Firm Information Morningstar Investment Management LLC is a Delaware limited liability company that was incorporated in 1999. Morningstar Investment Management is a wholly owned subsidiary of Morningstar, Inc. (“Morningstar”). Morningstar is a publicly traded company (Nasdaq Ticker: MORN) with Mr. Joseph Mansueto, Executive Chairman of Morningstar, holding more than 35% of Morningstar’s outstanding shares. Because of that ownership, Mr. Mansueto is an indirect owner of Morningstar Investment Management. Morningstar Investment Management is registered with the SEC under Section 203(c) of the Investment Advisers Act of 1940, as amended (“Advisers Act”). Morningstar Investment Management has filed the appropriate notices to conduct business in all 50 states, the District of Columbia, Guam, and the Commonwealth of Puerto Rico. Morningstar Investment Management is registered with the U.S. Commodity Futures Trading Commission as a Commodity Pool Operator (“CPO”) and is a member of the U.S. National Futures Association. Morningstar Investment Management, along with other Morningstar subsidiaries authorized in appropriate jurisdictions to provide investment management and advisory services, is part of a global investment team composed of investment analysts, portfolio managers, and other investment professionals. These investment and operations teams span the globe, with primary offices in Chicago, London, and Sydney. This brochure focuses on the products and services we provide to institutional clients. You can obtain a copy of our brochure describing our products and services for individuals (managed account, advice, and personal target-date fund services for retirement investors) by following the instructions above. Advisory Services We Offer – Overview Morningstar Investment Management offers various investment advisory services that focus on our core capabilities in asset allocation, investment selection, and portfolio construction to financial or other institutions including, but not limited to, asset management firms, banks, broker/dealers, consultants, endowments, foundations, insurance companies, investment advisers, investment fiduciaries, plan sponsors of retirement plans, providers of retirement plan services, trusts, and other business entities (collectively “Institutional Clients” or individually, an “Institutional Client”.) Morningstar Wealth and Morningstar Retirement each offer certain advisory services provided by Morningstar Investment Management. The advisory service below is offered through both Morningstar Wealth and Morningstar Retirement: Institutional Asset Management For Institutional Clients who sponsor registered or pooled investment products, we serve as a portfolio manager, portfolio construction adviser, or sub-adviser. We provide recommendations for asset class allocation targets and/or selection of underlying holdings to fulfill each asset class allocation target. Underlying holdings may include, but are not limited to, open-end mutual funds, exchange-traded funds (“ETFs”), and collective investment trusts. The universe of underlying holdings is generally defined by the Institutional Client and can include investment products that are affiliated with that Institutional Client. This service typically includes ongoing responsibilities such as monitoring the underlying holdings and reviewing and updating asset allocation percentages and/or underlying holdings as necessary. We are an investment adviser to Morningstar Funds Trust, registered with the SEC as an open-end management investment company under the Investment Company Act of 1940, as amended. We have overall supervisory responsibility for the general management and investment of the fund portfolios within the Morningstar Funds Trust (“Morningstar Funds”), which are managed in a multimanager structure. Subject to the review and approval by the Morningstar Funds Trust’s board, we set each Morningstar Fund’s overall investment strategy. We are also responsible for the oversight and evaluation of each Morningstar Fund’s sub-advisers. The Morningstar Funds will be used as the underlying holdings for certain model portfolios, most notably mutual fund model portfolios, offered by Morningstar Investment Management and our subsidiary, Morningstar Investment Services LLC The Morningstar Funds include the Morningstar Alternatives Fund, Morningstar Defensive Bond Fund, Morningstar Global Income Fund, Morningstar International Equity Fund, Morningstar Multisector Bond Fund, Morningstar Municipal Bond Fund, Morningstar Total Return Bond Fund, Morningstar U.S. Equity Fund, and the Morningstar Global Opportunistic Equity Fund. More information about the Morningstar Funds is at http://connect.rightprospectus.com/Morningstar. Wealth The advisory services below are offered through Morningstar Wealth: Model Portfolios and Separately Managed Accounts For Institutional Clients who offer a proprietary advisory program, or a platform that makes investment strategies available for use by other financial institutions, we create model portfolios and separately managed accounts (collectively, “Portfolios”) for use through such programs or platforms. The Portfolios are typically designed for use by a financial professional with their retail investor clients, and can include risk- or target date-based asset allocation portfolios, portfolios designed to address a certain financial planning need or goal, or relatively focused stock or bond portfolios. We generally provide sales support on behalf of the Institutional Client by educating financial professionals who use the program or platform about the strategies we provide. In providing this service, we act as either a discretionary investment manager or a non-discretionary model manager. We select and monitor the asset allocation and