Below is the User Agreement for the Morningstar.com Web site. This is also where you will find posted updates to this Agreement in the future.

YOUR USE OF THIS MORNINGSTAR.COM WEB SITE AND ITS ENTIRE CONTENTS, INCLUDING BUT NOT LIMITED TO, THE TEXT, DATA, INFORMATION, MATERIALS, SOFTWARE, AND GRAPHICS CONTAINED OR PROVIDED THROUGH IT IN ANY FORM OR MEDIA AND ALL SERVICES THAT MAY BE PROVIDED IN CONJUNCTION WITH IT (ALL SUCH INFORMATION AND SERVICES, COLLECTIVELY, THE "WEB SITE") IS SUBJECT TO THE TERMS AND CONDITIONS OF THIS USER AGREEMENT ("AGREEMENT"). BY USING THE WEBSITE, REGISTERING WITH MORNINGSTAR.COM, EITHER AS A FREE OR A PREMIUM MEMBER OF THE WEBSITE OR ACCEPTING ANY RELATED SERVICES FROM MORNINGSTAR, INC (“MORNINGSTAR”), YOU AGREE THAT YOU: (1) HAVE READ AND UNDERSTAND, AND HAVE THE CAPACITY AND AUTHORITY TO ENTER INTO, THIS AGREEMENT; AND (2) ARE BOUND BY ALL OF ITS TERMS AND CONDITIONS.

Morningstar may change the terms and conditions of this Agreement at any time. A notification of such change(s), as well as the revised Agreement itself, will be posted in the Membership area of the Web Site. You will be responsible for regularly checking the Membership Area and for reviewing any changes to the Agreement. By using the Web Site after any such changes take place, you signify your acceptance of the change(s) and your agreement to be bound by them.

Use of this Web Site
Subject to the terms of this Agreement, Morningstar grants you a revocable, non-transferable, non-exclusive limited license to use those portions of the Web Site, to which you are granted access but only for your own personal, noncommercial use and not for any use on behalf of any third party. For absence of doubt, you may not use the Web Site to service, or otherwise perform work on behalf of, any brokerage, financial services or related person(s) or their clients. Use of the Web Site is intended only for citizens or residents of the United States or its territories.

You may download or print hard copies of pages or reports from the Web Site or portions thereof but only in connection with your own personal, noncommercial use and not on behalf of any third party. Any such downloads/hard copies must contain the following notice:

" Copyright (c) 2007 Morningstar. All rights reserved."

Except as expressly set forth in this Agreement, you may not modify, copy, distribute, disclose, retransmit, sell, publish, broadcast, or circulate this Web site,or any portion of it (including, but not limited to, any download or printed copies made from it) without Morningstar's prior written consent.

Morningstar has the right, at any time without notice, to: (i) revoke or limit your license to use the Web Site (or any portion of it); and (ii) change or discontinue providing the Web Site (or any portion thereof). Morningstar has no obligation to update the Web Site or to correct any errors or omissions that might be contained in it.

Ownership and Copyright
You acknowledge and agree that this Web Site and the information contained in or associated with it are owned by Morningstar and/or its third party content providers ("Content Providers") and are protected by U.S. and international copyright and other intellectual property laws. You further acknowledge and agree that the Web Site contains certain proprietary data and information of Morningstar and its Content Providers, that you will not use these data or information for any unlawful or unauthorized purpose, and that you will use reasonable efforts to protect them from illicit distribution or use. Each Content Provider is a third party beneficiary of this Agreement to the extent necessary to enable it to enforce its proprietary rights in the data and the applicable use restrictions contained in this Agreement.

Trademarks
MORNINGSTAR, MORNINGSTAR.COM, and the MORNINGSTAR & DESIGN logo are registered marks of Morningstar. In addition, the Morningstar Rating and Morningstar Style Box marks (both word and design) are the property of Morningstar. You will not use or allow any third party to use any of Morningstar's marks, including but not limited to the foregoing, without Morningstar's prior express written consent. All marks not owned by Morningstar are the property of their respective owners.

