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Don Phillips' Congressional Testimony

Morningstar offers four principles for improving the fund industry.

On Nov. 4, 2003, Don Phillips testified before the U.S. House of Representatives Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises in Washington, D.C. Here is a copy of his full testimony.

Thank you for the opportunity to appear before this distinguished Committee. My name is Don Phillips and I am a Managing Director of Morningstar, Inc., an independent investment research firm that provides data and analysis on a variety of investment vehicles, including mutual funds. Morningstar was founded in 1984 and today employs over 800 people covering more than 100,000 investments worldwide. In excess of 150,000 individual investors and 50,000 financial planners subscribe to our services in the U.S. alone. In addition, there are over two million registered users of our investment web site,