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Margaret Kirch Cohenmargaret.cohen@morningstar.com
Morningstar Appoints Art Lutschaunig President of Morningstar Investment Services, Inc.

CHICAGO, Dec 02, 2002 – Morningstar, Inc. today announced that Art Lutschaunig has been named president of Morningstar Investment Services, Inc. (MIS), a registered investment advisor and wholly owned subsidiary of Morningstar. Lutschaunig, who remains chief investment officer of MIS, replaces Thomas Florence, who is leaving the company at the end of the year to pursue other interests. 

Joe Mansueto, chairman and chief executive officer of Morningstar, said, "Tom successfully launched our Investment Services unit and our new Managed Portfolios program. He was responsible for developing this business and for building an outstanding organization. Tom made numerous contributions throughout Morningstar. We are sorry to see him go and wish him the best in his future endeavors." 

"Investment Services is an important strategic business for Morningstar, and we are pleased that Art is joining our senior management team. His leadership, investment expertise, and thorough knowledge of managed products and the advisor market make him the ideal person to direct MIS," Mansueto added. 

Lutschaunig joined Morningstar in July 2001 as chief investment officer for Morningstar Investment Services. He has more than 20 years of experience in the investment management business. Before joining Morningstar, Lutschaunig was executive vice president and director of research for Strategic Advisers, Inc, a Fidelity Investments company, where he worked for eight years. Prior to that he was vice president for FMR Co., Fidelity's mutual fund management operation with more than $800 billion in assets under management. 

Morningstar® Managed PortfoliosSM is a turnkey, fee-based discretionary investment management program developed exclusively for financial advisors. Morningstar Investment Services launched the Managed Portfolios program in January 2002 and now has agreements with more than 70 firms whose advisors may offer the program to their clients. 

The financial data and methodology used in Morningstar Managed Portfolios as well as the fund manager selection and asset allocation are proprietary to Morningstar, Inc., and/or Morningstar Investment Services, Inc. Morningstar Managed Portfolios are intended for citizens or legal residents of the United States or its territories. The program can only be offered by registered investment advisors or investment advisor representatives.

Chicago-based Morningstar, Inc. is a global investment research firm, offering an extensive line of print, software, and Internet-based products and services for individuals, financial advisors, institutions, and the media. The company is a trusted source for investment information, data, and analysis of stocks, mutual funds, exchange-traded funds, closed-end funds, and variable annuity/life subaccounts.

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