In order to access certain areas of the Website or to be able to receive certain additional content/materials, Morningstar may require you to become a registered user, and/or to become a Premium subscriber, and/or to pay certain usage, printing or other fees, and/or comply with other terms and conditions. In all such cases, this Agreement shall continue to govern your use of the Web Site.

Disclaimer of Warranties
THIS WEB SITE IS PROVIDED "AS IS" WITH ALL FAULTS. MORNINGSTAR AND ITS CONTENT PROVIDERS DISCLAIM ALL WARRANTIES OF ANY KIND REGARDING THE WEB SITE, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO, ANY IMPLIED WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OWNERSHIP, NONINFRINGEMENT, ACCURACY OF INFORMATIONAL CONTENT, AND ABSENCE OF VIRUSES AND DAMAGING OR DISABLING CODE.

NEITHER MORNINGSTAR NOR ITS CONTENT PROVIDERS WARRANT THE ACCURACY, COMPLETENESS, OR TIMELINESS OF THE WEB SITE. NEITHER MORNINGSTAR NOR ITS CONTENT PROVIDERS SHALL BE RESPONSIBLE FOR INVESTMENT DECISIONS, DAMAGES, OR OTHER LOSSES RESULTING FROM USE OF THIS WEB SITE

PAST PERFORMANCE OF A MUTUAL FUND, STOCK, OR OTHER INVESTMENT VEHICLE DOES NOT GUARANTEE FUTURE PERFORMANCE. NEITHER MORNINGSTAR NOR ITS CONTENT PROVIDERS SHALL BE CONSIDERED AN "EXPERT" UNDER THE SECURITIES ACT OF 1933. NEITHER MORNINGSTAR NOR ITS CONTENT PROVIDERS WARRANT THAT THIS WEB SITE COMPLIES WITH THE REQUIREMENTS OF THE NASD OR ANY SIMILAR ORGANIZATION OR WITH THE SECURITIES LAWS OF ANY JURISDICTION

Some jurisdictions do not allow the exclusion or limitation of implied warranties, so the above exclusions or limitations may not apply in all cases.

Limitation of Liability
NEITHER MORNINGSTAR NOR ITS CONTENT PROVIDERS NOR ANY PERSON THROUGH WHOM MORNINGSTAR MAKES THE WEBSITE AVAILABLE SHALL BE LIABLE FOR ANY DAMAGES OF ANY KIND ARISING FROM OR RELATING TO THIS AGREEMENT, THE WEB SITE, OR THE USE OF, OR RELIANCE ON, THE WEB SITE, WHETHER IN CONTRACT OR TORT OR OTHERWISE, EXCEPT TO THE EXTENT SUCH DAMAGES ARISE DIRECTLY FROM A WILLFUL BREACH BY MORNINGSTAR (OR THAT PERSON) OF ANY OF ITS EXPRESS OBLIGATIONS UNDER THIS AGREEMENT.

THE AGGREGATE LIABILITY OF MORNINGSTAR AND ITS CONTENT PROVIDERS ARISING FROM OR RELATING TO THIS AGREEMENT, THE WEB SITE, AND THE USE OF, OR RELIANCE ON, THIS WEB SITE, WHETHER IN CONTRACT OR TORT OR OTHERWISE, SHALL BE LIMITED TO ACTUAL DIRECT DAMAGES THAT CAN BE FINALLY PROVED IN A COURT OF COMPETENT JURISDICTION IN AN AMOUNT NOT TO EXCEED $1,000.

NEITHER MORNINGSTAR NOR ITS CONTENT PROVIDERS SHALL BE LIABLE FOR ANY PUNITIVE, SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES ARISING FROM OR RELATING TO THE FOREGOING, WHETHER IN CONTRACT OR TORT OR OTHERWISE, EVEN IF MORNINGSTAR OR ITS CONTENT PROVIDER HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

Some jurisdictions do not allow the exclusion or limitation of incidental or consequential damages, so the above limitations or exclusions may not apply in all cases.

