Benefits of investing in the Morningstar International Shares (Unhedged) Fund - Class A

• The Fund is managed by investment professionals with considerable experience in stock selection, portfolio construction and investment research.

• Investors benefit from these three core capabilities which are built on a foundation of proprietary methodologies and award-winning research. The Fund provides diversification across multiple investments.

• The Fund provides an investment solution for different types of investors, including those who want to build their own customised portfolio through exposure to particular asset classes.

Risk level

High

Investor suitability

The Fund is designed for investors who seek the potential for capital growth from a portfolio of listed international shares.

About the Fund

Morningstar aims to deliver consistent investment returns by applying a disciplined investment process built around in-depth investment research, a focus on asset allocation and innovative portfolio construction. We develop an investment strategy designed to achieve a Fund's investment objectives and implement exposure to highly ranked investments via a mix of strategies directly managed by Morningstar and/or other investment managers.

In an attempt to achieve the investment objectives, Morningstar set what is believed to be an appropriate investment strategy and asset allocation; select appropriate investments and if applicable, appoint and terminate underlying managers. We also monitor and review the Funds' performance, investment strategy, investments, underlying investment manager(s) and implementation processes to ensure they are consistent with the investment objectives. Where appropriate, adjustments may be made to these without prior notice. Morningstar's investment strategy may not achieve the investment objective.

Investment Research

Research is one of the core foundations of the Morningstar group. Indeed, the integrity and quality of research is essential to its investment process. Accordingly, Morningstar's capital markets and underlying investment/manager research is rigorous drawing on the resources of the Morningstar group globally, to deliver comprehensive fundamental analysis across global asset classes, securities and investment managers.

Risk Management

Morningstar recognises risk is multifaceted and subjective in nature. The monitoring of risk is not designed to be precise or reliant on one particular metric. Morningstar feels precision and the heavy reliance on one risk measure leads to potentially poor risk management. The appropriate monitoring of risk requires experience, judgment and a number of qualitative and quantitative measures. Morningstar recognises these characteristics of risk, and therefore applies a sceptical, conservative and practical approach to risk management utilising a wide array of measures, with the goal of minimising the permanent impairment of investor capital.

How we invest your money

The Fund invests in listed international shares across developed and emerging markets and aims to deliver a superior risk-return profile to that of the performance benchmark. To achieve this aim, the Fund invests in an international equity strategy that is non- market cap weighted, incurs low turnover, and targets companies that exhibit desirable fundamental quality, value, and liquidity characteristics.

Asset Allocation

Morningstar believes that asset allocation is of paramount importance in the delivery of investment return. Underpinning Morningstar's approach to asset allocation is its capital markets research. This involves a review of the fundamental and technical drivers of each asset class, and the development of expected returns and risks. This research is used in conjunction with the portfolio construction process to develop the asset allocation and ranges for each Fund.

Morningstar believes that reward for risk varies through time and is closely related to valuation. It therefore adopts an approach to investment strategy that involves adjusting the asset allocation from time to time within the allowable asset allocation ranges. Asset allocation is adjusted to help preserve capital when the risk of loss is perceived to be high or to take advantage of an attractive risk/reward opportunity.