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Morningstar ® Advisor Workstation SM Enterprise Edition Quick Start Guide
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Morningstar® Advisor WorkstationSM

Enterprise Edition Quick Start Guide

Advisor WorkstationSM Enterprise Edition Quick Start Guide 1

Morningstar® Advisor WorkstationSM Enterprise Edition provides financial advisors with tools for investment research,portfolio analysis and construction, client reporting, and presentation development. The platform can be integrated withexisting systems and third party applications and is typicallyoffered by module to meet the business needs of each firm.

This Quick Start Guide is designed to get you up and runningfast, taking you through the basics of researching investments,creating client profiles and portfolios, building sales illustrations, and generating some of our most popular reports.

Use this guide to familiarize yourself with Advisor WorkstationEnterprise Edition. Then, take advantage of the additionaltraining resources (provided on the last page of this guide) tohelp you explore the tool in more detail. Morningstar offers a variety of training opportunities to make your experience withAdvisor Workstation as productive as possible.

Advisor WorkstationSM Enterprise Edition Quick Start Guide 2

Navigation PanelWhen you open Advisor Workstation Enterprise Edition,you’ll see the Client Manager screen in the Clients &Portfolios module. To the left, you’ll see the navigationpanel (shown below).

The navigation panel gives you access to other parts of the Clients & Portfolios module and to othermodules (Research, Sales/Hypotheticals), Alerts, andthe Virtual Training Center.

Menu and Toolbar OptionsThe menu and toolbars change as you move around the application. For example, the first image below is from the Research module, while the secondis from the Clients & Portfolios module.

Navigation Basics

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Advisor WorkstationSM Enterprise Edition Quick Start Guide 3

To view the Clients & Portfolios module, from the Filemenu, click Go to Clients & Portfolios.

Create a ClientTo create a client:

1 From the File menu, click New > Client. 2 Enter client information. Client Name is the only

required field.3 Click OK.

Create a PortfolioYou can create two different kinds of portfolios for a client: a fixed-value portfolio whose value does notchange over time, and a floating-value portfolio whose value changes as the market price of the hold-ings fluctuate.

To create a new portfolio:1 Select a client.2 From the File menu, click New > Portfolio. 3 Type a name for the portfolio. 4 Choose the type of portfolio you want to create.

For fixed-value portfolios, click Transaction. This allowsyou to enter the exact number of shares purchased,date of purchase and purchase price. For floating-valueportfolios, choose Quick: Enter by Dollars or Quick:Enter by Shares. Click OK.

5 In the dialog box that appears, click Add Holdings. 6 Enter desired names or ticker symbols, then click Find.7 When the items appear, click Add All, then OK.8 Enter values in dollars or shares, then click OK.

See the Reports section of this guide to learn how to generate some of the most popular portfolio reportsto use with your clients.

Clients & Portfolios Module

3

Toolbar Shortcut

Create a Client:

Create a Portfolio:

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Advisor WorkstationSM Enterprise Edition Quick Start Guide 4

To view the Research Module, from the File menu, click Go to Research, then select a universe.

Find by Name/TickerTo find an item by its name or ticker symbol:

1 From the Tools menu, click Find By Name/Ticker. 2 Type the name/ticker symbol in the space provided.

Click Find. 3 Click Add, then click OK. The results appear in the

Research workspace in the center of the screen.

Search by CriteriaTo create a search:From the Tools menu, click Search by Criteria.You can look for criteria by Category or Alphabetically.Up to 20 criteria can be entered.

Saving a SearchEach user can save up to 50 searches in the SearchCriteria dialog box. These searches are dynamic, andthe results could change each time you use AdvisorWorkstation Enterprise Edition.

To save a search:1 From the Search Criteria dialog box, click Save.2 Type a name (up to 20 characters), then click OK. The

saved search can be accessed from the ResearchFiles/My Searches folder in the left navigation panel.

Research Module

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Tip

Find by Name/Ticker: You cansearch for up to 10 ticker symbols ata time—just separate multiple entries with commas.

Toolbar Shortcut

Search by Criteria:

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Advisor WorkstationSM Enterprise Edition Quick Start Guide 5

Saving a List You can also save 50 lists, which may contain up to100 items each. Note that lists are static, and do not change over time, unless you decide to manuallyadd or remove items.