Indemnification
You agree to indemnify, defend, and hold harmless Morningstar, its affiliates and its Content Providers from and against any and all claims, liabilities, losses, costs (including, but not limited to, reasonable attorneys' fees), and/or damages of any kind arising from or relating to: (i) your use of the Web Site; (ii) your breach of this Agreement; and (iii) any messages, information, or materials uploaded, posted, published, or transmitted by you in connection with the Web Site or the Discuss area (as defined below).

User Password
If you register with the Website, you are required to select a password, which you may then modify at any time as often as you like. You may not select any password that violates any third party's rights or is offensive, improper, or inappropriate. If Morningstar determines in its sole discretion that any password you select is inappropriate for any reason, Morningstar may delete that password and/or limit or terminate your access to the Website.

Your password is for your personal use only, and you agree to keep it secret and not to share it with anyone (except as expressly allowed under this User Agreement).

YOU ARE RESPONSIBLE FOR ALL USE, ACTIVITIES, AND CHARGES ASSOCIATED WITH OR ARISING FROM ANY USE OF YOUR PASSWORD, REGARDLESS OF WHETHER YOU AUTHORIZED SUCH USE. YOU MUST PROMPTLY NOTIFY MORNINGSTAR (USING THE TOLL-FREE NUMBER OR E-MAIL ADDRESS LISTED BELOW UNDER "CUSTOMER SERVICE AND PRODUCT SUPPORT") OF ANY UNAUTHORIZED USE OF YOUR PASSWORD.

Third-Party Web Sites, Links, and Information
The Web Site may contain information, products, and services provided by third parties and links (including advertisements) to Web sites made available by third parties. This information and these products, services, and links are provided only as a convenience to users of this Web Site. Morningstar does not control this information or these products, services, or Web sites, Morningstar does not make any representations or warranties, express or implied, regarding this information or these products, services, or Web sites and shall not be liable for any information or services received from them. Inclusion of any of the foregoing in this Web Site does not constitute or imply an endorsement, authorization, sponsorship, or affiliation by or with Morningstar with respect to any third party, any third party's Web site or its content, or any information, products, or services provided by a third party.

Stock Quotes
Stock quotes are supplied by Interactive Data Corporation. Stock quotes are delayed at least 20 minutes. NASDAQ stock quotes are delayed at least 20 minutes. All quotes are believed to be correct, but neither Morningstar nor its Content Providers warrant or guarantee the accuracy, completeness or timeliness of any such information. Morningstar advises you to always confirm the price of a particular investment with a broker or other party executing its sale, purchase or redemption, as appropriate.

Option Quotes
Option quotes are supplied by Activ Financial. Option quotes are delayed at least 20 minutes. Option quotes are believed to be correct, but neither Morningstar nor its Content Providers warrant or guarantee the accuracy, completeness or timeliness of any such information. Morningstar advises that you should always confirm the price with a broker or other party executing its sale, purchase or redemption, as appropriate.

Privacy and Information Made Available by You
Morningstar shall have the right to use and disclose any information provided by you through the Web Site (including but not limited to information provided through e-mail) or made available through your use of the Web Site, for any lawful purpose, unless you indicate otherwise in the Membership area of the Web Site. In no event shall you be entitled to any compensation for the use of any of this information. Please see our Privacy Policy for further details.

Use of Discuss Area
Morningstar makes no representations or warranties with respect to any forums, blogs, private messages, emails, or other electronic discussion mediums made available on or via this Web Site (collectively, "Discuss area") or with respect to any messages, information, or materials contained in the Discuss area. You acknowledge and agree that your use of, or reliance upon, any such messages, information, or materials is at your sole risk and expense.

Morningstar does not, and cannot, review all of the information and materials provided in the Discuss area and has no responsibility or liability for any such information or materials or their use. If Morningstar becomes aware of any information or materials that it determines violate the terms of this Agreement or the Discuss area policies promulgated by Morningstar from time to time or that Morningstar otherwise deems inappropriate in its sole discretion, Morningstar reserves the right to delete, move, or edit any such information or materials.

