4
,
5
9
0
6
1
1
8
1
M
c
C
l
a
t
c
h
y
C
o
.
(
T
h
e
)
,
5
.
7
5
0
%
,
0
9
/
0
1
/
1
7
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
0
.
5
6
7
9
,
6
5
0
1
2
1
7
2
M
c
C
l
a
t
c
h
y
C
o
.
(
T
h
e
)
,
5
.
7
5
0
%
,
0
9
/
0
1
/
1
7
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
0
.
5
6
7
9
,
8
5
0
1
2
4
2
5
6
M
c
C
l
a
t
c
h
y
C
o
.
(
T
h
e
)
,
5
.
7
5
0
%
,
0
9
/
0
1
/
1
7
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
0
.
5
6
7
1
8
,
3
5
0
2
3
1
9
7
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
6
0
.
8
4
7
2
,
9
6
0
(
6
4
)
1
6
0
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
6
0
.
8
4
7
3
,
4
7
0
(
7
5
)
2
0
4
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
6
0
.
8
4
7
3
,
4
7
0
(
7
5
)
2
2
9
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
4
6
0
.
8
4
7
6
,
9
4
0
(
1
5
0
)
3
2
5
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
9
/
2
0
/
1
4
5
7
.
9
0
0
1
,
9
4
0
(
2
5
9
)
2
5
2
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
9
/
2
0
/
1
4
5
7
.
9
0
0
1
,
9
4
0
(
2
5
9
)
2
4
7
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
9
/
2
0
/
1
4
5
7
.
9
0
0
1
,
9
4
0
(
2
5
9
)
2
5
0
R
a
d
i
o
S
h
a
c
k
C
o
r
p
.
,
6
.
7
5
0
%
,
0
5
/
1
5
/
1
9
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
9
/
2
0
/
1
4
5
7
.
9
0
0
2
,
9
1
0
(
3
8
8
)
3
7
3
S
U
P
E
R
V
A
L
U
,
I
n
c
.
,
8
.
0
0
0
%
,
0
5
/
0
1
/
1
6
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
3
/
2
0
/
1
6
0
.
9
3
7
3
,
4
5
0
2
8
7
2
6
8
(
4
,
2
7
3
)
1
7
,
6
0
7
C
r
e
d
i
t
I
n
d
i
c
e
s
:
S
W
A
P
C
O
U
N
T
E
R
P
A
R
T
Y
/
R
E
F
E
R
E
N
C
E
O
B
L
I
G
A
T
I
O
N
F
U
N
D
R
E
C
E
I
V
E
S
F
I
X
E
D
R
A
T
E
(
r
)
T
E
R
M
I
N
A
T
I
O
N
D
A
T
E
I
M
P
L
I
E
D
C
R
E
D
I
T
S
P
R
E
A
D
A
S
O
F
0
5
/
3
1
/
1
4
[
3
]
N
O
T
I
O
N
A
L
A
M
O
U
N
T
[
4
]
V
A
L
U
E
U
P
F
R
O
N
T
P
R
E
M
I
U
M
S
(
P
A
I
D
)
/
R
E
C
E
I
V
E
D
[
5
]
B
a
r
c
l
a
y
s
B
a
n
k
p
l
c
:
C
M
B
X
.
N
A
.
A
.
3
0
.
6
2
0
%
m
o
n
t
h
l
y
1
2
/
1
3
/
4
9
4
9
.
0
7
1
1
4
,
1
0
0
(
9
,
3
9
3
)
9
,
8
2
9
C
i
t
i
b
a
n
k
,
N
.
A
.
:
A
B
X
.
H
E
.
P
E
N
A
A
A
.
0
7
-
2
0
.
7
6
0
%
m
o
n
t
h
l
y
0
1
/
2
5
/
3
8
2
.
8
8
9
2
,
6
2
0
(
6
1
1
)
3
,
5
3
0
A
B
X
.
H
E
.
P
E
N
A
A
A
.
0
7
-
2
0
.
7
6
0
%
m
o
n
t
h
l
y
0
1
/
2
5
/
3
8
2
.
8
8
9
9
,
2
8
0
(
2
,
1
6
4
)
6
,
1
9
3
A
B
X
.
H
E
.
P
E
N
A
A
A
.
0
7
-
2
0
.
7
6
0
%
m
o
n
t
h
l
y
0
1
/
2
5
/
3
8
2
.
8
8
9
9
,
3
6
0
(
2
,
1
8
2
)
6
,
0
8
0
C
M
B
X
.
N
A
.
A
J
.
4
0
.
9
6
0
%
m
o
n
t
h
l
y
0
2
/
1
7
/
5
1
7
.
9
5
6
1
7
,
4
0
0
(
3
,
3
3
6
)
5
,
6
2
8
M
o
r
g
a
n
S
t
a
n
l
e
y
C
a
p
i
t
a
l
S
e
r
v
i
c
e
s
:
C
M
B
X
.
N
A
.
A
.
3
0
.
6
2
0
%
m
o
n
t
h
l
y
1
2
/
1
3
/
4
9
4
9
.
0
7
1
7
,
0
5
0
(
4
,
6
9
6
)
4
,
9
3
2
C
M
B
X
.
N
A
.
A
M
.
4
0
.
5
0
0
%
m
o
n
t
h
l
y
0
2
/
1
7
/
5
1
1
.
9
6
0
1
7
,
1
0
0
(
7
3
3
)
5
,
5
9
5
(
2
3
,
1
1
5
)
4
1
,
7
8
7
C
e
n
t
r
a
l
l
y
C
l
e
a
r
e
d
C
r
e
d
i
t
D
e
f
a
u
l
t
S
w
a
p
s
-
S
e
l
l
P
r
o
t
e
c
t
i
o
n
[
1
]
C
r
e
d
i
t
I
n
d
i
c
e
s
:
R
E
F
E
R
E
N
C
E
O
B
L
I
G
A
T
I
O
N
F
U
N
D
R
E
C
E
I
V
E
S
F
I
X
E
D
R
A
T
E
(
r
)
T
E
R
M
I
N
A
T
I
O
N
D
A
T
E
I
M
P
L
I
E
D
C
R
E
D
I
T
S
P
R
E
A
D
A
S
O
F
0
5
/
3
1
/
1
4
[
3
]
N
O
T
I
O
N
A
L
A
M
O
U
N
T
[
4
]
V
A
L
U
E
U
P
F
R
O
N
T
P
R
E
M
I
U
M
S
(
P
A
I
D
)
/
R
E
C
E
I
V
E
D
[
5
]
C
D
X
.
N
A
.
H
Y
.
2
2
-
V
1
5
.
0
0
0
%
q
u
a
r
t
e
r
l
y
0
6
/
2
0
/
1
9
3
.
