Morningstar Report 636d1b64e26a17cb57ae76f5

Morningstar Managed Investment Report | Report as of 4 Mar 2024 10:49, UTC Page 1 of 24
Guinness Global Innovators Fund Y USD ACC

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Morningstar Medalist Rating Morningstar Rating Sustainability Rating Morningstar Category Category Index Total Assets Inception Date
‰ QQQQQ ;;;;; EAA Fund Global

Large-Ca...h Equity
Morningstar Gbl
Growth TME NR USD
992.7 USD Mil 31 Oct 2014
31 Jan 2024 00:00 UTC 31 Jan 2024 31 Dec 2023
2,163 Inv. in Category
Autogenerated by
Morningstar Manager Research Strength in Guinness Global Innovators Y USD ACC's Process
Analyst-Driven %
Data Coverage %
100.0
100.0
Pillar is partially offset by an Average People Pillar rating,
Morningstar Pillars leading to a Morningstar Medalist Rating of Neutral.
Process(23 Jun 2023) Above Average Summary Autogenerated by Morningstar Manager Research, 31 Jan 2024 00:00 UTC
People(23 Jun 2023) Average
The portfolio maintains a sizable cost advantage over competitors, priced within the second-cheapest fee
Parent(20 Jul 2022) Below Average
quintile among peers.
Performance(27 Feb 2024)
Price(27 Feb 2024)
The strategy's management team earns an Average People Pillar rating. The strategy merits an Above
Historical Medalist Rating Average Process Pillar rating. The strategy's parent organization earns the firm a Below Average Parent
Analyst Quantitative Q Medalist Start
Pillar rating. People, Process and Parent Pillar ratings for this strategy are indirectly assigned by a
Œ
„ Morningstar analyst rather than algorithmically derived. Please see the notes following each pillar section
´
for more details. The details of assigning methods can be found in each pillar section.
ˇ
¨
2022 2023 2024
Process Above Average | David Carey, 23 Jun 2023 19:32 UTC
Role in Portfolio: — Approach
Morningstar Medalist Rating
Morningstar Medalist Ratings/Pillar Scores are assigned based on (1) This proven, bold process earns an Above Average Process rating.
an analyst’s qualitative assessment, either directly or indirectly or (2) us-
ing algorithmic techniques intended to be similar to those an analyst
might assign if he/she had covered the vehicle. Investment vehicles are
evaluated on three key pillars. Qualitative investment research is pro- The team seeks out the most innovative companies from a vast universe of roughly 1,000 stocks worldwide
duced and issued by subsidiaries of Morningstar, Inc. Quantitatively-
driven analysis is generated using mental models meant to mirror ana-
lyst-driven written analysis. with market caps greater than $1 billion. This process generates approximately 100 ideas that tend to cluster
around themes such as cloud computing, artificial intelligence, and e-commerce. It's not enough for these
companies to be innovative, though; they must also create economic value, which the team defines as
generating a cash flow return on investment greater than their cost of capital. This is just one criterion
among several that the team looks at. For instance, the managers also prefer companies that tend to be
capital-light, have little debt, and trade at reasonable valuations.
This approach results in a concentrated portfolio of about 30 holdings, which are roughly equally weighted
Equity Style 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD
Investment Style
Value Blend Growth Equity Style Box
Total Return % (USD)
12.37 -3.50 7.17 33.56 -17.03 36.58 36.30 21.45 -29.60 39.95 10.34 Investment
Large
6.06 0.75 2.94 27.68 -7.31 30.06 28.85 16.99 -28.04 29.62 6.91 Category Index
Performance Quartile
& ( & & ) & & & ( &
Mid
N/A (within Category)
2 68 23 3 89 4 18 15 72 3 N/A Percentile Rank

Small
635 635 680 730 860 1,619 1,867 2,072 2,457 2,908 3,098 # of Inv in Cat.
YTD Investment as of 29 Feb 2024 | Category: EAA Fund Global Large-Cap Growth Equity as of 4 Mar 2024 | Index: Morningstar Gbl Growth TME NR USD as of 4 Mar 2024 | Italics indicate
Extended Performance. Extended performance is an estimate based on the performance of the fund's oldest share class, adjusted for fees. Performance data presented is non-standardized. For
Centroid Ownership Zone standardized performance see the Standardized and Tax Adjusted Returns Disclosure Statement. *Performance Disclosure: The performance data quoted represents past performance and
Investment 31 Jan 2024 does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares,when sold, may be worth more or less than their original
cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please visit http://advisor.morningstar.com/
Category Average 31 Jan 2024
familyinfo.asp.
Category Index 29 Feb 2024
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presented herein do not constitute investment advice; are provided solely for informational purposes and therefore are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. The
opinions expressed are as of the date written and are subject to change without notice. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting
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Large-Ca...h Equity
Morningstar Gbl
Growth TME NR USD
992.7 USD Mil 31 Oct 2014
31 Jan 2024 00:00 UTC 31 Jan 2024 31 Dec 2023
to diversify single-stock risks. The managers give their investments ample time to play out, resulting in
moderate annual portfolio turnover of around 25%, a bit below the 35% global large-stock growth category
median.
The fund's move to the global large-stock growth category in 2022 somewhat better reflects its global
purview. The fund has no regional constraints but typically holds between 60% and 80% of its assets in U.S.-
based companies, which ranks among the largest in its category.
Note: The Process Pillar rating and analysis are indirectly assigned by an analyst. When an analyst covers a
vehicle that follows a given strategy (as codified by Morningstar's StrategyID data point) Morningstar maps
the covered vehicle's Process Pillar to any other uncovered vehicles that follow the same strategy (that is,
share the same StrategyID). This ensures that the analyst's view is leveraged whenever available and
promotes consistency when assigning Process Pillar ratings to vehicles that follow the same strategy.
Portfolio
People Average | David Carey, 23 Jun 2023 19:32 UTC

Matthew Page and Ian Mortimer are competent managers, but a lack of support warrants an Average
People rating.
Page and Mortimer have provided stable leadership to this strategy for more than a decade. Before
becoming managers, they served as analysts here starting in 2005 and 2009, respectively. Page eventually
joined as a manager in May 2010, and Mortimer came aboard in May 2011, but they say they had essentially
taken over from former manager Tim Guinness by late 2009. The duo has also run Guinness Atkinson Equity
Income since 2010, posting solid results during their tenure.
The team's heavy workload is a worry, though. The managers cover a vast universe of global stocks and rely
on four relatively inexperienced fundamental analysts, two of whom joined the team in 2021-22. Although
the additions were prudent, they are still getting up to speed on the portfolio and require additional training.
The team's most senior analysts, Sagar Thanki and Joseph Stephens, were named portfolio managers on
Guinness Sustainable Global Equity in March 2023. Now, Thanki (who also manages SmartETFs Advertising
and Marketing Technology ETF MRAD) and Stephens are spread thin across several strategies with little
overlap.
Although the U.K.-based managers do not publicly disclose their investments in the strategy's U.S. mutual
funds, they say they have meaningful stakes in related products.
Note: The People Pillar rating and analysis are indirectly assigned by an analyst. When an analyst covers a
vehicle that follows a given strategy (as codified by Morningstar's StrategyID data point), Morningstar maps
the covered vehicle's People Pillar ratings to any other uncovered vehicles that follow the same strategy
(that is, share the same StrategyID). This ensures that the analyst's view is leveraged whenever available
and promotes consistency when assigning People Pillar ratings to vehicles that follow the same strategy.
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TM

Large-Ca...h Equity
Morningstar Gbl
Growth TME NR USD
992.7 USD Mil 31 Oct 2014
31 Jan 2024 00:00 UTC 31 Jan 2024 31 Dec 2023
Parent Below Average | David Carey, 20 Jul 2022 21:28 UTC

Guinness Global Investors, the umbrella organization of Guinness Asset Management and Guinness Atkinson
Asset Management, has fallen behind some industry standards, warranting a downgrade of its Parent rating
to Below Average from Average.
The Guinness brand in its current form was established in 2003 when founder and current chairman Tim
Guinness left Investec to form GAM, and he and GAAM CEO Jim Atkinson acquired Investec's U.S. fund
business to form GAAM. GAM focuses primarily on Dublin-domiciled funds, whereas GAAM offers a similar
fund lineup in the United States. Both boutiques are 100% employee-owned, but Tim Guinness holds the
majority of GAM's outstanding equity while dividing majority ownership of GAAM with Atkinson.
Despite strong manager retention and a consistent investment approach on its flagship offerings, Guinness
lags its competition in some areas of fund-investor stewardship. In total, 19 investment professionals are
responsible for more than 20 strategies. While some of the strategies share similar processes, the team has
been stretched thin by recent fund launches: Three of the firm's five exchange-traded funds were launched
in 2021 under the SmartETF brand with niche mandates. Fees across the firm's lineup could be lower, and
managers' compensation, which derives from fees and assets under management, does not explicitly tie
fund performance to bonuses.
Performance
Performance-wise, this share class, with returns reported in US Dollar, has demonstrated it is robust over a
wide time frame, with notable returns and risk-adjusted returns compared with peers.
The share class had a higher Sharpe ratio, a measure of risk-adjusted return, than the category index over
the trailing five-year period. Often, higher returns are associated with higher risk. This strategy is no
exception, with a standard deviation of 21.3% exceeding the benchmark's 18.6%. Finally, the share class
proved itself effective by generating positive alpha, over the same period, against the category group index:
a benchmark that encapsulates the performance of the broader asset class.
Even when excluding risk from its performance record, the strategy still held up. This share class surpassed
the category index over the past nine-year period, outperforming by an annualized 2.1 percentage points. It
has also beaten its average peer by an annualized 4.9 percentage points, over the same nine-year period.
Although the overall rating does not hinge on one-year performance figures, it is notable that this share
class returned 29.2%, an impressive 13.7-percentage-point lead over its average peer, placing it within the
top 10% of its category.
Price
Low-cost investments routinely outperform high-cost investments.
Thus, assessing cost is a critical step in any investment evaluation. This share class charges a fee that ranks
in its Morningstar Category's second-cheapest quintile. Despite this fee, the fund's People, Process, and
Parent Pillars suggest this share class should not be able to deliver positive alpha relative to its category
benchmark, garnering a Morningstar Medalist Rating of Neutral.
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TM

Large-Ca...h Equity
Morningstar Gbl
Growth TME NR USD
992.7 USD Mil 31 Oct 2014
31 Jan 2024 00:00 UTC 31 Jan 2024 31 Dec 2023
Sustainability Summary | Autogenerated by Morningstar Manager Research, 21 Feb 2024 17:08 UTC
Guinness Global Innovators Fund has a number of positive attributes that a sustainability-focused investor
may find appealing.
This fund lands in the 10% of strategies with the lowest ESG risk in the Global Equity Large Cap category,
earning it the highest Morningstar Sustainability Rating of 5 globes. ESG risk provides investors with a signal
that reflects to what degree their investments are exposed to risks related to material ESG issues, including
climate change, biodiversity, product safety, community relations, data privacy and security, bribery and
corruption, and corporate governance, that are not sufficiently managed. ESG risk differs from impact, which
is about seeking positive environmental and social outcomes.
Guinness Global Innovators Fund promotes environmental and/or social characteristics in accordance with
Article 8 of the Sustainable Finance Disclosure Regulation. Funds classified by their managers as aligning
with Article 8 or Article 9 would have a higher probability to drive positive ESG outcomes. One key area of
strength for Guinness Global Innovators Fund is its low Morningstar Portfolio Carbon Risk Score of 2.58 and
very low fossil fuel exposure over the past 12 months, which earns it the Morningstar Low Carbon
Designation. Thus, the companies held in the portfolio are in general alignment with the transition to a low-
carbon economy.
Guinness Global Innovators Fund shows 14.2% involvement in carbon solutions. This percentage surpasses
the 9.9% average involvement of its peers in the Global Large-cap Growth Equity category. Carbon solutions
include products and services related to renewable energy, energy efficiency, green buildings, green
transportation, and so on. By prospectus, the fund aims to avoid, or limit its exposure to, companies
associated with controversial weapons and thermal coal. The fund fulfills this goal as its investment
exposure to each of these activities is negligible.
The fund has relatively high exposure (10.53%) to companies with high or severe controversies.
Controversies are incidents that have a negative impact on stakeholders or the environment, which create
some degree of financial risk for the company. Examples of types of controversies include bribery and
corruption scandals, workplace discrimination and environmental incidents. Severe and high controversies
can have significant financial repercussions, ranging from legal penalties to consumer boycotts. Such
controversies can also damage the reputation of both companies themselves and their shareholders.
ESG Commitment Level
An ESG Commitment Level is not assigned to this fund.
How do we decide what funds receive an ESG Commitment Level ?

Morningstar analysts award an ESG Commitment Level to funds that also receive Morningstar Analyst
Ratings. Not all funds currently have ESG Commitment Levels. Morningstar is expanding its coverage,
prioritizing funds that are most relevant to investors. K
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Process | Above Average
Morningstar Category Category Index Prospectus Benchmark
EAA Fund Global Large-Cap Growth Equity Morningstar Gbl Growth TME NR USD MSCI World NR USD
Asset Allocation 31 Jan 2024 Morningstar Style Trail 31 Jan 2024