To the extent that you use the Discuss area, you covenant that you will: (i) comply with the Discuss area policies promulgated by Morningstar; (ii) be solely responsible for your use of the Discuss area and any messages, information, and materials provided by you or through another user making use of your password; (iii) not advertise or offer to sell goods or services of any kind on any Discuss area; and (iv) not upload, post, publish, or transmit any messages, information, or materials that (a) restrict or inhibit any other user from accessing, using or enjoying the Web Site, (b) are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, offensive, pornographic, profane, sexually explicit, or indecent, (c) constitute or encourage conduct that would constitute a criminal offense, give rise to civil liability, or otherwise violate any applicable law, (d) violate or infringe the rights of Morningstar or any third party (including but not limited to copyrights, trademarks, patents, trade secrets, and rights of privacy and publicity), (e) constitute or contain false or misleading indications of origin or statements of fact, (f) contain software or any other commercial materials or information, or (g) contain any viruses or other harmful component.

By uploading, posting, publishing, or transmitting any messages, information, or materials in connection with the Discuss area, you hereby grant to Morningstar and its affiliates a royalty-free, worldwide, perpetual, transferable, irrevocable, nonexclusive license (with the right to sublicense) to use, copy, modify, display, publicly perform, distribute, reproduce, and create derivative works of the foregoing in any form, media, software, or technology of any kind now existing or developed in the future.

Governing Law and Jurisdiction
This Agreement is governed by and construed in accordance with the laws of the State of Illinois, U.S.A., without giving effect to any choice-of-law or conflict-of-law provision or rule (whether of the State of Illinois or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than that of the State of Illinois. You hereby consent to, and agree to bring any and all claims in, the exclusive jurisdiction of the state and federal courts located in Cook County, Illinois, U.S.A., for any action or proceeding arising under or relating to this Agreement, the Web Site, or the use of, or reliance on this Web Site, whether based in contract or tort or otherwise.

Entire Agreement
This Agreement shall constitute the entire agreement between you and Morningstar regarding the subject matter hereof and shall supersede any and all prior negotiations, representations, warranties, undertakings, or agreements, written or oral, between the parties regarding such subject matter.

Severability
To the maximum extent possible, each provision in this Agreement shall be interpreted in such manner as to be valid and enforceable under applicable law. If any provision of this Agreement is held to be invalid or unenforceable under applicable law, such provision shall be modified so as to be rendered valid and enforceable while implementing, to the maximum extent possible, the original intent of such provision. If such modification is not possible or allowed, then such provision shall be ineffective only to the extent of such unenforceability or invalidity without affecting the remainder of such provision or any other provisions in this Agreement.

Premium User Provisions
In addition to the above, the following provisions shall apply to you if you are a Premium Member of the Website.

Subscription and Service
You may not use the Premium Service without a valid subscription from Morningstar. To obtain a subscription, you must register for the Premium Service either by completing the online registration form available on the Web Site or by calling the toll-free number listed below under "Customer Service and Product Support." Your subscription will not be valid unless and until Morningstar accepts your registration. By registering for the Premium Service, you represent and warrant that all registration information that you provide is true, complete, and accurate, and you agree to notify Morningstar promptly of any changes to this registration information. This notification can be effected either by editing your user profile in the Membership area of the Web Site or by calling the toll-free number listed below under "Customer Service and Product Support."

You may be offered a free trial subscription to the Premium Service, beginning on the date on which Morningstar accepts your registration. If you don't terminate during this trial period, the initial term of your regular paid Premium Service subscription will start immediately after the free trial period ends, and will continue for the length of time that you selected when you registered. If you have taken a Premium Membership trial in the past 24 months, you will not receive a free trial and your credit card will be charged immediately for the subscription fee associated with the term you select.

You understand that, unless you notify us that you wish to terminate your subscription before the end of your then-current subscription term, your subscription will continue to automatically renew for successive terms of the same duration and your credit card will be charged for each such renewal at the subscription fee in effect at the time of that renewal. In those instances where you took advantage of a special or introductory offer to become a Premium Member, your subscription will automatically renew to the term specified in the offer and your credit card will be charged the subscription fee in effect at the time of that renewal. The term "subscription term" shall refer to the term of your subscription then in effect, regardless of whether it is the initial term or any renewal of that term.