1
3
1
1
5
4
,
4
7
0
1
4
,
2
8
1
(
1
1
,
4
3
9
)
[
1
]
T
h
e
F
u
n
d
,
a
s
a
b
u
y
e
r
o
f
c
r
e
d
i
t
p
r
o
t
e
c
t
i
o
n
,
i
s
g
e
n
e
r
a
l
l
y
o
b
l
i
g
a
t
e
d
t
o
m
a
k
e
p
e
r
i
o
d
i
c
p
a
y
m
e
n
t
s
a
n
d
m
a
y
a
l
s
o
p
a
y
o
r
r
e
c
e
i
v
e
a
n
u
p
f
r
o
n
t
p
r
e
m
i
u
m
t
o
o
r
f
r
o
m
t
h
e
p
r
o
t
e
c
t
i
o
n
s
e
l
l
e
r
,
i
n
e
x
c
h
a
n
g
e
f
o
r
t
h
e
r
i
g
h
t
t
o
r
e
c
e
i
v
e
a
c
o
n
t
i
n
g
e
n
t
p
a
y
m
e
n
t
,
u
p
o
n
o
c
c
u
r
r
e
n
c
e
o
f
a
c
r
e
d
i
t
e
v
e
n
t
w
i
t
h
r
e
s
p
e
c
t
t
o
a
n
u
n
d
e
r
l
y
i
n
g
r
e
f
e
r
e
n
c
e
o
b
l
i
g
a
t
i
o
n
,
a
s
d
e
f
i
n
e
d
u
n
d
e
r
t
h
e
t
e
r
m
s
o
f
i
n
d
i
v
i
d
u
a
l
s
w
a
p
c
o
n
t
r
a
c
t
s
.
[
2
]
T
h
e
F
u
n
d
,
a
s
a
s
e
l
l
e
r
o
f
c
r
e
d
i
t
p
r
o
t
e
c
t
i
o
n
,
r
e
c
e
i
v
e
s
p
e
r
i
o
d
i
c
p
a
y
m
e
n
t
s
a
n
d
m
a
y
a
l
s
o
r
e
c
e
i
v
e
o
r
p
a
y
a
n
u
p
f
r
o
n
t
p
r
e
m
i
u
m
f
r
o
m
o
r
t
o
t
h
e
p
r
o
t
e
c
t
i
o
n
b
u
y
e
r
,
a
n
d
i
s
o
b
l
i
g
a
t
e
d
t
o
m
a
k
e
a
c
o
n
t
i
n
g
e
n
t
p
a
y
m
e
n
t
,
u
p
o
n
o
c
c
u
r
r
e
n
c
e
o
f
a
c
r
e
d
i
t
e
v
e
n
t
w
i
t
h
r
e
s
p
e
c
t
t
o
a
n
u
n
d
e
r
l
y
i
n
g
r
e
f
e
r
e
n
c
e
o
b
l
i
g
a
t
i
o
n
,
a
s
d
e
f
i
n
e
d
u
n
d
e
r
t
h
e
t
e
r
m
s
o
f
i
n
d
i
v
i
d
u
a
l
s
w
a
p
c
o
n
t
r
a
c
t
s
.
[
3
]
I
m
p
l
i
e
d
c
r
e
d
i
t
s
p
r
e
a
d
s
a
r
e
a
n
i
n
d
i
c
a
t
i
o
n
o
f
t
h
e
s
e
l
l
e
r
s
p
e
r
f
o
r
m
a
n
c
e
r
i
s
k
,
r
e
l
a
t
e
d
t
o
t
h
e
l
i
k
e
l
i
h
o
o
d
o
f
a
c
r
e
d
i
t
e
v
e
n
t
o
c
c
u
r
r
i
n
g
t
h
a
t
w
o
u
l
d
r
e
q
u
i
r
e
a
s
e
l
l
e
r
t
o
m
a
k
e
p
a
y
m
e
n
t
t
o
a
b
u
y
e
r
.
I
m
p
l
i
e
d
c
r
e
d
i
t
s
p
r
e
a
d
s
a
r
e
u
s
e
d
t
o
d
e
t
e
r
m
i
n
e
t
h
e
v
a
l
u
e
o
f
s
w
a
p
c
o
n
t
r
a
c
t
s
a
n
d
r
e
f
l
e
c
t
t
h
e
c
o
s
t
o
f
b
u
y
i
n
g
/
s
e
l
l
i
n
g
p
r
o
t
e
c
t
i
o
n
,
w
h
i
c
h
m
a
y
i
n
c
l
u
d
e
u
p
f
r
o
n
t
p
a
y
m
e
n
t
s
m
a
d
e
t
o
e
n
t
e
r
i
n
t
o
t
h
e
c
o
n
t
r
a
c
t
.
T
h
e
r
e
f
o
r
e
,
h
i
g
h
e
r
s
p
r
e
a
d
s
w
o
u
l
d
i
n
d
i
c
a
t
e
a
g
r
e
a
t
e
r
l
i
k
e
l
i
h
o
o
d
t
h
a
t
a
s
e
l
l
e
r
w
i
l
l
b
e
o
b
l
i
g
a
t
e
d
t
o
p
e
r
f
o
r
m
(
i
.
e
.
,
m
a
k
e
p
a
y
m
e
n
t
)
u
n
d
e
r
t
h
e
s
w
a
p
c
o
n
t
r
a
c
t
.
I
n
c
r
e
a
s
i
n
g
v
a
l
u
e
s
,
i
n
a
b
s
o
l
u
t
e
t
e
r
m
s
a
n
d
r
e
l
a
t
i
v
e
t
o
n
o
t
i
o
n
a
l
a
m
o
u
n
t
s
,
a
r
e
a
l
s
o
i
n
d
i
c
a
t
i
v
e
o
f
g
r
e
a
t
e
r
p
e
r
f
o
r
m
a
n
c
e
r
i
s
k
.
I
m
p
l
i
e
d
c
r
e
d
i
t
s
p
r
e
a
d
s
f
o
r
c
r
e
d
i
t
d
e
f
a
u
l
t
s
w
a
p
s
o
n
c
r
e
d
i
t
i
n
d
e
x
e
s
a
r
e
l
i
n
k
e
d
t
o
t
h
e
w
e
i
g
h
t
e
d
a
v
e
r
a
g
e
s
p
r
e
a
d
a
c
r
o
s
s
t
h
e
u
n
d
e
r
l
y
i
n
g
r
e
f
e
r
e
n
c
e
o
b
l
i
g
a
t
i
o
n
s
i
n
c
l
u
d
e
d
i
n
a
p
a
r
t
i
c
u
l
a
r
i
n
d
e
x
.
[
4
]
T
h
e
n
o
t
i
o
n
a
l
a
m
o
u
n
t
i
s
t
h
e
m
a
x
i
m
u
m
a
m
o
u
n
t
t
h
a
t
a
s
e
l
l
e
r
o
f
c
r
e
d
i
t
p
r
o
t
e
c
t
i
o
n
w
o
u
l
d
b
e
o
b
l
i
g
a
t
e
d
t
o
p
a
y
a
n
d
a
b
u
y
e
r
o
f
c
r
e
d
i
t
p
r
o
t
e
c
t
i
o
n
w
o
u
l
d
r
e
c
e
i
v
e
,
u
p
o
n
o
c
c
u
r
r
e
n
c
e
o
f
a
c
r
e
d
i
t
e
v
e
n
t
.