Asset Class Net Short Long Cat Avg. Cat Index Value Blend Growth Current Portfolio
Earliest Portfolio
Fixed Income 0.00 — 0.00 0.00 0.00
Preferred 0.00 — 0.00 0.02 0.00 Investment
Large
31 Jan 2024
Convertible 0.00 — 0.00 0.00 0.00
Benchmark
Equity 98.78 — 98.78 97.07 100.00
Mid
29 Feb 2024
Cash 0.00 — 0.00 1.85 0.00
Small
Other 1.22 — 1.22 1.06 0.00
-100 -50 0 50 100 Total 100.00 — 100.00 100.00 100.00
Market Capitalization Breakdown % 31 Jan 2024 World Regions % 31 Jan 2024 Sector Weightings % 31 Jan 2024
Inv Cat Avg. Cat Index Americas Greater Europe Greater Asia
Inv Cat Avg. Cat Index
Giant 51.66 53.57 59.25 h Cyclical 21.83 28.95 27.56
Large 45.09 24.82 27.97 r Basic Materials 0.00 3.17 2.54
Mid 2.03 16.18 12.16 t Consumer Cyclical 8.18 11.49 14.32
Small 0.00 1.90 0.16 y Financial Services 13.65 13.48 8.88
Micro 0.00 0.03 0.00 u Real Estate 0.00 0.81 1.82
j Sensitive 66.82 46.18 55.13
i Communication Srvs. 9.51 6.98 7.80
Value & Growth Measures 31 Jan 2024
o Energy 0.00 0.97 1.59
Inv Cat Avg. Cat Index <25 50 75%>
p Industrials 7.34 10.55 9.55
P/E 23.20 24.04 25.52 Inv Cat Avg. Cat Index a Technology 49.97 27.68 36.19
P/B 5.23 4.84 4.81 Americas 81.02 66.29 68.08 k Defensive 11.35 24.87 17.31
P/Sales 4.76 3.28 3.48 North America 81.02 65.12 67.12 s Consumer Defensive 0.00 7.54 5.40
P/Cash Flow 16.20 16.90 16.65 Latin America 0.00 1.17 0.96 d Healthcare 11.35 16.53 10.77
Dividend Yield % 0.87 1.27 1.12 Greater Europe 13.18 23.97 16.18 f Utilities 0.00 0.80 1.14
Long-Term Earnings % 12.55 11.59 15.96 United Kingdom 0.00 4.90 2.80
Historical Earnings % 8.84 12.49 16.17 Financial Metrics 31 Jan 2024
Europe-Developed 13.18 18.84 12.06
Sales Growth % 10.85 10.72 12.57 Europe-Emerging 0.00 0.00 0.15 Inv Cat Avg. Cat Index
Cash-Flow Growth % 15.25 9.17 16.97 Africa/Middle East 0.00 0.23 1.17 Wide Moat % 86.34 69.89 68.53
Book Value Growth % 11.86 9.05 13.16 Greater Asia 5.80 9.74 15.74 Narrow Moat % 13.66 23.69 24.23
Japan 0.00 3.60 5.80 No Moat % 0.00 6.42 7.24
Top Holdings 31 Jan 2024 Financial Health A A- A
Australasia 0.00 0.28 1.53
Portfolio Morningstar Total Rtn
Holdings Weight % Rating YTD % Asia-Developed 3.02 2.85 2.73 Profitability B- C+ B-
Asia-Emerging 2.78 3.01 5.68 Growth B B- B-
NVIDIA Corp 4.27 QQQ 66.15
Lam Research Corp 4.16 QQ 25.31 Not Classified 0.00 0.00 0.00 ROIC 22.07 19.88 23.68
Microsoft Corp 4.15 QQQ 10.69 Cash Return % 34.30 82.10 34.08
Salesforce Inc 4.03 QQQ 20.42 P/FCF Ratio 28.95 34.87 36.83
Top Country Exposure % 31 Jan 2024
KLA Corp 4.01 QQ 23.69 D/C Ratio 31.88 33.42 34.10
Country Inv Cat Avg. Cat Index
Amphenol Corp Class A 3.95 QQ 11.78
Portfolio Holdings 31 Jan 2024
Intuit Inc 3.95 QQ 6.78 United States 81.02 63.57 64.65
Meta Platf...nc Class A 3.83 QQ 42.05 Switzerland 3.81 3.20 2.23 Inv Cat Avg. Cat Index
Mastercard Inc Class A 3.78 QQ 11.91 France 3.54 4.99 2.69 Avg. Market Cap (USD Bil) 232.30 175.57 217.86
ABB Ltd 3.76 QQQ 9.22 Denmark 3.20 2.73 1.44 Turnover Ratio % 17 — —
Taiwan 3.02 1.55 1.39 % Assets in Top 10 40 32 34
China 2.78 1.29 2.16 # of Holdings 31 730 1839
Germany 2.64 1.98 1.51 Base Currency USD USD USD
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People | Average
Management Inception Date Number of Mgrs Longest Tenure Average Tenure Advisor(s) Subadvisor(s)
31 Oct 2014 2 9.4 Years 9.4 Years Guinness Asset Management Limited —
Timeline Past Current

Tenure Position In Investment
Portfolio Manager (Years) Start Date 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 End Date 0K 10 50 100 500 1M >
Ian Mortimer 9.3 10/31/2014 N/A

Matthew Page 9.3 10/31/2014 N/A
Ian Mortimer Years of Experience Position In Investment Current Investments Managed Investment AUM
— N/A 12 7.854 Bil USD
Tenure Ret % Index Ret
Largest Investments Managed Tenure Dates Role Inv. Size Bil Currency Inv. Mil Turnover Ratio % 29 Feb 2024 29 Feb 2024
Guinness Global Equity Income 31 Dec 2010 to 04 Mar 2024 Lead 5.56 USD — 11 8.96 7.09
Guinness Global Innovators Fund 31 Oct 2014 to 04 Mar 2024 1 of 2 0.99 USD — 17 11.94 9.84
dVAM Global Equity Income PCP 16 Jan 2019 to 04 Mar 2024 1 of 2 0.54 USD — — 12.19 8.17
dVAM Balanced Active PCP 13 Feb 2019 to 04 Mar 2024 1 of 2 0.19 GBP — — 4.07 6.12
WS Guinness Global Equity Income Fund 09 Nov 2020 to 04 Mar 2024 1 of 2 0.16 GBP — — 13.69 10.61
Matthew Page Years of Experience Position In Investment Current Investments Managed Investment AUM
— N/A 12 7.854 Bil USD
Tenure Ret % Index Ret
Largest Investments Managed Tenure Dates Role Inv.Size Bil Currency Inv. Mil Turnover Ratio % 29 Feb 2024 29 Feb 2024
Guinness Global Equity Income 31 Dec 2010 to 04 Mar 2024 1 of 2 5.56 USD — 11 8.96 7.09
Guinness Global Innovators Fund 31 Oct 2014 to 04 Mar 2024 1 of 2 0.99 USD — 17 11.94 9.84
dVAM Global Equity Income PCP 16 Jan 2019 to 04 Mar 2024 1 of 2 0.54 USD — — 12.19 8.17
dVAM Balanced Active PCP 13 Feb 2019 to 04 Mar 2024 1 of 2 0.19 GBP — — 4.07 6.12
WS Guinness Global Equity Income Fund 09 Nov 2020 to 04 Mar 2024 1 of 2 0.16 GBP — — 13.69 10.61
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Parent | Below Average
Firm / Investment Provider Advisor Subadvisor

Guinness Asset Management Limited Guinness Asset Management Limited —
Branding Company Breakdowns: Guinness 31 Jan 2024
Global Asset Class Breakdown 31 Jan 2024 Global Total Firm Assets and Investment Flows
25 690.0 9.0
20 460.0 6.0
Total Net Assets (USD Bil)

15
230.0 3.0
Assets (USD Bil)
Net Flows (USD Mil)
10
0.0 0.0
5
-230.0 -3.0
-460.0 -6.0
Asset Class Assets USD Bil Assets %
-690.0 -9.0
Equity 8.2 99.9 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD
Allocation — —
Global Assets By Region, By Domicile USD Bil
Fixed Income 0.0 0.1
31 Jan 2024
Alternative — —
Commodities — —
Money Market — —
Miscellaneous — —
Property — —
Convertibles — —
Unclassified — —
Americas Europe & Africa Asia & Australia
Total Assets 8.2 100.0 0.0 8.2 0.0
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Performance
Morningstar Rating and Risk 31 Jan 2024 Growth of $10,000
Period / Total Morningstar Morningstar Morningstar 37,500 29 Feb 2024

Inv in Cat Return % Ret vs Cat Risk vs Cat Rating Inv (USD)
32,000 Cat. Average
3 Years 8.86 High Above Avg QQQQ Cat. Index
2,163 26,500 Manager Change
5 Years 16.49 High High QQQQQ Full
1,493 21,000 Partial
10 Years 11.89 High High QQQQQ

15,500
733
Overall — High High QQQQQ 10,000
4,500
3-Year Risk vs. Category Avg 31 Jan 2024 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD Total Rtn. % (USD)
12.37 -3.50 7.17 33.56 -17.03 36.58 36.30 21.45 -29.60 39.95 10.34 Investment
Above Average 2.48 0.31 0.90 28.11 -10.32 29.22 27.64 13.52 -27.24 22.96 5.91 Category Average
6.06 0.75 2.94 27.68 -7.31 30.06 28.85 16.99 -28.04 29.62 6.91 Category Index
& ( & & ) & & & ( & N/A Quartile Rank
Low Average High
2 68 23 3 89 4 18 15 72 3 N/A Percentile Rank
635 635 680 730 860 1,619 1,867 2,072 2,457 2,908 3,098 # of Inv in Cat.
3-Year Return vs. Category Avg 31 Jan 2024
Performance data presented is non-standardized. For standardized performance see the Standardized and Tax Adjusted Returns
High Disclosure Statement at the end of this report. *Performance Disclosure: The performance data quoted represents past performance
and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's
shares,when sold, may be worth more or less than their original cost. Current performance may be lower or higher than return data
quoted herein. For performance data current to the most recent month-end, please visit http://advisor.morningstar.com/familyinfo.asp.
Low Average High
3-Year Market Volatility Measures 29 Feb 2024

3-Year Risk vs. Return Scatterplot 29 Feb 2024
Inv Cat Avg. Cat Index
Upside Capture Ratio % 117.22 89.31 — 18.0 Investment
Downside Capture Ratio % 106.65 100.23 — Category Index
13.5
Maximum Drawdown % — — — Morningstar Category
Drawdown Peak Date — — — 9.0
Drawdown Valley Date — — —
4.5
Max Drawdown Duration — — —
0.0
Return %
Trailing Returns (Annualized) 29 Feb 2024

-4.5
Total Investor % Rank Category Index
Ret % Ret % in Cat Ret % Ret % 0.0 9.0 18.0 27.0 36.0
1 Year 43.19 46.71 3.00 24.01 31.24 Standard Deviation %
3 Years 8.86 9.34 6.00 2.04 5.27
Risk & Return Measures 29 Feb 2024
5 Years 16.49 — 1.00 9.63 11.94
3-Year 5-Year 10-Year
10 Years 11.89 — 4.00 7.49 9.64
Trailing Investment Cat Avg. Cat Index Investment Cat Avg. Cat Index Investment Cat Avg. Cat Index
Earl Avail* 11.50 — — — —
Alpha 3.44 -2.93 — 3.37 -1.58 — 1.47 -1.58 —
*Earliest Available as of 31 Dec 2004
Beta 1.10 0.94 — 1.11 0.96 — 1.11 0.97 —
Rolling Return Summary 29 Feb 2024 R-Squared 95.34 87.40 — 93.96 88.26 — 91.06 87.44 —
36-Month Rolling Periods Quartile %

Sharpe Ratio 0.37 0.06 0.23 0.73 0.47 0.60 0.64 0.45 0.61
77 Observations, 7 Years Standard Deviation % 21.64 19.38 19.16 21.44 19.14 18.72 18.00 15.95 15.44
78
The shading and percentages 21
correspond to how often the 1
strategy returns landed in each
0
category quartile.
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Price
Ongoing Charge 18 Feb 2022 Expense History 18 Feb 2022

1.10 0.99 Ongoing Charge %
Below Average 0.85
Inv Size Bil USD
0.88 0.79
Low Average High 0.66 0.60
Investment 0.85
0.44 0.40
Category Median -
Cost Illustration (10k; 5% Return;USD) 18 Feb 2022 0.22 0.20
13,000 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
/ 02
— 0.99 0.99 0.99 0.99 0.99 0.99 0.89 0.85 — — Ongoing Charge %
9,750
0.0 0.1 0.1 0.2 0.2 0.3 0.5 0.8 0.5 0.9 1.0 Inv Size Bil USD
— 36.2 8.1 52.6 29.6 64.5 85.9 205.1 -47.8 113.8 42.6 Net Flows Mil USD
6,500
Expense Breakdown Fee Level
Value(USD)
3,250
Ongoing Charge % % Fee Level Peer Group
Below Average -
Ongoing Charge % 02/18/22 0.85
No Fees Fees After Fees
Representative Cost 03/31/24 0.87 Fee Level Breakpoints
Value(USD) -
Initial Investment 10,000.00 Selected Components %
High -
Expected Market Return w/ No Fees (5%) 12,762.82 Max Management Fee 0.50 Above Average -
Performance Fee —
Fees (1,199.38) Average -
Category Average — Below Average -
Expected Market Return After Fees (2.9%) 11,563.43 Low -
Inv 0.85
Ongoing fees as of 18 Feb 2022. The fees illustrated above do Peer Median -
not reflect any additional account-related fees and charges
-
Historical Expense Ratio % 18 Feb 2022
2
2020 2021 2022 2023 2024

Investment 0.990 0.890 0.850 — —
Category Average 1.469 1.298 1.244 1.313 —
Comparison Group — — — — —
Expense Ratio:Ongoing Charge | Fee Level Comparison Group: —
Share Class Information

Minimum Initial
Investment Name ISIN Status Fee Level Ongoing Charge % Max Mgmt Fee Performance Fee Investment Assets 1-Yr Flow Currency
Guinness Globa...tors Y EUR ACC IE00BQXX3L90 Open — 0.85 0.89 — 100,000 278.89 Mil 47.65 Mil EUR
Guinness Globa...tors C USD ACC IE00BQXX3F31 Open Above Average 1.93 1.50 — 10,000 205.96 Mil 21.91 Mil USD
Guinness Globa...tors Y GBP ACC IE00BQXX3K83 Open — 0.85 0.50 — 100,000 142.75 Mil 34.28 Mil GBP
Guinness Globa...tors C GBP ACC IE00BQXX3C00 Open Above Average 1.93 1.50 — 10,000 97.95 Mil 3.30 Mil GBP
Guinness Globa...tors C EUR ACC IE00BQXX3D17 Open Above Average 1.93 1.50 — 10,000 75.49 Mil 11.44 Mil EUR
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Appendix
Historical Medalist Rating —

Dec 2024 Nov 2024 Oct 2024 Sep 2024 Aug 2024 Jul 2024 Jun 2024 May 2024 April 2024 March 2024 Feb 2024 Jan 2024
. . . . . . . . . . . ‰
‰ ‰ ‰ ‰ ‰ ‰ ´ ´ ´ ´ ´Q ´Q
´Q ´Q ´Q ´Q ´Q ´Q ´Q ´Q ´Q ´Q ´Q ´Q
Total Firm Assets and Investment Flows 31 Jan 2024
Total Net Assets (USD Bil) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD
Q1 0.42 0.48 0.63 0.90 1.11 1.42 1.70 3.46 5.05 7.07 —
Q2 0.64 0.57 0.70 0.96 1.24 1.55 1.90 3.97 4.74 7.80 —
Q3 0.57 0.49 0.76 1.06 1.34 1.73 2.18 4.13 5.00 7.71 —
Q4 0.45 0.51 0.82 1.12 1.19 2.16 3.04 4.84 6.19 8.43 —
Net Flows (USD Mil) 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD
Q1 -17.61 37.36 99.71 81.01 1.26 75.42 31.00 281.07 428.14 507.49 -139.75
Q2 159.95 102.29 37.12 66.67 104.52 116.86 -81.18 246.26 306.99 481.68 —
Q3 1.53 24.33 34.79 41.92 78.01 150.06 181.35 221.13 622.80 329.43 —
Q4 -17.01 13.22 38.67 8.01 115.69 289.78 491.09 391.72 536.23 51.84 —
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Standardized and Tax Adjusted Returns Disclosure Statement
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will
fluctuate; thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return
data quoted herein. For performance data current to the most recent month-end please visit http://advisor.morningstar.com/familyinfo.asp
An investment in a money-market vehicle is not insured or guaranteed by the FDIC or any other government agency. The current yield quotation reflects the
current earnings of the money market more closely than the total return quotation. Although money markets seek to preserve the value of your investment at $1.00
per share, it is possible to lose money by investing in them.
Standardized Returns assume reinvestment of dividends and capital gains. They depict performance without adjusting for the effects of taxation, but are adjusted
to reflect sales charges and ongoing fund expenses.
If adjusted for taxation, the performance quoted would be significantly reduced. For variable annuities, additional expenses will be taken into account, including
M&E risk charges, fund-level expenses such as management fees and operating fees, contract-level administration fees, and charges such as surrender, contract,
and sales charges.
After-tax returns are calculated using the highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-
tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund
shares through tax-deferred arrangements such as 401(k) plans or an IRA. After-tax returns exclude the effects of either the alternative minimum tax or phase-out
of certain tax credits. Any taxes due are as of the time the distributions are made, and the taxable amount and tax character of each distribution are as specified by
the fund on the dividend declaration date. Due to foreign tax credits or realized capital losses, after-tax returns may be greater than beforetax returns. After-tax
returns for exchange-traded funds are based on net asset value.
Annualized Returns 12-31-2023
Standardized Returns (%) 7-day Yield 7-day Yield Since Inception Max Front Max Back Net Exp Gross Exp Max
Subsidized Unsubsidized 1Yr 5Yr 10Yr Inception Date Load % Load % Ratio % Ratio % Reedemption %
Guinness Global Innovators Y USD ACC — — 37.15 16.90 10.89 10.92 10-31-2014 0.00 0.00 — — 2.00
Bloomberg US Agg Bond TR USD 5.53 1.10 1.81 6.61 01-03-1980

