Morningstar Investment Management LLC

Item 5. Fees and Compensation
We believe that holding the stock of your employer greatly increases your portfolio         Fees and Compensation
risk, particularly in large concentrations. Prudent financial planning principles hold      Our fee is generally negotiated by your service provider or plan sponsor. The actual
that any significant investment in a single stock creates a non-diversified situation       fee depends on a range of variables including the service used and retirement
in your portfolio with greater risk of investment losses. If your retirement plan or        account balance. In some cases, our fee may be paid by your plan sponsor or service
product includes your company’s stock as an investment option, and if you have a            provider or may be part of the fees of the underlying investment options your

                      ©2026 Morningstar Investment Management LLC. All Rights Reserved. The Morningstar name and logo are registered marks of Morningstar, Inc.

retirement account is invested in. To view your specific fee schedule and method of         is charged monthly or quarterly, in arrears or in advance, depending on the
paying those fees, you can access your account through our website or consult with          capabilities of your service provider and are detailed in your advisory agreement with
your plan sponsor or service provider(s) for more information or if you have                us. Your fee is calculated by applying the basis point rate to the assets in your
questions. You have the option to terminate your advisory relationship with us at any       retirement account in accordance with the terms of your agreement with us. As an
time without penalty.                                                                       example, your fee could be based on the average assets in your retirement account
                                                                                            over the course of a quarter or based on the assets as of the month-end.
Managed Accounts. For Managed Accounts, your retirement account will be charged
a fee based on the assets managed under the service in your retirement account.             Our services can be terminated without penalty at any time as outlined in your
This fee is expressed in “basis points.” A basis point is equivalent to 0.01%; 100 basis    Personal Target-Date Fund Service contractual agreement. Upon termination, any
points is equivalent to 1%.                                                                 earned, unpaid fees by you are due and payable.

Our fee is generally less than 50 basis points and typically ranges from 8 to 50 basis      In some cases, your service provider(s) may charge an administrative user fee. Please
points annually. For example, if your retirement account balance is around $50,000,         check with your plan sponsor or service provider(s) for specific fee information for
your annual fee would be less than $250. This fee is charged monthly or quarterly,          your plan.
in arrears or in advance, depending on the capabilities of your service provider and
are detailed in your advisory agreement with us. Your fee is calculated by applying         Payment
the basis point rate to the assets in your retirement account in accordance with the        For Managed Accounts and the Personal Target-Date Fund Service, your service
terms of your agreement with us. As an example, your fee could be based on the              provider will typically debit our fee from your retirement account and remit that fee
average assets in your retirement account over the course of a quarter or based on          to us. As noted above, in some cases, your plan sponsor or service provider will pay
the assets as of the month-end. In some cases, new Managed Accounts users are               us for our services, or our fee will be a component of the fees charged by the
offered a “free look” period. During the free look period our fee will be waived for a      investment options you are invested in. Your advisory agreement with us will include
specific timeframe, as detailed in your agreement with us.                                  the details of how and when our fee is charged to you. Under Advisor Managed
                                                                                            Accounts, your plan provider will typically also debit the Other IA’s fee from your
Under Advisor Managed Accounts, the Other IA charges a separate fee for their               retirement account and remit it to them. If you have questions about how the Other
services. We are not involved in the setting or negotiation of this fee between your        IA’s fee is assessed and remitted, please contact your plan sponsor or service
service provider or plan sponsor and the Other IA. This fee is a basis point fee applied    provider(s).
to your retirement account balance (typically 0 to 30 basis points annually), or a basis
point or flat annual fee charged to your plan. Please check with your plan sponsor          Other Costs in Connection with Our Advisory Services
or service(s) provider for further information about these fees.                            Our advisory fee is separate from fees and expenses charged by the investment
                                                                                            options or fees that are charged by a third party, such as your service provider(s). The
In instances where a Sub-Adviser has been engaged to undertake investment-                  investment options’ fees and expenses are described in the investment’s prospectus
specific portfolio construction, the portfolios they create can consist of associated       or equivalent. These fees will generally include a management fee, other investment
...

