Mutual Fund Portfolios Asset Allocation

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1 Morningstar Investment Services Mutual Fund Portfolios Asset Allocation Broad diversification, distinctive, independent research and progressive risk management in five core model portfolios that span the risk spectrum.

2 A range of core choices for every stage of your lifetime Our investment team creates these diversified portfolios using a research-driven process supported by independent fund analysis from Morningstar, Inc. and regular meetings with fund managers. Ibbotson Asset Allocation In investing, the essentials matter. That s why we start with research from our affiliate, Ibbotson Associates a leading authority on asset allocation to build our portfolios. Ibbotson Associates have shown that the mix of assets in a portfolio can have a greater impact on investment returns than timing markets or picking stocks. Guided by this research, we use Ibbotson s risk and return forecasts to develop a strategic asset allocation for our portfolios. Morningstar Data We think our independent approach sets us apart. Once we ve determined a portfolio s asset allocation, we sift through thousands of investments to identify those which we think are worthwhile. Our research process is backed by trusted data from our parent company, Morningstar, Inc. From there, we evaluate each potential holding using a proprietary methodology. Only those with our highest conviction make it into your portfolio. Active Management Because markets are in constant motion, we don t take a set it and forget it approach. We re firm believers in active investing, and embrace an independent approach by selecting flexible managers or lesser-known boutique shops seeking those with the potential to deliver above-average risk-adjusted results over the long term. Face-to-Face Research Before we invest in a fund, we want to understand the people behind it. We meet one-on-one with fund managers, asking detailed questions to uncover how they make decisions. We look for those who eat their own cooking by investing their own personal savings in the funds they oversee. Inside Our Investment Process Each portfolio is created using a continual, five-step process. 3 Capital Markets Assumptions Ibbotson Associates respected asset class research forms the building blocks of our portfolios starting with real-world data on how asset classes perform over time. 3 Strategic and Dynamic Asset Allocation In this step, we use Ibbotson research to develop an efficient asset allocation mix designed to maximize return for a given level of risk. 3 Manager Selection Our investment professionals meet personally with managers and evaluate their investment styles using a five-pillar system to identify the most appropriate strategies to include in our portfolios. 3 Portfolio Construction 3 Ongoing Monitoring Each potential holding As markets change, so do undergoes careful scrutiny our portfolios. Our investment including risk and expense team monitors them each reviews to help determine if it s a good fit within and risk-aware through day to stay well-positioned a portfolio. the market s ups and downs.

3 Asset Allocation Portfolios Our model portfolios are designed to put your needs front and center where they belong. To select a portfolio, talk to your financial advisor, who can help you build a wealth strategy with your long-term goals in mind. 20 / 80 We offer both taxable and tax-deferred (shown below) portfolios for investors in non-qualified and qualified accounts. The taxable versions are designed to avoid asset classes that are not tax efficient and will invest in municipal bonds to earn tax-exempt income. 40 / / / 20 Portfolios % Asset Allocation Goal Aggressive 58 U.S. Stocks 30 International Stocks 5 Real Estate REITS 0 Taxable Bonds 5 Alternatives 2 Short Term Reserves Long-term capital appreciation. Designed to allow investors to participate fully in the growth the stock market can offer, the portfolio invests primarily in domestic and foreign equities. 20 / / / 40 Aggressive 48 U.S. Stocks 23 International Stocks 5 Real Estate REITS 15 Taxable Bonds 7 Alternatives 2 Short Term Reserves 20/80 40/60 Long-term capital appreciation. Allows investors to take advantage of the potential for stock market growth by investing primarily in domestic 60/40 and foreign equities, while 80/20 seeking to cushion equity market 20 / downturns 80 with modest exposure 40 / 60 to fixed-income securities. Moderate Aggressive 38 U.S. Stocks 18 International Stocks 4 Real Estate REITS 30 Taxable Bonds 8 Alternatives 2 Short Term Reserves 20/80 Long-term growth with moderate volatility. Built with a focus on providing balanced and varied exposure by investing in both equity and fixed-income securities. 40/60 60/40 20 / 80 Moderate Income & 30 U.S. Stocks 10 International Stocks 0 Real Estate REITS 45 Taxable Bonds 10 Alternatives 5 Short Term Reserves Aggressive Moderate capital appreciation combined with current income. Combines the growth potential of equities with the balance that fixed-income securities can provide. 20/80 40/60 e Long-Range Income & Conservative Moderate 19 U.S. Stocks 6 International Stocks 0 Real Estate REITS 55 Taxable Bonds 13 Alternatives 7 Short Term Reserves Aggressive Protection from capital loss and a safeguard against inflation. Invested in fixed-income and equity securities, it s bestsuited for investors who value current income 20/80 and stability over all else. U.S. Stocks International Stocks Real Estate REITS Taxable Bonds Alternatives Short Term Reserves Conservative Mid-Range Income & Long-Range Conservative Moderate Income & Moderate Aggressive Figures are based on a recent allocation, and are subject to change. Asset classes shown are Morningstar, Inc. category groups. Allocation of portfolios at the individual account level may vary. ange Short-Range Mid-Range Long-Range Conservative Income & Moderate

