Latest news with #OttoChristianKober
Yahoo
18-03-2025
- Business
- Yahoo
Channel Investment Partners Wins 2025 LSEG Lipper Fund Awards
Firm recognized with three awards for Channel Income Fund, Best Short-Intermediate Investment Grade Debt Fund Over 3yr, 5yr, and 10 Years. ARLINGTON, Va., March 18, 2025 /PRNewswire/ -- For the fourth straight year, Channel Investment Partners ("Channel") was recognized with LSEG Lipper Fund Awards. Channel announced today that the Channel Income Fund (formerly Channel Short Duration Income Fund) was named LSEG Lipper Fund Awards United States 2025 Winner, Best Short-Intermediate Investment Grade Debt Fund Over 3, 5, and 10 years, sweeping the category for the second straight year. Last year, Channel Income Fund was named LSEG Lipper Fund Awards United States 2024 Winner, Best Short-Intermediate Investment Grade Debt Fund Over 3, 5, and 10 years. In 2023, Channel Income Fund was named Refinitiv Lipper Fund Awards United States 2023 Winner, Best Short-Intermediate Investment Grade Debt Fund Over 5 years. In 2022, Channel Income Fund was named Refinitiv Lipper Fund Awards United States 2022 Winner, Best Short-Intermediate Investment Grade Debt Fund Over 3 years. "The 2025 LSEG Lipper Fund Awards are recognizing perhaps the most dramatic three-year period that the markets have seen in decades. Fund managers being recognized have steered their investors through a pandemic, a mild recession, rising geopolitical risks, skyrocketing inflation and dramatic central bank intervention. "Whether you've been investing for just the past 15 years and have seen only the easy money environment following the Financial Crisis – or you've been an investor for 50 years and feel as if you've seen it all, there is no way to have foreseen the range of fundamental and non-financial factors that impacted the markets these past few years. "We applaud the 2025 LSEG Lipper Fund Award winners such as Channel Investment Partners for delivering outperformance and the accompanying comfort of consistency to investors' portfolios through a cross-current of global market disruptions." Otto Christian Kober, Head of Lipper Research, LSEG Data & Analytics. "Channel Investment Partners is honored to follow our 2022, 2023, and three 2024 awards with three more 2025 LSEG Lipper Fund Awards, recognizing excellence in mutual fund performance," said Matthew Duch, Managing Partner and CIO. "Despite another challenging year for bonds, marked by volatility and a steeper yield curve, our disciplined investment process, experience, conviction, and steady approach have again delivered top results. Sweeping the category for the second straight year is extremely rare and acknowledges the strengths of our repeatable active strategy in various markets." For more information, visit and or email contact@ About Channel Investment Partners Channel Investment Partners ("Channel"), founded in 2019 by Matthew Duch, is a leading boutique fixed income investment management firm seeking to deliver superior investment strategies and long-term value for its clients. With a distinctive investment philosophy and an unwavering commitment to operational excellence, Channel is dedicated to achieving strong financial outcomes for its investors. About the LSEG Lipper Fund Awards The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is an objective, quantitative, risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. For more information, see Although LSEG Lipper makes reasonable efforts to ensure the accuracy and reliability of the data used to calculate the awards, their accuracy is not guaranteed. The Channel Income Fund was evaluated among 145, 137, and 112 Short-Intermediate Investment Grade Debt Fund share classes for the 3-year, 5-year, and 10-year periods, respectively, ending 11/30/24. Important Risk Information: Investing involves risk, including possible loss of principal. Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise. High Yield bonds involve greater risks of default or downgrade and are more volatile than Investment Grade securities due to the speculative nature of their investments. Mortgage-Backed securities are subject to prepayment and extension risk and therefore react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly reduce the value of certain Mortgage-Backed securities. There is no guarantee that the investment objective will be achieved. Holdings are subject to change. Investors should carefully consider the investment objectives, risks, and charges and expenses of the fund before investing. The prospectus contains this and other information about the fund, and it should be read. The prospectus may be obtained at (877)-627-8504 and Channel Income Fund is distributed by Ultimus Fund Distributors, LLC (Member FINRA/SIPC). Media Contact: Matthew Duch 571-721-1852 392023@ View original content to download multimedia: SOURCE Channel Investment Partners
Associated Press
17-03-2025
- Business
- Associated Press
Artisan Partners International Value Fund Wins Three U.S. Lipper Fund Awards for Third Straight Year
