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Morningstar’s Investment Management group consists of Morningstar’s subsidiaries that are authorized in the appropriate jurisdiction to provide investment management and advisory services. In the United States, such services are offered by Morningstar Investment Services LLC or Morningstar Investment Management LLC on a discretionary or non-discretionary basis.

Morningstar Wealth Platform is an advisory platform offered by Morningstar Investment Services LLC, a registered investment adviser and subsidiary of Morningstar Investment Management LLC. Through the Morningstar Wealth Platform, Morningstar Investment Services offers model portfolios and separately managed accounts (“SMA”) which include proprietary managed portfolios (“Morningstar Portfolios”), third-party asset manager portfolios where a third-party asset manager acts as a non-discretionary model provider (“Model Provider”) in which Morningstar Investment Services has discretion, and third-party asset manager portfolios where third-party asset manager acts as a discretionary asset manager (“Sub-Adviser”). The Morningstar Wealth Platform is intended for citizens or legal residents of the United States or its territories and can only be offered by a registered investment adviser or investment adviser representative.

Morningstar Portfolios

Portfolio construction and on-going monitoring and maintenance of the Morningstar Portfolios within the Morningstar Wealth Platform is provided on Morningstar Investment Services behalf by Morningstar Investment Management LLC.

Model Providers

Model Providers are third-party asset managers providing model portfolios to Morningstar Investment Services for inclusion in the Morningstar Wealth Platform. Model Providers do not have any contractual, fiduciary, investment advisory or other relationship with the financial advisers or clients utilizing their model portfolios through the Morningstar Wealth Platform. Model Providers have no obligation or responsibility for determining the appropriateness or suitability of a model or any of the securities included therein, for any specific client. Morningstar Investment Services has full discretion to invest clients in accordance with the model or deviate from the model provided by the Model Providers. The Model Providers are not affiliated with Morningstar Investment Services LLC.

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