Letter to Shareholders Morningstar Direct is one of our main growth engines and had  another strong year for license growth in 2010. 1,348 2,961 3,524 2,229 06  07  08  09  10 U.S. Non-U.S. 4,773 Morningstar Direct Licenses Morningstar Direct is a web-based software platform that offers all of our investment databases, analytics,  and research for a single price. This simple approach appeals to our clients and makes sales and support easier.  We’re just getting started with Morningstar Direct and see much potential. We position Morningstar Direct as a primary research platform and are focusing on consolidation opportu- nities. Last year, we enhanced performance attribution, performance reporting, fund flow data, separate account  data, and our Presentation Studio for creating customized reports. We also added a new global fund  manager database, where investors can research an investment manager and all the funds the manager  oversees instead of looking only at a specific investment product.  We also added access to real-time quotes through QuoteSpeed  2.0 to Morningstar Direct. We plan to do  more integration of global real-time quotes—powering real-time performance attribution, for example. This will  broaden the product’s institutional appeal and value. We acquired Logical Information Machines ( LIM) at the end of 2009. LIM aggregates 350 databases of interest  to commodity and energy traders. Last year, we launched our  LIM Evolution Platform for real-time access  to data. We also added new data interfaces and tools and made progress converting existing data partners to a  revenue-share model. Eventually, we’ll bring  LIM’s commodity expertise and data into Morningstar Direct. We’re working on a new software architecture for Morningstar Direct with a more intuitive user interface.  We’ll make it a cloud application that’s accessible with a web browser and requires no installation.  With the advent of the iPhone, iPad, and other similar devices, user expectations regarding interfaces, ease of  access, and design have been rising markedly. We need to make sure Direct keeps pace.  8 ................................................................................................................................................................................................ . .