[
5
]
U
p
f
r
o
n
t
p
r
e
m
i
u
m
s
g
e
n
e
r
a
l
l
y
r
e
l
a
t
e
t
o
p
a
y
m
e
n
t
s
m
a
d
e
o
r
r
e
c
e
i
v
e
d
a
t
t
h
e
i
n
i
t
i
a
t
i
o
n
o
f
t
h
e
a
g
r
e
e
m
e
n
t
t
o
c
o
m
p
e
n
s
a
t
e
t
h
e
d
i
f
f
e
r
e
n
c
e
s
b
e
t
w
e
e
n
t
h
e
s
t
a
t
e
d
t
e
r
m
s
o
f
t
h
e
s
w
a
p
a
g
r
e
e
m
e
n
t
a
n
d
c
u
r
r
e
n
t
m
a
r
k
e
t
c
o
n
d
i
t
i
o
n
s
(
c
r
e
d
i
t
s
p
r
e
a
d
s
,
i
n
t
e
r
e
s
t
r
a
t
e
s
a
n
d
o
t
h
e
r
r
e
l
e
v
a
n
t
f
a
c
t
o
r
s
)
.
*
T
h
e
F
u
n
d
h
a
s
p
u
r
c
h
a
s
e
d
c
r
e
d
i
t
d
e
f
a
u
l
t
s
w
a
p
s
w
i
t
h
i
d
e
n
t
i
c
a
l
u
n
d
e
r
l
y
i
n
g
r
e
f
e
r
e
n
c
e
o
b
l
i
g
a
t
i
o
n
s
;
n
e
t
a
m
o
u
n
t
s
r
e
c
e
i
v
e
d
b
y
t
h
e
F
u
n
d
f
r
o
m
s
e
t
t
l
e
m
e
n
t
o
f
p
u
r
c
h
a
s
e
d
p
r
o
t
e
c
t
i
o
n
m
a
y
o
f
f
s
e
t
p
o
t
e
n
t
i
a
l
a
m
o
u
n
t
s
p
a
i
d
a
t
a
c
r
e
d
i
t
e
v
e
n
t
f
o
r
p
r
o
t
e
c
t
i
o
n
s
o
l
d
.
I
n
t
e
r
e
s
t
R
a
t
e
S
w
a
p
s
R
A
T
E
T
Y
P
E
(
r
)
S
W
A
P
C
O
U
N
T
E
R
P
A
R
T
Y
P
A
Y
M
E
N
T
S
M
A
D
E
B
Y
T
H
E
F
U
N
D
P
A
Y
M
E
N
T
S
R
E
C
E
I
V
E
D
B
Y
T
H
E
F
U
N
D
T
E
R
M
I
N
A
T
I
O
N
D
A
T
E
N
O
T
I
O
N
A
L
A
M
O
U
N
T
V
A
L
U
E
B
a
n
k
o
f
A
m
e
r
i
c
a
1
.
3
9
3
s
e
m
i
-
a
n
n
u
a
l
l
y
3
m
o
n
t
h
L
I
B
O
R
q
u
a
r
t
e
r
l
y
1
0
/
2
7
/
1
6
1
4
,
9
0
7
(
2
7
7
)
B
a
n
k
o
f
A
m
e
r
i
c
a
0
.
8
8
8
s
e
m
i
-
a
n
n
u
a
l
l
y
3
m
o
n
t
h
L
I
B
O
R
q
u
a
r
t
e
r
l
y
1
2
/
2
1
/
1
7
1
8
,
9
0
0
8
5
B
a
n
k
o
f
A
m
e
r
i
c
a
0
.
8
6
6
s
e
m
i
-
a
n
n
u
a
l
l
y
3
m
o
n
t
h
L
I
B
O
R
q
u
a
r
t
e
r
l
y
1
2
/
2
7
/
1
7
1
5
,
2
0
0
8
6
D
e
u
t
s
c
h
e
B
a
n
k
A
G
,
N
e
w
Y
o
r
k
0
.
7
9
7
s
e
m
i
-
a
n
n
u
a
l
l
y
3
m
o
n
t
h
L
I
B
O
R
q
u
a
r
t
e
r
l
y
1
0
/
1
6
/
1
7
2
5
,
0
0
0
1
8
9
D
e
u
t
s
c
h
e
B
a
n
k
A
G
,
N
e
w
Y
o
r
k
1
.
7
1
7
s
e
m
i
-
a
n
n
u
a
l
l
y
3
m
o
n
t
h
L
I
B
O
R
q
u
a
r
t
e
r
l
y
1
0
/
1
6
/
2
2
1
3
,
5
0
0
6
3
5
7
1
8
C
e
n
t
r
a
l
l
y
C
l
e
a
r
e
d
I
n
t
e
r
e
s
t
R
a
t
e
S
w
a
p
s
R
A
T
E
T
Y
P
E
(
r
)
P
A
Y
M
E
N
T
S
M
A
D
E
B
Y
T
H
E
F
U
N
D
P
A
Y
M
E
N
T
S
R
E
C
E
I
V
E
D
B
Y
T
H
E
F
U
N
D
T
E
R
M
I
N
A
T
I
O
N
D
A
T
E
N
O
T
I
O
N
A
L
A
M
O
U
N
T
V
A
L
U
E
1
.
4
5
6
s
e
m
i
-
a
n
n
u
a
l
l
y
3
m
o
n
t
h
L
I
B
O
R
q
u
a
r
t
e
r
l
y
0
6
/
2
1
/
1
8
3
4
,
4
0
0
(
4
2
8
)
1
.
5
5
8
s
e
m
i
-
a
n
n
u
a
l
l
y
3
m
o
n
t
h
L
I
B
O
R
q
u
a
r
t
e
r
l
y
0
7
/
0
5
/
1
8
3
4
,
0
0
0
(
5
4
4
)
1
.
5
4
1
s
e
m
i
-
a
n
n
u
a
l
l
y
3
m
o
n
t
h
L
I
B
O
R
q
u
a
r
t
e
r
l
y
1
2
/
0
6
/
1
8
3
3
,
8
9
1
(
3
7
0
)
1
.
8
1
1
s
e
m
i
-
a
n
n
u
a
l
l
y
3
m
o
n
t
h
L
I
B
O
R
q
u
a
r
t
e
r
l
y
0
4
/
3
0
/
1
9
4
2
2
,
8
3
5
(
5
,
3
2
3
)
1
.
6
1
6
s
e
m
i
-
a
n
n
u
a
l
l
y
3
m
o
n
t
h
L
I
B
O
R
q
u
a
r
t
e
r
l
y
0
5
/
2
3
/
1
9
2
7
9
,
8
0
2
(
3
6
1
)
3
.
