Dear Morningstar Clients,
This e-mail contains Morningstar Data Release Notes for May 2004. As always, we invite your comments and questions on our communications, products and services. Please contact any member of your account team. Thank you.
Your Morningstar Team
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IN THIS ISSUE
*Fund Category Review
RECAP OF PREVIOUS ANNOUNCEMENTS
*Extended Performance Data
*SEC Rule 482
NEWS FROM MORNINGSTAR
*Morningstar at Industry Shows
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Morningstar Data Release Notes - May 2004
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*Fund Category Review
The next quarterly Category Review will begin today, May 13, with the appeal period running from May 14 through May 20. This review will include all funds and will use three years of portfolio data through March 31, 2004. Complete details and instructions will be sent via e-mail on May 13, and the new categories will be effective with May month-end processing. New categories and the resulting Morningstar Rating(TM) can be seen on our Web sites on June 3.
As a reminder, Morningstar will be adding two new categories, Muni Single State Short (SS) and Stable Value (VL). We will also rename one category: Muni Single State Int/Sh (SI) will become Muni Single State Interm (SI).
Note: Our fund analysts have delayed the review for funds in the five foreign style-based categories (e.g. Foreign Large Value, Foreign Large Blend, etc.) until the next review in August. At that time, we will categorize these funds based on the 10-factor Morningstar Style Box model, which was recently expanded for use globally.
Please click here for a complete list of Morningstar Categories and their definitions:
http://datalab.morningstar.com/ClientComm/Morningstar_Categories_64.pdf
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Recap of Previous Announcements
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*Extended Performance Data
As announced last month, Advisor Workstation, Licensed Data Feeds and Principia�s Investment Detail reports now display Extended Performance statistics in italics, and the Morningstar Extended Performance Rating(TM) is displayed as hollowed-out stars. Extended Performance statistics are calculated for eligible share classes based on the oldest surviving share class of the fund and the fee differential between the oldest and newer share classes. Extended Performance returns form the basis for the Morningstar Extended Performance Rating. Please contact your account team if you have any questions.
*SEC Rule 482
The recent amendment to SEC Rule 482, which requires fund companies to make month end performance available by the seventh business day of the month, went into effect on April 1, 2004. Contact your account team to learn about how Morningstar is working with clients to help them comply with the new requirements.
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News from Morningstar
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*Morningstar at Industry Shows
We hope to see you at the SIA-Technology Management Conference and Exhibit in New York, June 8-10.
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