2010 10-K: Part I Principia prices generally range from approximately $730 per year  for monthly updates on one investment database to $3,345 per year for monthly updates on the complete package spanning all invest- ment universes, or $7,535 for all investment universes plus additional  modules for asset allocation, defined contribution plans, and port- folio management. For Licensed Tools outside the United States, we expanded the range  of equity tools that we offer to clients, including equity reports, a stock  screener, and information on market movers. We also added tools  covering market indexes, exchange rates, commodities, and interest  rates. We enhanced our tools for investment types including  exchange-traded funds, closed-end funds, and hedge funds, includ- ing real-time pricing updates for exchange-listed products. Finally,  we deployed an international version of Portfolio Planner that allows  financial advisors to quickly assess a client’s risk profile and match  it with either a model portfolio or a self-constructed portfolio. Major competitors for Principia include Standard & Poor’s and  Thomson Reuters. Competitors for Morningstar Site Builder and Licensed Tools include  ASI, Financial Express, Interactive Data Corporation, Standard &  Poor’s, Thomson Reuters, and Wall Street on Demand. Pricing for Morningstar Site Builder and Licensed Tools depends on  the audience, the level of distribution, and the scope of information  and functionality licensed. We acquired LIM, a leading provider of data and analytics for the  energy, financial, and agriculture sectors, at the end of 2009. LIM  is a pioneer in providing market pricing data, securities reference  data, historical event data, predictive analytics, and advanced data  management solutions that help customers manage large sets of  time-series data. LIM collects, unifies, and conducts quality assur- ance on data from more than 200 data sources in the energy, finan- cial, and agriculture sectors and provides clients with one central  source for data intelligence and analysis. Clients can also use LIM’s  tools to analyze their own proprietary data. LIM‘s clients include  some of the world’s largest asset managers, banks, oil companies,  power and natural gas trading firms, utilities, risk managers, and  agriculture and commodities trading firms. Principia is our CD-ROM-based investment research and planning  software for financial planners and had 32,681 subscriptions as of  December 31, 2010. The modules offered in Principia provide data  on mutual funds, ETFs, stocks, separate accounts, variable annuity/ life subaccounts, closed-end funds, asset allocation, hypotheticals,  presentations and education, and defined contribution plans. Each  module is available separately or together and features searching,  screening, and ranking tools. Principia allows advisors to create  integrated portfolios for clients and offers three-page Portfolio  Snapshot reports that provide a comprehensive picture of the client’s  portfolio. The Snapshot report shows overall style and sector weight- ings as well as the cumulative exposure to individual stocks. The  Snapshot report is among those approved by the National Association  of Securities Dealers for financial advisors to distribute and review  with their clients. In 2010, we added a new web-based interface to make it easier for  clients to access the most timely data, as well as a tool to facilitate  data analysis through Microsoft Excel. Our vision for LIM is to build  the leading global energy and commodity information marketplace.  Over the next several years, we plan to continue enhancing LIM’s  platform to leverage its data warehouse and maximize data acces- sibility. In addition, we believe LIM complements our core data and  software businesses and provides a new distribution channel for  Morningstar. We plan to continue exploring ways to leverage LIM’s  data, technology, and delivery capabilities to enhance other  Morningstar products. In 2010, we added batch reporting and client-level report function- ality to Principia and further integrated the CAMS (Client Account  Manager Service) functionality with other Principia modules. We  also increased the percentage of subscribers receiving electronic  delivery to 30%, reducing our fulfillment costs and giving clients  more timely access to the most recent updates. Pricing for LIM is customized by client depending on the number of  users, the type of data accessed, the number of data sources used,  and the size of the data sets. Major competitors for LIM include DataGenic, GlobalView, Sungard  FAME, Ventex, and ZE Power. LIM Morningstar Principia 36