9
7
9
s
e
m
i
-
a
n
n
u
a
l
l
y
3
m
o
n
t
h
L
I
B
O
R
q
u
a
r
t
e
r
l
y
0
4
/
1
7
/
2
4
3
0
,
0
0
0
(
4
3
2
)
0
.
5
1
3
s
e
m
i
-
a
n
n
u
a
l
l
y
3
m
o
n
t
h
L
I
B
O
R
q
u
a
r
t
e
r
l
y
0
6
/
0
3
/
1
9
3
,
4
4
4
,
8
2
0
3
m
o
n
t
h
L
I
B
O
R
q
u
a
r
t
e
r
l
y
3
.
4
5
5
s
e
m
i
-
a
n
n
u
a
l
l
y
0
4
/
3
0
/
4
4
1
0
4
,
3
3
9
2
,
9
6
3
3
m
o
n
t
h
L
I
B
O
R
q
u
a
r
t
e
r
l
y
3
.
3
7
4
s
e
m
i
-
a
n
n
u
a
l
l
y
0
5
/
2
3
/
4
4
6
8
,
2
0
1
1
,
1
5
0
3
m
o
n
t
h
L
I
B
O
R
q
u
a
r
t
e
r
l
y
3
.
9
7
8
s
e
m
i
-
a
n
n
u
a
l
l
y
0
3
/
0
1
/
4
6
2
4
,
0
4
5
1
,
8
7
6
(
1
,
4
6
9
)
R
e
t
u
r
n
S
w
a
p
s
O
P
T
I
O
N
S
W
R
I
T
T
E
N
P
u
t
O
p
t
i
o
n
s
W
r
i
t
t
e
n
S
W
A
P
C
O
U
N
T
E
R
P
A
R
T
Y
/
R
E
F
E
R
E
N
C
E
O
B
L
I
G
A
T
I
O
N
P
A
Y
M
E
N
T
S
M
A
D
E
B
Y
T
H
E
F
U
N
D
(
r
)
P
A
Y
M
E
N
T
S
R
E
C
I
E
V
E
D
B
Y
T
H
E
F
U
N
D
(
r
)
T
E
R
M
I
N
A
T
I
O
N
D
A
T
E
N
O
T
I
O
N
A
L
A
M
O
U
N
T
V
A
L
U
E
C
i
t
i
b
a
n
k
,
N
.
A
.
:
I
O
S
I
n
d
e
x
4
.
5
%
3
0
y
e
a
r
F
a
n
n
i
e
M
a
e
P
o
o
l
s
4
.
5
0
0
%
a
n
d
i
n
c
r
e
a
s
e
s
i
n
t
o
t
a
l
r
e
t
u
r
n
o
f
i
n
d
e
x
1
m
o
n
t
h
U
S
D
L
I
B
O
R
a
n
d
d
e
c
r
e
a
s
e
s
i
n
t
o
t
a
l
r
e
t
u
r
n
o
f
i
n
d
e
x
0
1
/
1
2
/
4
1
7
5
,
5
7
7
2
7
9
C
r
e
d
i
t
S
u
i
s
s
e
I
n
t
e
r
n
a
t
i
o
n
a
l
:
I
O
S
I
n
d
e
x
4
.
5
%
3
0
y
e
a
r
F
a
n
n
i
e
M
a
e
P
o
o
l
s
4
.
5
0
0
%
a
n
d
i
n
c
r
e
a
s
e
s
i
n
t
o
t
a
l
r
e
t
u
r
n
o
f
i
n
d
e
x
1
m
o
n
t
h
U
S
D
L
I
B
O
R
a
n
d
d
e
c
r
e
a
s
e
s
i
n
t
o
t
a
l
r
e
t
u
r
n
o
f
i
n
d
e
x
0
1
/
1
2
/
4
1
3
6
,
2
6
0
1
3
4
I
O
S
I
n
d
e
x
5
%
3
0
y
e
a
r
F
a
n
n
i
e
M
a
e
P
o
o
l
s
5
.
0
0
0
%
a
n
d
i
n
c
r
e
a
s
e
s
i
n
t
o
t
a
l
r
e
t
u
r
n
o
f
i
n
d
e
x
1
m
o
n
t
h
U
S
D
L
I
B
O
R
a
n
d
d
e
c
r
e
a
s
e
s
i
n
t
o
t
a
l
r
e
t
u
r
n
o
f
i
n
d
e
x
0
1
/
1
2
/
4
1
6
8
,
8
1
5
3
2
5
I
O
S
I
n
d
e
x
5
%
3
0
y
e
a
r
F
a
n
n
i
e
M
a
e
P
o
o
l
s
5
.
0
0
0
%
a
n
d
i
n
c
r
e
a
s
e
s
i
n
t
o
t
a
l
r
e
t
u
r
n
o
f
i
n
d
e
x
1
m
o
n
t
h
U
S
D
L
I
B
O
R
a
n
d
d
e
c
r
e
a
s
e
s
i
n
t
o
t
a
l
r
e
t
u
r
n
o
f
i
n
d
e
x
0
1
/
1
2
/
4
1
8
8
,
5
1
5
4
1
8
1
,
1
5
6
D
E
S
C
R
I
P
T
I
O
N
E
X
E
R
C
I
S
E
P
R
I
C
E
E
X
P
I
R
A
T
I
O
N
D
A
T
E
N
U
M
B
E
R
O
F
C
O
N
T
R
A
C
T
S
V
A
L
U
E
1
Y
e
a
r
M
i
d
C
u
r
v
e
E
u
r
o
D
o
l
l
a
r
,
A
m
e
r
i
c
a
n
S
t
y
l
e
$
9
9
.
0
0
0
9
/
1
2
/
1
4
5
,
4
4
6
$
(
2
7
2
)
(
P
r
e
m
i
u
m
s
r
e
c
e
i
v
e
d
o
f
$
1
,
7
8
6
.
)
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MAY 31, 2014 (continued)
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:
ABX Asset-Backed Securities Index
ADR American Depositary Receipt
CAD Canadian Dollar
CDX Credit Default Swap Index
CLO Collateralized Loan Obligation
CLP Chilean Peso
CMBX Commercial Mortgage-Backed Securities Index
CMO Collateralized Mortgage Obligation
EUR Euro
GBP British Pound
GO General Obligation
IF
Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a
specified index. The interest rate shown is the rate in effect as of May 31, 2014. The rate may be subject to a cap and
floor.
IO
Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans.
The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject
to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage
instruments. As a result, interest income may be reduced considerably.
JPY Japanese Yen
LIBOR London Interbank Offered Rate
NOK Norwegian Krone
PIK Payment-in-Kind
PO
Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The
market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments
on the underlying mortgages of these securities increase, the yield on these securities increases.
Reg. S
Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration
securities offered and sold outside of the United States. Such a security cannot be sold in the United States without
either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from
registration.
REMIC Real Estate Mortgage Investment Conduit
Rev. Revenue
SEK Swedish Krona
SGD Singapore Dollar
STRIPS
Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade
individual interest and principal components of eligible notes and bonds as separate securities.
