Morningstar launched the Global Investor Experience study in 2009 to encourage a dialogue
about global best practices for mutual funds from the perspective of fund shareholders. We've produced the study every two years. To provide greater focus, for this sixth edition we are publishing each chapter of the study independently. This is the second chapter, focused on Regulation and Taxation, which follows the Fees and Expenses chapter published in September 2019. The remaining chapters of this edition will be published later in 2020.