Awards

2020

Morningstar Award "Fund of the Year 2019"

[Domestic Stock Fund Division]
Excellent Fund
"Emerging Growth Stocks Fund"

References to any specific securities do not constitute an offer to buy or sell securities. Those awarded funds based upon the past performance cannot guarantee their future performance. Data or statements are obtained from sources Morningstar Japan K.K believed to be reliable but are not guaranteed as to accuracy or completeness.

All information is the property of Morningstar Japan K.K. or Morningstar, Inc. and protected by copyright and intellectual property laws. All rights reserved.

Taking every factor into consideration, Morningstar Japan K.K. has selected funds for Morningstar Award “Fund of the Year 2019” in each divisions from open-end mutual fund based upon its unique quantitative and qualitative analysis. Awarded funds in the Domestic Stock Fund Division have been selected from 913 funds at the end of December 2019.

2019

R&I Fund Award 2019

Second Prize in the Investment Trust/Japanese Equity Fund Aggregate Category
Second Prize in the Investment Trust/Japanese Bond Fund Category "Meiji Yasuda Japanese Bond Fund"
First Prize in the iDeco & DC/Japanese Bond Fund Category "Meiji Yasuda DC Japanese Bond Open"
First Prize in the iDeco & DC/Japanese Mid and Small Caps Equity Fund Category "Meiji Yasuda DC Mid- and Small-Cap Stock Open"
Second Prize in the iDeco & DC/Global Bond Fund Category "Meiji Yasuda DC Global Bond Open"
Defined Benefit Pension/Japanese Bond Category "Japanese Fixed Income Active"

The R&I Fund Award is presented to provide reference information based on the past data R&I believes to be reliable (however, its accuracy and completeness are not guaranteed by R&I) and is not intended to recommend the purchase, sale or holding of particular products or guarantee their future performance. The Award is not the Credit Rating Business, but one of the Other Lines of Business (businesses excluding Credit Rating Business and also excluding the Ancillary Businesses) as set forth in Article 299, paragraph (1), item (xxviii) of the Cabinet Office Ordinance on Financial Instruments Business, etc. With respect to such business, relevant laws and regulations require measures to be implemented so that activities pertaining to such business would not unreasonably affect the Credit Rating Activities. Intellectual property rights including copyright and all other rights in this Award are the sole property of R&I, and any unauthorized copying, reproduction and so forth are prohibited. The Award for "Investment Trusts/Aggregate Category" is based on the average performance of the relevant funds of a fund manager, and does not indicate the excellent performance of all individual funds of the manager.

Lipper Fund Awards from Refinitiv 2019 Japan

[Defined Contribution Pension Category]
Bond Japanese yen Best fund
(Assessment period 3 years, 5 years)
"Meiji Yasuda DC Japanese Bond Open"

Information about funds with a Lipper Leader Rating, which form the basis for evaluation of the Lipper Fund Awards, is not intended to recommend the purchase or sale of any investment trust. This provides an analysis of past fund performance and is not a guarantee of future results. The evaluation results are based on data and information from sources that Lipper believes to be reliable, but this does not guarantee its accuracy, completeness or reliability.

17th MERCER MPA (Japan) Awards 2019

Japanese Bond Category (3 years) "Japanese Fixed Income Active"

2018

R&I Fund Award 2018

First Prize in the Investment Trusts/Japanese Mid and Small Caps Equity Fund Category "Emerging Growth Stocks Fund"
Second Prize in the Investment Trusts/Japanese Bond Fund Category "Meiji Yasuda Japanese Bond Fund"
Second Prize in the Investment Trusts/10 years/Japanese Bond Fund Category "Meiji Yasuda Japanese Bond Fund"
First Prize in the iDeco & DC/Japanese Bond Fund Category "Meiji Yasuda DC Japanese Bond Open"
Second Prize in the iDeco & DC/Japanese Mid and Small Caps Equity Fund Category "Meiji Yasuda DC Mid/Small Cap Open"
Second Prize in the iDeco & DC /Japanese Bond Fund Category "Meiji Yasuda Japanese Bond Fund"
Second Prize in the iDeco & DC/Global Bond Fund Category "Meiji Yasuda DC Foreign Bond Open"
Second Prize in the iDeco & DC/Mixed Asset Aggressive Fund Category "Meiji Yasuda DC Heartful Life (Plan 70)"
Second Prize in the NISA/Mixed Asset Balanced Fund "Rakuten Asset Accumulation Fund"
Defined Benefit Pension/Japanese Bond Category "Japanese Fixed Income Active"
Defined Benefit Pension/Global Bond Category "International Fixed Income Active"