SUB Step-Up Bond. The interest rate shown is the rate in effect as of May 31, 2014.
TBA To Be Announced
TRY Turkish Lira
VAR Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2014.
ZAR South African Rand
Approximately $ 24,100,000 of this investment is restricted as collateral for swaps to various brokers.
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MAY 31, 2014
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands)
As of May 31, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for
federal income tax purposes was as follows:
(a) Non-income producing security.
(b) Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by
J.P. Morgan Investment Management Inc.
(d) Defaulted Security.
(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated,
this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in
transactions exempt from registration, normally to qualified institutional buyers.
(g) Amount rounds to less than 0.1%.
(h) Amount rounds to less than one thousand (shares or dollars).
(i) Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(k) All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures
contracts.
(l) The rate shown is the current yield as of May 31, 2014.
(m) All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps,
options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments
and/or forward foreign currency exchange contracts.
(n) The rate shown is the effective yield at the date of purchase.
(r) Rates shown are per annum and payments are as described.
(t) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(x) Securities are perpetual and thus, do not have a predetermined maturity date. The coupon rates for these securities are fixed for a
period of time and may be structured to adjust thereafter. The dates shown, if applicable, reflect the next call date. The coupon
rates shown are the rates in effect as of May 31, 2014.
@ The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this
security is based on par value and is currently in effect as of May 31, 2014.
^ All or a portion of the security is unsettled as of May 31, 2014. Unless otherwise indicated, the coupon rate is undetermined. The
coupon rate shown may not be accrued for the entire position.
Aggregate gross unrealized appreciation $ 425,023
Aggregate gross unrealized depreciation (127,043)
Net unrealized appreciation/depreciation $ 297,980
Federal income tax cost of investments $26,135,988
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MAY 31, 2014 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands)
A. Valuation of Investments Fixed income securities (other than certain short-term investments maturing in less than 61 days) are
valued each day based on prices received from independent or affiliated pricing services approved by the Board of Trustees or third
party broker-dealers. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances
where sufficient market activity exists, the pricing services or broker-dealers may utilize a market-based approach through which
quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited,
the pricing services or broker-dealers also utilize proprietary valuation models which may consider market transactions in comparable
securities and the various relationships between securities in determining fair value and/or market characteristics such as benchmark
yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments,
underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to
calculate the fair values. Equity securities listed on a North American, Central American, South American or Caribbean securities
exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported
before the time when the net assets of the Fund are valued. Securities listed on the NASDAQ Stock Market LLC are generally valued
at the NASDAQ Official Closing Price. Generally, short-term investments of sufficient credit quality maturing in less than 61 days
are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at each
investment companys net asset value per share as of the report date.
Certain investments of the Fund may, depending upon market conditions, trade in relatively thin markets and/or in markets that
experience significant volatility. As a result of these conditions, the prices used by the Fund to value these securities may differ from
the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally
valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or
affiliated pricing services approved by the Board of Trustees. If valuations are not available from such pricing services or values
received are deemed not representative of fair value, values will be obtained from a third party broker-dealer or counterparty.
Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not
represent the fair value of the security or asset at the time of pricing (including certain illiquid securities) are fair valued in accordance
with procedures established by and under the supervision and responsibility of the Board of Trustees. The Board of Trustees has
established an Audit and Valuation Committee to assist with the oversight of the valuation of the Funds securities. JPMorgan Funds
Management, Inc. (the Administrator or JPMFM), has established a Valuation Committee (VC) that is comprised of senior
representatives from JPMFM, J.P. Morgan Investment Management Inc. (the Adviser or JPMIM) and J.P. Morgan Asset
Managements Legal, Compliance and Risk Management groups and the Funds Chief Compliance Officer. The VCs responsibilities
include making determinations regarding Level 3 fair value measurements (Fair Values) and/or providing recommendations for
approval to the Board of Trustees Audit and Valuation Committee, in accordance with the Funds valuation policies.
The VC or Board of Trustees, as applicable, primarily employs a market-based approach which may use related or comparable assets
or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the
fair value of the investment. The VC or Board of Trustees may also use an income-based valuation approach in which the anticipated
future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration
of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are
comparable in coupon, rating, maturity and industry.
It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the
investments existed, and such differences could be material. JPMFM and JPMIM are responsible for monitoring developments that
may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly basis with the VC and
Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and
consideration of macro or security specific events, back testing, and broker and vendor due diligence.
See the table on Quantitative Information about Level 3 Fair Value Measurements for information on the valuation techniques and
inputs used to value Level 3 securities held by the Fund at May 31, 2014.
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MAY 31, 2014
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands)
The various inputs that are used in determining the fair value of the Funds investments are summarized into the three broad levels listed
below.
A financial instruments level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate,
that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of
the risk associated with investing in those securities.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments (SOIs) (amounts in thousands):
Level 1 quoted prices in active markets for identical securities
Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit
risk, etc.)
Level 3 significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
Level 1
Quoted prices
Level 2
Other significant observable
inputs
Level 3
Significant unobservable
inputs Total
Investments in Securities
Common Stocks
Consumer Discretionary $ 434 $ $ 1,069 $ 1,503
Financials 243 1,886 2,129
Industrials 236 236
Information Technology (a) (a)
Materials 7,466 15,841 23,307
Telecommunication Services 414 414
Utilities 8,425 8,425
Total Common Stocks 16,982 19,032 36,014
Preferred Stocks
Financials 9,179 32,487 41,666
Industrials 5,239 5,239
Information Technology (a) (a)
Materials (a) (a)
Total Preferred Stocks 9,179 37,726 (a) 46,905
Debt Securities
Asset-Backed Securities 389,955 389,955
Collateralized Mortgage
Obligations
Agency CMO 602,590 29,640 632,230
Non-Agency CMO 498,710 77,546 576,256
Total Collateralized Mortgage
Obligations 1,101,300 107,186 1,208,486
Commercial Mortgage-Backed
Securities 14,525 8,164 22,689
Convertible Bonds
Consumer Discretionary (a) (a)
Financials 4,306 4,306
Total Convertible Bonds 4,306 4,306
Corporate Bonds
Consumer Discretionary 1,193,585 1,537 1,195,122
Consumer Staples 308,524 308,524
Energy 428,284 428,284
Financials 518,449 453 518,902
Health Care 460,825 460,825
Industrials 591,410 43,573 634,983
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MAY 31, 2014 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands)
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant unobservable
inputs Total
Information Technology 472,443 472,443
Materials 558,805 12,615 571,420
Telecommunication Services 795,656 795,656
Utilities 82,873 2 82,875
Total Corporate Bonds 5,410,854 58,180 5,469,034
Event-Linked Bonds 155,435 4,047 159,482
Municipal Bonds 38,570 38,570
Preferred Securities Financials 58,544 58,544
Private Placements - Commercial Loans 231,563 231,563
Private Placements - Residential Loans 145,000 145,000
Investment Companies 12,471 12,471
Loan Assignments
Consumer Discretionary $ $ 343,076 $ 2,596 $ 345,672
Consumer Staples 113,373 113,373
Energy 96,612 96,612
Financials 57,278 57,278
Health Care 116,229 116,229
Industrials 94,409 94,409
Information Technology 97,190 97,190
Materials 44,181 44,181
Telecommunication Services 28,980 28,980
Utilities 40,086 40,086
Total Loan Assignments 1,031,414 2,596 1,034,010
Options Purchased
Put Option Purchased 1,532 1,532
Payer Options Purchased on Interest Rate
Swaps 2,086 2,086
Total Options Purchased 1,532 2,086 3,618
Warrants
Consumer Discretionary 4,701 (a) 4,701
Industrials (a) (a)
Total Warrants 4,701 (a) 4,701
Short-Term Investments
Investment Company 17,458,025 17,458,025
U.S. Treasury Obligations 110,595 110,595
Total Investments in Securities $17,502,890 $ 7,961,049 $ 970,029 $26,433,968
Liabilities
Debt Securities
Mortgage Pass-Through Securities (799,417) (799,417)
Options Written
Put Options Written (272) (272)
Total Liabilities $ (272) $ (799,417) $ $ (799,689)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts $ $ 4,014 $ $ 4,014
Futures Contracts 30,403 30,403
Swaps 43,559 43,559
Total Appreciation in Other Financial
Instruments $ 30,403 $ 47,573 $ $ 77,976
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MAY 31, 2014
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands)
There were no transfers between levels 1 and 2 during the period ended May 31, 2014.