To save a list of items:1 Select the items to include in your list. 2 From the File menu, click Save Selected Item(s) > As

List.3 Type a name for the list, then click OK. The saved

list can be accessed from the Research Files/My Listsfolder in the left navigation panel.

• To select consecutive items, click the row number next to the first item, press and hold the SHIFT key,then click the last row number.

• To select non-consecutive items, click the row numbernext to the first item, press and hold the CTRL key, then click the row number next to each additional item.

• To select all items on the page or the first 100 items,from the Edit menu, click Select > All Items on Page orSelect > Items 1–100.

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Advisor Workstation EnterpriseSM Edition Quick Start Guide 6

To view the Planning Module, you must be in theClients & Portfolios Module.

Goal PlannerTo access this module, do the following:

1 From the Client Manager screen, click the row numberfor a client.

2 From the File menu, click New > Plan.3 Type a name for the new plan, then click OK.4 Fill out the information for the client (and partner, if

applicable) on the Summary tab, then click ApplyAdjustment.

5 Click the Adjust Goals tab, then click the Add Goalbutton.

6 Fill out the information for the Goal Type, then clickApply Adjustment.

7 If the Goal Target indicates less than a 90% chance ofsuccess, use the Adjust Accounts and Adjust Allocation

tabs to alter the contributions that will aid the client inreaching the goal or the way the investments will behandled. Click the Apply Adjustment button beforemoving to a new tab; this will update the Target Goalwith the new information you have entered.

8 Click the Generate Report button. The Wealth Reportappears, detailing the information you have enteredhere.

Planning Module

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Advisor WorkstationSM Enterprise Edition Quick Start Guide 7

Creating a Hypothetical from a PortfolioWhen creating a hypothetical illustration, you can call up a client’s existing portfolio rather than manually re-enter the holdings and values in the portfolio.

To create a hypothetical illustration for a client’s portfolio, do the following:

11 On the Investments tab, use the Select Universe drop-down field in the upper left corner and clickClient/Portfolio.

2 Type a portion of the client’s name, then click Find.3 In the pop-up window that appears, double-click the

name of the client you want to work with. Select thename of the portfolio you want from the ClientPortfolios area, then click OK to close the pop-upwindow.

4 Select individual items from the portfolio, or click AddAll to move them to the Items Selected area. (Note:

You can include up to 40 investments in a hypotheticalillustration.)

5 Click the Buy/Sell tab. Note that the Initial Investmentamounts for each investment have been populatedfrom the client's portfolio. You can make changes here,or leave the information as is.

6 Change the Start Date and End Date for the hypothet-ical illustration, and choose whether to make anysubsequent investments or withdrawals.

7 If you need to change the Reinvestment or Rebalancingoptions, go to the Reinvest/Reb tab.

8 To charge an annual fee or adjust the loads for thefunds, go to the Fees tab.

9 To assign taxes, go to the Taxes tab.

Sales/Hypothetical Module

Toolbar Shortcut

Hypothetical Illustration:

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Sales/Hypothetical Module

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Advisor WorkstationSM Enterprise Edition Quick Start Guide 8

Generating the Reports10 On the Report Options tab, you can indicate what type

of illustration you want to produce (Portfolio, IndividualHoldings or Comparison), customize the cover page,select the additional reports you want to include alongwith the illustration, and choose a benchmark.

11 Click the Generate Report button at the top of thewindow to see the output report package.

Saving a Hypothetical IllustrationYou can save the settings that you enter in each of thetabs of the hypothetical application, then re-use themwith other clients (in cases where you are demon-strating a model portfolio’s behavior). Each user cansave up to 50 hypothetical illustrations.

To save a hypothetical illustration:1 From the File menu, click Save.2 Type a Name for the saved file, then click OK.

To retrieve a saved hypothetical:1 From the File menu, click Open. A dialog box appears,

showing you the illustrations you have saved.2 Select a file, then click OK. The saved hypothetical

appears in a new window, with all of the data pre-entered. You can review the information on each tab,or simply click Generate Report.

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Advisor WorkstationSM Enterprise Edition Quick Start Guide 9

Investment DetailTM Report (IDR)The Investment Detail Report is a one-page summary of an investment. It contains a wealth of holdings and performance information. You can generate thisreport from the Research, Clients & Portfolios, orHypothetical modules.

To generate the IDR from the Research module:1 Click a row number next to an investment to select it.2 From the Reports menu, click Investment Detail (PDF).