underlying holdings of each Portfolio based on a universe of investments typically defined by the Institutional Client. In general, we provide ongoing monitoring of the Portfolios, along with rebalancing and reallocating recommendations. As an investment manager, we invest each investor’s account in their chosen Portfolio(s), taking into consideration any requested reasonable restrictions, and submit trade instructions to the investor’s custodian. The investor’s financial professional or the investor is responsible for suitability, choice of custodian, and other services as detailed in the agreement between the Institutional Client and us. As a model manager, the Institutional Client or the financial professional using the advisory program or platform has discretion over the accounts invested in each Portfolio and has the ability to deviate from our recommendations. In addition, our subsidiary, Morningstar Investment Services LLC, offers Portfolios on a discretionary and non-discretionary basis. Morningstar Investment Management’s investment professionals provide portfolio construction and ongoing monitoring of those Portfolios on behalf of Morningstar Investment Services. The Portfolios, most notably those utilizing mutual funds, may have underlying holdings that include one or more of the Morningstar Funds. The Morningstar Funds became accessible through certain Portfolios in November 2018. Each Morningstar Funds’ summary prospectus, prospectus, statement of additional information (‘SAI”), and other regulatory filings are available at http://connect.rightprospectus.com/Morningstar. Asset Allocation Services We provide Institutional Clients and their financial representatives tools for identifying their clients’ investment goals and risk tolerance (such as risk tolerance questionnaires), and a mechanism to match those goals and risks with an appropriate asset allocation strategy. Asset allocation services are typically used by our Institutional Clients in their investment products, wrap programs, variable annuity asset allocation programs, or similar programs. If included in an agreement with an Institutional Client, asset allocation models are periodically reviewed and adjusted as needed. We may provide Institutional Clients with rebalancing triggers and recommendations on when the allocations for asset classes should be revisited or adjusted. Investment Analytics, Monitoring, and Comparative Analysis Reports We offer Institutional Clients investment performance and style monitoring reports. These reports range from a one-page snapshot view of multiple investments, such as those investments in a defined contribution plan lineup to multi-page, in-depth reports on a single investment that provides information on various aspects of the investment such as profile, style and sector analysis, total return/risk summary, performance, expense, portfolio metrics, top holdings, and an optional written analysis of the investment. To fulfill any monitoring responsibilities, we follow the same comprehensive due diligence process that we use to facilitate our investment selection research in these reports. Morningstar Retirement Morningstar Retirement is committed to helping people improve their financial health and prepare for retirement by offering investment advice and managed accounts, custom model portfolios, and fiduciary services to plan providers, employers, and retirement investors. The advisory services below are offered through Morningstar Retirement: Custom Model Portfolios We construct custom asset allocation model portfolios for use with employer- sponsored retirement plan accounts using the investment options available in a plan’s lineup. Model portfolios can be time-based, risk-based, or a combination of time- and risk-based. Model portfolios, including target-date glide paths where relevant, are customized to the specific plan, and can take into account a wide range of factors including the presence of defined benefit assets, company stock holdings, savings rates, and account balances. We provide monitoring of the model portfolios (and glide paths), making recommendations to change investment allocations, and/or to add, remove, or modify the model portfolios’ underlying investment options when necessary. Our recommendations and investment decisions are limited to those investment options available under the client’s retirement plan lineup. Fiduciary Services We provide Institutional Clients with retirement plan services that include the construction, monitoring, and/or management of plan lineups. These services typically include automated reporting capabilities, marketing and sales support, and an online reporting delivery mechanism. We provide documentation of the process used to select, review, monitor, and update the funds chosen. We offer a workforce profile questionnaire designed to help a plan sponsor identify the investment sophistication, funding status, investment goals, and/or risk tolerance of the retirement plan or its participants. We also typically provide methodology documents, an investment policy statement, quarterly fund and plan performance reports, annual summary reports, and a quarterly market summary. In providing these services, we serve as a fiduciary, as defined in section 3(21)(A) ERISA, as amended, and may additionally serve as an investment manager, as defined in section 3(38) of ERISA. We construct a list of lineup options (including, but not limited to, collective investment trusts and/or mutual, money market, and/or stable value funds) from the universe of investment options defined by the Institutional Client. We provide asset-class requirements for the lineup, with specific investment