MSCI EAFE NR USD 18.24 8.16 4.28 8.40 03-31-1986
Morningstar Gbl Growth TME NR USD 29.62 12.83 9.06 7.59 11-24-2021
S&P 500 TR USD 26.29 15.69 12.03 10.88 01-30-1970
USTREAS T-Bill Auction Ave 3 Mon 5.41 2.01 1.34 3.86 02-28-1941
Return after Tax (%)

On Distribution On Distribution and Sales of Shares
1Yr 5Yr 10Yr Since Inception Inception Date 1Yr 5Yr 10Yr Since Inception
Guinness Global Innovators Y USD ACC — — — — 10-31-2014 39.95 17.37 11.11 11.03
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Disclosure Statement ket. As a result, the secondary market price may be high-
er or lower than the closed-end fund's net asset value
end mutual fund is an annual fee charged to a sharehold-
er. It includes operating expenses and management fees
(NAV). If these shares trade at a price above their NAV, but does not take into account any brokerage costs.
they are said to be trading at a premium. Conversely, if Open-end funds may also have 12b-1 fees. Income distri-
The Managed Investment Report is supplemental sales they are trading at a price below their NAV, they are said butions and capital gains of the open-end fund are sub-
literature, and therefore must be preceded or accompan- to be trading at a discount. A closed-end mutual fund’s ject to income tax, if held in a taxable account.
ied by the investment’s current prospectus or an equival- expense ratio is an annual fee charged to a shareholder.
ent statement. Please read this information carefully. In It includes operating expenses and management fees but A unit investment trust (UIT) is an investment company
all cases, this disclosure statement should accompany does not take into account any brokerage costs. Closed- organized under a trust agreement between a sponsor
the Managed Investment Report. Morningstar is not itself end funds may also have 12b-1 fees. Income distributions and trustee. UITs typically purchase a fixed portfolio of
a FINRA-member firm. All data presented is based on the and capital gains of the closed-end fund are subject to in- securities and then sell units in the trust to investors. The
most recent information available to Morningstar as of come tax, if held in a taxable account. major difference between a UIT and a mutual fund is that
the release date and may or may not be an accurate re- a mutual fund is actively managed, while a UIT is not. On
flection of current data for securities included in the An ETF is an investment company that typically has an in- a periodic basis, UITs usually distribute to the unit holder
fund’s portfolio. There is no assurance that the data will vestment objective of striving to achieve a similar return their pro rata share of the trust's net investment income
remain the same. as a particular market index. The ETF will invest in either and net realized capital gains, if any. If the trust is one
all or a representative sample of the securities included in that invests only in tax-free securities, then the income
Unless otherwise specified, the definition of “funds” used the index it is seeking to imitate. Like closed-end funds, from the trust is also tax-free. UITs generally make one
throughout this Disclosure Statement includes closed-end an ETF can be traded on a secondary market and thus public offering of a fixed number of units. However, in
funds, exchange-traded funds, grantor trusts, index mu- have a market price that may be higher or lower than its some cases, the sponsor will maintain a secondary mar-
tual funds, open-ended mutual funds, collective invest- net asset value. If these shares trade at a price above ket that allows existing unit holders to sell their units and
ment trust funds, and unit investment trusts. It does not their NAV, they are said to be trading at a premium. Con- for new investors to buy units. A one-time initial sales
include exchange-traded notes or exchange-traded com- versely, if they are trading at a price below their NAV, charge is deducted from an investment made into the
modities. The definition of “managed investment” in- they are said to be trading at a discount. ETFs are not act- trust. UIT investors may also pay creation and develop-
cludes funds, variable annuity or variable life subac- ively managed, so their value may be affected by a gener- ment fees, organization costs, and/or trustee and opera-
counts, separate accounts, and models. al decline in the U.S. market segments relating to their tion expenses. UIT units may be redeemed by the sponsor
underlying indexes. Similarly, an imperfect match at their net asset value minus a deferred sales charge
Prior to 2016, Morningstar’s methodology evaluated open
between an ETF’s holdings and those of its underlying in- and sold to other investors. UITs have set termination
end mutual funds and exchange-traded funds as separ-
dex may cause its performance to vary from that of its un- dates, at which point the underlying securities are sold
ate groups. Each group contained a subset of the current
derlying index. The expense ratio of an ETF is an annual and the sales proceeds are paid to the investor. Typically,
investments included in our current comparative analysis.
fee charged to a shareholder. It includes operating ex- a UIT investment is rolled over into successive trusts as
In this report, historical data presented on a calendar-
penses and management fees but does not take into ac- part of a long-term strategy. A rollover fee may be
year basis and trailing periods ending at the most recent
count any brokerage costs. ETFs do not have 12b-1 fees charged for the exercise of rollover purchases. There are
month-end reflect the updated methodology.
or sales loads. Capital gains from funds held in a taxable tax consequences associated with rolling over an invest-
Risk measures (such as alpha, beta, r-squared, standard account are subject to income tax. In many, but not all ment from one trust to the next.
deviation, mean, or Sharpe ratio) are calculated for secur- cases, ETFs are generally considered to be more tax-effi-
cient when compared to similarly invested mutual funds. Comparison of Other Managed Investment Types
ities or portfolios that have at least a three-year history.
Variable annuities are tax-deferred investments struc-
Most Morningstar rankings do not include any adjust- Holding company depository receipts (HOLDRs) are simil- tured to convert a sum of money into a series of pay-
ment for one-time sales charges, or loads. Morningstar ar to ETFs, but they focus on narrow industry groups. ments over time. Variable annuity policies have limita-
does publish load-adjusted returns and ranks such re- HOLDRs initially own 20 stocks, which are unmanaged, tions and are not viewed as short-term liquid invest-
turns within a Morningstar Category in certain reports. and can become more concentrated due to mergers, or ments. An insurance company's fulfillment of a commit-
The total returns for ETFs and fund share classes without the disparate performance of their holdings. HOLDRs can ment to pay a minimum death benefit, a schedule of pay-
one-time loads are equal to Morningstar’s calculation of only be bought in 100- share increments. Investors may ments, a fixed investment account guaranteed by the in-
load-adjusted returns. Share classes that are subject to exchange shares of a HOLDR for its underlying stocks at surance company, or another form of guarantee depends
one-time loads relating to advice or sales commissions any time. on the claims-paying ability of the issuing insurance com-
have their returns adjusted as part of the load-adjusted pany. Any such guarantee does not affect or apply to the
A money-market fund is an investment company that in- investment return or principal value of the separate ac-
return calculation to reflect those loads.
vests in commercial paper, banker's acceptances, repur- count and its subaccount. The financial ratings quoted for
Comparison of Fund Types chase agreements, government securities, certificates of an insurance company do not apply to the separate ac-
Funds, including closed-end funds, exchange-traded deposit and other highly liquid securities, and pays count and its subaccount. The insurance company offer-
funds (ETFs), money market funds, open-end funds, and money market rates of interest. Money markets are not ing a variable contract will charge several fees to in-
unit investment trusts (UITs), have many similarities, but FDIC-insured, may lose money, and are not guaranteed vestors, including annual contract charges that com-
also many important differences. In general, publicly by a bank or other financial institution. pensate the insurance company for the cost of maintain-
offered funds are investment companies registered with ing and administering the contract, mortality and expense
An open-end fund is an investment company that issues
the Securities and Exchange Commission under the In- risk (M&E Risk) charges based on a percentage of a sub-
shares on a continuous basis. Shares can be purchased
vestment Company Act of 1940, as amended. Funds pool account’s assets to cover costs associated with mortality
from the open-end mutual fund itself, or through an inter-
money from their investors and manage it according to an and expense risk, and administration fees that are based
mediary, but cannot be traded on a secondary market,
investment strategy or objective, which can vary greatly on a percentage of a subaccount’s assets to cover the
such as the New York Stock Exchange. Investors pay the
from fund to fund. Funds have the ability to offer diversi- costs involved in offering and administering the subac-
open-end mutual fund’s current net asset value plus any
fication and professional management, but also involve count. A variable annuity investor will also be charged a
initial sales loads. Net asset value is calculated daily, at
risk, including the loss of principal. front-end load by the insurance company on their initial
the close of business. Open-end mutual fund shares can
contribution, ongoing fees related to the management of
A closed-end fund is an investment company, which typ- be redeemed, or sold back to the fund or intermediary, at
the fund, and surrender charges if the investor makes a
ically makes one public offering of a fixed number of their current net asset value minus any deferred sales
withdrawal prior to a specified time. If the variable annu-
shares. Thereafter, shares are traded on a secondary mar- loads or redemption fees. The expense ratio for an open-
ity subaccount is invested in a money-market fund, the
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money market fund is not FDIC-insured, may lose money, of approximately 10.9%. Clients should refer to the dis- Sustainalytics is an environmental, social, and gov-
and is not guaranteed by a bank or other financial institu- closure document of the separate account manager and ernance and corporate governance research, ratings, and
tion. their advisor for specific information regarding fees and analysis firm. Morningstar acquired Sustainalytics in
expenses. The analysis in this report may be based, in 2020. Sustainalytics provides ESG scores on companies,
Variable life insurance is a cash-value life insurance that part, on adjusted historical returns for periods prior to an which are evaluated within global industry peer groups,
has a variable cash value and/or death benefit depending insurance group separate account's (IGSA's) actual incep- and tracks and categorizes ESG-related controversial in-
on the investment performance of the subaccount into tion. When pre-inception data are presented in the re- cidents on companies. Morningstar uses Sustainalytics’
which premium payments are invested. Unlike traditional port, the header at the top of the report will indicate this company level ESG analytics to calculate ratings for man-
life insurance, variable life insurance has inherent risks and the affected data elements will be displayed in ital- aged products and indexes using Morningstar’s portfolio
associated with it, including market volatility, and is not ics. These calculated returns reflect the historical per- holdings database.
viewed as a short-term liquid investment. For more in- formance of the oldest share class of the underlying fund,
formation on a variable life product, including each sub- adjusted to reflect the management fees of the current Performance
account, please read the current prospectus. Please note, IGSA. While the inclusion of pre-inception data provides The performance data given represents past performance
the financial ratings noted on the report are quoted for valuable insight into the probable long-term behavior of and should not be considered indicative of future results.
an insurance company and do not apply to the separate an IGSA based on the underlying fund’s performance, in- Principal value and investment return will fluctuate, so
account and its subaccount. vestors should be aware that an adjusted historical return that an investor's shares, when sold, may be worth more
can only provide an approximation of that behavior. or less than the original investment. Managed investment
A separate account is a portfolio of securities (such as portfolio statistics change over time. Funds are not FDIC-
These adjusted historical returns are not actual returns.
stocks, bonds, and cash) that follows a specified invest- insured, may lose value, and are not guaranteed by a
Calculation methodologies utilized by Morningstar may
ment strategy and is managed by an investment profes- bank or other financial institution.
differ from those applied by other entities, including the
sional. The securities in the portfolio are directly owned
IGSA itself. Morningstar % Rank within Morningstar Cat-
by the separate account’s owner. Separate accounts are Morningstar calculates after-tax returns using the highest
egory does not account for a separate account's sales
unregistered investment vehicles; therefore, they do not applicable federal marginal income tax rate plus the in-
charge (if applicable).
have the same performance and holding reporting re- vestment income tax and Medicare surcharge. As of
sponsibilities that registered securities have. Separate ac- A model, as defined by Morningstar, is a portfolio of se- 2018, this rate is 37% plus 3.8% investment income plus
count performance data is reported to Morningstar from curities (such as mutual funds, ETFs, and cash) created by 0.9% Medicare surcharge, or 41.7%. This rate changes
the investment manager as a composite of similarly man- a model manager (such as a broker-dealer, investment periodically in accordance with changes in federal law.
aged portfolios. As such, investors in the same separate adviser, or asset manager) that is distributed through
account may have slightly different portfolio holdings be- Pre-Inception Returns
centralized platforms to various types of investors or fin-
cause each investor has customized account needs, tax The analysis in this report may be based, in part, on ad-
ancial professionals. Models are not created with regard
considerations and security preferences. The method for justed historical returns for periods prior to the inception
to the investment objectives, financial situation, or partic-
calculating composite returns can vary. The composite of the share class of the fund shown in this report (“Re-
ular needs of any specific investor and therefore will not
performance for each separate account manager may dif- port Share Class”). If pre-inception returns are shown, a
be suitable for everyone. A model is intended to provide
fer from actual returns in specific client accounts during performance stream consisting of the Report Share Class
information to assist investors in making their own invest-
the same period for a number of reasons. Different separ- and older share class(es) is created. Morningstar adjusts
ment decisions; investors must exercise their own inde-
ate account managers may use different methods in con- pre-inception returns downward to reflect higher ex-
pendent judgment as to the suitability of a model and its
structing or computing performance figures. Thus, per- penses in the Report Share Class, we do not hypothetic-
holdings in light of their own investment objectives, ex-
formance and risk figures for different separate account ally adjust returns upwards for lower expenses. For more
perience, taxation status, and financial position. Model
managers may not be fully comparable to each other. information regarding calculation of pre- inception re-
managers do not guarantee the performance of a model
Likewise, performance and risk information of certain turns please see the Morningstar Extended Performance
or its underlying holdings, or that a model’s objective will
separate account managers may include only composites Methodology.
be achieved. An investor using a model can incur a loss.
of larger accounts, which may or may not have more Unless the model manager and an investor enter in an When pre-inception data is presented in the report,
holdings, different diversification, different trading pat- agreement stating otherwise, the model manager is not the header at the top of the report will indicate this. In
terns and different performance than smaller accounts responsible for an investors decision to invest in accord- addition, the pre-inception data included in the report
with the same strategy. Finally, composite performance ance with a model, the suitability of the model for a spe- will appear in italics.
of the separate account offered by the money manager cific investor, or trading decisions, and does not manage
may or may not reflect the reinvestment of dividends and or have access to the investor account. Instead, the in- While the inclusion of pre-inception data provides valu-
capital gains. Gross returns are collected on a monthly vestor (or their financial professional) chooses whether able insight into the probable long-term behavior of new-
and quarterly basis for separate accounts and com- and how to implement the model and is ultimately re- er share classes of a fund, investors should be aware that
mingled pools. This information is collected directly from sponsible for related investment decisions. If an investor an adjusted historical return can only provide an approx-
the asset management firm running the product(s). Morn- chooses to invest in accordance with a model, the secur- imation of that behavior. For example, the fee structures
ingstar calculates total returns, using the raw data (gross ities in the account are directly owned by the investor. of a retail share class will vary from that of an institution-
monthly and quarterly returns), collected from these as- al share class, as retail shares tend to have higher operat-
set management firms. The performance data reported by A collective investment trust (CIT) may also be called a ing expenses and sales charges. These adjusted historical
the separate account managers will not represent actual commingled or collective fund. CITs are tax-exempt, returns are not actual returns. The underlying invest-
performance net of management fees, brokerage com- pooled investment vehicles maintained by a bank or trust ments in the share classes used to calculate the pre-per-
missions or other expenses. Management fees as well as company exclusively for qualified plans, including 401(k)s, formance string will likely vary from the underlying in-
other expenses a client may incur will reduce individual and certain types of government plans. CITs are unre- vestments held in the fund after inception. Calculation
returns for that client. Because fees are deducted regu- gistered investment vehicles subject to banking regula- methodologies utilized by Morningstar may differ from
larly, the compounding effect will increase the impact of tions of the Office of the Comptroller of the Currency those applied by other entities, including the fund itself.
the fee deduction on gross account performance by a (OCC), which means they are typically less expensive
greater percentage than that of the annual fee charged. than other investment options due to lower marketing, Analyst-Driven and Quantitatively-
For example, if an account is charged a 1% management overhead, and compliance-related costs. CITs are not Driven Content
fee per year and has gross performance of 12% during available to the general public but are managed only for
The Managed Investment Report (“Report”) may contain
that same period, the compounding effect of the specific retirement plans.
a Morningstar Medalist RatingTM or Pillar Scores that
quarterly fee assessments will result in an actual return
Sustainalytics
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were derived quantitatively and/or quantitatively-driven regulation or which would subject Morningstar or its affil- ated in a different currency than the currency of the User
written analysis (collectively, “Quantitatively-Driven Con- iates to any registration or licensing requirements in such or User’s clients, changes in rates of exchange may have
tent”) generated by a series of statistical models intended jurisdiction. an adverse effect on the value, price or income of or from
to replicate Morningstar’s analyst output (“Analyst-Driven that investment.
Content”). Where this report is made available in a language other
than English and in the case of inconsistencies between Indexes noted within the report are unmanaged, their re-
Quantitatively-driven analysis is written by taking the un- the English and translated versions of the report, the Eng- turns do not include payment of any sales charges or fees
derlying statistics and supporting data for an investment lish version will control and supersede any ambiguities an investor would pay to purchase securities, and cannot
product and translating those values into sentences and associated with any part or section of a report that has be invested in directly.
paragraphs. The framework in which quantitatively-driv- been issued in a foreign language. Neither the analyst
en analysis is generated uses mental models meant to nor Morningstar guarantee the accuracy of the transla- In certain jurisdictions, the Report contents, except for
mirror analyst-driven written analysis. Given the nature of tions. the Morningstar Medalist Rating and key analysis/opin-
the Quantitatively-Driven Content, there is no one analyst ions, may be shared with the managed investment com-
in which a given Report is fully attributable to; however, This Report may be distributed in certain localities, coun- pany prior to publication. In the unlikely event that Morn-
Mr. Lee Davidson, Chief Analytics Officer for Morningstar, tries and/or jurisdictions (“Territories”) by independent ingstar would change their analysis/opinions and/or the
Inc., is responsible for overseeing the methodology that third parties or independent intermediaries (“Distribut- Morningstar Medalist Rating based on feedback as result
supports the Quantitatively-Driven Content. Mr. Davidson ors”). Such Distributors are not acting as agents or rep- of such review, the Report would disclose such a fact.
is guided by the Morningstar, Inc. Code of Ethics in carry- resentatives of the analyst or Morningstar. In Territories
where a Distributor distributes our Report, the Distribut- Conflicts of Interest
ing out his responsibilities. Morningstar’s Manager Re-
search, Investment, and Analytics Group includes re- or, and not the analyst or Morningstar, is solely respons- O Analysts may own (actual or beneficial) interests in the
search employees of various Morningstar, Inc. subsidiar- ible for complying with all applicable regulations, laws, managed investments that are the subject of the Re-
ies who prepare analysis on investment products and rules, circulars, codes and guidelines established by local port. No material interests are held by the analyst or
quantitative research employees of Morningstar, Inc. or and/or regional regulatory bodies, including laws in con- their immediate family in the managed investments
its subsidiaries who aim to help investors by providing in- nection with the distribution third-party research reports. that are the subject of the Report. Analysts have not
novative research, models, and software. In the United received or purchased shares in the managed invest-
The opinions expressed within the Report are given in ments that are the subject of the Report prior to a pub-
States, manager research employees are employed by
good faith, are as of the date of the Report and are sub- lic offering of such shares.
Morningstar Research Services LLC, which is registered
ject to change without notice. Neither the analyst nor O In general, Morningstar will not hold a material in-
with the U.S. Securities and Exchange Commission.
Morningstar commits themselves in advance to whether terest in the managed investments that are the subject
and in which intervals updates to the Report are expec-
Conflict Disclosure of the Report. If a material interest is held by Morning-
ted to be made. The written analysis, ratings, pillar star, or if Morningstar owns a net long or short posi-
This Report is for informational purposes, should not be scores, and ESG Commitment Levels within this Report tion in the managed investment that is the subject of
the sole piece of information used in making an invest- are statements of opinions; they are not statements of this Report that exceeds 0.5% of the total issued share
ment decision, and has no regard to the specific invest- fact. capital of the security, it will be disclosed at https://
ment objectives, financial situation or particular needs of www.morningstar.com/company/disclosures/holdings
any specific recipient. This publication is intended to Morningstar believes reasonable efforts were made by its
provide information to assist investors in making their analysts to carefully research information contained in O Morningstar employees’ compensation is derived from
own investment decisions, not to provide investment ad- their analysis and by the Quantitative Research team in Morningstar’s overall earnings and consists of salary,
vice to any specific investor. Therefore, investments dis- creating methodologies and choosing supporting data. bonus and in some cases restricted stock.
cussed herein may not be suitable for all investors; in- The information on which the analysis is based has been O Neither Morningstar nor its analysts receive compens-
vestors must exercise their own independent judgment obtained from sources which are believed to be reliable ation or material benefits from product issuers or third
as to the suitability of such investments and recommend- such as, for example, the fund’s prospectus and share- parties in connection with the Report.
ations in the light of their own investment objectives, ex- holder reports (or their equivalents), managed investment O Morningstar’s overall earnings are generated in part
perience, taxation status and financial position. Morn- company website, interviews with managed investment by the activities of the Investment Management and
ingstar encourages Report recipients to read all relevant company personnel, and relevant and appropriate press Research groups, and other affiliates, who provide ser-
issue documents (e.g., prospectus) pertaining to the se- sources as well as data, statistics and information within vices to product issuers.
curity concerned, including without limitation, informa- Morningstar’s own database. While Morningstar, its ana- O Morningstar does not receive commissions for provid-
tion relevant to its investment objectives, risks, and costs lysts, and the Quantitative Research team has obtained ing research and does not charge managed invest-
before making an investment decision and when deemed data, statistics and information from sources it believes to ment issuers to be rated.
necessary, to seek the advice of a financial, legal, tax, be reliable, the data, statistics, and information has not O Morningstar employees may not pursue business and
and/or accounting professional. been audited or independently verified. employment opportunities outside Morningstar within
the investment industry (including but not limited to,
“Morningstar” is used throughout this section to refer to Prices noted with the Report are the closing prices on the
working as a financial planner, an investment profes-
Morningstar, Inc. and/or its affiliates, as applicable. Un- last stock-market trading day before the publication date
sional or investment professional representative, a
less stated otherwise, the original distributor of the report stated, unless another point in time is explicitly stated.
broker-dealer or broker-dealer agent, a financial writer,
is Morningstar Inc., a U.S.A. domiciled financial institu- reporter, or analyst) without the approval of Morning-
For a list of managed investments which Morningstar
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currently covers and provides written analysis on please
Morningstar makes no representation that the Report O Morningstar may provide the investment product is-
contact your local Morningstar office. For information on
contents meet all of the presentation and/or disclosure suer or its related entities with services or products for
the historical Morningstar Medalist Rating for this man-
standards applicable in the jurisdiction where the recipi- a fee and on an arms’ length basis including software
aged investment or any managed investment Morning-
ent is located. products and licenses, research and consulting ser-
star covers, please contact your local Morningstar office.
vices, data services, licenses to republish our ratings
The Report and its contents are not directed to, or inten-
A current yield percentage is not a reflection of the actual and research in their promotional material, event spon-
ded for distribution to or use by, any person or entity who
return an investor will receive in all cases as market sorship and website advertising.
is a citizen or resident of or located in any locality, state,
prices for securities are constantly changing due to such O Certain managed investments use an index created by
country or other jurisdiction where such distribution, pub-
things as market factors. Where a security is denomin- and licensed from Morningstar, Inc. as their tracking
lication, availability or use would be contrary to law or
index. We mitigate any actual or potential conflicts of
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interests resulting from that by not producing qualitat- please visit For Recipients in New Zealand: This report has been
ive analysis on any such managed investment as well issued and distributed by Morningstar Australasia Pty Ltd
global.morningstar.com/equitydisclosures
as imposing informational barriers (both technology and/or Morningstar Research Ltd (together
and non-technology) where appropriate and monitor- Morningstar Star Rating ‘Morningstar’). This report has been prepared and is
ing by the compliance department. The Morningstar Star Rating is a proprietary data point intended for distribution in New Zealand to wholesale