MILWAUKEE, March 17, 2025 (GLOBE NEWSWIRE) -- Artisan Partners is pleased to announce that the Artisan International Value Fund received three 2025 Lipper Fund Awards. The Artisan International Value Fund, Institutional Class (APHKX), was named best fund in Lipper's International Large-Cap Value Funds category over the trailing three-, five- and ten-year time periods ended 31 Dec 2024. This is the third year in a row the Fund has won the Lipper Fund Awards in the International Large-Cap Value category. 'The 2025 LSEG Lipper Fund Awards are recognizing perhaps the most dramatic three-year period that the markets have seen in decades. Fund managers being recognized have steered their investors through a pandemic, a mild recession, rising geopolitical risks, skyrocketing inflation and dramatic central bank intervention. [Regardless of however long you've been investing], there is no way to have foreseen the range of fundamental and non-financial factors that impacted the markets these past few years,' Otto Christian Kober, Head of Lipper Research at LSEG Data & Analytics states. 'We are deeply grateful to be recognized with this distinguished honor again,' said David Samra, Portfolio Manager of the Artisan International Value Fund. 'This award reflects the efforts of our team and our commitment to a disciplined, time-tested investment approach in our ongoing pursuit of generating wealth for our shareholders over the long term.' The Lipper Fund Awards recognize funds for their consistently strong risk-adjusted three-, five- and ten-year performance relative to peers. Based on Lipper's quantitative, proprietary methodology, the awards reflect a truly independent and uncompromised assessment of fund performance. LSEG Lipper Fund Awards United States 2025 Winner # of Funds in Category # of Share Classes in Category Artisan International Value Fund, Institutional Class, Best International Large-Cap Value Fund Over 3 Years 28 99 Artisan International Value Fund, Institutional Class, Best International Large-Cap Value Fund Over 5 Years 26 90 Artisan International Value Fund, Institutional Class, Best International Large-Cap Value Fund Over 10 Years 23 66 ABOUT LSEG LIPPER FUND AWARDS For more than 30 years , these highly respected awards have honored funds and fund management firms that have excelled in providing consistently strong risk-adjusted performance relative to their peers. Find out more at ABOUT ARTISAN PARTNERS Artisan Partners, adviser to Artisan Partners Funds, Inc., is a global investment management firm that provides a broad range of high value-added investment strategies in growing asset classes to sophisticated clients around the world. Since 1994, the firm has been committed to attracting experienced, disciplined investment professionals to manage client assets. Artisan Partners' autonomous investment teams oversee a diverse range of investment strategies across multiple asset classes. Strategies are offered through various investment vehicles to accommodate a broad range of client mandates. Average Annual Total Returns as of 31-Dec-24 1 Yr 3 Yr 5 Yr 10 Yr Since Inception Expense Ratio1 Artisan International Value Fund, Institutional Class (APHKX) 6.64 6.91 9.24 7.76 11.53 0.97% Source: Artisan Partners. Institutional Class performance is that of the Investor Class from 23 Sep 2002 through the inception of the Institutional Class on 1 Oct 2006, and actual Institutional Class performance thereafter. Investor Class inception: 23 Sep 2002. Performance has not been adjusted to reflect the expenses of the Institutional Class for the period prior to the Class's inception, and Institutional Class performance results would differ if such expenses were reflected. Investor Class represents the oldest share class in the Fund and generally has higher expenses and lower minimum investments. 1Prospectus 30 Sep 2024. See prospectus for further details. Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown. Call 800.344.1770 for current to most recent month-end performance. Artisan International Value Fund is available through multiple share classes, which have lower investment minimums and higher fees than the Fund's Institutional Share Class. Carefully consider the Fund's investment objective, risks and charges and expenses. This and other important information is contained in the Fund's prospectus and summary prospectus, which can be obtained by calling 800.344.1770. Read carefully before investing. The value of portfolio securities selected by the investment team may rise or fall in response to company, market, economic, political, regulatory or other news, at times greater than the market or benchmark index. International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically are greater in emerging and less developed markets, including frontier markets. Securities of small- and medium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformed securities of large companies during some periods. Value securities may underperform other asset types during a given period. The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. For more information, see Although LSEG makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by LSEG Lipper. Artisan Partners Funds offered through Artisan Partners Distributors LLC (APDLLC), member FINRA. APDLLC is a wholly owned broker/dealer subsidiary of Artisan Partners Holdings LP. Artisan Partners Limited Partnership, an investment advisory firm and adviser to Artisan Partners Funds, is wholly owned by Artisan Partners Holdings LP. 800.399.1770
