Mutual fund industry executives gathered in Chicago Thursday for the Mutual Fund Education Alliance's executive council forums.

The Intermediary Distribution Council and E-Commerce Council forums took place at the Mid-America Club and attracted a total of around 130 attendees.

The Star Awards will be held tonight at the Fairmont Millenium Park.

In one of the IDC sessions this morning, Shannon Zimmerman, associate director of mutual fund analysis at Morningstar, gave the audience an overview of the soon-to-be-launched forward-looking Analyst Ratings.

Zimmerman talked about what they are (an aptitude test) and what they are not (a short-term recommendation, a market call).

Morningstar plans to roll out the ratings before the year ends. In the U.S., where it covers 1,500 funds, Morningstar plans to start with 500 for the first wave.  

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