The R&I Fund Award is presented to provide reference information based on the past data R&I believes to be reliable (however, its accuracy and completeness are not guaranteed by R&I) and is not intended to recommend the purchase, sale or holding of particular products or guarantee their future performance. The Award is not the Credit Rating Business, but one of the Other Lines of Business (businesses excluding Credit Rating Business and also excluding the Ancillary Businesses) as set forth in Article 299, paragraph (1), item (xxviii) of the Cabinet Office Ordinance on Financial Instruments Business, etc. With respect to such business, relevant laws and regulations require measures to be implemented so that activities pertaining to such business would not unreasonably affect the Credit Rating Activities. Intellectual property rights including copyright and all other rights in this Award are the sole property of R&I, and any unauthorized copying, reproduction and so forth are prohibited. The Award for "Investment Trusts/Aggregate Category" is based on the average performance of the relevant funds of a fund manager, and does not indicate the excellent performance of all individual funds of the manager.

Thomson Reuters Lipper Fund Awards Japan 2018

[Investment Trust Category]
Equity Japan Best fund
(Assessment period 3 years, 5 years)
"Emerging Growth Stock Fund"
[Investment Trust Category]
Bond Japanese Yen Best fund
(Assessment period 10 years)
"Meiji Yasuda Japanese Bond Open (Monthly Settlement)"
[Defined Contribution Pension Category]
Mixed Asset Japanese Yen Flexible Best fund
(Assessment period 3 years)
"Meiji Yasuda DC Global Balance"
[Defined Contribution Pension Category]
Bond Japanese Yen Best fund
(Assessment period 3 years, 5 years, 10 years)
"Meiji Yasuda DC Japanese Bond Open"

Information about funds with a Lipper Leader Rating, which form the basis for evaluation of the Lipper Fund Awards, is not intended to recommend the purchase or sale of any investment trust. This provides an analysis of past fund performance and is not a guarantee of future results. The evaluation results are based on data and information from sources that Lipper believes to be reliable, but this does not guarantee its accuracy, completeness or reliability.

16th MERCER MPA (Japan) Awards 2018

Japanese Bond Category (3 years) "Japanese Fixed Income Active"

2017

R&I Fund Award 2017

First Prize in the Investment Trusts/Japanese Equity Fund Category "Emerging Growth Stocks Fund"
Second Prize in the Investment Trusts/10-year/Japanese Equity Fund Category "Emerging Growth Stocks Fund"
Second Prize in the Investment Trusts/10-year/Japanese Bond Fund Category "Meiji Yasuda Japanese Bond Fund"
Second Prize in the iDeco & DC/Japanese Bond Fund Category "Meiji Yasuda DC Japanese Bond Open"
Second Prize in the NISA/Mixed Asset Balanced Fund Category "Rakuten Asset Accumulation Fund"
Defined Benefit Pension/Japanese Bond Category "Japanese Fixed Income Active"

The R&I Fund Award is presented to provide reference information based on the past data R&I believes to be reliable (however, its accuracy and completeness are not guaranteed by R&I) and is not intended to recommend the purchase, sale or holding of particular products or guarantee their future performance. The Award is not the Credit Rating Business, but one of the Other Lines of Business (businesses excluding Credit Rating Business and also excluding the Ancillary Businesses) as set forth in Article 299, paragraph (1), item (xxviii) of the Cabinet Office Ordinance on Financial Instruments Business, etc. With respect to such business, relevant laws and regulations require measures to be implemented so that activities pertaining to such business would not unreasonably affect the Credit Rating Activities. Intellectual property rights including copyright and all other rights in this Award are the sole property of R&I, and any unauthorized copying, reproduction and so forth are prohibited. The Award for "Investment Trusts/Aggregate Category" is based on the average performance of the relevant funds of a fund manager, and does not indicate the excellent performance of all individual funds of the manager.

