Dear Morningstar Clients,
This e-mail contains Morningstar Data Release Notes for August 2005. 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
**************************************************
IN THIS ISSUE
*Fund Category Review � U.S.
*Changes to European Morningstar Categories
RECAP OF PREVIOUS ANNOUNCEMENTS
*Data Release Notes Now International
*Methodology Change for Separate Accounts, Hedge and Custom Funds
*US Essentials - Testing Period has Ended
NEWS FROM MORNINGSTAR
*Morningstar at Industry Shows
*Additional Data Universes Added to Morningstar Direct
*Hedge Fund Database Update
*Data Questions
**************************************************
Morningstar Data Release Notes � August 2005
**************************************************
*Quarterly Fund Category Review � U.S.
The next U.S. quarterly fund category review will begin on Aug. 15. If a category change is proposed for your fund, you will receive a separate e-mail with more information. This quarter's review includes funds with one year of history or less. As a reminder, established funds with more than one year of history will be reviewed semi-annually. This will help us ensure that funds have experienced a sustained strategy shift before we change their category. However, to properly categorize the many new funds that come to market, we will review funds with one year of history or less each quarter. Category changes will be implemented with August month-end processing. The new category and Morningstar Rating(TM) will be available on our Websites on the third business day of the following month, Sept. 6, 2005.
*Changes to European Morningstar Categories
Effective with October month-end, we will update our European Morningstar Categories. We will introduce style-based differentiation within large capitalization categories in Europe, North America, UK, and Global equity. We will also introduce more detailed, country-based categories in Asian equity categories. In addition, the sector-based categories will be realigned to more closely follow Morningstar Sectors. Please click here for more details.
**************************************************
Recap of Previous Announcements
**************************************************
*Data Release Notes Now International
Effective with the July issue, we have combined the content of our US and international Data Release Notes into one newsletter. The combined newsletter will continue to be published mid-month, and will include content of interest to clients around the world.
*Methodology Change for Separate Accounts, Hedge and Custom Funds
As announced last month, effective July 31, 2005, for investment vehicles reporting rates of return rather than unit values, we now calculate trailing and calendar returns for periods where the inception date is the first business day of the period. Previously, we required an inception date prior to the period in order to show a trailing return. Please note that this change only applies to rate of return investment vehicles; unit value vehicles� trailing returns calculations still require an inception date prior to the performance period.
*Essentials Data License � Testing Period Ended
As previously communicated, we made some enhancements to the format and delivery of the U.S. Open-End Essentials Data Feed, and tested the new format with clients. Effective in August, Open-End Essentials files were posted to the FTP site and will no longer be delivered via email. Please contact your account team if you have any questions.
*******************************************************************
News from Morningstar
*******************************************************************
*Morningstar at Industry Shows
Don Phillips, Morningstar managing director, will be speaking at the Institute of Financial Planning Forum in Leicestershire in the U.K. on Oct. 19-20. Anthony Serhan, director of consulting for Morningstar Australia, will be speaking at the Pre-and Post-Retirees Conference at the Star City Hotel, Sydney, Aug. 29-30; and also at the Self-Managed Super Funds Conference at the Four Seasons Hotel, Sydney, Oct. 5-6.
Morningstar will exhibit at the Association of Investment Management Sales Executives Fall Conference at the Grand Hyatt in New York, Sept. 19-20, the GAIM Fund of Funds Conference in New York, Sept. 19-21, and also at the Informa Investment Solutions Annual Conference at the Marriott Marquis in New York. And we hope to see you at the Australian FPA Conference at the Gold Coast Convention & Exhibition Centre, Nov. 16-18, and at the National Association for Variable Annuities Annual Conference in New York, Oct. 23-25.
*Additional Data Universes Added to Morningstar Direct
To better meet the needs of the institutional researcher, we have added additional databases to Morningstar Direct in 2005. These data universes include Australia retail, wholesale and superannuation funds; Canada pooled, segregated and open-end funds; China open- and closed-end funds; Hong Kong funds; U.S. money market funds, and global hedge funds. Please visit our Website to learn more. If you would like a product demonstration and risk-free trial of Morningstar Direct, please contact our product consultants at +1 866 229-0216.
*Hedge Fund Database Update
Morningstar will expand its categories by 15, used exclusively by hedge funds. These new Morningstar Categories will appear this month in Morningstar Direct, and will make it easier to create peer groups and generate reports. Please click here for details on these new categories.
*Data Questions
Contact your account team or our data quality department:
E-mail: dataquestions@morningstar.com
Phone: +1 312-696-6600
Fax: +1 312-696-6019
Mailing address: Data Questions
Morningstar, Inc.
225 West Wacker Drive
Chicago, Illinois 60606
USA
*******************************************************************
(C) 2005, Morningstar, Inc. This e-mail contains privileged and confidential information and is intended only for the use of the person(s) named above. Any dissemination, distribution, or duplication of this communication without prior written consent from Morningstar is strictly prohibited. If you received this message in error please contact the sender immediately and delete the materials from any computer. You are receiving this e-mail because you are a Morningstar Data client, or because you asked that your name be added to the distribution list. If you wish to remove yourself from our institutional client communication list, please hit reply with �remove� in the subject line. If you would like to opt-in to this e-mail list please hit reply and include your full name, title, company name and address. We will be happy to add you to the list. The newsletter is free, and we never release these e-mail addresses to third parties. If you change your mind and no longer wish to receive this e-mail, we will quickly remove your name from the distribution list.