options identified for each asset class, for use in developing a lineup for a defined contribution or defined benefit retirement plan. This process is designed to provide the Institutional Client with investment choices that will result in a lineup that is appropriately diversified with a sufficient broad range of risk/return characteristics. Under our standard 3(21) service, we serve as a fiduciary with respect to the investment selection and monitoring we provide, but the Institutional Client retains responsibility for investing plan assets in accordance with our recommendations. We provide ongoing monitoring of the specific investments in the approved investment list and monitor individual plans to ensure they are meeting our asset-class requirements and investing in approved funds. Typically, if we recommend modifications to a lineup, we provide notice to the Institutional Client who has discretion to implement our recommended changes. For our “flexible” 3(21) service, we offer the services outlined under our standard 3(21) service but allow the Institutional Client the flexibility to choose investments from our approved investment list along with non- approved investment options for their lineup. Our fiduciary support covers the use of investment options from our approved list only. Under this service, we do not provide any fiduciary coverage on the end lineup. In some cases, Institutional Clients delegate discretionary management responsibilities to us. For our standard 3(38) service, we serve as a fiduciary with respect to the investment selection and monitoring we provide and we act as an investment manager for the plan, with full authority to select, remove and replace investment options from the plan lineup. We provide periodic monitoring of the specific investments in the approved investment list and monitor individual plans to ensure they are meeting our asset-class requirements and investing in approved funds. For our “flexible” 3(38) service, we offer the services outlined in our standard 3(38) service but allow the Institutional Client the flexibility to request some variability in our standard process, such as the ability to include more approved investment options in asset classes than we allow under our standard service. This service is designed to help avoid too much disruption as Institutional Clients convert their plans to our service. We offer Morningstar® Plan AdvantageSM, an online platform designed to help retirement plan sponsors served by financial professionals of Institutional Clients (1) identify a category-level plan lineup, (2) choose a plan provider from those available through Morningstar Plan Advantage (choice of plan provider can be further limited by the Institutional Client), and (3) access 3(21) or 3(38) fiduciary services as part of a bundled offering. Once enrolled, plan sponsors and their designated plan advisor can review their lineup and access reports, view notifications, and learn more about plan lineup changes. Managed Accounts, Advice, and Guidance We offer services to Institutional Clients for use with individual retirement investors in their employer-sponsored retirement plans or other retirement products, like individual retirement accounts or health savings accounts earmarked for retirement (each a “retirement account”). These services are intended for citizens or legal residents of the United States or its territories and are offered through retirement plan sponsors and/or plan providers, plan administrators, retirement product providers, and/or other investment advisers (each a “service provider.”) These services typically include guidance, advice and/or managed account options, along with an online platform to access those services. Guidance includes general and educational information and tools to help retirement investors manage their retirement account. Under Guidance, the retirement investor is responsible for determining the suitability of investments, implementing changes to their retirement account, and monitoring their account on an ongoing basis. Advice offers each retirement investor a target retirement income goal, projected retirement income amount, recommendations on savings rate and retirement age, personalized asset allocation strategy, and professional investment selection. Under Advice, the retirement investor is responsible for the implementation of any changes to and the monitoring of their retirement account. Under Managed Accounts, we will manage the retirement investor’s account on an ongoing basis, in addition to the items provided under Advice. Our account management includes ongoing monitoring, automatic account rebalancing and implementation of changes, quarterly progress reports, and an annual progress report. We use the investment options available in the retirement plan or product to construct a portfolio and, when applicable, monitor model portfolios designed for retirement investors across a broad range of risk exposure levels. Advisor Managed Accounts is a product name for Managed Accounts or Advice that allows investment advisers, consultants, or asset managers to incorporate their own asset allocation and fund selection capabilities into our offering. Under this service, the investment adviser, consultant, or asset manager is responsible for building plan-level portfolios from each plan or product’s investment options or non-core investment options, if available through the service provider. The plan-level portfolios are used in our portfolio assignment methodology to create hundreds of retirement investor-level portfolios that span the equity spectrum. If we engage an asset manager as a sub-adviser (“Sub-Adviser”) to provide portfolio construction services for Advisor Managed Accounts, we are responsible for the investment-level portfolios created for users of our services and there is no advisory relationship between you, your retirement investors or product