Thomson Reuters Lipper Fund Awards Japan 2017

[Investment Trust Category]
Equity Japan Best fund
(Assessment period 3 years)
"Emerging Growth Stocks Fund"
[Investment Trust Category]
Bond Japanese Yen Best fund
(Assessment period 10 years)
"Meiji Yasuda Japanese Bond Open (Monthly Settlement)"
[Defined Contribution Pension Category]
Mixed Asset Japanese Yen Flexible Best fund
(Assessment period 3 years)
"Meiji Yasuda DC Global Balance"
[Defined Contribution Pension Category]
Bond Japanese Yen Best fund
(Assessment period 3 years, 5 years)
"Meiji Yasuda DC Japanese Bond Open"

Information about funds with a Lipper Leader Rating, which form the basis for evaluation of the Lipper Fund Awards, is not intended to recommend the purchase or sale of any investment trust. This provides an analysis of past fund performance and is not a guarantee of future results. The evaluation results are based on data and information from sources that Lipper believes to be reliable, but this does not guarantee its accuracy, completeness or reliability.

15th MERCER MPA (Japan) Awards 2017

Japanese Bond Category (3 years) "Japanese Fixed Income Active"

2016

R&I Fund Award 2016

Second Prize in the Investment Trusts/Japanese Equity Fund Category "Emerging Growth Stocks Fund"
Second Prize in the Investment Trusts/Global REIT Fund Category "Strategic REIT Fund ( B course (Without exchange rate hedge))"
Second Prize in the Defined Contribution Pension/Japanese Bond Fund Category "Meiji Yasuda DC Japanese Bond Open"
Second Prize in the Defined Contribution Pension/Global Equity Fund Category "Meiji Yasuda DC Foreign Equity Research Open"
Second Prize in the NISA/Japanese Equity Fund Category "Emerging Growth Stocks Fund"
Defined Benefit Pension/Japanese Bond Category "Japanese Fixed Income Active"

The R&I Fund Award is presented to provide reference information based on the past data R&I believes to be reliable (however, its accuracy and completeness are not guaranteed by R&I) and is not intended to recommend the purchase, sale or holding of particular products or guarantee their future performance. The Award is not the Credit Rating Business, but one of the Other Lines of Business (businesses excluding Credit Rating Business and also excluding the Ancillary Businesses) as set forth in Article 299, paragraph (1), item (xxviii) of the Cabinet Office Ordinance on Financial Instruments Business, etc. With respect to such business, relevant laws and regulations require measures to be implemented so that activities pertaining to such business would not unreasonably affect the Credit Rating Activities. Intellectual property rights including copyright and all other rights in this Award are the sole property of R&I, and any unauthorized copying, reproduction and so forth are prohibited. The Award for "Investment Trusts/Aggregate Category" is based on the average performance of the relevant funds of a fund manager, and does not indicate the excellent performance of all individual funds of the manager.

Thompson Reuters Lipper Fund Awards Japan 2016

[Defined Contribution Pension Category]
Bond Japanese yen Best fund
(Assessment period 3 years)
"Meiji Yasuda DC Japanese Bond Open"

Information about funds with a Lipper Leader Rating, which form the basis for evaluation of the Lipper Fund Awards, is not intended to recommend the purchase or sale of any investment trust. This provides an analysis of past fund performance and is not a guarantee of future results. The evaluation results are based on data and information from sources that Lipper believes to be reliable, but this does not guarantee its accuracy, completeness or reliability.

14th MERCER MPA (Japan) Awards 2016

Japanese Bond Category (3 years) "Japanese Fixed Income Active"

2016

R&I Fund Award 2016

Second Prize in the Investment Trusts/Japanese Equity Fund Category "Emerging Growth Stocks Fund"
Second Prize in the Investment Trusts/Global REIT Fund Category "Strategic REIT Fund ( B course (Without exchange rate hedge))"
Second Prize in the Defined Contribution Pension/Japanese Bond Fund Category "Meiji Yasuda DC Japanese Bond Open"
Second Prize in the Defined Contribution Pension/Global Equity Fund Category "Meiji Yasuda DC Foreign Equity Research Open"
Second Prize in the NISA/Japanese Equity Fund Category "Emerging Growth Stocks Fund"
Defined Benefit Pension/Japanese Bond Category "Japanese Fixed Income Active"

The R&I Fund Award is presented to provide reference information based on the past data R&I believes to be reliable (however, its accuracy and completeness are not guaranteed by R&I) and is not intended to recommend the purchase, sale or holding of particular products or guarantee their future performance. The Award is not the Credit Rating Business, but one of the Other Lines of Business (businesses excluding Credit Rating Business and also excluding the Ancillary Businesses) as set forth in Article 299, paragraph (1), item (xxviii) of the Cabinet Office Ordinance on Financial Instruments Business, etc. With respect to such business, relevant laws and regulations require measures to be implemented so that activities pertaining to such business would not unreasonably affect the Credit Rating Activities. Intellectual property rights including copyright and all other rights in this Award are the sole property of R&I, and any unauthorized copying, reproduction and so forth are prohibited. The Award for "Investment Trusts/Aggregate Category" is based on the average performance of the relevant funds of a fund manager, and does not indicate the excellent performance of all individual funds of the manager.

