Morningstar Investment Research Center

Users Guide

Welcome to the Guide to Morningstar Investment Research Center.

Morningstar Investment Research Center is among todays most comprehensive financial databases. So while weve designed it for easy use
no matter what a patrons investing experience, it still contains thousands
of bits of information. Our Guide shows you what information youll
find in the database, where it is located, and how to use it to make better
investing decisions.
Thank you for choosing Morningstar Investment Research Center.

Table of Contents

Screeners

Get to Screeners from the Homepage

The Basics of Creating a Screen
Morningstar Pre-Set Screens
Screener Picks (Stocks and Funds)

Reports

Get to Reports from the Homepage

List of all Analyst Reports (Stocks, Funds, and ETFs)
Stock Analyst Report Components
Beta Stock Analyst Report Components
Fund Analyst Report Components
Beta Fund Analyst Report Components

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Markets Get to Market Data from the Homepage

Download Sector Reviews

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Portfolio

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Get to Portfolio from the Homepage

Add Securities and X-Ray Your Portfolio
Overview of the Portfolio
Additional Portfolio Views

Help & Education Get to Help & Education from the Homepage

Get to Newsletters from the Homepage

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Screeners

Get to Screeners from the Homepage

Step-by-Step Instructions

1. Click buttons to screen Stocks,

Funds, or ETFs.
2. Go to a list of Fund, Stock, or
ETF picks.

Screeners allow you to create short lists of possible investments in mutual

funds, stocks, and ETFs. You can use Morningstar screeners to find
investments that meet your personal criteria. For instance, you may want a
short list of large-cap growth funds with a star rating of 4 or better, or
stocks with low debt in the utilities industry. You can select from more than
220 data points within Morningstars Fund Screener to build this list.
Morningstars Stock Screener gives you more than 470 data points to choose
from. And Morningstars ETF Screener provides more than 100 criteria.

Screeners

The Basics of Creating a Screen

Step-by-Step Instructions

1. Create your criteria by first choos-

ing a data point from the drop-
down menu, then limit your search
by selecting the conditions and
values on which to screen.
2. Build your selections by adding
more search criteria. Then, deter-
mine how that criteria should
behave in relation to the others.

Screening for the right mutual funds, stocks, and ETFs is as simple as pointing
and clicking on your favorite criteria. After you select the type of security
youd like to find, you can choose from hundreds of criteria to screen on. For
each criteria, select conditions and values to limit your results to just the
securities you are interested in. Add more data points to screen on, and specify
how these new criteria behave in relation to the others by choosing either
And or Or in the Relationship to Other Criteria box.

3. Click the View results button

to see which stocks, funds, or ETFs
meet your criteria.

Screeners

Morningstar Pre-Set Screens

Step-by-Step Instructions

1. Click on Morningstar Screens to

see screens built by our analyst staff.
2. Then select View search criteria
to see the logic behind the analysts
screen.

Morningstar pre-set screens are developed and used by Morningstar analysts.

Theres enough variety to satisfy the investing style and goals of most
investors. To use one of these screens, or to learn more about how to build an
effective screen, click on Morningstar Screens. Click on View search
criteria to see a step-by-step listing of the analysts logic for the screen.

Screeners

Screener Picks (Stocks and Funds)

The Stock Picks link will pull out our 5 star rated stocks based on Morningstars
fundamental analysis. Fund Picks will help you find our analysts favorite
mutual funds. Get to these pages from the links on the homepage, or from the
left column in the screeners.

Reports

Get to Reports from the Homepage

Step-by-Step Instructions

1. Enter a Ticker or Name and go

directly to the report.
2. Go to a list of Fund, Stock, or
ETF reports.

You can use our financial reports when analyzing the funds, stocks, and ETFs in
your portfolios, those youve read about, or those you have on your short lists
created with Morningstar screeners. For every fund, stock, and ETF in our database, you will see comprehensive financial information.
Additionally, for more than 1,900 stocks, 2,100 funds, and 150 ETFs, you
will see a Morningstar analysts in-depth analysis, and the analysts guidance
on when to buy or sell the particular investment.

Reports

List of All Analyst Reports (Stocks, Funds, and ETFs)

Get a list of Stock, Fund, and ETF analyst research reports that will help you
make sound decisions. On the Morningstar Investment Research Center
homepage, click on Stock Analyst Reports, Fund Analyst Reports, or
ETF Analyst Reports to get a full listing.

Reports

Stock Analyst Reports Components

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Whether you are looking for a quick overview of a company, or an in-depth

analysis, our analyst reports deliver what you need.
1. Snapshot/Quote includes a quick
overview, company profile, and
industry peers while detailing last
price, open price, 52-week range,
volume, day range, market cap, and
yield.
2. Stock Analysis (formerly Analyst
Research) provides an in-depth
analysis of the company, proprietary
data points including fair value esti mate, consider buy and sell prices,
economic moat, commitment to
share holdersas measured by the
stewardship grade, and a pros and
cons summary analysis.