Item 7. Types of Clients
                                                                                           information you provide to us, the more personalized the investment strategy we are
In addition to the retirement services for individuals described in this brochure, we      able to deliver. We collect information your service provider is able to provide to us
also provide investment advisory services to institutional clients such as financial       and ask you to provide any additional data that wasn’t available from your service
institutions, third-party investment advisers, broker/dealers, consultants, investment     provider. Through our website or over the phone, you will be presented with an initial
companies, pension or profit-sharing plans, or other business entities (“Institutional     strategy as a starting point. You can model many scenarios by changing your
Clients”). If you would like a copy of our brochure describing these services, please      retirement age, desired retirement income, social security start age, and savings rate.
follow the instructions on page 1 of this brochure to access the SEC website or            We will update your retirement strategy in real time to reflect any change you make.
contact us.                                                                                We also encourage you to provide additional account information in regard to your
                                                                                           retirement savings such as assets you hold outside your retirement account or
The Managed Account, Advice, Guidance services and the Personal Target-Date Fund           benefits for you or your spouse/partner in order to further personalize the
Service are only available to individuals with retirement accounts. While the              recommendations. We do not provide advice on outside assets but will take those
Managed Accounts, Advice, and Guidance services are similar in nature to the               into consideration when determining the investment strategy for your retirement
Personal Target-Date Fund Service, these services offer a more comprehensive               account assets.
retirement strategy and provide advice after considering the full investment lineup
in your retirement plan or product, not just the target-date funds. We do not require      Enrollment. Your service provider has the option to make one or more websites
a minimum account balance to use our services, and we generally do not impose any          available to you for enrollment in Managed Accounts or the Personal Target-Date
other conditions on your use of our services.                                              Fund Service. If you use a streamlined version of our enrollment process, you should
                                                                                           be aware that it does not consider all information relevant to your financial situation,
Item 8. Methods of Analysis, Investment Strategies, & Risk of Loss                         including some of the information discussed in this section. (For example, for
Investment Philosophy                                                                      Managed Accounts, the streamlined process takes into account your age, retirement
Our investment philosophy is driven by the investment principles that are promoted         account type, and the balance, fund allocation, and contributions for your retirement
throughout our organization. The principles are intended to guide our thinking,            account as provided by your service provider.) You can access our full enrollment
behavior and decision making. These principles also reflect and align with the history     process at any time by logging into the Morningstar Retirement Manager platform
and foundation of Morningstar and are described above in the Firm Information              through your service provider’s website. The full enrollment process for Managed
section.                                                                                   Accounts allows you to provide us with additional information about your retirement
                                                                                           situation and goals so that we can further customize your retirement strategy. If you
Morningstar Retirement Investment Policy Committee                                         have additional retirement assets outside your retirement account, have a spouse or
The Morningstar Retirement Investment Policy Committee is responsible for                  partner you’d like us to consider, want to restrict certain securities from being used
oversight of the investment methodologies across the Morningstar Retirement’s              in your retirement account, or want to change suggestions made for you in the
products and services, including those described in this brochure. Members of the          streamlined enrollment process (i.e., your savings rate), or if you want to see how
Morningstar Retirement Investment Policy Committee includes the Morningstar                changes would impact your retirement strategy, we encourage you to use our full
Retirement’s chief investment officers, head of advice and financial planning, head        enrollment process instead of the streamlined process. For the Personal Target-Date
of business development, head of client success, head of channel strategy, head of         Fund Service, if you want to view the information your service provider gave to us
research, director of retirement research, director of product management, head of         about you, or you want to restrict certain securities from being used in your
investments for institutional and retirement solutions, and the senior director of         retirement account, we encourage you to use our full enrollment process instead of
...