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Jupiter is unable","page_number":3,"box":{"x":170,"y":606,"width":781,"height":8}},{"id":"fee8959b-2060-4b06-94fd-424fa600b51b","block_type":"box","text":"to provide investment advice. Initial charges are likely to have a greater proportionate effect on returns if investments are liquidated in the shorter term. Every effort is made to ensure","page_number":3,"box":{"x":47,"y":615,"width":904,"height":8}},{"id":"73341504-d6e8-484f-97c8-7e583b3a751e","block_type":"box","text":"the accuracy of any information provided but no assurances or warranties are given. Jupiter Unit Trust Managers Limited (JUTM) and Jupiter Asset Management Limited (JAM) are both","page_number":3,"box":{"x":47,"y":624,"width":904,"height":8}},{"id":"c0e31ac7-4b28-4e4f-a401-6c4fd71bf779","block_type":"box","text":"authorised and regulated by the Financial Conduct Authority and their registered address is The Zig Zag Building, 70 Victoria Street, London SW1E 6SQ. No part of this document may","page_number":3,"box":{"x":48,"y":633,"width":904,"height":8}},{"id":"26e4e20f-39a6-473c-afc6-2ea0fd9ce8d7","block_type":"box","text":"be reproduced in any manner without the prior permission of JUTM and/or JAM.","page_number":3,"box":{"x":48,"y":642,"width":400,"height":8}},{"id":"921f995a-b586-48de-bb0b-d53f3463238c","block_type":"box","text":"© 2026 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or","page_number":3,"box":{"x":53,"y":665,"width":899,"height":9}},{"id":"46db3070-c5bc-492e-9abc-67bb0524fb78","block_type":"box","text":"distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising","page_number":3,"box":{"x":48,"y":674,"width":903,"height":9}},{"id":"57a18d29-6fcc-4fb8-8b86-03694422b599","block_type":"box","text":"from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar’s Medalist Rating, including its","page_number":3,"box":{"x":47,"y":684,"width":904,"height":9}},{"id":"4ef11993-0d56-4108-a051-096e8f30fc3c","block_type":"box","text":"methodology, please go to: https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx","page_number":3,"box":{"x":48,"y":693,"width":716,"height":9}},{"id":"5ba393fe-1b7b-4f28-8b57-a44fa00c15f5","block_type":"box","text":"The Morningstar Medalist RatingTM is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a","page_number":3,"box":{"x":47,"y":715,"width":905,"height":9}},{"id":"a6266daf-218e-4781-83d6-d820b39b3302","block_type":"box","text":"rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or","page_number":3,"box":{"x":48,"y":724,"width":904,"height":9}},{"id":"16cd70a7-2876-4d7b-853c-b0b939342865","block_type":"box","text":"peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee","page_number":3,"box":{"x":48,"y":734,"width":903,"height":9}},{"id":"db7f81a3-986f-4cea-8174-ee80c40fe9be","block_type":"box","text":"assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the","page_number":3,"box":{"x":48,"y":743,"width":903,"height":9}},{"id":"303608e8-bfa6-4000-bcc7-01a29d6de8a5","block_type":"box","text":"form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers","page_number":3,"box":{"x":47,"y":753,"width":904,"height":9}},{"id":"d9165107-5814-4e4e-b014-9e61c8b3781d","block_type":"box","text":"or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected","page_number":3,"box":{"x":48,"y":762,"width":903,"height":9}},{"id":"9edcdaa6-c52d-453e-b792-c3881dc97b19","block_type":"box","text":"performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar","page_number":3,"box":{"x":48,"y":772,"width":904,"height":9}},{"id":"eba82590-7d91-48f6-aa75-499a7b19e28e","block_type":"box","text":"ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When","page_number":3,"box":{"x":48,"y":781,"width":903,"height":9}},{"id":"7dfc4dff-dbff-4bca-97eb-d557855f59fd","block_type":"box","text":"the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. 