Morningstar Incm&Grth ETF Allocation

Objective And Strategy

Objective
Current income and capital appreciation.

Strategy
The Portfolio typically expects to allocate its investments in Underlying ETFs such that 60% of such allocation is invested in Underlying ETFs that invest primarily in fixed-income securities and money market instruments and approximately 40% of such allocation is invested in Underlying ETFs that invest primarily in equity securities of large, medium and small sized companies, and may include other investments such as commodities and commodity futures. However, under normal market conditions, the Portfolio typically may, from time to time, invest approximately 50-70% of such allocation in Fixed-income Underlying ETFs and 30-50% of such allocation in Non-Fixed Income Underlying ETFs.
Tax Inefficient Fund

Principal Risks

* Fund of Funds Risks. The Portfolio is a "Fund of Funds" that invests in Underlying ETFs, which are typically open-end investment companies or unit investment trusts. By investing in securities of an Underlying ETF, the Portfolio shareholders will indirectly bear its proportionate share of any fees and expenses of the Underlying ETF in addition to the Portfolio's own fees and expenses. As a result, your cost of investing will be higher than the cost of investing directly in the Underlying ETFs and may be higher than mutual funds that invest directly in stocks and bonds. Also, the Fund may be prevented from fully allocating assets to a particular Underlying ETF due to fund-of funds investment limitations.

* ETF Risks. Underlying ETS are subject to the following risks: 1) the market price of an Underlying ETF's shares may trade above or below its net asset value; 2) an active trading market for an Underlying ETF's shares may not develop or be maintained; 3) the Underlying ETF may employ an investment strategy that utilizes high leverage ratios; 4) trading of an Underlying ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange or the activation of market wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally; or 5) the Underlying ETF may fail to achieve close correlation with the index that it tracks due to a variety of factors, such as rounding of prices and changes to the index and/or regulatory policies, resulting in the deviating of the Underlying ETF's returns from that of its corresponding index. Some Underlying ETFs may be thinly traded, and the costs associated with respect to purchasing and selling the Underlying ETFs will be borne by the Portfolio.