Recap of Previous Announcements

Investor Returns in Licensed Data

Beginning with Sept. 30, 2006 data, Morningstar now calculates investor returns for U.S. open-end and exchange-traded funds. Investor returns (also known as dollar-weighted returns) measure how the average investor in that fund fared over time, incorporating the impact of cash inflows and outflows from purchases and sales. Investor returns are available in numerous Morningstar products. Please click here for a fact sheet.

Licensed Data feeds includes investor returns in the U.S. open-end performance and U.S. open-end and exchange traded fund fact sheet data packages. These returns were added as a separate return type in the same format as total return, load adjusted returns, etc.

Shorts and Derivatives in Portfolios

Morningstar is working on a multi-phase initiative to standardize how funds report their short and derivative holdings and to capture the economic exposure of these positions in our portfolio statistics. We recently completed the portfolio reporting standards for shorts, futures, and forwards and will be sharing that with our contact list of investment managers and custodians who send us portfolio files. In early 2007, Morningstar will produce portfolio statistics that reflect the underlying asset for each futures and forward contract, and Morningstar will offer enhanced long and short (and in some cases net) portfolio statistics. After that, Morningstar will formulate reporting standards for swaps and options. We will be sending more information about the new statistics in the next few months.

Changes to Exchange ID and Language ID

The Morningstar database has changed the codes for Exchange ID and Language ID from three character codes to 10 character codes. Products are not impacted by the change. Licensed data packages are already set up to allow for 10 characters, therefore are not impacted either. However if you perform any mapping between Exchange ID or Language ID, you will have to review your process to account for the new codes. The revised codes are listed below:

New Exchange ID

Exchange Name

EX$$$$XASE

AMERICAN STOCK EXCHANGE

EX$$$$XNAS

NASDAQ

EX$$$$XCHI

CHICAGO STOCK EXCHANGE, INC.

EX$$$$XNYS

NEW YORK STOCK EXCHANGE, INC.

SEX$$$$XOTC

OTC BULLETIN BOARD

EX$$$$XCBO

CHICAGOBOARD OPTIONS EXCHANGE

EX$$$$XAMS

EURONEXT AMSTERDAM

EX$$$$XBDA

BERMUDA STOCK EXCHANGE LTD

EX$$$$XCAY

CAYMANISLANDSSTOCK EXCHANGE

EX$$$$XFRA

DEUTSCHE BOERSE AG

EX$$$$XDUB

IRISH STOCK EXCHANGE

EX$$$$XLON

LONDONSTOCK EXCHANGE

EX$$$$XLUX

LUXEMBOURGSTOCK EXCHANGE

EX$$$$XSWX

SWISS EXCHANGE

EX$$$$XWBO

WIENER BOERSE AG

EX$$$$XWBO

NASDAQ/NMS (NATIONAL MARKET SYSTEM)

Morningstar News

Morningstar at Industry Shows

Morningstar will exhibit at the National Association of Variable Annuities (NAVA) Annual Meeting, Oct. 15-17, in New York City, at Hedge2006, Oct. 17-18, in London, at MarHedge, Oct. 22-24, in Bermuda, at the SPARK Forum, Nov. 5-7, in Palm Beach, and at the Morningstar Investment Konferenz 2006, Nov. 14, in Frankfurt.

Data Questions

Contact your account team or our data quality department:

U.S.
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

Europe
E-mail: dataquestions.uk@morningstar.com
Phone: +44 20 3107 0070
Fax: +44 20 3107 0001

Mailing address:
Data Question
Morningstar Europe
1 Oliver's Yard,
55-71 City Road, London EC1Y 1HQ
United Kingdom

This e-mail contains privileged and confidential information and is intended only for the use of the recipient. 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 "unsubscribe" 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.