4 22 West Washington Street Chicago Illinois USA global.morningstar.com/mis About Morningstar Investment Services We re committed to helping financial advisors create better outcomes for investors like you. Together, we offer the professional guidance and access to strategies that can help you achieve your goals. Our model portfolios are designed to be part of a long-term investing plan that helps meet your needs at each stage of your lifetime. Important Information It is important to note that investments in securities (e.g., mutual funds, exchange-traded funds, common stocks) involve risk and will not always be profitable. Neither diversification nor asset allocation ensure a profit or guarantee against a loss. Morningstar Investment Services does not guarantee that the results of its advice, recommendations, or the objectives of your portfolio will be achieved. Morningstar Investment Services does not guarantee that negative returns can or will be avoided in any of its portfolios. An investment made in a security may differ substantially from its historical performance and as a result, you may incur a loss. Past performance is no guarantee of future results. The Morningstar Managed Portfolios program ( Program ) is offered by Morningstar Investment Services and is intended for citizens or legal residents of the United States or its territories. This Program can only be offered by a registered investment advisor or investment advisor representative. The Program includes various strategies available to individuals and institutions primarily through arrangements Morningstar Investment Services has with various unaffiliated registered investment advisors. Within the Program, Morningstar Investment Services or its investment advisory affiliate provides discretionary investment advisory services. In addition to the Program, Morningstar Investment Services also offers model portfolios to third-party advisory programs ( Advisory Program ) of financial institutions on a non-discretionary basis as a strategist. Under a strategist arrangement, the Advisory Program has full discretion to invest the Advisory Program client accounts in accordance with the model or deviate from the model provided by Morningstar Investment Services Morningstar Investment Services, Inc. All rights reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. All other marks are the property of the respective owners. Morningstar Investment Services, Inc. is a registered investment advisor and wholly owned subsidiary of Morningstar, Inc. TAMP

5 Morningstar Investment Services Mutual Fund Portfolios Retirement Income Designed for all stages of retirement, each model portfolio in the series follows a targeted, endowment-like approach to help support the shift from accumulating assets to spending them.

