The investment seeks capital preservation. The fund will normally invest at least 80% of its assets in a diversified portfolio of debt securities (commonly referred to as "bonds") of varying maturity, duration, and quality. Under normal conditions, the advisor intends to pursue a defensive strategy of limiting its interest-rate sensitivity by maintaining a portfolio duration of three years or less. In most market environments, the fund will not invest more than 20% of assets in fixed-income securities that are rated below investment grade (commonly known as junk bonds), or if unrated, are determined by the fund's subadviser(s) to be of comparable quality.

Nasdaq

MSTBX

The investment seeks long-term capital appreciation. The fund will normally invest at least 80% of its assets in equity securities. Under normal circumstances, it will invest approximately 80-100% of its assets in securities of issuers domiciled outside of the United States. The fund may invest in developed and emerging markets and will typically invest in a minimum of 10 countries. It may also invest in derivatives, including futures and forward foreign currency contracts, for risk management purposes or as part of its investment strategies.

MSTFX

The investment seeks current income and long-term capital appreciation. The Advisor generally expects to invest at least 20% (or, if market conditions are unfavorable, at least 10%) of assets in securities of issuers domiciled outside of the United States and may invest up to 100% assets in such securities. It invests in income-generating equity securities, which may include common stocks, convertible securities, preferred stocks, real estate investment trusts (REITs), and master limited partnerships (MLPs). The fund may invest in companies of any size from any country, including emerging markets.

MSTGX

The investment seeks total return through a combination of current income and capital appreciation.  The fund will normally invest at least 80% of its assets in debt securities (commonly referred to as "bonds") of varying maturity, duration, and quality across various sectors of the fixed-income market. Due to the opportunistic nature of its strategy, the fund may also invest up to 20% of its assets in equity securities, including common stocks and convertible securities. It is non-diversified.

MSTMX

The fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in securities of municipal issuers within the United States and its territories, the income of which is exempt from U.S. taxation. The Advisor intends to invest primarily in investment-grade municipal securities. The fund may also invest in derivatives, including options, futures, swaps, and inverse floating-rate debt instruments (inverse floaters), for risk management purposes or as part of its investment strategies.

MSTPX

The investment seeks long-term capital appreciation. The fund will normally invest at least 80% of its assets in equity securities of U.S.-based companies, and may invest up to 100% of its assets in such securities. It seeks to provide broad U.S. equity exposure across market capitalizations and investment styles and has the flexibility to invest in large-cap, mid-cap, and small-cap common stocks across the growth and value style spectrum. The fund may also invest in real estate investment trusts (REITs), master limited partnerships and non-U.S. companies.

MSTQX

The investment seeks to maximize total return while also generating income and preserving capital. The fund will normally invest at least 80% of its assets in debt securities (commonly referred to as "bonds") of varying maturity, duration, and quality. It invests primarily in investment-grade fixed-income securities. The fund may also invest up to 20% of its assets in fixed-income securities that are rated below investment grade (commonly known as junk bonds), or if unrated, are determined by the fund's subadviser(s) to be of comparable quality.

MSTRX

The investment seeks long-term capital appreciation over a full market cycle. In seeking long-term capital appreciation over a full market cycle, the fund has significant flexibility and invests across asset classes and geographies according to the portfolio management team's assessment of their valuations and fundamental characteristics. It invests in equity securities, which may include common stocks and real estate investment trusts (REITs). The fund may invest in companies of any size from any country, including emerging markets.

MSTSX

The investment seeks long-term capital appreciation and low sensitivity to traditional U.S. asset classes. In seeking long-term capital appreciation and low sensitivity to traditional U.S. asset classes, the fund allocates assets to strategies that provide alternative sources of return including (i) long/short macro strategies; (ii) long/short alpha strategies; (iii) merger arbitrage strategy; and (iv) convertible arbitrage strategy. It will normally invest in both U.S. and non-U.S. securities, including securities of companies located in emerging markets. The fund may invest in non-U.S. dollar denominated investments.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield	Risk / Return Rank
MSTBX	Morningstar Defensive Bond Fund	Short-Term Bond	Nov 2, 2018	0.52%	-0.41%	—	2.00%	78
MSTFX	Morningstar International Equity Fund	Foreign Large Cap Equities	Nov 2, 2018	1.00%	2.23%	—	2.51%	27
MSTGX	Morningstar Global Income Fund	Global Allocation	Nov 1, 2018	0.62%	3.40%	—	2.53%	76
MSTMX	Morningstar Multisector Bond Fund	Multisector Bonds	Nov 1, 2018	0.58%	-2.03%	—	3.19%	63
MSTPX	Morningstar Municipal Bond Fund	Municipal Bonds	Nov 1, 2018	0.58%	-0.60%	—	1.56%	13
MSTQX	Morningstar U.S. Equity Fund	Large Cap Blend Equities	Nov 2, 2018	0.85%	-3.35%	—	0.71%	2
MSTRX	Morningstar Total Return Bond Fund	Intermediate Core Bond	Nov 2, 2018	0.55%	-1.01%	—	1.98%	22
MSTSX	Morningstar Global Opportunistic Equity Fund	Global Allocation	Nov 1, 2018	0.78%	-1.55%	—	2.48%	8
MSTVX	Morningstar Alternatives Fund	Multistrategy	Nov 1, 2018	1.15%	0.85%	—	3.38%	71

Morningstar Mutual Funds List

Risk vs. Return Scatterplot