Strategic Income Opportunities Fund
Quantitative Information about Level 3 Fair Value Measurements # (amounts in thousands)
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant unobservable
inputs Total
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts $ $ (2,714) $ $ (2,714)
Futures Contracts (28,318) (28,318)
Swaps (71,783) (71,783)
Total Depreciation in Other Financial
Instruments $ (28,318) $ (74,497) $ $(102,815)
(a) Value is zero.
Fair Value at
5/31/14 Valuation Technique(s) Unobservable Input Range (Weighted Average)
$ 236
Terms of Plan of
Reorganization
Discount for lack of
marketability (a)
25% (N/A)
0
Market Comparable
Companies
EBITDA Multiple (b)
4.89x (N/A)
Discount for lack of
marketability (a)
10% - 30% (N/A)
Common Stock 236
0
Market Comparable
Companies
(c)
EBITDA Multiple (b)
4.89x (N/A)
Discount for lack of
marketability (a)
10% - 30% (N/A)
Preferred Stock 0
1,979
Market Comparable
Companies
EBITDA Multiple (b)
6.80x (6.80x)
Discount for lack of
marketability (a)
10% (N/A)
Corporate Bond 1,979
376,563 Discounted Cash Flow Discount Rate 4.01% - 8.25% (6.98%)
Private Placements 376,563
356,429 Discounted Cash Flow Constant Prepayment Rate 0.00% - 13.00% (1.96%)
Constant Default Rate 0.00% - 17.00% (8.79%)
Yield (Discount Rate of Cash
Flows)
(0.01%) - 8.00% (4.05%)
Asset-Backed
Securities 356,429
92,730 Discounted Cash Flow Constant Prepayment Rate 0.00% - 5.00% (4.10%)
Constant Default Rate 0.00% - 13.46% (1.53%)
PSA Prepayment Model 209.00% - 596.00% (318.93%)
Yield (Discount Rate of Cash
Flows)
(71.44%) - 27.81% (3.98%)
Collateralized
Mortgage
Obligations 92,730
8,165
Discounted Cash Flow
Yield (Discount Rate of Cash
Flows)
2.97% (N/A)
The significant unobservable inputs used in the fair value measurement of the Funds investments are listed above. Generally, a
change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any
of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each
unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease)
the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, yield, and default rate may
decrease (increase) the fair value measurement. A significant change in the discount rate or in the prepayment rate (Constant
Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.
1. Derivatives The Fund uses instruments including futures, forward foreign currency exchange contracts, options, swaps and
other derivatives, in connection with its respective investment strategies. Derivative instruments may be used as substitutes for
securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. The Fund also uses
derivatives to manage duration, sector and yield curve exposures and credit and spread volatility.
The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may
not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties failure to
perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its
position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a
form of leverage and as such, the Funds risk of loss associated with these instruments may exceed their value.
The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements
(ISDA agreements). The Funds ISDA agreements, which are separately negotiated with each dealer counterparty, may contain
provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the
Fund in the event the Funds net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The
ISDA agreements also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise
waived, against the counterparty (i.e. decline in a counterpartys credit rating below a specified level). Such rights for both the
counterparty and Fund often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty,
which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of
default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset
such net payable or receivable with collateral posted to a segregated account by one party to the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.
Notes (a) (d) below describe the various derivatives used by the Fund.
(a). Options The Fund purchases and sells (writes) put and call options on various instruments including futures, securities,
currencies and interest rate swaps (swaptions) to manage and hedge interest rate risks within its portfolio and also to gain long or
short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation,
to sell the underlying instrument at an agreed upon price (strike price) to the option seller. A purchaser of a call option has the right,
but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar
options are settled for cash.
Commercial
Mortgage-Backed
Securities 8,165
Warrants 0 Intrinsic Value Issue Price vs. Stock Price (N/A)
Total $ 836,102
# The table above does not include Level 3 securities that are valued by brokers and pricing services. At May 31, 2014, the value
of these securities was approximately $133,927,000. The inputs for these securities are not readily available or cannot be
reasonably estimated and are generally those inputs described in Note A. The appropriateness of fair values for these securities
is monitored on an ongoing basis which may include results of back testing, unchanged price review, results of broker and
vendor due diligence and consideration of macro or security specific events.
(a) Represents amounts used when the reporting entity has determined that market participants would take into account discounts,
as applicable, when pricing the investments.
(b) Represents amounts used when the reporting entity has determined that market participants would take into account such
multiples when pricing the investments.
(c) Securities senior to the preferred securities in issuing entity capital structure result in preferred stock being valued at zero.
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MAY 31, 2014 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands)
Options Purchased Premiums paid by the Fund for options purchased are included as an investment. The option is adjusted daily
to reflect the current market value of the option and the change is recorded as unrealized appreciation or depreciation. If the option is
allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for
options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying
investment transaction to determine the realized gain (loss) or cost basis of the security.
Options Written Premiums received by the Fund for options written are adjusted daily to reflect the current market value of the
option written and the change in market value is recorded as unrealized appreciation or depreciation. Premiums received from options
written that expire are treated as realized gains. The Fund records a realized gain or loss on options written based on whether the cost
of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the
Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing
transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium
received by the option seller reduces the cost basis of the purchased security.
Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a
security above the strike price. Written put options subjects the Fund to risk of loss if the value of the security declines below the
exercise price minus the put premium.
The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the
premium at the inception of the contract.
The Funds exchange traded option contracts are not subject to master netting arrangements.