Thompson Reuters Lipper Fund Awards Japan 2016

[Defined Contribution Pension Category]
Bond Japanese yen Best fund
(Assessment period 3 years)
"Meiji Yasuda DC Japanese Bond Open"

Information about funds with a Lipper Leader Rating, which form the basis for evaluation of the Lipper Fund Awards, is not intended to recommend the purchase or sale of any investment trust. This provides an analysis of past fund performance and is not a guarantee of future results. The evaluation results are based on data and information from sources that Lipper believes to be reliable, but this does not guarantee its accuracy, completeness or reliability.

14th MERCER MPA (Japan) Awards 2016

Japanese Bond Category (3 years) "Japanese Fixed Income Active"

2015

R&I Fund Award 2015

Second Prize in the Defined Contribution Pension/Japanese Bond Fund Category "Meiji Yasuda DC Japanese Bond Open"
"Meiji Yasuda Japanese Bond Fund"
Defined Benefit Pension/Japanese Bond Fund Category "Japanese Fixed Income Active"

The R&I Fund Award is presented to provide reference information based on the past data R&I believes to be reliable (however, its accuracy and completeness are not guaranteed by R&I) and is not intended to recommend the purchase, sale or holding of particular products or guarantee their future performance. The Award is not the Credit Rating Business, but one of the Other Lines of Business (businesses excluding Credit Rating Business and also excluding the Ancillary Businesses) as set forth in Article 299, paragraph (1), item (xxviii) of the Cabinet Office Ordinance on Financial Instruments Business, etc. With respect to such business, relevant laws and regulations require measures to be implemented so that activities pertaining to such business would not unreasonably affect the Credit Rating Activities. Intellectual property rights including copyright and all other rights in this Award are the sole property of R&I, and any unauthorized copying, reproduction and so forth are prohibited. The Award for "Investment Trusts/Aggregate Category" is based on the average performance of the relevant funds of a fund manager, and does not indicate the excellent performance of all individual funds of the manager.

13th MERCER MPA (Japan) Awards y2015

Japanese Bond Category (3 years) "Japanese Fixed Income Active"

2014

R&I Fund Award 2014

Defined Benefit Pension/Japanese Bond Category "Japanese Fixed Income Active"

The R&I Fund Award is presented to provide reference information based on the past data R&I believes to be reliable (however, its accuracy and completeness are not guaranteed by R&I) and is not intended to recommend the purchase, sale or holding of particular products or guarantee their future performance. The Award is not the Credit Rating Business, but one of the Other Lines of Business (businesses excluding Credit Rating Business and also excluding the Ancillary Businesses) as set forth in Article 299, paragraph (1), item (xxviii) of the Cabinet Office Ordinance on Financial Instruments Business, etc. With respect to such business, relevant laws and regulations require measures to be implemented so that activities pertaining to such business would not unreasonably affect the Credit Rating Activities. Intellectual property rights including copyright and all other rights in this Award are the sole property of R&I, and any unauthorized copying, reproduction and so forth are prohibited. The Award for "Investment Trusts/Aggregate Category" is based on the average performance of the relevant funds of a fund manager, and does not indicate the excellent performance of all individual funds of the manager.

Lipper Fund Awards Japan 2014

Bond Global Best fund
(Assessment period 10 years)
"Pan Pacific Global Bond Open"
Bond Japanese Yen Best fund
(Assessment period 3 years)
"Meiji Yasuda Japanese Bond Open (Monthly Settlement)"

Information about funds with a Lipper Leader Rating, which form the basis for evaluation of the Lipper Fund Awards, is not intended to recommend the purchase or sale of any investment trust. This provides an analysis of past fund performance and is not a guarantee of future results. The evaluation results are based on data and information from sources that Lipper believes to be reliable, but this does not guarantee its accuracy, completeness or reliability.

