## International Operations 

We conduct our business operations outside of the United States, which have been increasing as a percentage of our consolidated revenue, through wholly owned or majority-owned operating sub- sidiaries doing business in each of the following countries: Australia, Brazil, Canada, Chile, Denmark, France, Germany, India, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, People’s Republic of China (both Hong Kong and the mainland), Singapore, South Africa, Spain, Switzerland, Taiwan, Thailand, and the United Kingdom. See Note 5 of the Notes to our Consolidated Financial Statements for additional information concerning revenue from customers and long-lived assets from our business operations outside the United States. 

In addition, we hold minority ownership positions in operating companies based in Japan and Sweden. As of December 31, 2010, we owned a minority ownership position (approximately 34% of the outstanding shares) in Morningstar Japan K.K. (MJKK) and our share had a market value of approximately $38.4 million. MJKK is publicly traded under ticker 4765 on the Osaka Stock Exchange “Hercules Market.” See Note 8 of the Notes to our Consolidated Financial Statements for information on our investments in uncon- solidated entities. 

To enable these companies to do business in their designated ter- ritories, we provide them with the rights to the Morningstar name and logo and with access to certain of our products and technology. Each company is responsible for developing marketing plans tailored to meet the specific needs of investors within its country and working 

## Trademarks and Service Marks 

Advice by Ibbotson ® Ibbotson Associates ® Ibbotson ®  SBBI ® Morningstar ®  Advisor Workstation SM Morningstar ®  Advisor Workstation SM Enterprise Edition Morningstar ®  Analyst Research Center SM Morningstar ®  Annuity Analyzer SM Morningstar Associates ® Morningstar ®  Corporate Credit Research Morningstar ®  Document Library SM Morningstar Direct SM Morningstar ®  Enterprise Data Management Morningstar ®  Equity Research Services SM Morningstar ®  Essentials TM Morningstar ®  ETFInvestor TM Morningstar ETF ®  Research 

Morningstar ®  FundInvestor TM Morningstar ®  Fund Research Morningstar ®  Hypothetical Illustrator SM Morningstar ®  Indexes Morningstar ®  Institutional Equity Research Services SM Morningstar ®  Investment Profiles TM  and Guides Morningstar Investment Services Morningstar ®  Licensed Data SM Morningstar ®  Licensed Tools Morningstar LIM Morningstar ®  Managed Portfolios SM Morningstar ®  Managed Portfolios SM  Select Stock Baskets Morningstar Market Barometer SM Morningstar ®  Mutual Funds TM Morningstar Office SM 

with Morningstar’s data collection and development centers to cre- ate and maintain databases, develop new products, and enhance existing products. 

See Item 1A—Risk Factors for a discussion of the risks related to our business operations outside of the United States. 

## Intellectual Property and Other Proprietary Rights 

We treat our brand, product names and logos, software, technology, databases, and other products as proprietary. We try to protect this intellectual property by using trademark, copyright, patent and trade secrets laws; licensing and nondisclosure arrangements; and other security measures. For example, in the normal course of business, we only provide our intellectual property to third parties through standard licensing agreements. We use these agreements to define the extent and duration of any third-party usage rights and provide for our continued ownership in any intellectual property furnished. 

Because of the value of our brand name and logo, we have tried to register one or both of them in all of the relevant international classes under the trademark laws of most of the jurisdictions in which we maintain operating companies. As we move into new countries, we consider adding to these registrations. In some juris- dictions, we also register certain product identifiers. We have reg- istered our name and/or logo in numerous countries and the European Union and have applied for registrations in several other countries. 

“Morningstar” and the Morningstar logo are registered marks of Morningstar in the United States and in certain other jurisdictions. The table below includes some of the trademarks and service marks that we use: 

Morningstar ®  Ownership Zone SM Morningstar ®  Portfolio Builder SM Morningstar ®  Portfolio X-Ray ® Morningstar ®  Principia ® Morningstar Qualitative Rating TM Morningstar ®  Quotespeed SM Morningstar Rating TM Morningstar ®  Real-Time Data Morningstar Realpoint Morningstar ®  Retirement Income Strategist SM Morningstar ®  Retirement Manager SM Morningstar ®  Site Builder SM Morningstar ®  Stewardship Grade SM Morningstar ®  StockInvestor TM Morningstar Style Box TM Morningstar ®  Wide Moat Focus SM  Index Morningstar.com ® 