O Morningstar's Investment Management group has ar- that is quantitatively driven. Funds are rated from one to clients only and has not been prepared for use by New
rangements with financial institutions to provide port- five stars based on how well the fund performed (after Zealand retail clients (as those terms are defined in the
folio management/investment advice, some of which adjusting for risk and accounting for sales charges) in Financial Markets Conduct Act 2013).The information,
an analyst may issue investment research reports on. comparison to similar funds. Within each Morningstar views and any recommendations in this material are
In addition, the Investment Management group cre- Category, the top 10% of funds receive five-stars and the provided for general information purposes only, and
ates and maintains model portfolios whose underlying bottom 10% receives one-star. Funds are rated for up to solely relate to the companies and investment
holdings can include financial products, including three time periods –three-, five-, and ten-years– and opportunities specified within. Our reports do not take
managed investments that may be the subject of this these ratings are combined to produce an overall star rat- into account any particular investor’s financial situation,
Report. However, analysts do not have authority over ing, which is noted within the Report. Funds with less objectives or appetite for risk, meaning no representation
Morningstar's Investment Management group's busi- than three years of history are not rated. Morningstar may be implied as to the suitability of any financial
ness arrangements nor allow employees from the In- Star Ratings are based entirely on a mathematical evalu- product mentioned for any particular investor. We
vestment Management group to participate or influ- ation of past performance. Morningstar Star Ratings are recommend seeking financial advice before making any
ence the analysis or opinion prepared by them. in no way to be considered a buy or sell signal nor should investment decision.
O Morningstar, Inc. is a publicly traded company (Ticker be viewed as a statement of fact.
Symbol: MORN) and thus a managed investment For Recipients in Australia and New Zealand:
which is the subject of this Report may own more than Equity-Related Data Points Information regarding the Morningstar Medalist Rating
5% of Morningstar, Inc.’s total outstanding shares. The Report lists the percentage of the managed invest- and its application please refer to
Please access Morningstar, Inc.’s most recent Proxy ment’s underlying holdings that have a wide, narrow, or
https://www.morningstar.com/company/
Statement and refer to the section titled “Security no moat. disclosures#australian-disclosures
Ownership of Certain Beneficial Owners and Manage-
Economic Moat For Recipients in Canada: This research is not prepared
ment” at https://shareholders.morningstar.com/in-
An economic moat is a structural feature that Morning- subject to Canadian disclosure requirements.
vestor-relations/financials/sec-filings/default.aspx A
star believes positions a firm to sustain excess profits
managed investment’s holding of Morningstar stock
over a long period of time, with excess profits defined as For Recipients in Hong Kong: The Report is distributed
has no bearing on and is not a requirement for man-
returns on invested capital above our estimate of a firm’s by Morningstar Investment Management Asia Limited,
aged investments Morningstar determines to cover.
cost of capital. The economic moat rating is not an indic- which is licensed and regulated by the Hong Kong
ator of the investment performance of the investment Securities and Futures Commission to provide investment
Analysts do not have any other material conflicts of in-
highlighted in this report. Narrow moat companies are research and investment advisory services to professional
terest at the time of publication. Users wishing to obtain
those Morningstar believes are more likely than not to investors only. Neither Morningstar Investment
further information should contact their local Morningstar
achieve normalized excess returns for at least the next 10 Management Asia Limited, nor its representatives, are
office or refer to the Analyst Conflicts of Interest and Oth-
years. Wide-moat companies are those in which Morn- acting or will be deemed to be acting as an investment
er Disclosures for North America, EMEA, or APAC at:
ingstar believes excess returns will remain for 10 years, advisor to any recipients of this information unless
http://global.morningstar.com/managerdisclosures with excess returns more likely than not to remain for at expressly agreed to by Morningstar Investment
least 20 years. Firms without a moat, including those Management Asia Limited.
under Section “Methodology Documents and Disclos-
ures”. that have a substantial threat of value destruction related
For Recipients in India: The ESG-related information,
risks related to ESG, industry disruption, financial health,
methodologies, tool, ratings, data and opinions contained
Risk Warning or other idiosyncratic issues, are more susceptible to
or reflected herein are not directed to or intended for use
Please note that investments in securities are subject to competition. Morningstar has identified five sources of
or distribution to India-based clients or users and their
market and other risks and there is no assurance or guar- economic moats: intangible assets, switching costs, net-
distribution to Indian resident individuals or entities is not
antee that the intended investment objectives will be work effect, cost advantage, and efficient scale.
permitted, and Morningstar/Sustainalytics accepts no
achieved. Past performance of a security may or may not
For more information about methodology in analyzing responsibility or liability whatsoever for the actions of
be sustained in future and is no indication of future per-
stocks, please go to third parties in this respect.
formance. A security’s investment return and an in-
vestor's principal value will fluctuate so that, when re- global.morningstar.com/equitydisclosures For Recipients in Korea: The Report is distributed by
deemed, an investor's shares may be worth more or less Morningstar Korea Ltd., which has filed to the Financial
than their original cost. A security's current investment For Recipients in Australia: This Report has been issued Services Committee. Neither Morningstar Korea Ltd., nor
performance may be lower or higher than the investment and distributed in Australia by Morningstar Australasia its representatives, are acting or will be deemed to be
performance noted within the report. For investments in Pty Ltd (ABN: 95 090 665 544; ASFL: 240892). acting as an investment advisor to any recipients of this
foreign markets there are further risks, generally based Morningstar Australasia Pty Ltd is the provider of the information.
on exchange rate changes or changes in political and so- general advice (‘the Service’) and takes responsibility for
cial conditions. the production of this report. The Service is provided For recipients in Japan: The Report is distributed by
through the research of investment products. To the Ibbotson Associates Japan, Inc., which is regulated by
Ratings, Pillar Scores, and ESG Commitment Levels are extent the Report contains general advice it has been Financial Services Agency. Neither Ibbotson Associates
not statements of fact. Morningstar does not guarantee prepared without reference to an investor’s objectives, Japan, Inc., nor its representatives, are acting or will be
the completeness or accuracy of the assumptions or mod- financial situation or needs. Investors should consider the deemed to be acting as an investment advisor to any
els used in determining the content in this Report. A advice in light of these matters and, if applicable, the recipients of this information.
change in the fundamental factors underlying the Re- relevant Product Disclosure Statement before making any
port’s content can mean that the information shown decision to invest. Refer to our Financial Services Guide For recipients in Singapore: This Report is distributed by
herein is subsequently no longer accurate. (FSG) for more information at www.morningstar.com.au/ Morningstar Investment Adviser Singapore Pte Limited,
fsg which is licensed and regulated by the Monetary
For more information about Morningstar's methodologies, Authority of Singapore to provide financial advisory
ß
services in Singapore. Recipients of this report should ways, including tables or pie charts. In addition, as attribution effects. The primary effects are: sector
contact their financial adviser in Singapore in relation to Morningstar may compare the asset class breakdown of weightings, country weightings, security selection, and
this report. Morningstar, Inc. and its affiliates rely on the managed investment against its three-year average, fees. Sector weightings effect refers to the portion of a
certain exemptions (Financial Advisers Regulations, category average, and/or index proxy. managed investment's value- add attributable to the
Section 28(1)(e), Section 32B and 32C) to provide its managed investment manager's decision on how much to
investment research to recipients in Singapore. Asset allocations shown in tables may include a allocate to each Morningstar Global Equity Sector (a
breakdown among the long, short, and net (long managed investment manager's decision to have an
Data Definitions positions net of short) positions. These statistics
summarize what the managed investment’s managers
overweighting or an underweighting in certain sectors
compared with the benchmark). For managed
are buying and how they are positioning the managed investments in the international-stock categories, country
investment’s portfolio. When short positions are captured weightings effect is provided to measure the impact of a
12 Month Yield % in these portfolio statistics, investors get a more robust managed investment's country allocation as a secondary
12 Month Yield % is derived by summing the trailing 12- description of the managed investment’s exposure and decision, based on the Morningstar Country
months’ income distributions and dividing the sum by the risk. Long positions involve buying the security outright classification. In this case, a managed investment
last month’s ending NAV, plus any capital gains and selling it later, with the hope the security’s price rises manager's decision to have an overweighting or an
distributed over the same period. Income refers only to over time. Short positions are taken with the hope of underweighting in certain countries within each sector is
interest payments from fixed-income securities and benefitting from anticipated price declines. The investor evaluated. Security selection effect represents the
dividend payoffs from common stocks. borrows the security from another investor, sells it and portion of performance attributable to the managed
receives cash, and then is obligated to buy it back at investment manager's stock- picking skill. Fee effect
12b1 Expense %
some point in the future. If the price falls after the short represents the impact of managed investment expense
A 12b-1 fee is a fee used to pay for a fund’s distribution
sale, the investor will have sold high and can buy low to ratio on excess return. Morningstar attribution analysis
costs. It is often used as a commission to brokers for
close the short position and lock in a profit. However, if primarily focuses on these four attribution effects. There
selling the fund. The amount of the fee is taken from a
the price of the security increases after the short sale, the are two remaining effects, known as interaction and
fund’s returns.
investor will experience a loss buying it at a higher price residual, in order for the total attribution to be the sum of
30-Day SEC Yield than the sale price. the effects. The interaction effect, as its name suggests,
The 30-day SEC Yield is a calculation based on a 30-day is the interaction between the combination of sector
Most managed investment portfolios hold fairly
period ending on the last day of the previous month. It is weightings and country weightings relative to the
conventional securities, such as long positions in equities
computed by dividing the net investment income per security selection effects, and it does not represent an
and bonds. Morningstar may generate a colored pie chart
share earned during the period by the maximum offering explicit decision of the managed investment manager
for these portfolios. Other portfolios use other investment
price per share on the last day of the period. The figure and is thus not considered a primary focus of
strategies or securities, such as short positions or
listed lags by one month. When a dash appears, the yield Morningstar attribution analysis. The residual effect is
derivatives, in an attempt to reduce transaction costs,
available is more than 30 days old. This information is the portion of return that cannot be explained by the
enhance returns, or reduce risk. Some of these securities
taken from fund surveys. equity and cash- holdings composition at the beginning
and strategies behave like conventional securities, while
of the analysis period.
30-Day Unsubsidized Yield other have unique return and risk characteristics.
The 30-day Unsubsidized Yield is computed under a SEC Portfolios that incorporate investment strategies resulting If a managed investment holds another managed
standardized formula based on net income earned over in short positions or portfolio with relatively exotic investment as part of its holdings (such as when a mutual
the past 30 days. It excludes contractual expense derivative positions often report data to Morningstar that fund holds an exchange-traded fund or another mutual
reimbursements, resulting in a lower yield. does not meet the parameters of the calculation fund), the calculation will drill down to the individual
underlying a pie chart’s generation. Because of the security holdings of the underlying managed investment
Alpha nature of how these securities are reported to for analysis. The following securities are excluded from
Alpha is a measure of the difference between a security Morningstar, we may not always get complete portfolio the attribution analysis, and the remaining holdings are
or portfolio’s actual returns and its expected information to report asset allocation. Morningstar, at its rescaled to 100% when performing attribution analysis.
performance, given its level of risk (as measured by beta.) discretion, may determine if unidentified characteristics
Alpha is often seen as a measure of the value added or of managed investment holdings are material. Asset O Nonequity securities (except cash, which is included
subtracted by a portfolio manager. allocation and other breakdowns may be rescaled as a standalone sector).
accordingly so that percentages total to 100 percent. O Unidentified or unrecognized securities. These are
Analyst-Driven %
(Morningstar used discretion to determine if unidentified securities Morningstar is not able to identify.
The Analyst-Driven % data point displays the weighted
characteristics of managed investment holdings are O Unclassified securities. These are securities that are
percentage of a vehicle’s pillar ratings assigned directly
material, pie charts and other breakdowns may rescale missing sector or country classification.
or indirectly by analysts. For example, if the People and
identified characteristics to 100% for more intuitive O Missing performance. These are securities that are
Parent ratings are assigned directly or indirectly by
presentation.) missing returns for the month; they are excluded from
analysts but the Process rating is assigned
that monthly attribution calculation.
algorithmically, the Analyst-Driven % for an actively Note that all other portfolio statistics presented in this
managed vehicle would disclose that 55% of the pillar report are based on the long (or long rescaled) holdings Ranking is provided for three-year attribution statistics.
weight was assigned by analysts and the Analyst-Driven of the managed investment only. Each managed investment is ranked against its peers in
% for a passively managed vehicle would disclose that the same Morningstar Category.
20% of the pillar weight was assigned by analysts. Asset Class Breakdown
The asset class breakdown section shows the amount Average Effective Duration
Asset Allocation and percentage of assets by asset class for managed Average Effective Duration is a weighted average of the
Asset Allocation reflects asset class weightings of the investments associated with a Parent Company. effective durations of fixed income and certain derivative
portfolio. The “Other” category includes security types holdings. The portfolio average is computed by weighting
that are not neatly classified in the other asset classes, Attribution Statistics each holding effective duration by the market value of
such as convertible bonds and preferred stocks, or cannot Total attribution, or excess return, is the difference the holding (notional value for derivatives) and then
be classified by Morningstar as a result of missing data. between the managed investment and category index averaging by the sum of holding values. Effective
Morningstar may display asset allocation data in several performance figures. Morningstar separates a managed duration is a measure of price elasticity relative to change
investment's total attribution into several factors known
ß
in yield which accounts for the impact of redemption The ESG Score Description ranks the company-level ESG principal.
options on return of principal. It is expressed as a factor Risk Score for companies against their Sustainalytics peer
which represents the percentage change in value that is group. The ESG Score Description is depicted as a range Morningstar uses the Prospectus Net Expense Ratio in its
expected for a specific unit change in yield. from Negligible to Severe, where Negligible equals a ongoing fees, fee level, and ranking calculations for most
company that scores well below average relative to its funds. However, the Annual Report Net Expense Ratio is
Average Effective Maturity peer group and Severe equals a company that scores well used for closed-end funds because prospectuses are
Average Effective Maturity is a weighted average of the above average relative to its peer group. Breakpoints for published infrequently.
length of time, measured in years, until return of principal the score description are established annually by
can be reasonably expected for debt securities, and is Purchase fees and expenses are those costs incurred by
determining how company scores fall into the following
computed by weighting each holding effective maturity an investor when they buy shares of a fund. Such fees
ranges within a peer group:
term by the market value of the holding and then and expenses may include front-end loads and/or trading
averaging by the sum of holding values. The effective commissions.
Negligible Highest 5%
maturity may be the nominal maturity date, the next put Low Next 11% Redemption fees and expenses are those costs incurred
date, the average life of a sinking fund, the weighted
Medium Next 68% by an investor when they sell shares of a fund.
average life of an amortizing prepayment, or a proxy
maturity date for perpetual securities. NOTE: Effective High Next 11% Ongoing fees and expenses are those costs an investor
Maturity is measured only for holdings which have a Severe Lowest 5% incurs while holding shares of a fund. Such expenses
principal value or reference a security with a principal Each month, a company’s ESG Risk Score is compared to may include asset-based fees and operating and
value and exclude many derivatives. its peer group breakpoints and assigned a company score management fees.
description. Morningstar lists the ESG Score Description
Average Market Capitalization Credit Quality
for the largest holdings underlying a managed
Average Market Capitalization is a measure of the size of The credit quality breakdowns are shown for corporate
investment’s portfolio.
the companies in which a portfolio invests. bond holdings and depict the quality of bonds in the
Cost Illustration underlying portfolio. The report shows the percentage of
Average Weighted Coupon
The cost illustration chart provides an example of the fees fixed-income securities that fall within each credit-quality
Average weighted Coupon is the weighted average of the
you would pay over a one-, five-, or ten-year holding rating as assigned by a NRSRO. Bonds not rated by an
rates of interest paid of the fixed income and certain
period for a $10,000 investment in the managed NRSRO are included in the not-rated category.
derivative securities in a portfolio. The average is
investment, and assumes you redeem all of your shares
computed by weighting each holding price by the market Credit Quality Breakdown
at the end of the period. The example assumes that
value of the holding and then averaging by the sum of Displays the weighted distribution of holdings by credit
investment earns a 5.00% return, and that the
holding values. For securities which pay no periodic rating symbol categories. The percentage for each rating
investment’s operating expenses remain the same. Fees
interest but accrete in value at an assigned interest rate, category is computed by weighting each holding’s credit
may be paid by you in a variety of ways: when you
(e.g. zero coupons), the value of the coupon is 0%. For rating by the market value of the holding and then aver-
purchase a managed investment; by direct withdrawal
non-periodic instruments which pay interest at maturity, aging by the sum of holding values. For holdings that
from your account during the time you own a managed
(e.g. short-tern bills/notes), the interest rate at issuance have more than one credit rating the ratings will be com-
investment; or when you sell the managed investment.
is assigned as the coupon rate. bined and an average rating for the holding will be com-
The cost illustration is designed to provide information to puted. The distribution is based upon available credit rat-
Beta
help you assess the importance of fees and expenses, ings from recognized credit rating agencies such as a Na-
Beta is a measure of a security or portfolio’s sensitivity to
and to understand how changes in your holding period tionally Recognized Statistical Rating Organization (NR-
market movements (proxied using an index.) A beta of
may impact your investment. Assumptions and SRO) in the U.S. (For a list of all NRSROs, please visit ht-
greater than 1 indicates more volatility than the market,
calculations applied in this analysis are critical to the tps://www.sec.gov/ocr/ocr-current-nrsros.html The cat-
and a beta of less than 1 indicates less volatility than the
outcomes shown in the cost illustration. egories are based on the rating scale produced by Morn-
market.
ingstar Credit Ratings, LLC and range from AAA, indicat-
The fee projection analysis was generated using a ing the highest level of credit quality, to D, indicating a
Book Value Growth %
managed investment, investment amount, and security which has defaulted on its payment obligations.
Book value is the estimation of the book value growth for
hypothetical rate of return. It is important that these Holdings for which no credit rating is available are as-
a stock. This is calculated by averaging the book-value
assumptions be accurate estimations, as they are key signed to a “Not Rated’, or “NR” category. Morningstar
growth rate per share of the stock for up to the previous
inputs that impact the fee projection analysis. Applicable calculates Long, Short, and Net values.
four years. A managed investment’s book value % is
front-end charges were assessed at the point of purchase Current Yield
calculated by taking an asset-weighted average of the
and deferred charges and redemption fees, when Current yield is derived by taking the ratio of a bond’s
book value of all the stocks in the portfolio.
applicable, were assessed at the point of sale. The annual interest payment to the current price.
Cash Flow Growth % analysis does not account for reinvestment of any
Cash Flow Growth is the estimation of the cash flow applicable dividends or capital gains. Data Coverage %
growth for a stock. This is calculated by averaging the The Data Coverage % data point is a summary metric
The information generated in the cost illustration is describing the level of data completeness used to
cash flow growth rate per share of the stock for up to the
hypothetical in nature and assumes the managed generate the overall rating. If the pillar is assigned
previous four years. A managed investment’s cash flow
investment’s returns and expenses remain the same each directly or indirectly by analysts, the pillar has complete
growth % is calculated by taking a share-weighted
year. Because returns and expenses vary over time, an data availability, as no model was used to estimate the
average of the cash flow of all the stocks in its portfolio.
investor’s actual returns and expenses may be higher or pillar score. If the pillar is assigned directly by algorithm,
Cash Return % lower. The hypothetical rate of return used in this Morningstar counts the number of data points feeding
Cash return is calculated by dividing the company's free analysis should not be considered indicative of future both the positive and negative models and counts
cash flow by its enterprise value, or market capitalization, results. Actual results may differ substantially from that whether the vehicle has strategy-specific data available.
plus net debt. This number tells you what cash return you shown here. Principal value and investment return will A simple percentage is calculated per pillar. The overall
would get if you bought the entire company, including its fluctuate, so that your shares of securities, when data coverage % is then scaled by pillar weights.
debt. redeemed, may be worth more or less than your original
investment, and may include a possible loss of your D/C Ratio
Company ESG Score Description
ß
The debt-to-capital ratio for a managed investment's by the fund. Portfolio transaction fees, or brokerage revenue per share. We then divide the slope of the
underlying stock holdings is calculated by dividing each costs, as well as front-end or deferred sales charges are regression line by the arithmetic average of historical
security's long- term debt by its total capitalization (the not included in the expense ratio. The expense ratio, revenue per share figures. The result of the regression is
sum of common equity plus preferred equity and long- which is deducted from the fund's average net assets, is a normalized historical increase or decrease in the rate of
term debt) and is a measure of the company's financial accrued on a daily basis. The gross expense ratio, in growth for sales per share. We then calculate a z-score
leverage. contrast to the net expense ratio, does not reflect any fee by subtracting the universe mean revenue growth from
waivers in effect during the time period. the company's revenue growth and dividing by the
All else being equal, stocks with high D/C ratios are standard deviation of the universe's growth rates.
generally riskier than those with low D/C ratios. Note that Fee Level
debt-to-capital figures can be misleading owing to Morningstar Fee Level puts the expenses of the managed Stocks are sorted based on the z-score of their revenue
accounting conventions. investment in context by showing the range of fees per share growth rate calculated above, from the most
charged by its peers. An overall Fee Level for the negative z-score to the most positive z-score. Stocks are
Because balance sheets are based on historic cost managed investment is shown, along with breakpoints then ranked based on their z-score from 1 to the total
accounting, they may bear little resemblance to current for five quintiles of Fee Levels for the managed number of qualified stocks. We assign grades based on
market values. Morningstar aggregates debt-to-capital investment’s peer group. Morningstar defines Fee Level this ranking.
figures for managed investments using a median peer groups by combining some categories with similar
methodology, whereby domestic stocks are ordered from expected expenses, such as large value, large blend, and Growth of 10,000
highest to lowest based on their D/C ratios. One adds up large growth, then segmenting the category group by For managed investments, this graph compares the
the asset weighting of each holding until the total is distribution class of front-load, deferred-load, level-load, growth of an investment of 10,000 (in the base currency
equal to or greater than half of the total weighting of all no-load, or institutional to provide more-relevant fee of the managed investment) with that of an index and/or
domestic stocks in the managed investment. The debt/ comparisons. with that of the average for all managed investments in
total cap for that stock is then used to represent the its Morningstar Category. The total returns are not
debt/total cap of the total portfolio. Fee Quintile Breakdown adjusted to reflect sales charges or the effects of taxation
The fee quintile breakdown section sums the percentage but are adjusted to reflect actual ongoing expenses, and
Deferred Load % of share classes associated with a Parent Company that they assume reinvestment of dividends and capital gains.
The back-end sales charge or deferred load is imposed has a Morningstar Fee Level–Distribution of Low, Below If adjusted, effects of sales charges and taxation would
when an investor redeems shares of a managed Average, Average, Above Average, and High. reduce the performance quoted. If pre-inception data is
investment. The percentage of the load charged generally included in the analysis, it will be graphed.
declines the longer the managed investment’s shares are Financial Health
held by the investor. This charge, coupled with 12b-1 One of the three quantitative grades that Morningstar The index in the Growth of 10,000 graph is an
fees, commonly serves as an alternative to a traditional assigns to each stock as a quick way to get a handle on unmanaged portfolio of specified securities and cannot
front-end load. its fundamentals. To get a good grade in this area, a be invested in directly. The index does not reflect any
company should have low financial leverage (assets/ initial or ongoing expenses. A managed investment’s
Dividend Yield % equity), high cash-flow coverage (total cash flow/long- portfolio may differ significantly from the securities in the
The dividends per share of the company over the trailing term debt), and a high cash position (cash/assets) relative index. The index is chosen by Morningstar.
one-year period as a percentage of the current stock to its sector.
price. Historical Earnings %
Free Cash Flow Yield The historical earnings % is an estimation of the historical
