Morningstar Associates had a strong year. Investment Consulting assets nearly tripled to $61 billion as we  converted an existing client to a new fund-of-funds program. Meanwhile, managed retirement account  assets rose  33% to $2 billion. Morningstar Associates launched a new environmental, social, and governance  ( ESG) Managers Portfolio with Pax World. It’s the first fund of funds in the socially responsible area.  Previously,  ESG investors had to piece together offerings from a variety of providers. But now an investor can  choose an  ESG Manager Portfolio and get a diversified group of leading ESG managers in a single portfolio. We signed a large, multi-year agreement with a major online broker to become its central provider of  asset allocation services. We’ll also be providing ETF and mutual fund model portfolios for its advisory platform.  We also introduced a new variable-annuity fund-of-funds program with a key client, representing  $39 billion  in assets. Previously, we ran model portfolios for these assets. Results in our Ibbotson Associates unit improved in  2010. Investment Consulting assets rose 16% to  $46 billion, while managed retirement account assets were up 24% to $18 billion. Ibbotson continued to build  thought leadership in investment research by publishing four papers in the  Financial Analysts Journal : “The  Equal Importance of Asset Allocation and Active Management,” “The Importance of Asset Allocation,”   “The  ABCs of Hedge Funds: Alpha, Beta and Costs,” and “The Impact of Skewness and Fat Tails on the Asset  Allocation Decision.” Research in these areas also sparked interest from our clients and resulted in new  deals during the year. Ibbotson’s research on “fat tails” is especially interesting. The market’s  37% drop in 2008 prompted our  researchers to look at how well standard statistical bell-curve distributions work in predicting extreme market  14 $92.4 $110.4 $52.9 $56.8 ($mil) h 7.4% 19.9% Share of Consolidated  Revenue Revenue  Operating Income 09 10 09 10 h 19.5% Letter to Shareholders Our Investment Management segment had a strong year in 2010.