Associated Press
17-03-2025
- Business
- Associated Press
Payden & Rygel Receives 2025 LSEG Lipper Fund Award for the Payden California Municipal Social Impact Fund (PYCRX)
LOS ANGELES, March 17, 2025 (GLOBE NEWSWIRE) -- Payden & Rygel, one of the largest privately-held global investment advisory firms, today announced that the Payden California Municipal Social Impact Fund (PYCRX) is a LSEG Lipper Fund Awards United States 2025 winner. 'The 2025 LSEG Lipper Fund Awards are recognizing perhaps the most dramatic three-year period that the markets have seen in decades. Fund managers being recognized have steered their investors through a pandemic, a mild recession, rising geopolitical risks, skyrocketing inflation, and dramatic central bank intervention,' said Otto Christian Kober, Head of Lipper Research, LSEG Data & Analytics. 'Whether you've been investing for just the past 15 years and have seen only the easy money environment following the Financial Crisis or been an investor for 50 years and feel as if you've seen it all, there is no way to have foreseen the range of fundamental and non-financial factors that impacted the markets these past few years. 'We applaud the 2025 LSEG Lipper Fund Award winners such as Payden & Rygel for delivering outperformance and the accompanying comfort of consistency to investors' portfolios through a cross-current of global market disruptions,' he added. PYCRX was recognized in the California Intermediate Municipal Debt Funds category as the best fund over ten-years. The fund generally invests in intermediate-maturity municipal bonds that are exempt from Federal, state, and local taxes for California residents. The fund seeks to provide attractive current income while preserving capital. Holdings are diversified across sectors and issuers. About Payden & Rygel With $159 billion under management, Payden & Rygel is one of the largest privately-owned global investment advisers focused on the active management of fixed income and equity portfolios. Payden & Rygel provides a full range of investment strategies and solutions to investors around the globe, including Central Banks, Pension Funds, Insurance Companies, Private Banks, and Foundations. Independent and privately-owned, Payden is headquartered in Los Angeles and has offices in Boston, London, and Milan. Visit for more information about Payden's investment offerings, including US mutual funds and Irish-domiciled funds (subject to investor eligibility). About LSEG Lipper Fund Awards For more than 30 years and in over 17 countries worldwide, the highly respected LSEG Lipper Awards have honored funds and fund management firms that have excelled in providing consistently strong risk-adjusted performance relative to their peers and focused the investment world on top funds. The merit of the winners is based on entirely objective, quantitative criteria. This, coupled with the unmatched depth of fund data, results in a unique level of prestige and ensures the award has lasting value. Renowned fund data and proprietary methodology is the foundation of this prestigious award qualification, recognizing excellence in fund management. Find out more at The LSEGLipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEGLipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEGLipper Fund Award. For more information, see Although LSEG makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, their accuracy is not guaranteed by LSEG Lipper. Past performance does not guarantee future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, visit our website at or call 800 572-9336. For more information and to obtain a prospectus or summary prospectus, visit or call 800 572-9336. Before investing, investors should carefully read and consider investment objectives, risks, charges, expenses and other important information about the Fund, which is contained in these documents. Social Impact Investing Risk: The Fund's policy of investing in municipal securities for which, in the Adviser's opinion, the proceeds raised are used consistent with positive social and/or environmental practices and outcomes could cause the Fund to perform differently compared to other mutual funds that do not have such a policy. The factors that the Adviser considers in evaluating an investment's positive social and/or environmental benefits are part of a proprietary security selection methodology and may change over time. There are differences in interpretations of what it means to promote positive social and/or environmental benefits. While the Adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with others' views. Sources for the material contained herein are deemed reliable but cannot be guaranteed. This material is for illustrative purposes only and does not constitute investment advice or an offer to sell or buy any security. Past performance is no guarantee of future results.