12th MERCER MPA (Japan) Awards 2014

Japanese Bond Category (3 years) "Japanese Fixed Income Active"

2013

R&I Fund Award 2013

Defined Benefit Pension/Japanese Bond Fund Category "Japanese Fixed Income Active"

The R&I Fund Award is presented to provide reference information based on the past data R&I believes to be reliable (however, its accuracy and completeness are not guaranteed by R&I) and is not intended to recommend the purchase, sale or holding of particular products or guarantee their future performance. The Award is not the Credit Rating Business, but one of the Other Lines of Business (businesses excluding Credit Rating Business and also excluding the Ancillary Businesses) as set forth in Article 299, paragraph (1), item (xxviii) of the Cabinet Office Ordinance on Financial Instruments Business, etc. With respect to such business, relevant laws and regulations require measures to be implemented so that activities pertaining to such business would not unreasonably affect the Credit Rating Activities. Intellectual property rights including copyright and all other rights in this Award are the sole property of R&I, and any unauthorized copying, reproduction and so forth are prohibited. The Award for "Investment Trusts/Aggregate Category" is based on the average performance of the relevant funds of a fund manager, and does not indicate the excellent performance of all individual funds of the manager.

Lipper Fund Awards Japan 2013

Bond Global Best fund
(Assessment period 5 years)
"Pan Pacific Global Bond Open"
Bond Japanese Yen Best fund
(Assessment period 5 years)
"Meiji Yasuda Japanese Bond Open (Monthly settlement)"

Information about funds with a Lipper Leader Rating, which form the basis for evaluation of the Lipper Fund Awards, is not intended to recommend the purchase or sale of any investment trust. This provides an analysis of past fund performance and is not a guarantee of future results. The evaluation results are based on data and information from sources that Lipper believes to be reliable, but this does not guarantee its accuracy, completeness or reliability.

2012

R&I Fund Award 2012

Defined Benefit Pension/Japanese Bond Fund Category "Japanese Fixed Income Active"

The R&I Fund Award is presented to provide reference information based on the past data R&I believes to be reliable (however, its accuracy and completeness are not guaranteed by R&I) and is not intended to recommend the purchase, sale or holding of particular products or guarantee their future performance. The Award is not the Credit Rating Business, but one of the Other Lines of Business (businesses excluding Credit Rating Business and also excluding the Ancillary Businesses) as set forth in Article 299, paragraph (1), item (xxviii) of the Cabinet Office Ordinance on Financial Instruments Business, etc. With respect to such business, relevant laws and regulations require measures to be implemented so that activities pertaining to such business would not unreasonably affect the Credit Rating Activities. Intellectual property rights including copyright and all other rights in this Award are the sole property of R&I, and any unauthorized copying, reproduction and so forth are prohibited. The Award for "Investment Trusts/Aggregate Category" is based on the average performance of the relevant funds of a fund manager, and does not indicate the excellent performance of all individual funds of the manager.

Lipper Fund Awards Japan 2012

Bond Global Best fund
(Assessment period 5 years)
"Pan Pacific Global Bond Open"

Information about funds with a Lipper Leader Rating, which form the basis for evaluation of the Lipper Fund Awards, is not intended to recommend the purchase or sale of any investment trust. This provides an analysis of past fund performance and is not a guarantee of future results. The evaluation results are based on data and information from sources that Lipper believes to be reliable, but this does not guarantee its accuracy, completeness or reliability.

2011

R&I Fund Award 2011

Defined Benefit Pension/Japanese Growth Equity Fund Category "Japanese Equity Select Growth"
Defined Benefit Pension/Global Bond Fund Category "International Fixed Income Active"

The R&I Fund Award is presented to provide reference information based on the past data R&I believes to be reliable (however, its accuracy and completeness are not guaranteed by R&I) and is not intended to recommend the purchase, sale or holding of particular products or guarantee their future performance. The Award is not the Credit Rating Business, but one of the Other Lines of Business (businesses excluding Credit Rating Business and also excluding the Ancillary Businesses) as set forth in Article 299, paragraph (1), item (xxviii) of the Cabinet Office Ordinance on Financial Instruments Business, etc. With respect to such business, relevant laws and regulations require measures to be implemented so that activities pertaining to such business would not unreasonably affect the Credit Rating Activities. Intellectual property rights including copyright and all other rights in this Award are the sole property of R&I, and any unauthorized copying, reproduction and so forth are prohibited. The Award for "Investment Trusts/Aggregate Category" is based on the average performance of the relevant funds of a fund manager, and does not indicate the excellent performance of all individual funds of the manager.