6 Risk-managed portfolios for each stage of retirement We created the Retirement Income series of portfolios to help deliver a mix of capital appreciation and income to support your spending needs as you move into retirement. The Shift Into Retirement Retirees often face a quandary preserving wealth while achieving the growth needed to sustain future withdrawals. To help ease the shift into retirement, the portfolios aim to strike a balance between capital stability and growth by spreading investments across a broad range of asset classes. This helps support regular payouts without courting some risks common to other incomeoriented strategies. The Total Return Advantage Many income strategies rely on high-yielding bonds, dividend-paying stocks, or complex securities to generate payouts. Investors often like this approach, as it suggests income payments alone can fund their spending without dipping into principal. Yet such income strategies can court excessive risks, with the potential for jarring volatility. By contrast, a total return approach aims to both generate income and grow capital, helping retirees avoid the shortcomings of singularly income-focused approaches. Inside the Retirement Income Portfolios To help meet the targeted spending goals, the Retirement Income portfolios invest in stock, bond, and alternative mutual funds, with each type of fund playing its own valuable role. Stocks: 3 Stocks of companies large and small, the world over 3 Emphasize undervalued, not just high-yielding, stocks 3 Aim to responsibly compound portfolio value Bonds: Stability 3 Widely diversified across sectors, geographies 3 Emphasize total return, not yield alone 3 Aim to generate income, stabilize portfolio value Alternatives: Manage Volatility 3 Different than traditional stock or bond funds 3 Returns less sensitive to broad market currents 3 Aim to further diversify, cushion portfolios Endowment-Like Approach The portfolios adapt an approach widely used by universities and philanthropic organizations, who invest across a wide variety of asset classes to support their future spending needs and reinvest the excess back into the fund, reaping the benefits of compounding. Like endowments, the portfolios invest not just in traditional stocks and bonds, but also in less traditional strategies to help diversify and stabilize their returns without forsaking the opportunity for growth. Powerful Asset Class Research In constructing the portfolios, we start with research from our affiliate, Ibbotson Associates a leading authority on asset allocation. They ve shown that the mix of assets in a portfolio can have a greater impact on investment returns than timing markets or picking stocks, and they estimate the future returns and volatility of every asset class we include in the portfolios. This helps us set expectations for the spending rate each portfolio will support, and alter the mix of investments as needed.

7 Retirement Income Portfolios Each portfolio aims to support a targeted annual It s important to note that in any given year, a portfolio s 20 / / 60 distribution over the recommended time horizon while returns could be more or less than the target due to striving to deliver capital preservation. To help market fluctuations. Average payouts over a longer time deliver consistent rates of return and downside protection, each portfolio may invest in mutual To select a portfolio, talk to your financial advisor, who horizon are more likely to achieve these objectives. Aggressive funds spanning a broad range of market segments. can help you build a wealth strategy focused on 20/80 your long-term goals. 40/60 60/40 20 / 80 Portfolios % Asset Allocation Goal Moderate Retirement Income Long-Range 26 U.S. Stocks 9 International Stocks 4 Real Estate REITS 44 Taxable Bonds 12 Alternatives 5 Short Term Reserves Aggressive A steady rate of return driven by capital appreciation and income over 20 or more years. Aims to support a 4% annual distribution over this 20/80 time horizon without fully 40/60 depleting the account s assets. e Long-Range Income & Retirement Income Mid-Range Moderate 17 U.S. Stocks 8 International Stocks 4 Real Estate REITS 48 Taxable Bonds 18 Alternatives 5 Short Term Reserves Aggressive A steady rate of return driven by capital appreciation and income over ten to 20 years. Aims to support a 5% annual distribution over this time horizon without fully 20/80 depleting the account s assets. Retirement Income Short-Range e Mid-Range Conservative Long-Range Income & 7 U.S. Stocks 3 International Stocks 0 Real Estate REITS 69 Taxable Bonds 13 Alternatives 8 Short Term Reserves Moderate A steady rate of return driven by income with some potential Aggressive for capital appreciation over two to 10 years. Aims to support a 6% annual distribution over this time horizon without fully depleting the account s assets. Retirement Income Ultra Short-Range Range Short-Range Mid-Range Long-Range 0 U.S. Stocks 0 International Stocks 0 Real Estate REITS 75 Taxable Bonds 0 Alternatives 25 Short Term Reserves Conservative Capital preservation and a steady rate of return driven by income over one to Income five years. & Aims to support a Moderate 7% annual distribution over this time horizon without fully depleting the account s assets. U.S. Stocks International Stocks Real Estate REITS Taxable Bonds Alternatives Short Term Reserves Ultra Short-Range Short-Range Mid-Range Long-Range Conservative Income & Conservative Figures are based on a recent allocation, and are subject to change. Asset classes shown are Morningstar, Inc. category groups. Allocation of portfolios at the individual account level may vary.