Downside Capture Ratio % Equal to operating cash flow minus capital spending. earnings growth for a stock. This is calculated by
Downside Capture Ratio measures a managed Free cash flow represents the cash a company has left averaging the earnings-growth rate per share of the stock
investment’s performance in down markets. A down over after investing in the growth of its business. Young, for up to the previous four years. A managed
market is defined as those periods (moths or quarters) in aggressive companies often have negative free cash investment’s historical earnings % is calculated by taking
which market return is less than 0. In essence, it tells you flow, because they’re investing heavily in their futures. an asset-weighted average of the historical earnings of
what percentage of the down market was captured by As companies mature, though, they should start all the stocks in the portfolio.
the managed investment. For example, if the ratio is generating free cash flow.
110%, the managed investment captured 110% of the Index Return %
down market and therefore underperformed the market Front-end Load % Index Return % measures the relevant index’s annualized
on the downside. The initial sales charge or front-end load is a deduction return for a specified time period.
made from each investment in the fund and is generally
ESG Risk Score % based on the amount of the investment. Long-Term Earnings Growth %
Sustainalytics’ ESG Risk Ratings are designed to help Long-Term Earnings Growth is the estimation of the long-
investors identify and understand financially material ESG Growth term earnings growth forecast of a stock. This is collected
risks at the security and portfolio level. The ESG Risk The Morningstar Growth Grade is based on the trend in as a third-party estimate. A managed investment’s long-
Ratings are based on a two-dimensional materiality revenue per share using data from the past five years. For term earnings % is calculated by taking an asset-
framework that measures a company’s exposure to the purpose of calculating revenue per share we use the weighted average of the long- term earnings of all the
industry-specific material risks and how well a company past five years' revenue figures and corresponding stocks in the portfolio.
is managing those risks. ESG Risk Ratings are categorized yearend fully diluted shares outstanding; if year-end fully
across five risk levels: negligible, low, medium, high and diluted shares outstanding is not available, we calculate Manger Ownership
severe. Ratings scale is from 0-100, with 100 being the this figure by dividing the company's reported net income Manager ownership sums the percentage of assets in
most severe. applicable to common shareholders by the reported fully managed investments with maximum manager
diluted earnings per share. A company must have a ownership levels of more than $1 million, $500,001 to $1
Expense Ratio % minimum of four consecutive years of positive and non- million, $100,001 to $500,000, $50,001 to $100,000,
The expense ratio is the annual fee that all funds charge zero revenue, including the latest fiscal year, to qualify $10,001 to $50,000, $1 to $10,000, and $0, as well as no
their shareholders. It expresses the percentage of assets for a grade. data on manager ownership.
deducted each fiscal year for fund expenses, including
12b-1 fees, management fees, administrative fees, In calculating the revenue per share growth rate, we Manager Tenure
operating costs, and all other asset-based costs incurred calculate the slope of the regression line of historical Manager tenure sums the percentage of assets in
ß
managed investments with longest-tenured manager The Morningstar ESG Commitment Level is the summary methods may be employed. First is a common
stays of 0-3 years, 3-6 years, 6-9 years, 9-12 years, 12-15 expression of our analysts’ opinion of the strength of the methodology approach where if a case exists such that
years, and more than 15 years. ESG investment program at the asset-manager level. two rating organizations/ agencies have rated a holding,
the lower rating of the two should be applied; if three or
Management Fees % The date shown next to the Morningstar ESG more CRA’s have rated a holding the median rating
The management fee includes the management and Commitment Level is the date on which the Morningstar should be applied, and in cases where there are more
administrative fees listed in the Management Fees Manager Research analyst assigned or reaffirmed the than two ratings and a median rating cannot be
section of a fund’s prospectus. Typically, these fees current assessment for the managed investment based determined the lower of the two middle ratings should be
represent the costs shareholders paid for management on the analyst’s latest review and research report for the applied. Alternatively, if there is more than one rating
and administrative services over the fund’s prior fiscal managed investment. The Morningstar ESG Commitment available an average can be calculated from all and
year. Level is reevaluated at least every 18 months. applied.
Maximum Drawdown % The Morningstar ESG Commitment Level is not a credit or Please Note: Morningstar, Inc. is not an NRSRO nor does
Maximum Drawdown measures the peak-to-trough risk rating. It is a subjective evaluation performed by it issue a credit rating on the managed investment. Credit
decline during a specific record period of a managed Morningstar’s manager research group, which consists of ratings for any security held in a portfolio may change
investment. It is usually quoted as the percentage various Morningstar, Inc. subsidiaries (“Manager over time.
between the peak and trough. Research Group”). In the United States, that subsidiary is
Morningstar Research Services LLC, which is registered Morningstar uses the credit rating information to
Morningstar Category with the U.S. Securities and Exchange Commission. calculate a weighted-average credit quality value for the
Morningstar Category is assigned by placing managed portfolio. This value is based only upon those holdings
investments into peer groups based on their underlying The Morningstar ESG Commitment Level scale is Leader, which are considered to be classified as “fixed income”,
holdings. The underlying securities in each portfolio are Advanced, Basic, and Low and is based on our analysts’ such as government, corporate, or securitized issues.
the primary factor in our analysis as the investment evaluation of a firm’s ESG philosophy and process, Other types of holdings such as equities and many,
objective and investment strategy stated in a managed resources, and active ownership. though not all, types of derivatives are excluded. The
investment’s prospectus may not be sufficiently detailed weighted-average credit quality value is represented by a
for our proprietary classification methodology. Managed For more detailed information about Morningstar ESG
rating symbol which corresponds to the long-term rating
investments are placed in a category based on their Commitment Level, including its methodology, please go
symbol schemas employed by most CRA’s. Note that this
portfolio statistics and compositions over the past three to
value is not explicitly published but instead serves as an
years. Analysis of performance and other indicative facts http://global.morningstar.com/equitydisclosures input in the Style Box calculation. This symbol is then
are also considered. If the managed investment is new used to map to a Style Box credit quality category of
and has no portfolio history, Morningstar estimates The Morningstar ESG Commitment Level (i) should not be “low,” “medium,” or “high”. Managed investments with a
where it will fall before giving it a permanent category used as the sole basis in evaluating an investment "low" credit quality category are those whose weighted-
assignment. Categories may be changed based on recent product, (ii) involves unknown risks and uncertainties average credit quality is determined to be equivalent to
changes to the portfolio. which may cause the Manager Research Group’s the commonly used High Yield classification, meaning a
expectations not to occur or to differ significantly from rating below “BBB”, portfolios assigned to the “high”
Morningstar Economic Moat what they expected, and (iii) should not be considered an credit category have either a “AAA” or “AA+” average
An economic moat is a structural feature that offer or solicitation to buy or sell the investment product. credit quality value, while "medium" are those with an
Morningstar believes positions a firm to sustain excess
average rating of “AA” inclusive to “BBB-“. It is expected
profits over a long period of time, with excess profits Morningstar Fixed Income Style Box™
and intended that the majority of portfolios will be
defined as returns on invested capital above our estimate The Morningstar Style Box reveals a managed
assigned a credit category of “medium”.
of a firm’s cost of capital. The economic moat rating is investment’s investment style as of the date noted on this
not an indicator of the investment performance of the report. For assignment to an interest-rate sensitivity category
investment highlighted in this report. Narrow moat Morningstar uses the average effective duration of the
For portfolios holding fixed-income investments, a Fixed
companies are those Morningstar believes are more likely portfolio. From this value there are three distinct
Income Style Box is calculated. The vertical axis shows
than not to achieve normalized excess returns for at least methodologies employed to determine assignment to
the credit quality based on credit ratings and the
the next 10 years. Wide-moat companies are those in category. Portfolios which are assigned to Morningstar
horizontal axis shows interest-rate sensitivity as
which Morningstar believes excess returns will remain for municipal-bond categories employ static breakpoints
measured by effective duration. There are three credit
10 years, with excess returns more likely than not to between categories. These breakpoints are “Limited”
categories- “High”, “Medium”, and “Low; and there are
remain for at least 20 years. Firms without a moat, equal to 4.5 years or less, “Moderate” equal to 4.5 years
three interest rate sensitivity categories- “Limited”,
including those that have a substantial threat of value to less than 7 years, and “Extensive” equal to more than
destruction related risks related to ESG, industry “Moderate”, and “Extensive” resulting in nine possible
7 years. For portfolios assigned to Morningstar categories
combinations. As in the Equity Style Box the combination
disruption, financial health, or other idiosyncratic issues, other than U.S. Taxable, including all domiciled outside
of credit and interest rate sensitivity for a portfolio is
are more susceptible to competition. Morningstar has the United States, static duration breakpoints are also
represented by a darkened cell in the matrix.
identified five sources of economic moats: intangible used. The values differ from the municipal category
assets, switching costs, network effect, cost advantage, values; “Limited” equals less than or equal to 3.5 years,
Morningstar uses credit rating information from credit
and efficient scale. “Moderate” equals greater than 3.5 years but less than or
rating agencies (CRA’s) that have been designated Na-
tionally Recognized Statistical Rating Organizations (NR- equal to 6 years, and “Extensive” is assigned to portfolios
Morningstar Equity Style Box™
SRO’s) by the Securities and Exchange Commission (SEC) with effective durations of more than 6 years.
The Morningstar Style Box™ reveals a managed
in the United States. For a list of all NRSROs, please visit
investment’s investment strategy as of the date noted on Note: Interest-rate sensitivity for non-U.S. domiciled
https://www.sec.gov/ocr/ocr-learn-nrsros.html Addition-
this report. For equity managed investments, the vertical portfolios (excluding those in Morningstar convertible
ally, Morningstar will use credit ratings from CRA’s which
axis shows the market capitalization of the long stocks categories) may be assigned using average modified
have been recognized by foreign regulatory institutions
owned, and the horizontal axis shows the investment duration when average effective duration is not available.
that are deemed the equivalent of the NRSRO designa-
style (value, blend, or growth.) A darkened cell in the
tion.
style box indicates the weighted average style of the For portfolios Morningstar classifies as U.S Taxable Fixed-
To determine the rating applicable to a holding and the
portfolio. Income, interest-rate sensitivity category assignment is
subsequent holding weighted value of a portfolio two based on the effective duration of the Morningstar Core
Morningstar ESG Commitment Level
ß
Bond Index (MCBI). The classification assignment is a relevant index or peer group average on a risk-adjusted The Morningstar Ownership Zone provides a graphic
dynamically determined relative to the benchmark index basis over time. Investment products are evaluated on representation of the size and investment style of long
value. A “Limited” category will be assigned to portfolios three key pillars (People, Parent, and Process) which, stocks in managed investment’s portfolio. The Ownership
whose average effective duration is between 25% to 75% when coupled with a fee assessment, forms the basis for Zone is derived by plotting each stock in the portfolio
of MCBI average effective duration, where the average Morningstar’s conviction in those products’ investment within the Morningstar Style Box™. The Ownership Zone
effective duration is between 75% to 125% of the MCBI merits and determines the Medalist Rating they’re is the shaded area that represents 75% of the assets in
the portfolio will be classified as “Moderate”, and those assigned. Pillar ratings take the form of Low, Below the portfolio and indicates the level of concentration in
portfolios with an average effective duration value 125% Average, Average, Above Average, and High. Pillars may the holdings. The “centroid” in the middle of the
or greater of the average effective duration of the MCBI be evaluated via an analyst’s qualitative assessment Ownership Zone represents the weighted average of all
will be classified as “Extensive”. (either directly to a vehicle the analyst covers or indirectly the holdings. The Ownership Zone helps investors
when the pillar ratings of a covered vehicle are mapped differentiate between portfolios that may otherwise look
Morningstar Global Category to a related uncovered vehicle) or using algorithmic similar. Investors can also use the Ownership Zone to
Morningstar Global Categories are peer groups for techniques. Vehicles are sorted by their expected construct diversified portfolios and model how multiple
managed portfolios domiciled anywhere in the world. The performance into rating groups defined by their managed investments complement one another in a
Global Category is assigned by placing managed Morningstar Category and their active or passive status. portfolio.
investments into peer groups based on the characteristics When analysts directly cover a vehicle, they assign the
of their underlying holdings. The underlying securities in three pillar ratings based on their qualitative assessment, Morningstar Pillar Ratings
each portfolio are the primary factor in our analysis as the subject to the oversight of the Analyst Rating Committee, Morningstar assigns scores to the People, Process, and
investment objective and investment strategy stated in a and monitor and reevaluate them at least every 14 Parent Pillars on a -2 to +2 basis. Those scores
managed investment’s prospectus may not be sufficiently months. When the vehicles are covered either indirectly correspond to the pillar ratings assigned to a vehicle
detailed for our proprietary classification methodology. by analysts or by algorithm, the ratings are assigned based either on an analyst’s qualitative assessment or
Managed investments are placed in a category based on monthly. For more detailed information about the using algorithmic techniques (as explained in further
their portfolio statistics and compositions over the past Medalist Ratings, including their methodology, please go detail in the “Pillar Evaluation” section of Morningstar
three years. If the managed investment is new and has to Medalist Rating Methodology). The pillar ratings take the
no portfolio history, Morningstar estimates where it will form of Low, Below Average, Average, Above Average,
fall before giving it a permanent global category http://global.morningstar.com/managerdisclosures and High.
assignment. Global categories may be changed based on
The Morningstar Medalist Ratings are not statements of The Morningstar Pillar Rating should not be used as the
recent changes to the portfolio. Not all managed
fact, nor are they credit or risk ratings. The Morningstar sole basis in evaluating a managed investment.
investments are available to purchase within your
Medalist Rating (i) should not be used as the sole basis in Morningstar Pillar Ratings involve unknown risks and
country. Returns- based analysis may not be valid in
evaluating an investment product, (ii) involves unknown uncertainties which may cause Morningstar’s
some circumstances due to the impact of currencies.
risks and uncertainties which may cause expectations not expectations not to occur or outcomes to differ
Morningstar Historical Sustainability Score to occur or to differ significantly from what was expected, significantly from what we expected.
The Historical Sustainability Score is an exponential (iii) are not guaranteed to be based on complete or
weighted moving average of the Portfolio Sustainability accurate assumptions or models when determined Morningstar Portfolio Sustainability Score
Scores over the past 12 months. The process rescales the algorithmically, (iv) involve the risk that the return target The Morningstar Portfolio Sustainability Score is an asset-
current Portfolio Sustainability Score to reflect the will not be met due to such things as unforeseen changes weighted average of company-level ESG Risk scores. The
consistency of the scores. The Historical Sustainability in changes in management, technology, economic Portfolio Sustainability Score ranges between 0 to 100,
Score ranges between 0 to 100, with a higher score development, interest rate development, operating and/ with a higher score indicating that a managed
indicating that a managed investment has, on average, or material costs, competitive pressure, supervisory law, investment has, on average, more of its assets invested in
more of its assets invested in companies with high ESG exchange rate, tax rates, exchange rate changes, and/or companies with high ESG Risk.
Risk on a consistent historical basis. changes in political and social conditions, and (v) should
not be considered an offer or solicitation to buy or sell the Morningstar Rank
Morningstar Investor Return investment product. A change in the fundamental factors Morningstar Rank is the total return percentile rank
Morningstar Investor Return (also known as "dollar- underlying the Morningstar Medalist Rating can mean within each Morningstar Category. The highest (or most
weighted return") measures how the average investor that the rating is subsequently no longer accurate. favorable) percentile rank is zero and the lowest (or least
fared in a fund over a period of time. Investor Return favorable) percentile rank is 100. Historical percentile
incorporates the impact of cash inflows and outflows Analysts do not have any other material conflicts of ranks are based on a snapshot of a managed investment
from purchases and sales and the growth in fund assets. interest at the time of publication. Users wishing to at the time of calculation.
In contrast to total returns, Investor Returns account for obtain further information should contact their local
Morningstar office or refer to the Analyst Conflicts of Morningstar Rating™
all cash flows into and out of the fund to measure how
Interest and Other Disclosures for North America, EMEA, The Morningstar Rating™ for funds, or "star rating", is
the average investor performed over time. Investor
or APAC at: calculated for managed products (including mutual
Return is calculated in a similar manner as internal rate
funds, variable annuity and variable life subaccounts,
of return. Investor Return measures the compound http://global.morningstar.com/managerdisclosures exchange traded funds, closed-end funds, and separate
growth rate in the value of all dollars invested in the fund
accounts) with at least a three-year history. Exchange-
over the evaluation period. Investor Return is the growth under Section “Methodology Documents and
traded funds and open-ended mutual funds are
rate that will link the beginning total net assets plus all Disclosures”.
considered a single population for comparative purposes.
intermediate cash flows to the ending total net assets.
Morningstar Medalist Rating Breakdown It is calculated based on a Morningstar Risk-Adjusted
Morningstar Medalist Rating™ For share classes associated with this parent company Return measure that accounts for variation in a managed
The Morningstar Medalist Rating is the summary and have a Morningstar Medalist Rating, this is the product's monthly excess performance, placing more
expression of Morningstar’s forward-looking analysis of Morningstar Medalist Rating breakdown, based on Asset emphasis on downward variations and rewarding
investment strategies as offered via specific vehicles %. To give investors a sense of the number of share consistent performance. The Morningstar Rating does not
using a rating scale of Gold, Silver, Bronze, Neutral, and classes analyzed, we're also providing the total number of include any adjustment for sales loads. The top 10% of
Negative. The Medalist Ratings indicate which share classes rated. products in each product category receive 5 stars, the
investments Morningstar believes are likely to outperform next 22.5% receive 4 stars, the next 35% receive 3 stars,
Morningstar Ownership Zone the next 22.5% receive 2 stars, and the bottom 10%
ß
receive 1 star. The Overall Morningstar Rating for a periods (three, five, and 10 years). These separate managed investment receives a Low Sustainability
managed product is derived from a weighted average of measures are then weighted and averaged to produce an Rating.
the performance figures associated with its three-, five-, overall measure for the product. Products with less than O If Portfolio Sustainability score is above 35 and
and 10-year (if applicable) Morningstar Rating metrics. three years of performance history are not rated. preliminary rating is Average or better, then the
The weights are: 100% three-year rating for 36-59 months managed investment is downgraded to Below
of total returns, 60% five-year rating/ 40% three-year Morningstar Style Trail Average.
rating for 60-119 months of total returns, and 50% 10- The Morningstar Style Trail give you a historical view of O If Portfolio Sustainability score is above 30 and
year rating/30% five-year rating/20% three-year rating for the movement of a managed investment’s portfolio over preliminary rating is Above Average, then the
120 or more months of total returns. While the 10-year time in terms of equity style based on historical periods. managed investment is downgraded to Average.
overall star rating formula seems to give the most weight This helps to clearly define the management of a portfolio O If Portfolio Sustainability score is below 30, then no
to the 10-year period, the most recent three-year period over time and determine the consistency of that adjustment is made.
actually has the greatest impact because it is included in management.
all three rating periods. The Morningstar Sustainability Rating is depicted by
Morningstar Sustainability Rating™
globe icons where High equals 5 globes and Low equals
Morningstar Rating Breakdown The Morningstar Sustainability Rating™ is intended to
1 globe. Since a Sustainability Rating is assigned to all
The Morningstar rating breakdown section sums the measure how well the issuing companies of the
managed investments that meet the above criteria, the
percentage of assets in a Parent Company’s funds (share securities within a managed investment’s portfolio
rating it is not limited to managed investments with
classes) that receive, 5-, 4-, 3-, 2-, 1-star, or Not Rated holdings are managing their financially material
explicit sustainable or responsible investment mandates.
Morningstar Ratings. environmental, social and governance, or ESG, risks
relative to the managed investment’s Morningstar Global Morningstar updates its Sustainability Ratings monthly.
Morningstar Rating for Stocks Category peers. The Portfolio Sustainability Score is calculated when
The Morningstar Rating for Stocks is a forward-looking, Morningstar receives a new portfolio. Then, the Historical
analyst-driven measure of a stock’s current price relative The Morningstar Sustainability Rating calculation is a
Sustainability Score and the Sustainability Rating is
to the analyst’s estimate of what the shares are worth. five-step process. First, each managed investment with at
calculated one month and six business days after the
Stock star ratings indicate whether a stock, in the equity least 67% of assets covered by a company-level ESG Risk
reported as-of date of the most recent portfolio. As part
analyst’s educated opinion, is cheap, expensive, or fairly Score from Sustainalytics receives a Morningstar Portfolio
of the evaluation process, Morningstar uses
priced. To rate a stock, an analyst estimates what he Sustainability Score. The Morningstar Portfolio
Sustainalytics’ ESG scores from the same month as the
thinks it is worth (its “fair value”), using a detailed, long- Sustainability Score is an asset-weighted average of
portfolio as-of date.
term cash flow forecast for the company. A stock’s star company-level ESG Risk Scores. The Portfolio
rating depends on whether its current market price is Sustainability Score ranges between 0 to 100, with a Please go to http://corporate1.morningstar.com/sustain-
above or below the fair value estimate. Those stocks higher score indicating that a managed investment has, ableinvesting/ for more detailed information about the
trading at large discounts to their fair values receive the on average, more of its assets invested in companies with Morningstar Sustainability Rating methodology and cal-
highest ratings (4 or 5 stars). Stocks trading at large high ESG Risk. culation frequency.
premiums to their fair values receive lower ratings (1 or 2
Second, the Historical Sustainability Score is an NAV
stars). A 3-star rating means the current stock price is
exponential weighted moving average of the Portfolio A managed investment’s net asset value (NAV)
fairly close to the analyst’s fair value estimate.
Sustainability Scores over the past 12 months. The represents its per-share price. NAV is calculated by
Morningstar Return process rescales the current Portfolio Sustainability Score dividing a managed investment’s total net assets by its
The Morningstar Return rates a managed investment’s to reflect the consistency of the scores. The Historical number of shares outstanding.
performance relative to other managed products in its Sustainability Score ranges between 0 to 100, with a
higher score indicating that a managed investment has, Percentile Rank in Category
Morningstar Category. It is an assessment of a product's
on average, more of its assets invested in companies with Percentile Rank is a standardized way of ranking items
excess return over a risk-free rate (the return of the 90-
high ESG Risk, on a consistent historical basis. within a peer group, in this case, managed investments
day Treasury Bill) in comparison with the products in its
within the same Morningstar Category. The observation
Morningstar category. In each Morningstar category, the
Third, the Sustainability Rating is then assigned to all with the largest numerical value is ranked zero the
top 10% of products earn a High Morningstar Return
scored managed investments within Morningstar Global observation with the smallest numerical value is ranked
(High), the next 22.5% Above Average (+Avg), the middle
Categories in which at least thirty (30) managed 100. The remaining observations are placed equal
35% Average (Avg), the next 22.5% Below Average (-
investments receive a Historical Sustainability Score and distance from one another on the rating scale. Note that
Ave), and the bottom 10% Low (Low). Morningstar Return
is determined by each managed investment’s lower percentile ranks are generally more favorable for
is measured for up to three time periods (three, five, and
Morningstar Sustainability Rating Score rank within the returns (high returns), while higher percentile ranks are
10 years). These separate measures are then weighted
following distribution: generally more favorable for risk measures (low risk).
and averaged to produce an overall measure for the
product. Products with less than three years of ;;;;; High Highest 10% Peer Group
performance history are not rated. ;;;; Above Average Next 22.5% The Peer Group, or rating group, is a group of similar
;;; Average Next 35% managed investments that are compared against each
Morningstar Risk
Morningstar Risk evaluates a managed investment’s ;; Below Average Next 22.5% other for the purpose of assigning Morningstar ratings.
; Low Lowest 10% For managed investments, the rating group is the
downside volatility relative to that of other products in its
Morningstar Category.
Morningstar Category. It is an assessment of the
variations in monthly returns, with an emphasis on Fourth, we apply a 1% rating buffer from the previous
Percentile Rank in Global Category
downside variations, in comparison with the products in month to increase rating stability. This means a managed
Percentile Rank is a standardized way of ranking items
its Morningstar category. In each Morningstar category, investment must move 1% beyond the rating breakpoint
within a peer group. The observation with the largest
the 10% of products with the lowest measured risk are to change ratings.
numerical value is ranked zero the observation with the
described as Low Risk (Low), the next 22.5% Below
Fifth, we adjust downward positive Sustainability Ratings smallest numerical value is ranked 100. The remaining
Average (-Avg), the middle 35% Average (Avg), the next
to managed investments with a with high ESG Risk observations are placed equal distance from one another
22.5% Above Average (+Avg), and the top 10% High
scores. The logic is as follows: on the rating scale. Note that lower percentile ranks are
(High). Morningstar Risk is measured for up to three time generally more favorable.
O If Portfolio Sustainability score is above 40, then the
ß
Performance Quartile 2. The average level of historical ROE Role in Portfolio

