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No part of this document may","page_number":3,"box":{"x":48,"y":633,"width":904,"height":8}},{"id":"af585351-79d9-459c-b93c-e9a3d62a686f","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":"795f1607-ffac-4f25-8909-1dff0099328a","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":"a7abb42e-e02d-4638-804f-8d927a4d8005","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":"328c6ed1-2a64-40b2-988e-08d9f5941cb3","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":"a3c8697e-dd53-4069-8013-5e4f1d27978e","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":"880dde95-7685-4dc0-8cb5-dc4604b137d5","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":"f119354e-c3f8-488d-84b6-1c6032cac588","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":"b1a5279f-6657-4475-a6b2-4ad85d5bff79","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":"cbd97680-a2c4-4de0-be0f-ecff86a78efe","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":"7906e37a-3093-4e91-996f-f474d336cf2c","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":"09da12a4-b672-435f-9dd4-34b9ba5e6303","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":"ed9db3ba-d3fe-431f-ac4e-4e7b6aa313c9","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":"0d2abf4a-4b45-44b6-a528-d3c03054cc63","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":"f0395d86-d453-4a14-a744-d1a460af99a8","block_type":"box","text":"the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. 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