Morningstar Balanced ETF Asset Allocation Portfolio Class II BETFX Strategy

The investment seeks capital appreciation and some current income. The fund normally invests at least 80% of its net assets plus the amount of any borrowings for investment purposes, in securities of exchange-traded funds. The advisor typically expects to allocate its investments in ETFs such that 40% of such allocation is invested in ETFs that invest primarily in fixed-income securities and money market instruments and approximately 60% of such allocation is invested in 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.