8 22 West Washington Street Chicago Illinois USA global.morningstar.com/mis About Morningstar Investment Services We re committed to helping financial advisors create better outcomes for investors like you. Together, we offer the professional guidance and access to strategies that can help you achieve your goals. Our model portfolios are designed to be part of a long-term investing plan that helps meet your needs at each stage of your lifetime. Important Information It is important to note that investments in securities (e.g., mutual funds, exchange-traded funds, common stocks) involve risk and will not always be profitable. Neither diversification nor asset allocation ensure a profit or guarantee against a loss. Morningstar Investment Services does not guarantee that the results of its advice, recommendations, or the objectives of your portfolio will be achieved. Morningstar Investment Services does not guarantee that negative returns can or will be avoided in any of its portfolios. An investment made in a security may differ substantially from its historical performance and as a result, you may incur a loss. Past performance is no guarantee of future results. The Program includes various strategies available to individuals and institutions primarily through arrangements Morningstar Investment Services has with various unaffiliated registered investment advisors. Within the Program, Morningstar Investment Services or its investment advisory affiliate provides discretionary investment advisory services. In addition to the Program, Morningstar Investment Services also offers model portfolios to third-party advisory programs ( Advisory Program ) of financial institutions on a non-discretionary basis as a strategist. Under a strategist arrangement, the Advisory Program has full discretion to invest the Advisory Program client accounts in accordance with the model or deviate from the model provided by Morningstar Investment Services. The Morningstar Managed Portfolios program ( Program ) is offered by Morningstar Investment Services and is intended for citizens or legal residents of the United States or its territories. This Program can only be offered by a registered investment advisor or investment advisor representative Morningstar Investment Services, Inc. All rights reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. All other marks are the property of the respective owners. Morningstar Investment Services, Inc. is a registered investment advisor and wholly owned subsidiary of Morningstar, Inc. TAMP

9 Morningstar Investment Services Mutual Fund Portfolios Absolute Return Invested across global markets and sectors, the Absolute Return model portfolio emphasises a diverse range of alternative investments in pursuit of steady returns and low volatility.

10 Designed to adapt to shifts in the market The Absolute Return portfolio uses a broad range of alternative investments to help deliver moderate, consistent returns whether the stock market is moving up or down. How Absolute Return Works The Absolute Return portfolio is designed to adapt to all kinds of market environments, keeping a lid on volatility and offering a level of downside protection. Over a full market cycle, it seeks the moderate returns of a 30% stock/70% bond portfolio while investing in alternatives to help minimize the toll that inflation and rising interest rates can take on returns. A go anywhere portfolio, Absolute Return allows fund managers to take advantage of market opportunities to help compound returns over time. The Power of Alternatives Alternative, or non-traditional, investments aren t only for the most sophisticated investors anymore. In fact, we think they re now an essential part of a modern portfolio. Because they don t typically move in lockstep with other parts of a traditional portfolio, alternatives offer the potential to boost overall portfolio returns while reducing risk. The Absolute Return portfolio combines traditional and alternative mutual funds with low correlations to each other and to the broad markets, offering highly diversified exposure across geographies, sectors, and time horizons. Goals of Absolute Return: Diversify, Protect, Grow The strategy is designed to capture opportunities in strong market environments and provide downside protection in weaker ones. Diversify 3 Incorporate alternatives that may have lower correlation to broader market cycles 3 Invest in a wide range of global securities and sectors Protect 3 Buffer against sharp volatility and drawdowns 3 Help portfolios weather sudden bear markets Grow 3 Pursue timely opportunities free from traditional benchmark constraints 3 Risk-aware managers use distinctive strategies to help add value

