The Morningstar Conservative Portfolio is designed to protect against capital losses and seeks to achieve modest long-term growth by investing in top 3^rd Party managers objectively selected by Morningstar. The portfolio has a neutral allocation of 80% fixed income and 20% equities and the flexibility to move within a range of +/- 15%. Morningstar’s Valuation-Driven Asset Allocation approach seeks to generate additional returns while lowering risk by actively investing in asset classes that are currently undervalued while avoiding the expensive ones. This approach is reflected by very specific asset allocation decisions within both fixed income (e.g. Canadian, global, short-duration, floating rate, high yield) and equities (e.g. geography, market cap, style) with the flexibility to shift as opportunities arise.

The Morningstar Moderate Portfolio is designed to provide some protection against capital losses and seeks to achieve long-term growth by investing in top 3^rd Party managers objectively selected by Morningstar. The portfolio has a neutral allocation of 60% fixed income and 40% equities with flexibility to move within a range of +/- 15%. Morningstar’s Valuation-Driven Asset Allocation approach seeks to generate additional returns while lowering risk by actively investing in asset classes that are currently undervalued while avoiding the expensive ones. This approach is reflected by very specific asset allocation decisions within both fixed income (e.g. Canadian, global, short-duration, floating rate, high yield) and equities (e.g. geography, market cap, style) with the flexibility to shift as opportunities arise.

The Morningstar Balanced Portfolio is designed to pursue long-term growth with less volatility than equities by investing in top 3^rd Party managers objectively selected by Morningstar. The portfolio has a neutral allocation of 60% equities and 40% fixed income and the flexibility to move within a range of +/- 15%. Morningstar’s Valuation-Driven Asset Allocation approach seeks to generate additional returns while lowering risk by actively investing in asset classes that are currently undervalued while avoiding the expensive ones. This approach is reflected by very specific asset allocation decisions within both fixed income (e.g. Canadian, global, short-duration, floating rate, high yield) and equities (e.g. geography, market cap, style) with the flexibility to shift as opportunities arise.

The Morningstar Growth Portfolio is designed to pursue long-term growth with less volatility than individual equities by investing in top 3^rd Party managers objectively selected by Morningstar. The portfolio has a neutral allocation of 80% equities and 20% fixed income and the flexibility to move within a range of +/- 15%. Morningstar’s Valuation-Driven Asset Allocation approach seeks to generate additional returns while lowering risk by actively investing in asset classes that are currently undervalued while avoiding the expensive ones. This approach is reflected by very specific asset allocation decisions within both fixed income (e.g. Canadian, global, short-duration, floating rate, high yield) and equities (e.g. geography, market cap, style) with the flexibility to shift as opportunities arise.