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1 About the SEC The Securities and Exchange Commission SEC is one of the regulatory watchdogs of the US government created in the 1930s to protect investors maintain fair and efcient market. S Investors 5751320 Morningstar Inc All rights reserved The information data analyses and opinions contained herein 1 include the confidential and proprietary information of Morningstar 2 may not be copied reproduced or distributed 3 do Morningstar Credit Rating Methodology 1 2014 15 What Makes a Moat? Heather Brilliant, CFA, Co-CEO of Morningstar Australasia, Moningstar Economic Moat Committee Member Originally published in the 2012/13 Morningstar Indexes Yearbook Econ Construction Rules for Morningstar Wide Moat Focus Index| April, 2015 2015 Morningstar, Inc. All rights reserved. The information in this document is the property of Morningstar, Inc. Reproduction or {{{{{{{{{{{{{{{ 10%22.5%35%22.5%10% Investor BenetsProvides focused comparison groups to help investors build multi-fund portfoliosIs sensitive to manager skill and fund quality and less sensitive t 1 How it Workscategories with the largest outflows in the past calendar year.Sell the three equity categories with the largest inflows in thepast calendar year.Hold for three or five years. 2 How it P Fund Name Category Analyst Rating Overall Morningstar Risk Expense Ratio (%) Longest Mgr Tenure (Yr) Start Month Tenure Return Annualized Index Return Outperformance Versus Index American Fund Downturns and Recoveries Stock Market Contractions and Expansions Past performance is no guarantee of future results.This is for illustrative purposes only and not indicative of any investment. An inv Delivering a Full Market Perspective. 2 For . Professional Investor Use Only. Not for Public Distribution. Please see DISCLOSURES at the back for important information regarding this presentation.. Describing Your Product/Service for your IMC Plan. Ideas for . an IMC Plan. Food Trucks. Restaurants. Brewery. Organic Café. Wireless door locks. Branded fashion rental store. Diabetic chocolate. Organic Cotton Baby Clothes Line. Advantages of 401(k) Investing. © 2015 Morningstar. All Rights Reserved. . Participant control. Amount invested. Asset mix. Ownership of assets. Pre-tax investing. Tax deferral. Tailored investment plan. Huntsville-Madison County Public Library. Mind Your Money is made possible by a grant . from the FINRA Investor Education Foundation . through Smart investing@your library. ®. , . a partnership with the American Library Association. . Number of US-domiciled funds in the representative industry sample as of December 31, 2017. International equities include non-US developed and emerging markets funds. US-domiciled open-end mutual fund data is from Morningstar and Center for Research in Security Prices (CRSP) from the University of Chicago. . Daniel . Rohr, CFA . Director, Basic . Materials. d. aniel.rohr@morningstar.com. . 2. Key takeaways. 3 Long-term outlook . . We expect GDP growth of no better than 5% over the next 5 to 10 years..