11 Research You Can Trust Inside the Absolute Return Portfolio Only the investments we have the most confidence in make it into the Absolute Return portfolio. Starting with unbiased Morningstar, Inc. data, we use a proprietary evaluation system to identify managers who employ a prudent, repeatable investment process that has yielded strong results over time. To help meet targeted risk and return objectives and maintain a low correlation to traditional stock and bond markets, the strategy uses funds that tend to fall into one of three categories: 3 Opportunistic Funds The managers of these funds invest across multiple asset classes. Each manager may employ a range of techniques as they seek to generate targeted levels of absolute, not relative, return. 3 Non-traditional Diversifiers These strategies focus on minimizing correlations to broad asset classes particularly global stocks and bonds. To select them, we look carefully at funds historical correlations to the broad markets and to each other. Face-to-Face Investing When we research a fund, we want to understand the firm and the people behind it. We meet one-on-one with fund managers to uncover how they make decisions. We look for those who eat their own cooking by investing their own personal savings in the funds they oversee. Then, we assemble the investments into a portfolio and manage it actively to ensure that it s positioned to help meet the goals we ve set for it. Who is Absolute Return for? Absolute return is well-suited to play a role in many types of investors portfolios. For example, it may be used as a core holding, creating a low-volatility anchor for a portfolio with the potential for standalone downside protection. For others, it can be can be used as a satellite holding to help enhance overall diversification. It may also appeal to conservative investors, including those who are just entering the market. Finally, it can help investors in retirement who have less tolerance for volatility or capital losses make regular distributions less disruptive. To select a portfolio, talk to your financial advisor, who can help you build a wealth strategy focused on your long-term goals. 3 Stabilizers Funds in this category tend to act as shock absorbers. They are designed to minimize volatility and drawdowns relative to the U.S. fixed income or U.S. equity markets. Neither diversification nor asset allocation ensure a profit or guarantee against a loss. This portfolio may not be suitable for all investors. In particular, it is not appropriate for short-term investments, and you could lose money by investing in it.

12 22 West Washington Street Chicago Illinois USA global.morningstar.com/mis About Morningstar Investment Services We re committed to helping financial advisors create better outcomes for investors like you. Together, we offer the professional guidance and access to strategies that can help you achieve your goals. Our model portfolios are designed to be part of a long-term investing plan that helps meet your needs at each stage of your lifetime. Important Information It is important to note that investments in securities (e.g., mutual funds, exchange-traded funds, common stocks) involve risk and will not always be profitable. Neither diversification nor asset allocation ensure a profit or guarantee against a loss. Morningstar Investment Services does not guarantee that the results of its advice, recommendations, or the objectives of your portfolio will be achieved. Morningstar Investment Services does not guarantee that negative returns can or will be avoided in any of its portfolios. An investment made in a security may differ substantially from its historical performance and as a result, you may incur a loss. Past performance is no guarantee of future results. The Program includes various strategies available to individuals and institutions primarily through arrangements Morningstar Investment Services has with various unaffiliated registered investment advisors. Within the Program, Morningstar Investment Services or its investment advisory affiliate provides discretionary investment advisory services. In addition to the Program, Morningstar Investment Services also offers model portfolios to third-party advisory programs ( Advisory Program ) of financial institutions on a non-discretionary basis as a strategist. Under a strategist arrangement, the Advisory Program has full discretion to invest the Advisory Program client accounts in accordance with the model or deviate from the model provided by Morningstar Investment Services Morningstar Investment Services, Inc. All rights reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. All other marks are the property of the respective owners. Morningstar Investment Services, Inc. is a registered investment advisor and wholly owned subsidiary of Morningstar, Inc. Please note that portfolio availability may vary by business relationship. Contact your financial advisor for details. TAMP

13 Morningstar Investment Services Ibbotson Portfolios Active or passive management? We tap into the strengths of both approaches in five model portfolios that span the risk spectrum.