To generate the IDR from the Clients & PortfoliosModule:

1 Go to the Portfolio Manager view to see the portfolio’sholdings.

2 Click a row number next to an investment to select it.3 From the Reports menu, click Security Reports >

Investment Detail (PDF).

To generate the IDR from the Sales/Hypotheticalsmodule:

1 In step 7 of the hypothetical wizard, be sure the box ischecked next to Investment Details.

2 Click Generate Report. The IDR is appended after allother reports in the hypothetical illustration package.

Fund vs. Fund ReportThis Research Module report allows you to comparetwo mutual funds side-by-side.

To generate a Fund vs. Fund Report:1 In the Research Module, use Find by Name/Ticker or

Search by Criteria to find two funds. 2 Click the row number for the first item, hold down

the CTRL key, then click the row number for the seconditem.

3 From the Reports menu, click Fund vs. Fund (PDF).

Reports

10 12

Dodge & Cox Balanced Overall Morningstar Rtg Incept Type Total AssetsTM

06-26-31 MF $24,683.2 mil Moderate Allocation794

Morningstar Cat

Moderate Allocation

Performance 07-31-2006

Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total %

2004 4.03 0.27 0.47 8.12 13.302005 -0.09 1.07 3.41 2.09 6.582006 3.54 0.53 __ __ 4.88

Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept

Std Monthly 8.25 __ 9.18 12.12 __Std Quarterly 9.88 __ 9.27 11.75 __Total Return 8.25 12.33 9.18 12.12 __.................................................................................................+/- DJ 60% Gl 0.89 -0.17 1.05 3.57 __+/- DJ 60% US 4.58 2.30 3.20 3.34 __.................................................................................................% Rank Cat 10 8 3 4.................................................................................................No. in Cat 1028 794 618 312

7-day Yield __.................................................................................................

Performance DisclosureThe Overall Morningstar Rating is based on risk-adjustedreturns, derived from a weighted average of the three-,five-, and 10-year (if applicable) Morningstar metrics.

The performance data quoted represents past performanceand does not guarantee future results. The investmentreturn and principal value of an investment will fluctuatethus an investor's shares, when sold, may be worthmore or less than their original cost.

Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-621-3979 or visitwww.dodgeandcox.com.

Fees and ExpensesSales Charges

Front-End Load % NADeferred Load % NA

Fund Expenses

Management Fees % 0.5012b1 Expense % 0.00Prospectus Net Expense Ratio % 0.54Prospectus Gross Expense Ratio % 0.53

Risk and Return Profile3 Yr 5 Yr 10 Yr

794 funds 618 funds 312 funds

Morningstar RatingTM 5 5 5Morningstar Risk Avg Avg -AvgMorningstar Return High High High

3 Yr 5 Yr 10 Yr

Standard Deviation 5.60 8.49 9.31Mean 12.33 9.18 12.12Sharpe Ratio 1.62 0.81 0.88

MPT Statistics Standard Index Best Fit IndexDJ 60% Global MSCI World ND

Alpha 1.32 1.13Beta 0.84 0.62R-Squared 88.63 89.46

12-Month Yield __

30-day SEC Yield __

Potential Cap Gains Exp 20.35% Assets

OperationsFamily: Objective: Minimum IRA Purchase:Dodge & Cox Balanced $1,000Manager: Ticker: Minimum Intitial Purchase:Harry Hagey DODBX $2,500Tenure: Min Auto Investment Plan: Purchase Contraints:32.6 Years $2,500 C/

Investment StyleEquityStock %60 58 56 59 59 61 61 63 63 59 62 __

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Dodge & Cox Balance$40,436

Cat Avg: Moderate A$26,548

Index: DJ 60% Globa$27,696

Performance Quartile(within category)

History1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 07-06

54.60 59.82 66.78 65.22 65.71 63.42 65.42 60.75 73.04 79.35 81.34 84.2128.01 14.75 21.19 6.69 12.05 15.13 10.04 -2.93 24.43 13.30 6.58 4.88

NAVTotal Return %

8.21 4.10 9.29 -5.63 -5.27 16.79 12.84 3.84 -2.95 0.33 -0.40 1.393.25 3.41 2.00 -5.70 -0.79 10.69 9.89 7.61 0.37 2.13 0.59 3.01............................................................................................................................................................................................................................................................................