Yahoo
14-03-2025
- Business
- Yahoo
North Square Preferred and Income Securities Fund Named a LSEG Lipper Fund Awards USA 2025 Winner
CHICAGO, March 14, 2025 /PRNewswire/ -- The North Square Preferred and Securities Income Fund (ORDNX) has been named a LSEG Lipper Fund Awards USA 2025 Winner for its consistently strong risk-adjusted three-, five-, and 10-year performance relative to its peers in the Best Flexible Income Funds classification, Lipper has announced. The North Square North Square Preferred and Securities Income Fund was selected from among 22 Flexible Income Funds for 3 Years; 22 Funds for 5 years and 15 funds for 10 Years, for the period ended November 30, 2024, according to Lipper. "The 2025 LSEG Lipper Fund Awards are recognizing perhaps the most dramatic three-year period that the markets have seen in decades. Fund managers being recognized have steered their investors through a pandemic, a mild recession, rising geopolitical risks, skyrocketing inflation and dramatic central bank intervention," said Otto Christian Kober, Head of Lipper Research, LSEG Data & Analytics. "Whether you've been investing for just the past 15 years and have seen only the easy money environment following the Financial Crisis – or you've been an investor for 50 years and feel as if you've seen it all, there is no way to have foreseen the range of fundamental and non-financial factors that impacted the markets these past few years," Kober continued. "We applaud the 2025 LSEG Lipper Fund Award winners such as the North Square Preferred and Income Securities Fund for delivering outperformance and the accompanying comfort of consistency to investors' portfolios through a cross-current of global market disruptions," he said. The North Square Preferred and Income Securities Fund's (ORDNX) subadvisor is Red Cedar Investment Management, an institutional investment advisory firm located in Grand Rapids, Michigan and Cincinnati, Ohio. "We congratulate our subadvisor Red Cedar and the Fund's portfolio management team for this significant achievement, especially considering this is the second consecutive Lipper Award they have received," said North Square CEO and Co-Founder Mark Goodwin. "An experienced and tenured team of investment professionals manages the Fund," he added, "many of whom have worked together for over 20 years. We think this Fund has provided our clients with a very attractive high quality, risk-adjusted potential income opportunity." About the LSEG Lipper Fund Awards The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is an objective, quantitative, risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. For more information, see Although LSEG Lipper makes reasonable efforts to ensure the accuracy and reliability of the data used to calculate the awards, their accuracy is not guaranteed. About Red Cedar Investment Management Red Cedar Investment Management is a majority employee-owned, active asset manager with offices in Grand Rapids, MI (HQ) and Cincinnati, OH. The firm was founded in 2014 and has 18 employees with $2.03B in assets under management as of January 31, 2025. The firm is focused on providing high quality, income-producing strategies to clients through research across the capital structure and an expertise in managing preferred securities. For more information about Red Cedar, please visit About North Square Founded in 2018 and headquartered in Chicago, Illinois, North Square Investments is an independent, multi-boutique investment firm dedicated to delivering differentiated active investment strategies to the market. North Square has an experienced senior management team comprised of seasoned professionals, a board composed of industry veterans, and is backed by Estancia Capital Partners. As of January 31, 2025 North Square had $2.12 billion of assets under management in 12 mutual funds, one closed end fund and one ETF. With North Square's ownership interests (majority and minority, respectively) in the distinctly branded firms of CS McKee and Oak Ridge Investments, collective assets under management and advisement totaled $12.83 billion. Learn more about North Square Investments at Principal Risks of Investing, North Square Preferred and Income Securities Fund: Risk is inherent in all investing, including an investment in the Fund. An investment in the Fund involves risk, including the following principal risks, among others: Credit and Subordination Risk, Preferred Securities Risk, High Yield ("Junk") Bond Risk, Hybrid Securities Risk, Additional Tier 1 Securities Risk, Fixed Income Security Risk, Interest Rate Risk, Optionality Risk, Sector Focus Risk, Foreign Investments Risk, Rule 144A and Regulation S Securities Risk, Currency Risk, Emerging Markets Risk, Derivatives and Hedging Transactions Risk, Yield Curve Risk, and Gap Risk. Summary descriptions of these and other principal risks of investing in the Fund are set forth in the Fund's prospectus. Before you decide whether to invest in the Fund, carefully consider these risk factors and special considerations associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Please see the Fund's prospectus for additional risk disclosures. Call 855-551-5521 or visit for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance shown reflects contractual fee waivers. Without such waivers, total returns would be reduced. Before investing you should carefully consider the Fund's investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by calling 855-551-5521. Please read the prospectus carefully before you invest. The Lipper Fund Awards Methodology: The merit of the winners is based on objective, quantitative criteria. The influential and prestigious LSEG Lipper Fund Awards are based on our Lipper Leaders Rating for Consistent Return. Individual classifications of three, five, and 10-year periods, as well as fund families with high average scores for the three-year period, are also recognized. The awards are based on LSEG Lipper's proven proprietary methodology, which can be viewed here. North Square is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. Information contained herein derives from third-party sources believed to be reliable by the Adviser. However the accuracy and completeness cannot be guaranteed. Distributed by Foreside Fund Services, LLC. View original content to download multimedia: SOURCE North Square Investments Sign in to access your portfolio
Associated Press
14-03-2025
- Business
- Associated Press
Permanent Portfolio Funds Wins Three 2025 LSEG Lipper Fund Awards
SAN FRANCISCO, March 14, 2025 /PRNewswire/ -- Pacific Heights Asset Management, LLC, investment adviser to Permanent Portfolio Family of Funds, is pleased to announce that its flagship fund – Permanent Portfolio® – received three 2025 LSEG Lipper Fund Awards in recognition of consistently strong risk-adjusted performance relative to their peers. LSEG Lipper Fund Awards United States 2025 Winner, Permanent Portfolio Class I, Best Alternative Global Macro Funds Over 3 Years (out of 34 funds) LSEG Lipper Fund Awards United States 2025 Winner, Permanent Portfolio Class I, Best Alternative Global Macro Funds Over 5 Years (out of 34 funds) LSEG Lipper Fund Awards United States 2025 Winner, Permanent Portfolio Class I, Best Alternative Global Macro Funds Over 10 Years (out of 34 funds) Permanent Portfolio is a non-correlated, comprehensive asset allocation strategy designed to consider all investment climates – seeking profit and downside protection in any economic environment – thereby eliminating the need for forecasts, predictions, or market timing. 'We are again honored to receive these awards for delivering outstanding fund performance. Over the last few years, investors have had to contend with a wide variety of challenging market conditions, including stubborn inflation, higher for longer interest rates, concentrated equity returns, a volatile U.S. political environment, and geopolitical uncertainty. Against this backdrop, we are proud to have continued to provide such strong results for our shareholders,' said Michael J. Cuggino, President and Portfolio Manager of Permanent Portfolio Funds. 'As always, we continue to look forward to helping our clients achieve long term success in building their nest eggs in all types of markets.' 'The 2025 LSEG Lipper Fund Awards are recognizing perhaps the most dramatic three-year period that the markets have seen in decades. Fund managers being recognized have steered their investors through a pandemic, a mild recession, rising geopolitical risks, skyrocketing inflation and dramatic central bank intervention. Whether you've been investing for just the past 15 years and have seen only the easy money environment following the Financial Crisis – or you've been an investor for 50 years and feel as if you've seen it all, there is no way to have foreseen the range of fundamental and non-financial factors that impacted the markets these past few years. We applaud the 2025 LSEG Lipper Fund Award winners such as Permanent Portfolio Family of Funds for delivering outperformance and the accompanying comfort of consistency to investors' portfolios through a cross-current of global market disruptions.' Otto Christian Kober, Head of Lipper Research, LSEG Data & Analytics About LSEG Lipper Fund Awards The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. For more information, see Although LSEG makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by LSEG Lipper. The Fund's investment objectives, risks, charges, and expenses must be considered carefully before investing. The Prospectus contains this and other important information about the investment companies. A hard copy may be obtained by calling (800) 531-5142. Read the Prospectus carefully before investing. Permanent Portfolio invests in foreign securities, which will involve greater volatility, political, economic and currency risks, and differences in accounting methods. The fund will be affected by changes in the prices of gold, silver, Swiss franc assets and U.S. and foreign aggressive growth, real estate and natural resource stocks. The fund is non-diversified and thus may be able to invest more of its assets in fewer issuers and types of investments than a diversified fund. Investing a higher percentage of its assets in any one or a few issuers could increase the fund's risk of loss and its share price volatility. The fund may invest in smaller companies, which involve additional risks such as limited liquidity and greater volatility than larger companies. Mutual fund investing involves risk; loss of principal is possible. Pacific Heights Asset Management, LLC ('Pacific Heights') is the investment adviser to Permanent Portfolio Family of Funds ('Fund'). The Fund is distributed by Quasar Distributors, LLC ('Quasar'), a member of FINRA. Quasar is not affiliated with Pacific Heights. 617-841-2507