Performance Quartile reflects a managed investment’s 3. The level of ROE in the latest fiscal year Role in portfolio assists with portfolio allocation,
Morningstar Rank. managed investments can be designated “core”,
R-Squared “supporting”, or “specialty”. Core funds should typically
Potential Capital Gains Exposure R-squared is the percentage of a security or portfolio’s be the bulk of an investor’s portfolio, while supporting
Potential Capital Gains Exposure is an estimate of the return movements that are explained by movements in its players contribute to a portfolio but are secondary to the
percent of a fund’s assets that represent gains. It benchmark index, showing the degree of correlation core. Specialty offerings tend to be speculative and
measures how much the fund’s assets have appreciated, between the security or portfolio and the benchmark. should typically only be a small portion of an investor’s
and it can be an indicator of possible future capital gains This figure is helpful in assessing how likely it is that beta portfolio.
distributions. A positive potential capital gains exposure and alpha are statistically significant. A value of 1
value means that the fund’s holdings have generally indicates perfect correlation between the security or Sector Weightings %
increased in value while a negative value means that the portfolio and its benchmark. The lower the R-squared Super Sectors represent Morningstar's broadest
fund has reported losses on its book. value, the lower the correlation. classification of equity sectors by assigning the 11 equity
sectors into three classifications. The Cyclical Super
Price/Book Ratio Representative Cost Sector includes industries significantly impacted by
The Price/Book Ratio (or P/B Ratio) for a managed Representative cost incorporates re-occurring costs economic shifts, and the stocks included in these sectors
investment is the weighted average of the P/B Ratio of charged by a fund to facilitate comparison of funds that generally have betas greater than 1. The Defensive Super
the stocks in its portfolio. Book value is the total assets of calculate fees in different ways. For most markets, the Sector generally includes industries that are relatively
a company, less total liabilities. The P/B ratio of a representative cost is calculated using the net expense immune to economic cycles, and the stocks in these
company is calculated by dividing the market price of its ratio excluding transaction costs. In the U.S., the industries generally have betas less than 1. The Sensitive
outstanding stock by the company's book value, and then representative cost does not include acquired expenses Super Sector includes industries that ebb and flow with
adjusting for the number of shares outstanding. Stocks from other funds it may invest in, one-off costs, costs the overall economy, but not severely so. Stocks in the
with negative book values are excluded from this charged by third parties such as financial professionals or Sensitive Super Sector generally have betas that are
calculation. It shows approximately how much an platforms, or one-off costs charged on entry or exit. close to 1.
investor is paying for a company’s assets based on
historical valuations. Risk vs Return Scatterplot Fixed-income Super Sectors represent Morningstar’s
The risk vs return scatterplot graph plots the return and broadest classification of fixed-income sectors. Securities
Price/Cash Flow Ratio risk (measured by standard deviation) for a selection of held in domestic taxable-bond portfolios are mapped into
The Price/Cash Flow Ratio (or P/C Ratio) for a managed securities and a benchmark index for the trailing period one of 14 fixed-income sectors, which in turn, roll up to
investment is the weighted average of the P/C Ratio of identified in the report. five super sectors. The Government Super Sector includes
the stocks in its portfolio. The P/C Ratio of a stock all conventional debt issued by governments, bonds
represents the amount an investor is willing to pay for a The returns noted for a security reflect any sales charges
issued by a Central Bank or Treasury, and bonds issued
dollar generated from a company’s operations. It shows that were applied in the illustration over the time period
by local governments, cantons, regions, and provinces.
the ability of a company to generate cash and acts as a selected, but do not reflect impacts of taxation. If impacts
The Municipal Super Sector includes taxable and tax-
gauge of liquidity and solvency. of taxation were reflected, the returns would be lower
exempt debt obligations issued under the auspices of
than those indicated in the report.
states, cities, counties, provinces, and other non-federal
Price/Earnings Ratio
The return plotted in the graph is mean geometric return. government entities. The Corporate Super Sector includes
The Price/Earnings Ratio (or P/E Ratio) for a managed
Standard deviation is a statistical measure of the volatility bank loans, convertible bonds, conventional debt
investment is the weighted average of the P/E Ratios of
of the security’s or portfolio’s returns in relation to the securities issued by corporations, and preferred stock.
the stocks in its portfolio. The P/E Ratio of a stock is
mean return. The larger the standard deviation, the The Securitized Super Sector includes all types of
calculated by dividing the current price of the stock by its
greater the volatility of return in relation to the mean mortgage- based securities, covered bonds, and asset-
trailing 12 months’ earnings per share. It can act as a
return. backed securities. The Cash & Equivalents Super Sector
gauge of a managed investment’s investment strategy in
includes cash in the bank, certificates of deposit,
the current market climate, and whether it has a value or
ROIC currency, and money market holdings. Cash can also be
growth orientation. Companies in those industries
This figure is the percentage a company earns on its any fixed-income securities that mature in certain short
enjoying a surge of popularity tend to have high P/E
invested capital in a given year (Year 1, 2, etc.). time frames, commercial paper, and repurchase
Ratios, reflecting a growth orientation. More staid
agreements. The Derivatives Super Sector includes the
industries tend to have low P/E Ratios, reflecting a value The calculation is net operating profit after tax divided by common types of fixed-income derivative contracts:
orientation. average invested capital. The resulting figure is then futures and forwards, options, and swamps. This sector
multiplied by 100. Invested capital equals the sum of total
Price/Sales Ratio may be displayed as “Other” in certain reports.
stockholders’ equity, long-term debt and capital lease
The Price/Sales Ratio (or P/S Ratio) for a managed
obligation, and short-term debt and capital lease Sharpe Ratio
investment is the weighted average of the price/sales
obligation. ROIC shows how much profit a company Sharpe Ratio uses standard deviation and excess return
ratios of the stocks in its portfolio. Price/ sales represents
generates on its capital base. The better the company, (a measure of a security or portfolio’s return in excess of
the amount an investor is willing to pay for a dollar of
the more profit it generates as a percentage of its the U.S. Treasury three-month Treasury Bill) to determine
revenue generated from a particular company's
invested capital. The company’s net income is found in the reward per unit of risk.
operations.
the income statement. The components of the company’s
invested capital are found in the balance sheet. Standard Deviation
Profitability
Standard deviation is a statistical measure of the volatility
The profitability grade is based on return on shareholders'
Sales Growth % of the security or portfolio’s returns. The larger the
equity (ROE) using data from the past five years.
Sales Growth is the estimation of the growth of sales for standard deviation, the greater the volatility of return.
Companies with less than four years of consecutive ROE
a stock. This is calculated by averaging the sales-growth
figures, including the ROE figure for the latest fiscal year, Standardized Returns
rate per share of the stock for up to the previous four
are excluded from the calculations. For the remaining Standardized Return applies the methodology described
years. A managed investment’s sales growth % is
universe of stocks, the profitability grade is based on the in the Standardized Returns page of this report.
calculated by taking a share weighted average of the
following three components: Standardized Return is calculated through the most
collective sales for all stocks in its portfolio.
recent calendar-quarter end for one-year, five-year, 10-
1. The historical growth rate of ROE
ß
year, and/or since-inception periods, and it demonstrates reflect all actual ongoing security expenses and assumes capitalization below $10 billion involve additional risks.
the impact of sales charges (if applicable) and ongoing reinvestment of dividends and capital gains. It is the The securities of these companies may be more volatile
fund expenses. Standardized Return reflects the return an return an investor would have experienced if the and less liquid than the securities of larger companies.
investor may have experience if the security was managed investment was held throughout the period. If
purchased at the beginning of the period and sold at the adjusted for sales charges and the effects of taxation, the High-Yield Bonds
end, incurring transaction charges. performance quoted would be significantly reduced. Portfolios that invest in lower-rated debt securities
(commonly referred to as junk bonds) involve additional
Tax Cost Ratio Total Return +/- indicates how a managed investment risks because of the lower credit quality of the securities
The Morningstar Tax Cost Ratio measures how much a has performed relative to its peers (as measure by its in the portfolio. The investor should be aware of the
managed investment's annualized return is reduced by Standard Index and/or Morningstar Category Index) over possible higher level of volatility, and increased risk of
the taxes investors pay on distributions. Mutual funds the time periods shown. default.
regularly distribute stock dividends, bond dividends and
capital gains to their shareholders. Investors then must Turnover Ratio % Tax-Free Municipal Bonds
pay taxes on those distributions during the year they Turnover Ratio measures the trading activity in a The investor should note that the income from tax- free
were received. managed investment’s portfolio by taking the lesser of municipal bond funds may be subject to state and local
purchases or sales (excluding all securities with taxation and the Alternative Minimum Tax.
Like an expense ratio, the tax cost ratio is a measure of maturities of less than one year) and dividing by average
how one factor can negatively impact performance. Also monthly net assets. In practical terms, the resulting Bonds
like an expense ratio, it is usually concentrated in the percentage loosely represents the percentage of the Bonds are subject to interest rate risk. As the prevailing
range of 0-5%. 0% indicates that the managed managed investment’s underlying holdings that have level of bond interest rates rise, the value of bonds
investment had no taxable distributions and 5% indicates changed over the past year. The inverse of a managed already held in a portfolio declines. Portfolios that hold
that the managed investment was less tax efficient. investment’s turnover ratio is the average holding period bonds are subject to declines and increases in value due
for a security in that managed investment. to general changes in interest rates.
Tenure Return %
Tenure Return % is the annualized return of a managed Upside Capture Ratio % HOLDRs
investment since the manager started running the Upside Capture Ratio measures a managed investment’s The investor should note that these are narrow industry-
strategy. This is useful to compare with the Index Return performance in up markets relative to the market focused products that, if the industry is hit by hard times,
%, which measures the relevant index’s annualized return (benchmark) itself. It is calculated by taking the managed will lack diversification and possible loss of investment
in the same time period. investment’s upside capture return and dividing it by the would be likely. These securities can trade at a discount
benchmark’s upside capture return. to market price, ownership is of a fractional share
Total Firm Assets and Fund Flows interest, the underlying investments may not be
Morningstar estimates fund-level flow data and World Regions % representative of the particular industry, the HOLDR
aggregates it at the firm level. The Flows graph shows The world regions is a display of the portfolio’s assets might be delisted from the AMEX if the number of
quarterly net flows and the firm’s asset growth rate. This invested in the regions shown on the report. underlying companies drops below nine, and the investor
information illustrates the movement of money into and may experience trading halts.
out of the firm’s funds over time, which can be
Hedge Funds
particularly illustrative in times of market volatility.
Investment Risks The investor should note that hedge fund investing
Trailing Returns involves specialized risks that are dependent upon the
Trailing Return applies the methodology described in the International/Emerging Market Equities type of strategies undertaken by the manager. This can
Standardized Returns page of this report. Standardized Investing in international securities involves special include distressed or event-driven strategies, long/short
Return is calculated through the most recent calendar- additional risks. These risks include, but are not limited strategies, using arbitrage (exploiting price inefficiencies),
quarter end for one-year, five-year, 10-year, and/or since to, currency risk, political risk, and risk associated with international investing, and use of leverage, options and/
inception periods, and it demonstrates the impact of varying accounting standards. Investing in emerging or derivatives. Although the goal of hedge fund managers
sales charges (if applicable) and ongoing fund expenses. markets may accentuate these risks. may be to reduce volatility and produce positive absolute
Standardized Return reflects the return an investor may return under a variety of market conditions, hedge funds
Sector Strategies
have experienced if the managed investment was may involve a high degree of risk and are suitable only for
Portfolios that invest exclusively in one sector or industry
purchased at the beginning of the period and sold at the investors of substantial financial means who could bear
involve additional risks. The lack of industry
end, incurring transaction charges. the entire loss of their investment.
diversification subjects the investor to increased industry-
Load-Adjusted Monthly Return is calculated applying the specific risks. Bank Loan/Senior Debt
same methodology as Standardized Return, except that it Bank loans and senior loans are impacted by the risks
Non-Diversified Strategies
represents return through month-end. As with associated with fixed income in general, including
Portfolios that invest a significant percentage of assets in
Standardized Return, it reflects the impact of sales interest rate risk and default risk. They are often non-
a single issuer involve additional risks, including share
charges and ongoing fund expenses, but not taxation. If investment grade; therefore, the risk of default is high.
price fluctuations, because of the increased
adjusted for the effects of taxation, the performance These securities are also relatively illiquid. Managed
concentration of investments.
quoted would be significantly different. products that invest in bank loans/senior debt are often
Small Cap Equities highly leveraged, producing a high risk of return volatility.
Trailing Return +/- indicates how a managed investment
Portfolios that invest in stocks of small companies involve
has performed relative to its peers (as measure by its Exchange Traded Notes (ETNs)
additional risks. Smaller companies typically have a
Standard Index and/or Morningstar Category Index) over ETNs are unsecured debt obligations. Any repayment of
higher risk of failure and are not as well established as
the time periods shown. notes is subject to the issuer's ability to repay its
larger blue-chip companies. Historically, smaller-
obligations. ETNs do not typically pay interest.
Total Return company stocks have experienced a greater degree of
Total Return, or "Non Load-Adjusted Return", reflects market volatility than the overall market average. Leveraged ETFs
performance without adjusting for sales charges (if Leveraged investments are designed to meet multiples of
Mid Cap Equities
applicable) or the effects of taxation, but it is adjusted to the return performance of the index they track and seek
Portfolios that invest in companies with market
ß
to meet their managed investment objectives on a daily

