Morningstar, Inc. provides independent investment research to investors worldwide. Its Individual segment provides Morningstar.com, a membership service and Internet advertising space; Morningstar Equity Research that provides independent equity research on companies; and print and online publications on stocks, mutual funds, personal finance, and other investing topics. The companys Advisor segment offers Morningstar Advisor Workstation, a Web-based investment planning system that provides financial advisors with a set of tools for conducting their business, including investment research, planning, and presentations; Morningstar Principia, a CD-ROM-based investment research and planning software; and Morningstar Managed Portfolios, a discretionary asset management service that includes a series of mutual fund, ETF, and stock portfolios. Its Institutional segment provides products and services for institutional clients, including banks, brokerage firms, insurance companies, mutual fund companies, media outlets, and retirement plan providers and sponsors. It offers investment consulting on investment monitoring and asset allocation for funds of funds; Licensed Data, a set of investment data; Retirement Advice that help retirement plan participants plan and invest for retirement; and Morningstar Direct, a Web-based institutional research platform that provides research and tools on securities. This segment also provides Licensed Tools and Content, a set of online tools and editorial content designed for institutions; Morningstar EnCorr, an asset allocation software package; Investment Profiles & Guides, which are used in communicating investment information to individual investors; Morningstar Indexes, a product line that covers U.S. equities, commodities, bonds, and equity focus index families; and financial information and data feeds on Australian stocks. Morningstar was founded in 1984 and is headquartered in Chicago, Illinois.