Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Item 9A. Controls and Procedures (a) Evaluation of Disclosure Controls and Procedures (c) Changes in Internal Controls Over Financial Reporting Part III Item 10. Directors, Executive Officers, and Corporate Governance Item 9B. Other Information (b) Management’s Report on Internal Control Over Financial Reporting The information contained under the headings Proposal 1—Election  of Directors, Board of Directors and Corporate Governance— Independent Directors, Board of Directors and Corporate  Governance—Board Committees and Charters, and Section 16(a)  Beneficial Ownership Reporting Compliance in the definitive proxy  statement for our 2011 Annual Meeting of Shareholders (the Proxy  Statement) and the information contained under the heading  Executive Officers in Part I of this report is incorporated herein by  reference in response to this item. We have adopted a code of ethics, which is posted in the Investor  Relations section on our website at  http://corporate.morningstar. com . We intend to include on our website any amendments to, or  waivers from, a provision of the code of ethics that apply to our  Our management is responsible for establishing and maintaining  adequate internal control over financial reporting. Our internal con- trol over financial reporting is a process designed to provide reason- able assurance regarding the reliability of financial reporting and  the preparation of financial statements for external purposes in  accordance with U.S. generally accepted accounting principles. We carried out an evaluation, under the supervision and with the  participation of our management, including our chief executive  officer and chief financial officer, of the effectiveness of the design  and operation of our disclosure controls and procedures, as defined  in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of  1934, as of December 31, 2010. Based on that evaluation, our chief  executive officer and chief financial officer concluded that our dis- closure controls and procedures are effective to provide reasonable  assurance that information required to be disclosed in the reports  we file or submit under the Exchange Act is recorded, processed,  summarized, and reported as and when required and is accumulated  and communicated to management, including the chief executive  officer and chief financial officer, as appropriate to allow timely  decisions regarding required disclosure. There is no information that was required to be disclosed in a report  on Form 8-K during the fourth quarter of the year covered by this  Annual Report on Form 10-K that was not reported. There were no changes in our internal controls over financial report- ing during our fiscal quarter ended December 31, 2010 that have  materially affected, or are reasonably likely to materially affect, our  internal control over financial reporting. Disclosure controls and procedures are designed to reasonably  assure that information required to be disclosed in the reports filed  or submitted under the Exchange Act is recorded, processed, sum- marized, and reported within the time periods specified in the SEC’s  rules and forms. Disclosure controls and procedures include, with- out limitation, controls and procedures designed to reasonably assure  that information required to be disclosed in the reports filed under  the Exchange Act is accumulated and communicated to management,  including the chief executive officer and chief financial officer, as  appropriate, to allow timely decisions regarding required disclosure. Based on that evaluation, our management concluded that our inter- nal control over financial reporting was effective as of December  31, 2010. Ernst & Young LLP, our independent registered public  accounting firm, has issued their report on the effectiveness of our  internal control over financial reporting, which is included in Part II,  Item 8 of this Form 10-K under the caption “Financial Statements  and Supplementary Data” and incorporated herein by reference. We carried out an evaluation, under the supervision and with the  participation of our management, including our chief executive  officer and chief financial officer, of the effectiveness of our internal  control over financial reporting based on the framework set forth  in Internal Control—Integrated Framework issued by the Committee  of Sponsoring Organizations of the Treadway Commission. None. Morningstar, Inc. 2010 Annual Report 139