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In most cases, bonds pay a fixed interest rate (coupon) over a fixed period","page_number":4,"box":{"x":48,"y":123,"width":439,"height":9}},{"id":"55ea95b2-14c4-4ecf-92dd-e302a76c5d6e","block_type":"box","text":"of time and will be repaid on a particular date. See","page_number":4,"box":{"x":48,"y":132,"width":267,"height":9}},{"id":"42f0f663-28ae-4022-8b72-069d207d1042","block_type":"box","text":"Coupon","page_number":4,"box":{"x":319,"y":133,"width":43,"height":8}},{"id":"ec5e51a3-6178-4bb8-805e-58e2dd37114f","block_type":"box","text":".","page_number":4,"box":{"x":363,"y":138,"width":2,"height":1}},{"id":"4cbdca76-3904-4452-990a-01dd3f5ec0b5","block_type":"box","text":"Convertibles","page_number":4,"box":{"x":48,"y":147,"width":69,"height":7}},{"id":"25f489bc-b897-499b-918a-6352a9427995","block_type":"box","text":": securities (e.g. bonds or preference shares) that can be exchanged at","page_number":4,"box":{"x":118,"y":147,"width":369,"height":9}},{"id":"ce10416a-be79-44ea-b171-a1eec8f017c3","block_type":"box","text":"some point in the future for a specified number of shares at a specified price of the","page_number":4,"box":{"x":48,"y":156,"width":439,"height":9}},{"id":"b9a25616-ae22-45d6-aeaa-45a7b692242b","block_type":"box","text":"company issuing the securities. See","page_number":4,"box":{"x":48,"y":166,"width":186,"height":9}},{"id":"31c2a470-d1ca-45c6-a3dc-3daf7102662f","block_type":"box","text":"Bond","page_number":4,"box":{"x":238,"y":166,"width":27,"height":7}},{"id":"a2339890-ec87-41d1-ad09-269695a89d33","block_type":"box","text":".","page_number":4,"box":{"x":267,"y":172,"width":1,"height":1}},{"id":"de83800e-5d84-4ba9-9a8c-9d532a43a950","block_type":"box","text":"Coupon","page_number":4,"box":{"x":48,"y":181,"width":42,"height":8}},{"id":"e14114d8-ec41-4c1f-b064-af7625001353","block_type":"box","text":": denotes the interest in % paid on a bond See","page_number":4,"box":{"x":91,"y":180,"width":246,"height":9}},{"id":"b3893a27-e5e8-4f72-a16c-fe7f38c3840c","block_type":"box","text":"Bond","page_number":4,"box":{"x":341,"y":180,"width":27,"height":7}},{"id":"9770a2de-3eca-468c-aef1-3d7b956fe7bd","block_type":"box","text":".","page_number":4,"box":{"x":370,"y":186,"width":1,"height":1}},{"id":"67fc1b08-8a43-4355-9c39-1ada8459664b","block_type":"box","text":"Credit rating","page_number":4,"box":{"x":48,"y":195,"width":68,"height":9}},{"id":"156a12ae-d887-44c7-bce9-07a8573c55a6","block_type":"box","text":": an assessment of a borrower’s credit worthiness, i.e. the likelihood of","page_number":4,"box":{"x":116,"y":195,"width":372,"height":8}},{"id":"9720029d-4fea-478a-b18c-1a872eb73195","block_type":"box","text":"the borrower to repay its debts.","page_number":4,"box":{"x":47,"y":205,"width":170,"height":9}},{"id":"3367a479-965f-4e34-8495-1dfd36d5bca8","block_type":"box","text":"Derivative","page_number":4,"box":{"x":48,"y":220,"width":54,"height":6}},{"id":"1758b73c-3130-42d6-9d63-19d64457e8b8","block_type":"box","text":": a financial instrument that derives its value from its underlying assets.","page_number":4,"box":{"x":103,"y":219,"width":384,"height":9}},{"id":"617ee902-360e-4d17-9468-07397b043d1d","block_type":"box","text":"Common underlying assets include stocks, bonds, commodities, currencies, interest","page_number":4,"box":{"x":48,"y":229,"width":439,"height":9}},{"id":"0e1b7978-0dfd-4283-93ae-6e955a147457","block_type":"box","text":"rates and market indices. 