* Data as of March 30, 2014. Includes Morningstar Associates, LLC and Ibbotson Associates, Inc. **Awards granted for financial writing based on research by employees of Morningstar, Inc. and/or the MIM division of Morningstar.***Patent issued to Ibbotson Associates for Asset Allocation with Annuities in 2006. Patent issued to Ibbotson Associates for Human Capital in 2007.

Guided by more than three decades of award-winning research, we are a leading provider of investment advisory services that delivers investment product innovations and best practices by forming mutually beneficial, strategic relationships with our clients.

What We DoActing as an investment consultant or a subadvisor, we deliver solutions built on leading methodologies to help the financial institutions we work with address the specific needs and challenges they face in the marketplace. Our independence allows us to create solutions designed to benefit the investors who have entrusted their financial future to our clients.

We strive to improve how institutions serve their clients through our disciplined investment process, marketing materials that help communicate complex investment concepts while resonating with investors, and strategies to help meet accumulation, income, or retirement goals.

Our ProcessWe apply our disciplined investment process to all of our solutions that brings together our core capabilities in asset allocation, manager selection and portfolio construction. This thorough process integrates proprietary research, patented methodologies, and leading investment techniques. It provides a foundation for our investment professionals to create solutions that incorporate a wide variety of investments.

Morningstar Investment ManagementInvestment Advisory Services

For more information22 West Washington StreetChicago, Illinois 60602+ 312 384 5418

EmailInvestmentAdvisoryUS @morningstar.com

Visitglobal.morningstar.com/InvestmentAdvisory

In Total Assets*

U.S. patents***

Graham & Dodd Awards**Years Serving Clients

Asset Allocation Manager Selection Portfolio Construction

Clients Worldwide

Key Statistics

Core Capabilities

©2014 Morningstar, Inc. All Rights reserved. Morningstar Investment Management is a division of Morningstar, which includes Morningstar Associates, LLC, Morningstar Investment Services, Inc., and Ibbotson Associates, Inc., all registered investment advisors and wholly owned subsidiaries of Morningstar, Inc.

Morningstar Investment ManagementInvestment Advisory Services

Working With Investment AdvisoryOur investment professionals combine independence and investor focus by offering solutions from a consistent process grounded in research. These solutions are strengthened by unparalleled resources including access to our trusted brands, quality investment data and the intuitive technologies to help deliver them.

ResearchOur in-house research team is dedicated to determiningand testing ways to enhance our methodologies and services for the benefit of our clients. Because researchis so vital to our business, we continue to invest init now and for the foreseeable future.

Depth and Quality of ResourcesOur access to Morningstar, Inc.’s extensive proprietarydatabases gives us a distinct advantage in managerevaluation because of the breadth and depth of the dataavailable. The data and our proprietary tools allowour experienced investment professionals to evaluateinvestment vehicles in terms of their actual holdings,

not proxies or estimates. The end result is that we can develop more precise portfolio allocations acrossinvestment styles and market capitalizations.

Trusted BrandsThe Morningstar name is recognized and trusted by financial institutions that desire a thorough, unbiased approach. The Ibbotson brand is recognized and respected by financial advisors and those in the institutional investment arena. In combination, our clients know and trust us for our third-party independence and institutional level expertise.

PeopleWe have investment professionals across the worldthat help build and manage our solutions. Our investmentprofessionals, nearly all of whom have an advanceddegree (Ph.D. or MBA), CFA designation, or somecombination, have, on average, more than a decade ofindustry experience. Our investment team is in demand;they speak at industry conferences and journalists often turn to us for expert opinions on investment topics.

A Comprehensive Array of Strategies Built on Proven ExpertiseCombining the specialized expertise of Morningstar and Ibbotson, the Investment Advisory group provides customized, research-based solutions to institutional clients. With every relationship and each strategy, we build upon more than 35 years of experience.

Active / Passive Risk Based Target Date Taxable

Strategic

For investment objectives that have a long-term view, we offer strategic model portfolios that we construct, manage, and monitor. Backed by our academic research, our strategies can focus on a range of considerations.

Tactical

Our research also positions us to help clients with shorter term viewpoints. We take advantage of market conditions with nimble portfolio strat- egies that seek to help enhance results.

Specialty

We go beyond the core asset allocations with our specialty portfolios. These strategies are designed to address specific trends, markets, or client needs.

Consulting

We don’t just build portfolios; the foundation of our consulting services is our years of experience in building the underlying tools, then selecting and monitoring fund managers.

Active Allocation Dynamic Asset Allocation Global Tactical Asset Allocation Managed Risk Momentum Opportunistic

Absolute Return Diversified Alternatives Diversified Income EndowmentHigh Income Real Return

Decision Support Capital Market AssumptionsRisk Tolerance QuestionnairesLifetime Financial AdviceWealth Forecasting Engine

Manager SolutionsBoard ConsultingDue DiligenceSelect Lists