MORNINGSTAR RESERVES THE RIGHT TO CHANGE THE PREMIUM SERVICE AT ANY TIME WITHOUT NOTICE (INCLUDING BUT NOT LIMITED TO ADDING OR REMOVING FEATURES). IF YOU ARE DISSATISFIED WITH ANY SUCH CHANGES, OR IF YOU ARE OTHERWISE DISSATISFIED WITH THE PREMIUM SERVICE (INCLUDING BUT NOT LIMITED TO ITS PERFORMANCE OR AVAILABILITY), YOUR ONLY REMEDY WILL BE TO CANCEL YOUR SUBSCRIPTION, AS SET FORTH BELOW.

Your subscription is personal to you, and you may not transfer or share your subscription with any other person (including but not limited to your coworkers) other than immediate family members living in the same household, provided that: (i) such family members have read and agree to be bound by the terms and conditions of this Premium membership Agreement; (ii) your subscription is not simultaneously used by more than one person at any given time; and (iii) you agree to be responsible for any use of your subscription by those other family members.

Printable Reports
Morningstar offers reports and newsletters in .pdf format (each, a "Printable Report") that you can download from Morningstar.com and print in accordance with the terms of this User Agreement. You receive an allotment of selected Printable Reports for no charge as part of your Premium Membership. The maximum number of such Printable Reports that you may download, print and use at no cost depends on your member status, as outlined below:

In the event that you exceed your maximum allocation during the applicable time period, you will be charged a fee for each separate Printable Report that you download in excess of the number allowed. Prior to downloading each such Printable Report, you will be notified of the associated fee, and, if you choose to proceed with the download, you will be charged that fee. Printable Reports that qualify for the above allocations currently consist of:

Stock Analyst Research Reports

Fund Analyst Research Reports

Printable Reports not specified above are subject to a fee for each download regardless of the number of "free" downloads you have remaining with your current Premium membership. You will be notified of any such fee prior to your downloading that Printable Report and will only be charged when you actually download it.

Hedge Fund Data
U.S. securities law provides that, if a hedge fund markets itself in the U.S. to anyone other than an “Accredited Investor” (as that term is defined in Rule 501 of Regulation D under the Securities Act of 1933, as amended), the hedge fund in question must register as an “Investment Company” (as the term is defined in the Investment Company Act of 1940, as amended) and automatically becomes subject to the jurisdiction of the SEC. To avoid this outcome, hedge funds are only willing to make their information available to persons who represent that they are “Accredited Investors”. This representation requirement means that, if you wish to access the Morningstar.com hedge fund database, you must certify to Morningstar that you meet the necessary accreditation standards prior to being granted access to it and that you must then repeat this certification process no less frequently than once every 365 days’ time.

Charges and Billing Practices
If offered a free trial period, you will not be charged a subscription fee during that free trial period but may be subject to Printing Fees if you print out more than the maximum number of Printable Reports allowed during your trial period (see above). Subscription Fees on credit-card transactions will be authorized immediately, but not actually processed; Printing Fees will be processed when incurred. If you remain a Premium member when the free trial period ends, you will be charged for the initial term of your subscription and then, at the beginning of each renewal term, if any, for the subscription fee for that renewal term. Subscription fees will be based upon the subscription rates in effect at the start of each subscription term and apply whether or not you actually use the Premium Service during that term. You can always find the current retail subscription rates by reviewing the Member Benefits on the Web Site. Printing fees will be assessed at the then-current rate at the time of printing. Subscription fees and Printing Fees are nonrefundable, except as set forth below.

Morningstar reserves the right to change the fees it charges for products, services or features (collectively, "Products") offered in connection with the Premium Service and/or the Web Site at any time. These sorts of changes include, but are not limited to, adding fees for new/optional Products and/or modifying fees for existing Products. By using any of the Products, with which there are associated fees, you agree to pay those fees. If you do not want to pay these associated fees, you must cancel your subscription, as set forth below.