14 Integrated strategies designed to offer you the best of both approaches Our affiliate Ibbotson Associates manages each portfolio using active investments to increase a portfolio s potential for returns, and passive investments to help keep a portfolio diversified, low-cost, and tax-efficient. Ibbotson Asset Allocation In investing, the essentials matter. Ibbotson Associates a leading authority on asset allocation starts with proprietary research showing that the mix of assets in a portfolio can have a greater impact on investment returns than timing markets or picking stocks. Ibbotson uses risk and return forecasts as a guide to develop a diversified strategic allocation for each portfolio, including up to 19 asset classes. Active Management Active mutual fund managers seek to outperform a benchmark. To select securities, they use both research and their own experience as a guide. To build each portfolio, Ibbotson Associates examine each fund s holdings and returns to determine how effective a mutual fund manager may be. They also consider a manager s investment philosophy, process, and the strength of their management team. Finally, they review costs, ensuring that each fund s fee appears reasonable for the return potential they offer. Combining Active and Passive Ibbotson Associates uses actively managed funds to invest in asset classes in which they think a manager can add value. Because active managers take on greater risk in pursuit of greater return, the more aggressive the portfolio, the larger proportion of actively managed funds it s likely to hold. Portfolios 95/5 More Active Less Passive Passive Management Passive investments seek to replicate the performance of an index for a low fee, using exchange-traded funds (ETFs) and/or indexed mutual funds. Because they demand less research and analysis than actively managed funds, they re very cost-effective, with lower portfolio turnover and more favorable tax consequences. To build each portfolio, Ibbotson chooses passive investments that closely track their asset class or benchmark index. Getting the Most From Each Approach Ibbotson carefully monitors the overall risk level of a portfolio when combining active and passive strategies. They select actively managed funds in areas where a skilled manager s research and knowledge has the potential to boost performance, such as emerging markets or small-cap stocks. In areas in which manager skill is less likely to affect performance such as government bonds they favor lower-cost passive investments. 80/20 60/40 40/60 20/80 Less Active More Passive 3 Conservative Portfolios: Greater amounts of passive index funds 3 Aggressive Portfolios: Greater amount of active funds For illustrative purposes only.

15 40/60 60/40 80/20 95/5 Portfolios (Tax-Deferred) Each model portfolio is carefully designed to put your needs front and center where they belong. We think your portfolio should be working for you no matter what investment approach or style is in favor at any given time. That s why they re broadly diversified across asset classes, managers, and investment styles. To select a portfolio, talk to your financial advisor, who can help you build a wealth strategy focused on your long-term goals. A Active P Passive Equity / Fixed Income Portfolios % A P Asset Allocation Goal 95/ U.S. Stocks International Stocks 6 6 Real Estate REITS 2 2 Taxable Bonds Alternatives 2 2 Short Term Reserves Long-term capital appreciation. Designed to allow investors to participate fully in the growth the stock market can offer, the portfolio invests primarily in domestic and foreign equities. Passive 95 / 5 80/ U.S. Stocks International Stocks 5 5 Real Estate REITS Taxable Bonds Alternatives 2 2 Short Term Reserves Long-term capital appreciation. Allows investors to take advantage of the potential for stock market growth by investing primarily in domestic and foreign equities. Passive 80 / 20 60/40 95 / U.S. Stocks International Stocks 3 3 Real Estate REITS Taxable Bonds Alternatives 2 2 Short Term Reserves Long-term growth with moderate volatility. Built with a focus on providing balanced and varied exposure by investing in both equity and fixed-income securities. Passive 95/5 60 / 40 40/60 80 / U.S. Stocks International Stocks / Real 5 Estate REITS Taxable Bonds 2 2 Alternatives 3 3 Short Term Reserves Moderate capital appreciation combined with current income. Combines the growth potential of equities with the balance that fixed-income securities can provide. Passive 80/20 40 / 60 20/80 95/5 60 / U.S. Stocks 5 5 International Stocks 80 / Real 20Estate REITS Taxable Bonds 2 2 Alternatives 8 8 Short Term Reserves Protection from capital loss and a safeguard against inflation. Invested in fixed-income and equity securities, it s bestsuited for investors who value current income and stability over all else. 95 / 5 U.S. Stocks International Stocks Real Estate REITS Taxable Bonds Alternatives Short Term Reserves 60/40 20 / 80 80/20 40 / 60 95/5 60 / / / 5 Note that the passive portion of a portfolio may be invested in a combination of indexed mutual funds and ETFs, or simply indexed mutual funds, depending on custodial arrangement. Weightings are subject to change. Figures are based on a recent allocation, and are subject to change. Asset classes shown are Morningstar, Inc. category groups. Allocations of portfolios at the individual account level my vary.

