On May 23, 2006, Morningstar will begin tracking the price return counterparts of the S&P 100, S&P 400, S&P 500, S&P 600 and S&P REIT. These S&P indexes will be amended to include a PR and TR at the end of each index name, specifying the price return and total return variants. Additionally, we are changing our methodology from monthly to daily reinvestment of dividends for the S&P total return variants.

To bring greater consistency across subaccount names, we have changed the short name effective March 16. The new subaccount short name will keep a 37 character limit but will combine an 11 character policy name with a 25 character fund short name.

Watch for the May 20 issue of Barron's and the new section entitled "Separate Accounts Quarterly Review.� First published in February of this year, this section includes articles about the separate account industry accompanied by a series of data tables. To help investors compare and analyze these investments, Morningstar is providing statistics such as gross returns, fee information, and the Morningstar Rating� for our entire database of approximately 5,500 separate account/commingled fund strategies (including retail and institutional products) from about 1,000 money managers. The new section will appear in Barron's print and online editions on a regular basis.

We are pleased to announce the launch of the Morningstar Dividend Leaders Index, a diversified portfolio of the 100 highest yielding stocks with a consistent history of paying dividends and the ability to sustain their dividends going forward. This index is unique because stocks are weighted in proportion to the dividends available to investors. Both the amount of the dividend paid and the size of the company are given due importance. In addition, Morningstar applies a sustainability screen for each stock that considers forward-looking measures and favors companies that are expected to have sufficient earnings to cover future dividends.

We also launched the Morningstar Dividend Composite Index to serve as a benchmark for performance measurement. The Dividend Composite Index contains all dividend-paying stocks in the Morningstar(R) US Market(SM) Index that meet the dividend consistency and sustainability screens. The Dividend Leaders Index consists of the 100 highest yielding stocks that make up the Dividend Composite Index.

Morningstar will exhibit at the Investment Management Consultants Association (IMCA) Conference in Orlando, FL, April 30-May 3; the Money Marketing Live in London (Olympia), on May 4; Risparmio Italia in Rimini, Italy, May 11-12; the Moventum Kongress in Baden-Baden, Germany, May 16-17; the Investment Company Institute (ICI) General Membership Meeting in Washington, DC, May 17-19; the CFA Institute Annual Conference in Zurich, Switzerland, May 21-24; Institutional Investor's Enterprise Data Management Summit in New York City, May 22; and the National Investor Relations Institute (NIRI) Annual Conference in San Diego, CA, June 11-14.