basis (or other time period stated within the prospectus
Benchmark Disclosure the results to be obtained therefrom and, to the
maximum extent allowed by law, Bloomberg shall not
objective). The leverage/gearing ratio is the amount of have any liability or responsibility for injury or damages
excess return that a leveraged investment is designed to arising in connection therewith.
Barclays US Agg Bond TR USD
achieve in comparison to its index performance (i.e. This index is composed of the BarCap Government/Credit
200%, 300%, - 200%, or -300% or 2X, 3X, -2X, -3X). Index, the Mortgage- Backed Securities Index, and the
Compounding has the ability to affect the performance of Asset-Backed Securities Index. The returns we publish for
the managed investment to be either greater or less than the index are total returns, which include the daily
the index performance multiplied by the multiple stated reinvestment of dividends. The constituents displayed for
within the managed investments objective over a stated this index are from the following proxy: iShares Core US
time period. Aggregate Bond.
Short Positions MSCI EAFE NR USD
When a short position moves in an unfavorable way, the This Europe, Australasia, and Far East index is a market-
losses are theoretically unlimited. The broker may capitalization-weighted index of 21 non-U.S.,
demand more collateral and a manager might have to industrialized country indexes.
close out a short position at an inopportune time to limit
further losses. This disclosure applies to all MSCI indices: Certain
information included herein is derived by Morningstar in
Long-Short part from MSCI’s Index Constituents (the “Index Data”).
Due to the strategies used by long-short managed However, MSCI has not reviewed any information
investments, which may include but are not limited to contained herein and does not endorse or express any
leverage, short selling, short-term trading, and investing opinion such information or analysis. MSCI does not
in derivatives, these managed investments may have make any express or implied warranties, representations
greater risk, volatility, and expenses than those focusing or guarantees concerning the Index Data or any
on traditional investment strategies. information or data derived therefrom, and in no event
will MSCI have any liability for any direct, indirect,
Liquidity Risk
special, punitive, consequential or any other damages
Closed-end fund, ETF, and HOLDR trading may be halted
(including lost profits) relating to any use of this
due to market conditions, impacting an investor’s ability
information.
to sell a fund.
Russell 1000 TR USD
Market Price Risk
Consists of the 1000 largest companies within the Russell
The market price of ETFs, HOLDRs, and closed-end funds
3000 index, which represents approximately 98% of the
traded on the secondary market is subject to the forces of
investable US equity market. Also known as the Market-
supply and demand and thus independent of the NAV.
Oriented Index, because it represents the group of stocks
This can result in the market price trading at a premium
from which most active money managers choose. The
or discount to the NAV, which will affect an investor’s
constituents displayed for this index are from the
value.
following proxy: iShares Russell 1000.
Market Risk
S&P500 TR USD
The market prices of ETFs and HOLDRs can fluctuate as a
A market capitalization-weighted index composed of the
result of several factors, such as security-specific factors
500 most widely held stocks whose assets and/or
or general investor sentiment. Therefore, investors should
revenues are based in the US; it's often used as a proxy
be aware of the prospect of market fluctuations and the
for the stock market. TR (Total Return) indexes include
impact it may have on the market price.
daily reinvestment of dividends. The constituents
Target-Date Funds displayed for this index are from the following proxy:
Target-date funds typically invest in other mutual funds iShares Core S&P 500.
and are designed for investors who are planning to retire
USTREAS T-Bill Auction Ave 3 Mon
during the target date year. The fund's target date is the
Three-month T-bills are government-backed, short-term
approximate date when investors expect to begin
investments considered to be risk-free and as good as
withdrawing their money. A target-date fund's
cash because the maturity is only three months.
investment objective/strategy typically becomes more
Morningstar collects yields on the T-bill on a weekly basis
conservative over time, primarily by reducing its
from the Wall Street Journal.
allocation to equity mutual funds and increasing its
allocations in fixed-income mutual funds. An investor's Bloomberg Indexes
principal value in a target-date fund is not guaranteed at Bloomberg Indexes and its associated data, Copyright
any time, including at the fund's target date. ©2022 Bloomberg Index Services Limited. Bloomberg® is
a trademark and service mark of Bloomberg Finance L.P.
High double- and triple-digit returns
and its affiliates (collectively “Bloomberg”). Bloomberg or
High double- and triple-digit returns were the result of
Bloomberg’s licensors own all proprietary rights in the
extremely favorable market conditions, which may not
Bloomberg Indices. Bloomberg does not approve or
continue to be the case. High returns for short time
endorse this material or guarantee the accuracy or
periods must not be a major factor when making
completeness of any information herein, nor does
investment decisions.
Bloomberg make any warranty, express or implied, as to
ß

