Portfolio Selections Disclaimer

Portfolio Selections is provided by Morningstar Associates Europe Limited ("Morningstar"). The information, data, analyses and opinions that make up Portfolio Selections (“Information”) include Morningstar’s confidential and proprietary information and may not be copied or redistributed except as permitted by the Licence Agreement. It is intended solely for internal use by Professional Advisors who are subscribers to the service and must not be relied upon by any other parties, including clients of such Professional Advisors. Professional Advisors who subscribe to Portfolio Selections are expected to make their own investment recommendations to their clients without undue reliance on the Information.

The Information does not constitute investment advice or a personal recommendation and is provided purely for informational purposes to Professional Advisors. It does not constitute an offer, or a solicitation of an offer, to buy or sell financial instruments. The Information is drawn from fund data published on various dates and is not warranted to be complete, accurate or timely. Morningstar is not responsible for any trading decisions, damages or other losses related to the Information or its use.

The Portfolio Selections are hypothetical in nature, may not reflect the impact that material economic and market factors might have had on portfolio construction or an adviser’s decision-making if the adviser were actually managing clients’ assets, and do not reflect the deduction of advisory fees, brokerage or other commissions, and any other expenses that a client would have paid or actually paid.