Lipper Fund Awards Japan 2011

Bond Global Best fund
(Assessment period 3 years, 5 years)
"Pan Pacific Global Bond Open"

Information about funds with a Lipper Leader Rating, which form the basis for evaluation of the Lipper Fund Awards, is not intended to recommend the purchase or sale of any investment trust. This provides an analysis of past fund performance and is not a guarantee of future results. The evaluation results are based on data and information from sources that Lipper believes to be reliable, but this does not guarantee its accuracy, completeness or reliability.

2010

Lipper Fund Awards Japan 2010

Bond Global Best fund
(Assessment period 3 years, 5 years)
"Pan Pacific Global Bond Open"
Mixed Asset Japanese Yen Conservative Best fund
(Assessment period 5 years)
"Meiji Yasuda Life Plan Fund 20"

Information about funds with a Lipper Leader Rating, which form the basis for evaluation of the Lipper Fund Awards, is not intended to recommend the purchase or sale of any investment trust. This provides an analysis of past fund performance and is not a guarantee of future results. The evaluation results are based on data and information from sources that Lipper believes to be reliable, but this does not guarantee its accuracy, completeness or reliability.

2009

R&I Fund Award 2009

Second Prize in the Defined Contribution Pension/Global Bond Fund Category "Meiji Yasuda DC Foreign Bond Open"

The R&I Fund Award is presented to provide reference information based on the past data R&I believes to be reliable (however, its accuracy and completeness are not guaranteed by R&I) and is not intended to recommend the purchase, sale or holding of particular products or guarantee their future performance. The Award is not the Credit Rating Business, but one of the Other Lines of Business (businesses excluding Credit Rating Business and also excluding the Ancillary Businesses) as set forth in Article 299, paragraph (1), item (xxviii) of the Cabinet Office Ordinance on Financial Instruments Business, etc. With respect to such business, relevant laws and regulations require measures to be implemented so that activities pertaining to such business would not unreasonably affect the Credit Rating Activities. Intellectual property rights including copyright and all other rights in this Award are the sole property of R&I, and any unauthorized copying, reproduction and so forth are prohibited. The Award for "Investment Trusts/Aggregate Category" is based on the average performance of the relevant funds of a fund manager, and does not indicate the excellent performance of all individual funds of the manager.

Lipper Fund Awards Japan 2009

Equity Europe Best fund
(Assessment period 3 years)
"Meiji Yasuda Europe Equity Fund"
Mixed Asset Japanese Yen Aggressive Best fund
(Assessment period 5 years)
"Meiji Yasuda Life Plan Fund 70"

Information about funds with a Lipper Leader Rating, which form the basis for evaluation of the Lipper Fund Awards, is not intended to recommend the purchase or sale of any investment trust. This provides an analysis of past fund performance and is not a guarantee of future results. The evaluation results are based on data and information from sources that Lipper believes to be reliable, but this does not guarantee its accuracy, completeness or reliability.

7th MERCER MPA (Japan) Awards 2009

Japanese Equity Growth Category (3 years) "Japanese Equity Select Growth"

2008

R&I Fund Award 2008

First Prize in the Defined Contribution Pension/Global Bond Fund Category "Meiji Yasuda DC foreign Bond Open"
Second Prize in the Defined Contribution Pension/Global Equity Category "Meiji Yasuda DC Foreign Equity Research Open"
Second Prize in the Defined Contribution Pension/Japanese Bond Fund Category "Fukoku Japanese Bond Fund"

The R&I Fund Award is presented to provide reference information based on the past data R&I believes to be reliable (however, its accuracy and completeness are not guaranteed by R&I) and is not intended to recommend the purchase, sale or holding of particular products or guarantee their future performance. The Award is not the Credit Rating Business, but one of the Other Lines of Business (businesses excluding Credit Rating Business and also excluding the Ancillary Businesses) as set forth in Article 299, paragraph (1), item (xxviii) of the Cabinet Office Ordinance on Financial Instruments Business, etc. With respect to such business, relevant laws and regulations require measures to be implemented so that activities pertaining to such business would not unreasonably affect the Credit Rating Activities. Intellectual property rights including copyright and all other rights in this Award are the sole property of R&I, and any unauthorized copying, reproduction and so forth are prohibited. The Award for "Investment Trusts/Aggregate Category" is based on the average performance of the relevant funds of a fund manager, and does not indicate the excellent performance of all individual funds of the manager.