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Morningstar Managed Investment Report | Report as of 4 Mar 2024 10:49, UTC Page 1 of 24

Guinness Global Innovators Fund Y USD ACC

‰ QQQQQ ;;;;; EAA Fund Global

Total Return % (USD)

N/A (within Category)

2 68 23 3 89 4 18 15 72 3 N/A Percentile Rank

Guinness Global Innovators Fund Y USD ACC

‰ QQQQQ ;;;;; EAA Fund Global

People Average | David Carey, 23 Jun 2023 19:32 UTC

Guinness Global Innovators Fund Y USD ACC

‰ QQQQQ ;;;;; EAA Fund Global

Parent Below Average | David Carey, 20 Jul 2022 21:28 UTC

Guinness Global Innovators Fund Y USD ACC

‰ QQQQQ ;;;;; EAA Fund Global

ESG Commitment Level

An ESG Commitment Level is not assigned to this fund.

How do we decide what funds receive an ESG Commitment Level ?

Guinness Global Innovators Fund Y USD ACC

Asset Allocation 31 Jan 2024 Morningstar Style Trail 31 Jan 2024

Guinness Global Innovators Fund Y USD ACC

Timeline Past Current

Ian Mortimer 9.3 10/31/2014 N/A

Guinness Global Innovators Fund Y USD ACC

Firm / Investment Provider Advisor Subadvisor

Branding Company Breakdowns: Guinness 31 Jan 2024

Total Net Assets (USD Bil)

Net Flows (USD Mil)

Guinness Global Innovators Fund Y USD ACC

Morningstar Rating and Risk 31 Jan 2024 Growth of $10,000

Period / Total Morningstar Morningstar Morningstar 37,500 29 Feb 2024

10 Years 11.89 High High QQQQQ

3-Year Market Volatility Measures 29 Feb 2024

Trailing Returns (Annualized) 29 Feb 2024

36-Month Rolling Periods Quartile %

Guinness Global Innovators Fund Y USD ACC

Ongoing Charge 18 Feb 2022 Expense History 18 Feb 2022

Low Average High 0.66 0.60

2020 2021 2022 2023 2024

Expense Ratio:Ongoing Charge | Fee Level Comparison Group: —

Share Class Information

Historical Medalist Rating —

Total Firm Assets and Investment Flows 31 Jan 2024

Standardized and Tax Adjusted Returns Disclosure Statement

Annualized Returns 12-31-2023

Bloomberg US Agg Bond TR USD 5.53 1.10 1.81 6.61 01-03-1980

Return after Tax (%)

Performance Quartile 2. The average level of historical ROE Role in Portfolio

to meet their managed investment objectives on a daily

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