16 22 West Washington Street Chicago Illinois USA global.morningstar.com/mis About Morningstar Investment Services We re committed to helping financial advisors create better outcomes for investors like you. Together, we offer the professional guidance and access to strategies that can help you achieve your goals. Our model portfolios are designed to be part of a long-term investing plan that helps meet your needs at each stage of your lifetime. Important Information It is important to note that investments in securities (e.g., mutual funds, exchange-traded funds, common stocks) involve risk and will not always be profitable. ETFs, like all investments, carry certain risks that may adversely affect their net asset value, market price, and/or performance. An ETF s net asset value (NAV) will fluctuate in response to market activity. Because ETFs are traded throughout the day and the price is determined by market forces, the market price you pay for an ETF may be more or less than the net asset value. Because ETFs are not actively managed, their value may be affected by a general decline in the U.S. market segments relating to their underlying indexes. Similarly, an imperfect match between an ETF s holdings and those of its underlying index may cause its performance to not match the performance of its underlying index. Like other concentrated investments, an ETF with concentrated holdings may be more vulnerable to specific economic, political, or regulatory events than an ETF that mirrors the general U.S. market. Neither diversification nor asset allocation ensure a profit or guarantee against a loss. Neither Morningstar Investment Services nor Ibbotson Associates guarantee that the results of its advice, recommendations, or the objectives of your portfolio will be achieved. Neither Morningstar Investment Services nor Ibbotson Associates guarantee that negative returns can or will be avoided in any of its portfolios. An investment made in a security may differ substantially from its historical performance and as a result, you may incur a loss. Past performance is no guarantee of future results. The Morningstar Managed Portfolios program ( Program ) is offered by Morningstar Investment Services and is intended for citizens or legal residents of the United States or its territories. This Program can only be offered by a registered investment advisor or investment advisor representative. Both Morningstar Investment Services and Ibboston Associates are registered investment advisers and wholly-owned subsidiaries of Morningstar, Inc. Ibbotson Associates manages the portfolios, and serves as a sub-advisor to the Program. The Program includes various strategies available to individuals and institutions primarily through arrangements Morningstar Investment Services has with various unaffiliated registered investment advisors. Within the Program, Morningstar Investment Services or its investment advisory affiliate provides discretionary investment advisory services. In addition to the Program, Morningstar Investment Services also offers model portfolios to third-party advisory programs ( Advisory Program ) of financial institutions on a non-discretionary basis as a strategist. Under a strategist arrangement, the Advisory Program has full discretion to invest the Advisory Program client accounts in accordance with the model or deviate from the model provided by Morningstar Investment Services Morningstar Investment Services, Inc. All rights reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. All other marks are the property of the respective owners. Morningstar Investment Services, Inc. is a registered investment advisor and wholly owned subsidiary of Morningstar, Inc. TAMP

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