34 46 33 86 39 7 2 4 18 5 22 11............................................................................................................................................................................................................................................................................231 276 361 426 502 549 601 651 757 870 972 1077

+/- DJ 60% Glob+/- DJ 60% US

% Rank Cat

No. of Funds in Cat

Portfolio Analysis 06-30-2006Composition %

Cash 4.95U.S. Stocks 51.99Non-U.S. Stocks 11.07Bonds 31.95Other 0.03

Equity StyleValue Blend Growth

Small

Mid

Large

Portfolio Port Rel RelStatistics Avg Index Cat

P/E Ratio TTM 16.6 __ __P/C Ratio TTM 10.1 __ 0.91P/B Ratio TTM 2.1 __ 0.76Geo Avg Mkt 38986 __ 1.33Cap $mil

Fixed-Income StyleShort Int Long

Low

Med

High Avg Eff Duration 4.00Avg Eff Maturity 6.20Avg Credit Quality AAAvg Wtd Coupon 5.64Avg Wtd Price 99.13

Credit Analysis 06-30-2006 Bond %

AAA 67.24AA 1.86A 7.49.................................................................................................................BBB 12.88BB 10.53B 0.00.................................................................................................................Below B 0.00NR/NA 0.00

Regional Exposure Stocks % Rel DJ 60% Gl

Americas 82.7 __Greater Europe 10.9 __Greater Asia 6.4 __

Share Chg Share 83 Total Stocks % Netsince Amount 300 Total Fixed-Income Assets03-2006 18% Turnover Ratio

19 mil17 mil25 mil19 mil10 mil

Hewlett-Packard CompanyComcast Corporation ANews Cl APfizer Inc.Sony Corporation ADR

2.482.201.931.841.83..............................................................................................................................

7 mil8 mil4 mil

22 mil6 mil

Chevron CorporationSanofi-Aventis ADRUnion Pacific CorporationTime Warner, Inc.Cardinal Health, Inc.

1.671.661.601.551.54..............................................................................................................................

18 mil3 mil

11 mil375 mil

7 mil

Matsushita Electric IndustriaFedEx CorporationMcDonald's CorporationUS Treasury Note 3.625%Wal-Mart Stores, Inc.

1.531.521.471.451.44

Sector Weightings Stocks % Rel DJ 60% Gl

Information Economy 20.6 __

Software 1.0 __

Hardware 8.3 __

Media 10.3 __

Telecommunication 1.1 __

Service Economy 49.9 __

Healthcare Services 17.4 __

Consumer Services 7.0 __

Business Services 8.2 __

Financial Services 17.3 __

Manufacturing Economy 29.4 __

Consumer Goods 6.3 __

Industrial Goods 12.9 __

Energy 9.8 __

Utilities 0.4 __

...................................................................................................................................................

...................................................................................................................................................

Page 1 of 6Release date 07-31-2006

©2006 Morningstar Associates, LLC. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed,(3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supple- mental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.

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Toolbar Shortcut

Investment Detail (PDF):

10

12

11

11

Reports

13

1

Advisor WorkstationSM Enterprise Edition Quick Start Guide 10

Portfolio SnapshotTM ReportThe Portfolio Snapshot report shows you holdings information and performance statistics for a portfolio.

To generate a Portfolio Snapshot Report:1 In the Clients & Portfolios Module, double-click a

client name, then select the portfolio you want to seein the report.

2 From the Reports menu, click Portfolio Reports >Portfolio Snapshot (PDF).

Portfolio Comparison ReportThe Portfolio Comparison report allows you to compareany two portfolios from any two clients. For instance,you can compare a client’s existing portfolio with that of a model portfolio you have already created foranother client.

To generate a Portfolio Comparison Report:1 In the Clients & Portfolios Module, double-click a client

name.2 From the Reports menu, click Portfolio Reports >

Portfolio Comparison Report.3 In the Comparison Report Setup dialog box, click the

name of a portfolio, then click Add.4 Use the Find field at the top of the dialog box to find a

portfolio from another client, if necessary. 5 Click the second portfolio to include, then click Add

again.6 Click OK.

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Comparison ReportThe following pages take a detailed look at the differences in the stock and bond exposures between investments in theselected portfolios. This report uses the benchmark shown as a point of comparison between the portfolios in the U.S.Stock Sector Analysis, Regional Exposure, Historical Returns and Portfolio Statistics sections.