Subscription fees and all others fees and charges associated with your subscription (including, but not limited to, any applicable federal, state, and local taxes) will be billed automatically to the credit card you provide when registering for the Premium Service ("your credit card"). If your credit card is a VISA or MasterCard and the number or expiration date for your credit card changes for any reason (for instance, you get a new number because your old card expired, was stolen, etc.), that updated information may be automatically passed on from your credit card issuer to Morningstar, and if we do receive such information, it will be treated by Morningstar as if it were originally furnished by you. To learn more about this service being provided by your credit card issuer, please contact them directly.

You must promptly notify Morningstar (as set forth below) if any information related to your credit card changes or is no longer valid or of any other change to the information you provided Morningstar regarding your credit card (including, but not limited to, changes to your billing address or other pertinent contact information). Absent such notification, Morningstar will assume that all of the information related to your credit card remains valid and will submit to the card processor all information that it requires for approval, both when you initially subscribe and, if applicable, upon the commencement of any renewal of that subscription. If any subscription fees or other charges billed to your credit card are declined for any reason, Morningstar shall have the right to suspend your subscription until such subscription fees or other charges are paid in full. You agree to pay all costs (including attorneys' fees) incurred by Morningstar in collecting any unpaid subscription fees or other charges from you.

Cancellation
You may cancel your subscription by calling the telephone number listed below under "Customer Service and Product Support" to notify Morningstar. Morningstar will not process cancellations submitted via email.

If you cancel your subscription during your free trial period, you will not be responsible for the payment of a subscription fee. However, except as otherwise provided herein, if you cancel your subscription at any time after your trial period expires, your membership will continue in effect until the monthly anniversary of the effective date of your paid subscription and then terminate on that date. (For example, if your paid subscription start date is on January 1 and you cancel on June 15, your membership continues until July 1, at which time it ends.) For Annual Members, any remaining charges will be refunded, prorated on a monthly basis, to your credit card after your membership is terminated.

Morningstar may immediately cancel your subscription, without notice or liability, if it determines in its sole discretion that: (i) you have breached any portion of this User Agreement; or (ii) your use of or access to the Premium Service or the Web Site violates any applicable law or regulation or otherwise inhibits any other subscriber from using or accessing the Premium Service or any other service offered by Morningstar on the Web Site. None of the foregoing limits any other legal, equitable, or contractual rights available to Morningstar.

Morningstar may, in its sole discretion, choose not to renew your subscription by sending a notice of non-renewal at any time during your subscription term to the e-mail address you provided when completing your registration. You will be deemed to have received this notice, whether or not you saw it or the e-mail address provided by you continues to be valid. In the event of such a notice, your subscription will cease and will not automatically renew at the end of your then-current subscription term.

Dow Jones
If you are a "Securities Professional" as defined herein, you may not use any of the information from Dow Jones Business News or Dow Jones and Company, Inc. to provide advice or products or services to a third party. You may use information from Dow Jones Business News or Dow Jones and Company, Inc. solely for your personal investing or educational purposes and not in connection with any commercial product or service or in connection with advising third parties, or buying, selling, or trading securities for or on behalf of third parties. A "Securities Professional" means a person who: (i) acts as a broker or dealer in the purchase or sale of negotiable financial instruments or is registered or qualified in any capacity under any federal or state securities or commodities trading law, rule, or regulation or the rules or regulations of any securities or commodities exchange, market, or association; (ii) falls within the definition of "investment banker" as that term is defined in the Investment Company Act of 1940; (iii) is a national securities or commodities exchange, registered securities or commodities association, or registered clearing agency; (iv) engages in the buying and selling of negotiable financial instruments for his or her employer or for an entity or its customers' accounts; or (v) is engaged in the business of managing or directing a fund or portfolio of assets (that includes negotiable financial instruments) owned principally by third parties.

Customer Service and Product Support
For customer service related to your Premium Service subscription (including information regarding registration and billing), contact Morningstar via telephone at (866)229-9449.

For technical and product support related to your Premium Service subscription, contact Morningstar via e-mail only at the Premium Member address provided in the Premium Membership Services area.