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3. Morningstar Rating includes

economic moat, business risk, and
fair value estimate.
4. Bonds includes Morningstars
proprietary credit rating, as well as
breakdowns of capital structure,
yield to maturity, debt and coverage
ratios, and credit quality.
5. Options consists of call and put
values including interest rates, del tas, and gammas.
6. Data Interpreter consists of analy sis on size, performance, valuation,
Morningstar style box, growth, and
trends in earnings estimate.

7. Valuation Ratios includes current

and historical valuation ratios,
price to earnings, price to cash
flow, price to sales, yields, industry
average, and PEG ratio.
8. Financial Statements includes 10 year income statements, 10-year
balance sheets, 10-year cash flow,
and quarterly results.
9. Key Ratios includes profit margins,
revenue growth rates, operating
cash flow growth rates, financial
health, and efficiency ratios.
10. Charts includes interactive histori cal stock graph, fundamental and

technical analysis, fair value graph,

Morningstar indexes, market
indexes, splits, and custom returns.
11. Performance (formerly
Dividends & Returns) includes
front loads, deferred loads, redemp tion fees, 12b-1 fees, expense
ratios, and total costs projections.
12. Company Filings includes links to
10 K and 10 Q filings on Edgar site.
13. Insiders (formerly Insider Trading)
covers executive compensation,
insider activity, and lists out the key
executives, board of directors, and
committee members.

Beta Stock Analyst Reports Components

Reports

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Weve revisited every aspect of the analyst reports, looking for ways to expand
the available data and create clearer ways of visualizing important metrics
like how a company compares to its peers. Our new analyst research pages are
easier to use, and offer new functionality and data on every page, including
many only available in the Morningstar Investment Research Center database.

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Reports

Fund Analyst Reports Components

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Whether you are looking for a brief overview of a fund, or an in-depth analysis,
our analyst reports deliver what you need.
1. Quote (formerly Snapshot)
contains category, assets, NAV,
manager, load information, fees,
yield, style box, minimum purchase,
and growth of $10,000.
2. Data Interpreter contains expla nation of trailing returns,
expense ratio, manager style, and
portfolio analysis.
3. Fund Analysis (formerly Analyst
Research) provides our detailed
analysis, whether we consider the
fund a top pick, our thoughts on
how the fund fits into a portfolio (for
example, core or supporting), our
stewardship grade, and a pros and
cons for the fund overall.

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4. Stewardship Grade is designed

to help investors further research,
identify, and compare fund manag ers to see whether they are
aligning their interests with those
of fund shareholders.
5. Morningstar Rating includes
three-, five-, and 10-year rating
along with methodology document.
6. Performance (formerly Total
Returns) contains five-year hist orical returns vs. benchmark, trail ing total returns, and historical
quarterly returns.

7. Tax Analysis includes tax analysis,

potential capital gains exposure,
pretax returns, and tax adjusted
returns.
8. Risk Measures consists of
standard deviation, mean, Sharpe
ratio, alpha, beta, and R-squared.
9. Portfolio includes Morningstar
style box, market capitalization,
asset allocation, sector weightings,
and valuations.
10. Fees & Expenses includes front
loads, deferred loads, redemption
fees, 12b-1 fees, expense ratios,
and total costs projections.

11. Purchase Information includes

minimum price, IRA price,
brokerage availability, and contact
information.

Beta Fund Analyst Reports Components

Reports

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Weve revisited every aspect of the analyst reports, looking for ways to
expand the available data and create clearer ways of visualizing important
metrics like how a fund manages risk and returns.
Coming in late summer are updated ETF analyst reports and, for the first
time in the Morningstar Investment Research Center database, Closed-End Fund
(CEF) analyst reports.

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Markets

Get to Market Data from the Homepage

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Get a read on how particular indexes, sectors, and styles are performing in our
Markets area.
1. Index Returns are a good indicator
of how different parts of the
market perform and can be used
as a benchmarking mechanism.
Morningstar shows domestic, bond,
municipal, and international
index returns.

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2. Sector Returns help investors

to easily compare and under stand the sector exposures of
mutual funds and portfolios.
Morningstar divides the economy
into three Super Sectors
Cyclical, Defensive, and Sensitive
each of which contains
multiple sub-sectors.

3. Industry Returns Morningstar

recognizes an industry as
the companys primary area of
business. Morningstar has
more than 100 industries and it
helps investors understand
market exposure, peers perfor mance, and standard bench marking.

4. Fund Category Returns

Morningstar Category identifies
funds based on their actual
investment styles as measured
by their underlying portfolio
holdings. The broad categories are
domestic stock funds, balanced
funds, international stock funds,
fixed-income funds, and municipal
bond funds.

