Morningstar Direct Morningstar Direct is a web-based institutional research platform  that provides advanced research on the complete range of securities  in Morningstar’s global database. This comprehensive research  platform allows research and marketing professionals to conduct  advanced performance comparisons and in-depth analyses of a  portfolio’s underlying investment style. Morningstar Direct includes  access to numerous investment universes, including U.S. mutual  funds; European and offshore funds; funds based in most major  markets around the world; stocks; separate accounts; hedge funds;  closed-end funds; exchange-traded funds; global equity ownership  data; variable annuity and life portfolios; and market indexes. In 2010, we made several key enhancements to Morningstar Direct,  including automated importing of portfolio and account data;  improved reports on U.S. stocks, open-end funds, and closed-end  funds; enhanced reports for Presentation Studio and performance  attribution; a new global fund manager database; and a new entitle- ment system for accessing third-party content. We also added new  reports on 529 college savings plans, optional access to QuoteSpeed  2.0 for real-time quote data and market monitoring, selected firm- level data for private equities, and additional data points on stocks  and funds. We introduced local language versions of Morningstar  Direct in France, Japan, and Korea in 2010 and plan to launch addi- tional versions in Germany and Spain in 2011. For Morningstar Direct, our primary competitors are eVestment  Alliance, FactSet Research Systems, Markov Processes International,  Strategic Insight, Thomson Reuters, and Zephyr Associates in the  United States, and FactSet Research Systems, Financial Express,  Markov Processes International, Style Research, and Thomson  Reuters in non-U.S. markets. Morningstar Direct had 4,773 licensed users worldwide as of  December 31, 2010. Pricing for Morningstar Direct is based on the number of licenses  purchased. We charge $17,000 for the first user, $10,500 for the  second user, and $8,500 for each additional user. Morningstar Direct is one of our five largest products based on  revenue and accounted for 6.9%, 6.3%, and 5.0% of our consolidated  revenue in 2010, 2009, and 2008, respectively. In 2010, we added several new tools to the Site Builder suite, includ- ing a Sales Support Station, a packaged collection of Site Builder  tools created specifically for wholesalers and sales support teams;  the Portfolio Planner Advanced tool, which delivers a simple asset  allocation and portfolio construction workflow; and a Correlation  Analyzer tool, which allows users to search for investments that  are either positively or negatively correlated with a given index,  investment or portfolio. Morningstar Site Builder and Licensed Tools are services that help  institutional clients build customized websites or enhance their  existing sites with Morningstar’s online tools and components. In  the United States, we offer Morningstar Site Builder, a set of inte- grated tools, content, and reports that investment firms can use to  build or enhance websites for financial advisors and individual inves- tors. We offer an extensive set of online tools and editorial content  that institutional clients can license to use in their websites and  software products. Outside of the United States, we offer Licensed  Tools, which can be customized with capabilities for regional mar- kets, multiple languages, and local currencies. Site Builder and  Licensed Tools can be customized to analyze a set of investments,  focus on client-defined data points, or perform calculations required  by specific products or services. We also offer licenses for invest- ment research, editorial content, and portfolio analysis tools.  Morningstar Site Builder and Licensed Tools can be integrated with  a client’s existing website and allow users to drill down into the  underlying data when researching a potential investment. Morningstar Site Builder and Licensed Tools Morningstar Direct Licenses Morningstar, Inc. 2010 Annual Report 35 U.S. Non-U.S. 1,348 2,229 2,961 3,524 4,773 2006  2007  2008  2009  2010 U.S.  1,077  1,564  1,892  2,175  2,789 Non-U.S.  271  665  1,069  1,349  1,984