Like all investments, MLPs have risks investors should consider before making an investment decision. Those risks include governance features that can favor management over other investors, potential conflicts of interest, and concentrated exposure to a single industry or commodity. Since most MLPs are clustered in the energy sector, they can therefore be sensitive to shifts in oil and gas prices. There may be advantages and disadvantages associated with MLPs including, but not limited to, MLPs’ net income being passed through to the investor, which is then taxed at the investor’s individual tax rate and certain distributions being deemed as return of capital. Morningstar and its affiliates, including Morningstar Investment Management do not provide tax advice. Individuals should consult with their Financial Adviser and/or tax professional about this and other tax issues relating to their accounts

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