users, and the Sub-Adviser. Each retirement investor is then assigned to a portfolio appropriate for their retirement goals. As part of Managed Accounts, each retirement investor receives a target retirement income goal, projected retirement income amount, and recommendations on savings rate and retirement age. We manage the retirement investor’s account on an ongoing basis, which includes ongoing monitoring, automatic account rebalancing and implementation of changes, quarterly progress reports, and an annual progress report. If made available by the plan sponsor or service provider, retirement investors have the option to complete an annuity questionnaire. Through this questionnaire they can indicate whether they would like to receive a recommendation for how much of their retirement account could be invested in an annuity while still aligning with our investment strategy. We do not recommend, endorse, or sell any specific annuity products as part of this allocation recommendation and do not provide advisory or discretionary investment management services to assets invested in an annuity. If requested by the plan sponsor or service provider, we will integrate access to an annuity marketplace or provider into our platform to help facilitate the retirement investor’s purchase of an annuity, if they decide to do so. In such instances, the annuity or annuities available are chosen by the plan sponsor or service provider and we have no role in selecting those annuities. An annuity allocation recommendation is only available through the Managed Accounts service. We offer advisory services to Institutional Clients who offer their own investment advice or managed account programs to their clients. In most cases, we serve as the independent “Financial Expert” as defined within the Department of Labor’s Advisory Opinion 2001-09A dated December 14, 2001 (commonly referred to as the “SunAmerica Opinion.”) We use the investment options available in a retirement investor’s lineup or product to construct and, when applicable, monitor model portfolios designed for retirement investors across a broad range of risk exposure levels. We may also use information provided by independent third parties such as mutual fund data or index providers in the construction of advice for the program. Personal Target Date Fund Service We offer a personalized target date fund service to Institutional Clients for use with retirement investors. This service includes a personalized asset allocation strategy and professional investment selection for individual retirement investors invested in employer-sponsored retirement plans or other retirement products, like individual retirement accounts (“IRAs”) or health savings accounts (“HSAs”) earmarked for retirement through an online platform. The asset allocation strategy utilizes one or more target date fund vintages, is based on the retirement investor’s financial situation and retirement goals using the information the retirement investor, plan sponsor, service provider(s) and/or an account aggregator provides, and includes ongoing monitoring and automatic account rebalancing and implementation of allocation changes. After determining the retirement investor’s asset allocation target, the target-date funds available in the retirement investor’s plan or product are used to create an investment-specific portfolio. We manage the retirement investor’s account on an ongoing basis and communicate our investment decisions to the plan or product’s service provider. The target date fund series available in the retirement plan or product could be associated with an Institutional Client or plan or product’s service provider. In such instances, the service provider, or their affiliate, may receive compensation based on the assets in those investments which gives the service provider an incentive to make those investments available. Retirement investors will periodically receive progress reports reflecting progress towards their retirement goals and other information in regard to their investments. Typically, these reports are available electronically through our website on a quarterly basis. On an annual basis, those eligible for, but not currently enrolled in the Personal Target-Date Fund Service may receive a Personalized Strategy Report. Using data provided by the plan sponsor or service provider, we outline a retirement strategy that we feel is appropriate for the retirement investor based on the information available to us. Customized Services At an Institutional Client’s request, we will take under consideration a request to provide them with a customized version of the above services or a different type of advisory services that would utilize our core capabilities in asset allocation, investment selection, or portfolio construction. Given the customized nature, the Institutional Client can impose constraints/restrictions on such things as security types, asset classes, or proprietary security requirements and/or wish to collaborate with us on such things as investment methodology and screening criteria. Wrap Fee Programs We do not sponsor a wrap fee program, but we do provide portfolio management services to a wrap fee program offered by our subsidiary, Morningstar Investment Services LLC, through the Morningstar Wealth program. Assets Under Management As of December 31, 2023, the discretionary regulatory assets under management for Morningstar Investment Management (rounded to the nearest $100,000) were: Retirement Services to Individuals: $19,580,600,000 Investment Management Services to Institutional Clients: $35,112,600,000 Total Regulatory Asset Under Management: $54,693,200,000 The non-discretionary assets under advisement for Morningstar Investment Management (rounded to the nearest $100,000) were $190,639,500,000.