(b). Futures Contracts The Fund uses index, treasury or other financial futures contracts to manage and hedge interest rate risk
associated with portfolio investments and to gain or reduce exposure to particular countries or regions. The Fund also uses futures
contracts to lengthen or shorten the duration of the overall investment portfolio.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based
on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund
is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is
referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund
periodically and are based on changes in the market value of open futures contracts.
The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying
instrument. Use of long futures contracts subjects the Fund to risk of loss up to the notional amount of the futures contracts. Use of
short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or
boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds credit risk is
limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the
amount that the price of a futures contract can vary from the previous days settlement price, which could effectively prevent
liquidation of positions.
The Funds futures contracts are not subject to master netting arrangements.
(c). Forward Foreign Currency Exchange Contracts The Fund may be exposed to foreign currency risks associated with
portfolio investments and therefore uses forward foreign currency exchange contracts to hedge or manage these exposures. The Fund
also buys forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts
represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are
entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the
delivery of foreign currency.
The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying
currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement
date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference
between the value at the time the contract was opened and the value at the time it was closed.
JPMorgan Strategic Income Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MAY 31, 2014
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands)
(d). Swaps The Fund engages in various swap transactions, including interest rate, credit default, index, price locks, spread locks
and total return swaps, to manage credit, interest rate (e.g., duration, yield curve), currency, and inflation risks within its portfolio.
The Fund also uses swaps as alternatives to direct investments. Swap transactions are negotiated contracts (over the counter OTC
swaps) between the Fund and a counterparty or centrally cleared (centrally cleared swaps) with a central clearinghouse through a
Futures Commission Merchant (FCM), to exchange investment cash flows, assets, foreign currencies or market-linked returns at
specified, future intervals.
Upfront payments made and/or received by the Funds are recognized as a realized gain or loss when the contract matures or is
terminated. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a
centrally cleared swap, the Funds are required to deposit with the FCM cash or securities, which is referred to as initial margin
deposit. Securities deposited as initial margin are designated on the SOI. The change in the value of swaps, including accruals of
periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation or depreciation. A realized gain or
loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.
The Fund may be required to post or receive collateral based on the net value of the Funds outstanding OTC swap contracts with the
counterparty in the form of cash or securities.
The Funds swap contracts are subject to master netting arrangements.
Credit Default Swaps
The Fund enters into credit default swaps to simulate long and short bond positions or to take an active long or short position with
respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.
The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A
credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that
represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and
standard maturity dates. The composition of the obligations within a particular index changes periodically.
Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in
exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the
event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the
duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to
pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.
If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash
settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the
swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Funds portfolio up to
the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential
liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments
received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference
obligation.
Return Swaps
The Fund uses total return swaps to gain long or short exposure to an underlying index. To the extent the total return of the index
underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or
make a payment to the counterparty. These arrangements involve the periodic exchange of cash flows based on the total return of the
underlying index and interest rate obligations.
Interest Rate Swaps
The Fund enters into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on
a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest
payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate
while the other is typically a fixed interest rate.
T
h
e
f
o
l
l
o
w
i
n
g
i
s
a
s
u
m
m
a
r
y
o
f
i
n
v
e
s
t
m
e
n
t
s
f
o
r
w
h
i
c
h
s
i
g
n
i
f
i
c
a
n
t
u
n
o
b
s
e
r
v
a
b
l
e
i
n
p
u
t
s
(
L
e
v
e
l
3
)
w
e
r
e
u
s
e
d
i
n
d
e
t
e
r
m
i
n
i
n
g
f
a
i
r
v
a
l
u
e
(
a
m
o
u
n
t
s
i
n
t
h
o
u
s
a
n
d
s
)
:
T
r
a
n
s
f
e
r
s
i
n
t
o
,
a
n
d
o
u
t
o
f
,
L
e
v
e
l
3
a
r
e
v
a
l
u
e
d
u
t
i
l
i
z
i
n
g
v
a
l
u
e
s
a
s
o
f
t
h
e
b
e
g
i
n
n
i
n
g
o
f
t
h
e
p
e
r
i
o
d
.
T
r
a
n
s
f
e
r
s
f
r
o
m
L
e
v
e
l
2
t
o
L
e
v
e
l
3
o
r
f
r
o
m
L
e
v
e
l
3
t
o
L
e
v
e
l
2
a
r
e
d
u
e
t
o
a
d
e
c
l
i
n
e
o
r
a
n
i
n
c
r
e
a
s
e
i
n
m
a
r
k
e
t
a
c
t
i
v
i
t
y
(
e
.
g
.
f
r
e
q
u
e
n
c
y
o
f
t
r
a
d
e
s
)
,
r
e
s
p
e
c
t
i
v
e
l
y
,
w
h
i
c
h
r
e
s
u
l
t
e
d
i
n
a
l
a
c
k
o
f
o
r
i
n
c
r
e
a
s
e
i
n
a
v
a
i
l
a
b
l
e
m
a
r
k
e
t
i
n
p
u
t
s
t
o
d
e
t
e
r
m
i
n
e
p
r
i
c
e
.
T
h
e
c
h
a
n
g
e
s
i
n
n
e
t
u
n
r
e
a
l
i
z
e
d
a
p
p
r
e
c
i
a
t
i
o
n
(
d
e
p
r
e
c
i
a
t
i
o
n
)
a
t
t
r
i
b
u
t
a
b
l
e
t
o
s
e
c
u
r
i
t
i
e
s
o
w
n
e
d
a
t
M
a
y
3
1
,
2
0
1
4
,
w
h
i
c
h
w
e
r
e
v
a
l
u
e
d
u
s
i
n
g
s
i
g
n
i
f
i
c
a
n
t
u
n
o
b
s
e
r
v
a
b
l
e
i
n
p
u
t
s
(
L
e
v
e
l
3
)
,
a
m
o
u
n
t
e
d
t
o
a
p
p
r
o
x
i
m
a
t
e
l
y
$
(
1
1
1
,
0
0
0
)
.