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Derivatives","page_number":4,"box":{"x":48,"y":267,"width":439,"height":9}},{"id":"c6551e55-df0b-44b1-b226-79ac3537f6a4","block_type":"box","text":"can be used like insurance contracts (i.e. to hedge market risk) or for investment","page_number":4,"box":{"x":48,"y":276,"width":439,"height":9}},{"id":"2c1a4613-90f7-4e6f-bad6-0303effa7802","block_type":"box","text":"purposes. See","page_number":4,"box":{"x":48,"y":286,"width":72,"height":9}},{"id":"79931c78-8f2b-47d5-ba80-c0f21dc2c87a","block_type":"box","text":"Hedge, Leverage.","page_number":4,"box":{"x":125,"y":286,"width":91,"height":9}},{"id":"f0b0db27-81f2-44e1-9606-ddbc955b56ad","block_type":"box","text":"Distribution Yield","page_number":4,"box":{"x":48,"y":300,"width":98,"height":7}},{"id":"be27630e-7c88-4d3a-aa0f-851f1c262bdd","block_type":"box","text":": reflects the amounts that may be expected to be distributed","page_number":4,"box":{"x":147,"y":300,"width":340,"height":9}},{"id":"db0ddb65-3250-4449-8496-40b31b5cbd6c","block_type":"box","text":"over the next twelve months as a percentage of the price of the fund as at the date","page_number":4,"box":{"x":48,"y":310,"width":439,"height":9}},{"id":"b339119a-27a1-4680-8e06-0bfa2a712367","block_type":"box","text":"shown. It is based on a snapshot of the portfolio on that day. It does not include","page_number":4,"box":{"x":48,"y":319,"width":439,"height":9}},{"id":"dda26cf1-5179-407a-8bc1-767f861b8364","block_type":"box","text":"any preliminary charge and investors may be subject to tax on distributions.","page_number":4,"box":{"x":48,"y":329,"width":401,"height":9}},{"id":"e7c1440e-c3e5-4aa5-bab6-6485f65755d9","block_type":"box","text":"Duration/Modified Duration","page_number":4,"box":{"x":48,"y":343,"width":157,"height":9}},{"id":"e8034993-c60f-4718-91d4-e20bebb26aff","block_type":"box","text":": Duration estimates the sensitivity of a bond or","page_number":4,"box":{"x":206,"y":343,"width":281,"height":9}},{"id":"6a1454dc-e5f4-4565-ae0a-2846ed1454fe","block_type":"box","text":"bond fund to changes in interest rates. It is measured in years. 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Modified duration","page_number":4,"box":{"x":48,"y":362,"width":439,"height":8}},{"id":"a0eb6f2e-ff95-473d-9538-b89b59822af8","block_type":"box","text":"estimates the effect that a 1% change in interest rates will have on the price of a","page_number":4,"box":{"x":48,"y":372,"width":439,"height":9}},{"id":"1e917792-fe2b-4006-a832-27fbeb032cc3","block_type":"box","text":"bond or bond fund.","page_number":4,"box":{"x":48,"y":381,"width":104,"height":7}},{"id":"62b84ffd-a155-4adf-98cc-172357252307","block_type":"box","text":"Economic Gross","page_number":4,"box":{"x":48,"y":396,"width":88,"height":7}},{"id":"16e43469-cd15-4796-90da-f7bf46d18e42","block_type":"box","text":": the gross exposure adjusted to account for investments with","page_number":4,"box":{"x":137,"y":396,"width":350,"height":9}},{"id":"a257b8b7-34de-48f9-8a17-a1c81b151e63","block_type":"box","text":"mutually exclusive outcomes, for example a short position hedge on a share that","page_number":4,"box":{"x":48,"y":405,"width":439,"height":9}},{"id":"c0116884-6e61-4fb4-ace3-bd7ba93d9452","block_type":"box","text":"is also held as a long position. 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