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Morningstar Investment Services Announces First Managed Portfolio Clients; Selects PFPC to Provide Administrative Support Services

CHICAGO, Dec 13, 2001 – Morningstar Investment Services, Inc., a registered investment advisor and wholly owned subsidiary of Morningstar, Inc., today announced that Commonwealth Financial, SIGMA Financial, and KMS Financial have selected the Morningstar® Managed PortfoliosSM program for distribution through their financial advisors. Morningstar® Managed PortfoliosSM is a fee-based discretionary investment management service developed exclusively for financial advisors. The program, which will be launched next month, includes disciplined portfolio management, extensive online back-office capabilities, relationship-building communication tools, and support services. 

"We announced our plans to offer managed portfolios three months ago, and since that time have generated tremendous interest in our program," said Thomas Florence, Morningstar managing director and president of Morningstar Investment Services, Inc. "Commonwealth Financial, SIGMA Financial, and KMS Financial are all leaders in providing investment services, and we are pleased that they have selected Morningstar Managed Portfolios as investment vehicles for their clients." 

Florence added, "Morningstar has been providing tools to the advisor community for years. We understand their business and the importance of client relationships. By working with Morningstar Investment Services, financial advisors can focus on providing superior advice and client service while leveraging one of the most trusted and recognized names in the investment industry."

"Who else but Morningstar to build great mutual fund portfolios?" said Wayne Bloom, managing director for Commonwealth Financial. "Morningstar Investment Services is providing carefully engineered, actively managed portfolios with defined risk/return parameters to meet the needs of a wide range of investment goals. Morningstar takes a fundamental approach to investing, truly understands our business, and has developed a superior client-focused program for advisors." 

Separately, Morningstar said it has selected PFPC Inc. to provide administrative support services for the Morningstar® Managed PortfoliosSM program through PFPC's new AssetDirectionsSM platform. AssetDirections' comprehensive administrative services include transaction processing, shareholder accounting, asset allocation model management, performance measurement, and sales reporting. 

Florence said, "We believe the combination of Morningstar Managed Portfolios with PFPC's new AssetDirections platform will set us apart from other programs in the marketplace. Together, we will deliver to advisors a Web-based solution of investment management, reporting, sales support, and integrated transaction processing."

Morningstar® Managed PortfoliosSM is a turnkey, fee-based investment-management program that features mutual fund portfolios researched, engineered, and monitored by Morningstar Investment Services, as well as back-office operations and support services. A robust Web-based solution provides complete client account management capabilities and marketing and sales support. Client portfolios will be continuously monitored, as well as rebalanced and adjusted as necessary, based on market performance and portfolio information. For more information about Morningstar® Managed PortfoliosSM, visit http://www.morningstar-mp.com.

About Morningstar, Inc. and Morningstar Investment Services, Inc. 
Chicago-based Morningstar, Inc. is an independent provider of investment information and analytical tools. Morningstar, Inc.'s extensive line of Internet, software, and print services offers news, data, and analysis on stocks, mutual funds, closed-end funds, and variable annuities. Morningstar Investment Services is a registered investment advisor and a wholly owned subsidiary of Morningstar, Inc. The financial data and methodology used in Morningstar® Managed PortfoliosSM are proprietary to Morningstar, Inc., and/or Morningstar Investment Services, Inc. Although the data are gathered from reliable sources, neither Morningstar, Inc. nor Morningstar Investment Services, Inc. guarantees their accuracy, completeness, or timeliness. Past performance is no guarantee of future performance. Morningstar® Managed PortfoliosSM are intended for citizens or legal residents of the United States or its territories.

About Commonwealth Financial
With principal offices in Waltham, Mass., and San Diego, Calif., Commonwealth Financial Network is an investment brokerage firm that provides clearing, business, and investment management resources to a national network of more than 800 independent financial consultants. Investment Advisor magazine selected Commonwealth as national Broker/Dealer of the year in five of the last six years.

About SIGMA Financial Corporation
Founded in 1983, SIGMA Financial Corporation is one of the last truly independent, mid-sized broker/dealers in the Midwest. Headquartered in Ann Arbor, Mich., SIGMA Financial has approximately 550 representatives specializing in financial planning and fee-based services.

About KMS Financial
KMS Financial Services, Inc. is an independent, privately owned firm based in Seattle, Wash. Since 1971, KMS has served thousands of clients through a network of securities registered representatives and insurance professionals.

About PFPC
Providing a wide range of global fund services to the investment management industry, PFPC is the largest full-service mutual fund transfer agent and second largest provider of mutual fund accounting and administrative services in the United States. PFPC is a member of The PNC Financial Services Group, Inc. (NYSE:PNC). 

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