S
t
r
a
t
e
g
i
c
I
n
c
o
m
e
O
p
p
o
r
t
u
n
i
t
i
e
s
F
u
n
d
B
a
l
a
n
c
e
a
s
o
f
0
2
/
2
8
/
1
4
R
e
a
l
i
z
e
d
g
a
i
n
(
l
o
s
s
)
C
h
a
n
g
e
i
n
u
n
r
e
a
l
i
z
e
d
a
p
p
r
e
c
i
a
t
i
o
n
(
d
e
p
r
e
c
i
a
t
i
o
n
)
N
e
t
a
c
c
r
e
t
i
o
n
(
a
m
o
r
t
i
z
a
t
i
o
n
)
P
u
r
c
h
a
s
e
s
S
a
l
e
s
T
r
a
n
s
f
e
r
s
i
n
t
o
L
e
v
e
l
3
T
r
a
n
s
f
e
r
s
o
u
t
o
f
L
e
v
e
l
3
B
a
l
a
n
c
e
a
s
o
f
0
5
/
3
1
/
1
4
A
s
s
e
t
-
B
a
c
k
e
d
S
e
c
u
r
i
t
i
e
s
$
3
6
1
,
1
9
7
$
5
9
2
$
1
,
4
7
1
$
9
1
2
$
4
8
,
7
1
8
$
(
2
2
,
9
3
5
)
$
$
3
8
9
,
9
5
5
C
o
l
l
a
t
e
r
a
l
i
z
e
d
M
o
r
t
g
a
g
e
O
b
l
i
g
a
t
i
o
n
s
-
A
g
e
n
c
y
C
M
O
1
9
,
4
0
6
5
1
7
(
1
,
0
9
7
)
(
3
,
1
3
7
)
(
4
,
5
7
2
)
1
8
,
5
2
3
2
9
,
6
4
0
C
o
l
l
a
t
e
r
a
l
i
z
e
d
M
o
r
t
g
a
g
e
O
b
l
i
g
a
t
i
o
n
s
-
N
o
n
-
A
g
e
n
c
y
C
M
O
6
6
,
3
2
2
7
9
6
1
,
6
5
9
1
0
1
5
,
7
5
5
(
6
,
9
9
6
)
7
7
,
5
4
6
C
o
m
m
e
r
c
i
a
l
M
o
r
t
g
a
g
e
-
B
a
c
k
e
d
S
e
c
u
r
i
t
i
e
s
8
,
2
7
5
9
2
6
(
1
4
6
)
8
,
1
6
4
C
o
m
m
o
n
S
t
o
c
k
s
-
C
o
n
s
u
m
e
r
D
i
s
c
r
e
t
i
o
n
a
r
y
1
,
0
2
3
4
6
1
,
0
6
9
C
o
m
m
o
n
S
t
o
c
k
s
-
F
i
n
a
n
c
i
a
l
s
1
,
8
8
9
(
3
)
1
,
8
8
6
C
o
m
m
o
n
S
t
o
c
k
s
-
I
n
d
u
s
t
r
i
a
l
s
2
3
6
2
3
6
C
o
m
m
o
n
S
t
o
c
k
s
-
I
n
f
o
r
m
a
t
i
o
n
T
e
c
h
n
o
l
o
g
y
(
a
)
(
a
)
C
o
m
m
o
n
S
t
o
c
k
s
-
M
a
t
e
r
i
a
l
s
1
5
,
1
2
1
7
2
0
1
5
,
8
4
1
C
o
n
v
e
r
t
i
b
l
e
B
o
n
d
s
-
C
o
n
s
u
m
e
r
D
i
s
c
r
e
t
i
o
n
a
r
y
(
a
)
(
a
)
C
o
n
v
e
r
t
i
b
l
e
B
o
n
d
s
-
F
i
n
a
n
c
i
a
l
s
3
,
8
6
7
4
3
9
4
,
3
0
6
C
o
r
p
o
r
a
t
e
B
o
n
d
s
-
C
o
n
s
u
m
e
r
D
i
s
c
r
e
t
i
o
n
a
r
y
1
,
5
5
4
3
(
2
0
)
1
,
5
3
7
C
o
r
p
o
r
a
t
e
B
o
n
d
s
-
F
i
n
a
n
c
i
a
l
s
4
5
3
4
5
3
C
o
r
p
o
r
a
t
e
B
o
n
d
s
-
I
n
d
u
s
t
r
i
a
l
s
6
6
,
6
6
3
2
,
2
4
3
(
2
,
0
2
1
)
1
3
6
(
2
1
,
1
1
1
)
(
2
,
3
3
7
)
4
3
,
5
7
3
C
o
r
p
o
r
a
t
e
B
o
n
d
s
-
M
a
t
e
r
i
a
l
s
1
3
,
8
2
8
(
1
8
0
)
1
9
(
1
,
0
5
2
)
1
2
,
6
1
5
C
o
r
p
o
r
a
t
e
B
o
n
d
s
-
U
t
i
l
i
t
i
e
s
2
3
5
(
2
3
3
)
2
E
v
e
n
t
-
L
i
n
k
e
d
B
o
n
d
3
,
9
9
6
5
1
4
,
0
4
7
L
o
a
n
A
s
s
i
g
n
m
e
n
t
s
-
C
o
n
s
u
m
e
r
D
i
s
c
r
e
t
i
o
n
a
r
y
2
,
5
9
2
9
8
(
9
6
)
2
2
,
5
9
6
P
r
e
f
e
r
r
e
d
S
t
o
c
k
s
-
I
n
f
o
r
m
a
t
i
o
n
T
e
c
h
n
o
l
o
g
y
(
a
)
(
a
)
P
r
e
f
e
r
r
e
d
S
t
o
c
k
s
-
M
a
t
e
r
i
a
l
s
(
a
)
(
a
)
P
r
i
v
a
t
e
P
l
a
c
e
m
e
n
t
s
-
C
o
m
m
e
r
c
i
a
l
L
o
a
n
s
2
3
3
,
1
1
2
(
1
8
2
)
(
1
,
3
6
7
)
2
3
1
,
5
6
3
P
r
i
v
a
t
e
P
l
a
c
e
m
e
n
t
s
-
R
e
s
i
d
e
n
t
i
a
l
L
o
a
n
s
1
6
0
,
1
0
8
(
1
5
,
1
0
8
)
1
4
5
,
0
0
0
W
a
r
r
a
n
t
s
-
C
o
n
s
u
m
e
r
D
i
s
c
r
e
t
i
o
n
a
r
y
(
a
)
(
a
)
W
a
r
r
a
n
t
s
-
I
n
d
u
s
t
r
i
a
l
s
(
a
)
(
a
)
$
9
5
9
,
8
7
7
$
4
,
2
4
6
$
5
8
3
$
(
2
,
0
3
2
)
$
6
4
,
4
7
6
$
(
7
3
,
3
0
7
)
$
1
8
,
5
2
3
$
(
2
,
3
3
7
)
$
9
7
0
,
0
2
9
P
u
r
c
h
a
s
e
s
i
n
c
l
u
d
e
a
l
l
p
u
r
c
h
a
s
e
s
o
f
s
e
c
u
r
i
t
i
e
s
a
n
d
s
e
c
u
r
i
t
i
e
s
r
e
c
e
i
v
e
d
i
n
c
o
r
p
o
r
a
t
e
a
c
t
i
o
n
s
.
S
a
l
e
s
i
n
c
l
u
d
e
a
l
l
s
a
l
e
s
o
f
s
e
c
u
r
i
t
i
e
s
,
m
a
t
u
r
i
t
i
e
s
,
p
a
y
d
o
w
n
s
a
n
d
s
e
c
u
r
i
t
i
e
s
t
e
n
d
e
r
e
d
i
n
c
o
r
p
o
r
a
t
e
a
c
t
i
o
n
s
.
(
a
)
V
a
l
u
e
i
s
z
e
r
o
.
1
2
1 2