Vti

Morningstar RatingTM for investment trusts or "Star Rating" is charged for assets under management (including investment trusts, floating rate sub-accounts, floating maturity sub-accounts, exchange-traded trusts, closed-end trusts and individual accounts) with a minimum three-year historical record. Listed and open-ended investment trusts are regarded as a singular universe for comparison only. Morningstar calculates it on the basis of a risk-adjusted return metric that takes into account fluctuations in the overperformance of a month of a diversified asset under management, with a greater focus on downside fluctuations and rewards for constant outperformance.

Top 10% of every item in each class receives 5 up, next 22.5% receives 4 up, next 35% receives 3 up, next 22.5% receives 2 up and bottom 10% receives 1 up. Morningstar's overall credit ratings for a administered asset are calculated as a result of a weighed averaging of the key financial ratios associated with the three, five and ten year (if applicable) Morningstar credit ratings.

100 percent three-year ratings for 36-59 month overall return, 60 percent five-year ratings /40 percent three-year ratings for 60-119 month overall return and 50 percent 10-year ratings /30 percent five-year ratings /20 percent three-year ratings for 120 or more month overall return. Whereas the 10-year general stellar valuation equation seems to give the 10-year horizon the greatest importance, the most recent three-year horizon actually has the greatest effect as it is contained in all three valuation years.

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