Asset Mix ComparisonThe Asset Mix pie graph and table show how assetsin each portfolio are allocated among broad assetclasses.

Portfolio A: FINRA Portfolio IIBenchmark: S&P 500

Asset MixAllocation%

7.4131.2625.8635.280.180.02

CashU.S. StocksForeign StocksBondsOtherNot Classified

100.0

Portfolio B: FINRA PortfoliosBenchmark: S&P 500

Asset MixAllocation%

8.5244.301.29

12.150.29

33.45

CashU.S. StocksForeign StocksBondsOtherNot Classified

100.0

Morningstar Style Box AnalysisTM

The Equity Style box shows how the investmentsare classified in terms of the size of the companies(large, medium, and small) and their price characteristics(value, core, and growth). The Fixed-Income Style boxshows how bond holdings are classified in terms of theircredit quality (high, medium, and low) and the durationof the bonds (short, intermediate, and long). Note thepercentages may not add up to 100% as your holdingsmay own other types of investments such as cash.

Equity Style Fixed-Income Style

ytirutaMelytSValue Core Growth

Small

Medium

Large Size4 5 28

3 3 7

37 3 2

Short Interm Long

Low

Medium

High Quality0 74 0

0 0 0

0 26 0

Equity Style Fixed-Income Style

ytirutaMelytSValue Core Growth

Small

Medium

Large Size18 59 15

2 2 2

0 0 0

Short Interm Long

Low

Medium

High Quality0 52 0

0 0 0

0 48 0

U.S. Stock Sector AnalysisDrilling down past the fund level, the Sector Analysissummarizes the domestic stock allocation of the invest-ments across 12 sectors.

Sector WeightingsPortfolio% Bmark%% of Stocks

Information 5.70 20.40Software 0.89 4.01Hardware 2.00 9.67Media 1.29 3.78Telecommunication 1.53 2.94

Service 82.35 45.34Healthcare Services 26.46 12.62Consumer Services 2.90 8.97Business Services 2.55 3.91Financial Services 50.44 19.84

Manufacturing 11.93 34.21Consumer Goods 4.39 9.49Industrial Goods 3.99 12.90Energy 2.79 8.66Utilities 0.76 3.16

Not Classified 0.02 0.05

Sector WeightingsPortfolio% Bmark%% of Stocks

Information 14.32 20.40Software 2.82 4.01Hardware 5.82 9.67Media 4.51 3.78Telecommunication 1.17 2.94

Service 49.50 45.34Healthcare Services 17.66 12.62Consumer Services 16.55 8.97Business Services 2.05 3.91Financial Services 13.23 19.84

Manufacturing 36.14 34.21Consumer Goods 9.93 9.49Industrial Goods 17.18 12.90Energy 8.16 8.66Utilities 0.87 3.16

Not Classified 0.04 0.05

Page 1 of 903/31/2005

©2005 Morningstar Associates, LLC. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supple- mental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.

Toolbar Shortcut

Portfolio Snapshot (PDF):

13

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FINRA

Advisor WorkstationSM Enterprise Edition Quick Start Guide 11

This Quick Start Guide is intended to get you up and running, but there is plenty more to do in Advisor Workstation Enterprise Edition. The VirtualTraining Center is a comprehensive resource for all of your training needs and is available from the left-hand navigation panel in Workstation.

To open the Virtual Training Center:1 Expand the Virtual Training Center folder in the left

navigation panel2 Click one of the available options.

Video CenterWatch recorded videos on specific topics from all ofthe modules available to you in Advisor WorkstationEnterprise Edition.

Live Web SessionsRegister for a one-hour Web class on a particularmodule in Advisor Workstation Enterprise Edition.

Advanced TopicsThese Flash videos lead you through advancedWorkstation concepts. Learn how to incorporateModern Portfolio Theory statistics into a search,copy portfolios from one client to another, demonstratethe effect of dollar-cost averaging, and more.

Document LibraryThis area contains an Advisor Workstation EnterpriseEdition PDF training manual, as well as documents that detail how to use output reports with clients. It also includes guides to Morningstar’s methodology such as the Morningstar RatingTM and MorningstarStyle BoxesTM.

Virtual Training Center

15

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©2006 Morningstar, Inc. All rights reserved. Morningstar and the Morningstar logo are either trademarks or service marks of Morningstar, Inc.AWSE 0 210 04 0806b


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