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Tom Lauricella: Welcome. I m Tom Lauricella, editor for professional audiences at Morningstar. And I m speaking today with Jason Kephart, strategist at Morningstar, about our model portfolio research. Jason, thanks for being here today. Jason Kephart: Thanks for having me. Lauricella: Let s start with an overview of model portfolio research. This is a relatively new area at Morningstar. It s a relatively new area in its current form for the industry, for advisors. As just a starting point, how does our research and how does the process for model portfolio research compare or contrast with traditional mutual fund research? Kephart: That s a great question. The vehicle, the model portfolio, is a little bit new. But for the most part, we re evaluating them the same way we would evaluate any asset-allocation mutual fund or a target-date fund. We re looking for things like the quality of the underlying investments. We re looking at how well they fit together. The port