Markets

Download Sector Reviews

Get our monthly, quarterly, annual, and 5-year Market Overview reports by
clicking the download links in the left column of the Markets tab. Get all
our Quarterly Industry Reports by clicking the download links on the same
page, under the Sectors heading.

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Portfolio

Get to Portfolio from the Homepage

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Portfolio is a comprehensive suite of portfolio-planning tools and guidance for

new and experienced investors alike.
1. Access Tools in Portfolio such as
Portfolio X-Ray, X-Ray Interpreter,
Stock Intersection, Asset Allocation,
and Calculators. Learn the ins
and outs of goal-based investing by
reading our Goal Primers.

2. Portfolio X-Ray allows you to

dissect your portfolio and view your
holdings in a whole new light.
Youll make smarter decisions when
you know exactly how diversified
your portfolio is, understand your
true holdings, see how you compare
to industry standards, and keep
an eye on your costs.

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3. Retirement Cost Calculator

helps you evaluate your progress
in saving for retirement by
analyzing your current saving rate,
age, gender, and more. This simple
calculator gives you an estimated
savings at retirement, and your
expected annual retirement income.

4. College Savings Calculator

helps you determine how much
you need to save for college fund ing. With estimated costs for
hundreds of Universities preloaded
into the tool, you can compare
how far your current and future
savings will carry you at fav orite state and private schools.

Portfolio

Add Securities and X-Ray Your Portfolio

Step-by-Step Instructions

1. Decide how you want to allocate

your investmentsby percentage or
dollar values.
2. Enter the ticker symbol of your stock,
fund, or ETF here. If you dont know
it, click Ticker Lookup to search by
company name.

Portfolio X-Ray is a sophisticated analytical tool that allows you to view your
portfolios in a variety of ways, and then make intelligent decisions about
adding, dropping, or reallocating investments. While the tool and the resulting
analysis are quite sophisticated, Morningstars graphical representation of
results are easy for even novice investors to understand.

3. Click View your Portfolio X-Ray to

get your results

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Portfolio

Overview of the Portfolio

1. Asset Allocation helps you with

what many financial planners say is
the single most important decision
an investor can make for a portfolio.
2. Equity Style Box shows you how

well they are spread over nine styles

and compares their portfolios to the

S&P 500s distribution.
3. Bond Style Box shows you how
well they are spread over nine combi-

nations of interest- rate sensitivity

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and credit quality combinations.

4. Stock Sector reveals where you are
over- and underconcentrated in 12
sectors under the headings informa6

tion, service, and manufacturing.

5. Stock Type is our unique clas sification, ranging from High Yield
to Speculative Growth, which
helps you better understand if your

investments fit their style.

6. World Regions shows you their con centrations in five geographical
regions. This analysis can surprise
many who think they are invested
100% in the U.S.
7. Fees & Expenses lets you see
whether they are over- or underpay-
ing compared with averages for
similar portfolios.
8. Stock Stats assigns important ratios
to your portfolios, including P/E, P/B,
ROA, and more.

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Portfolio

Additional Portfolio Views

X-Ray Interpreter analyzes your portfolio, compares it with benchmarks,

then provides a plain-English explanation of what the data means along with
suggestions on how to modify your portfolio.

Stock Intersection describes how much of a stock you really own, including
through mutual funds.

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Get to Help & Education from the Homepage

Help & Education

Our Help & Education Center is your one-stop shop for investment education.
Whether youre looking for direction when using the site, tips for choosing
funds or stocks, or the definition of an investment term, youll find it all here.

1. Database Guides provides access

to the Users Guide your reading
now, in English and Spanish, as well
as a number of tutorial videos
about the Morningstar Investment
Research Center database.

2. Investment Topics feature longer

articles by our analysts on a
rotating set of topics, including in-
depth explanations of different
investment types and retirement
planning.

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3. Investment Classroom offers

over 100 courses on stocks, funds,
and portfolio building. With
lessons that can be completed in
about 10 minutes, you can learn
at your own pace.

4. Glossary & Methodologies

will help you better understand
investment terms, as well as explain
the logic behind Morningstars
proprietary ratings and measures.

Help & Education

Get to Newsletters from the Homepage

New to Morningstar Investment Research Center is access to Morningstars

most popular newsletters from our mutual fund, stock, and ETF strategists.
Youll find current and archived issues of Morningstar Mutual Funds, Morningstar
FundInvestor, Morningstar StockInvestor, and Morningstar ETFInvestor.

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Chicago
Illinois 60606

For more information about Morningstar Investment

Research Center and our other library products, please
contact Morningstar Library Services.
Phone: 866-215-2509
E-mail: libraryservices@morningstar.com