06  07  08  09  10 ($bil) $65.9 $113.4 $78.8 $82.6 $132.9 Assets under management and advisement Combined assets under management and advisement were  up more than 60%. . . declines. They found that sharp declines happened about 10 times more often than common models predict  on a monthly basis and three times more often on an annual basis. We’ve now modeled return distributions with  “fat tails” that better refl ect market behavior, which we believe will produce better investment decisions  and be a competitive advantage for our research teams. We’re seeing increased interest in Ibbotson’s Wealth Forecasting Engine, which provides retirement advice for  Ibbotson’s managed retirement account business. But we also license the software engine separately and  use it in Morningstar Advisor Workstation. Last year, we signed on major clients in the  UK and Hong Kong who  will build our engine into their applications. The Wealth Forecasting Engine handles both pre- and post- retirement advice, and taxable and tax-free advice. It can also incorporate annuities into an asset allocation.  That’s important for the growing number of investors in retirement who want to hedge their longevity risk. Morningstar Investment Services ( MIS) rebounded nicely in 2010 as well. This business is a “TAMP” or turnkey  asset management program—a large and growing part of the advisor marketplace. Advisors can outsource  all or part of their investment management work to us. Assets were up  29% to $2.7 billion. We expanded our  advisor relationships  11% to 2,100 and number of accounts 16% to 19,000.  This is a great service for advisors. Our analyst team spends much time visiting, tracking, and analyzing  managers. It’s diffi cult or impossible for a small advisory shop to match our research effort. This frees them up to  spend more time on fi nancial planning or other tasks important to their clients. Morningstar, Inc. 2010 Annual Report 15