Indexes for both product creation and data licensing (where it typically receives annual licensing fees). Competition: Major competitors for Morningstar Indexes include FTSE Russell, MSCI, S&P Dow Jones Indices (offered through McGraw Hill Financial), and Research Affiliates. Other Products and Services The company offers various other products and services, including Morningstar Investment Profiles: pre-made or custom-generated investment fact sheets institutions can use for investor communications; Morningstar Commodity Data: market data and analytical products for energy data management systems, financial and agricultural data management, historical analysis, trading, risk management and forecasting; print and online publications; ByAllAccounts, which provides data aggregation technology for financial applications; investment conferences; Morningstar Enterprise Data Management: customized data aggregation and performance reporting solutions ; market data and desktop software; and other investment software for financial advisors and institutions. International Operations The company conducts its business operations outside of the United States through wholly owned or majority-owned operating subsidiaries based in each of the 26 countries, including Australia, Brazil, Canada, Chile, Denmark, France, Germany, India, Italy, Japan, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, People's Republic of China (both Hong Kong and the mainland), Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, the United Arab Emirates, and the United Kingdom. Intellectual Property and Other Proprietary Rights Morningstar and the Morningstar logo are registered marks of Morningstar in the United States and in certain other jurisdictions. In addition to trademarks, the company holds various patents in the United States, including patents held by Morningstar Investment Management LLC for lifetime asset allocation and asset allocation with annuities. Seasonality Some of the company’s smaller products, such as its annual investment conference in Chicago, generate the majority of their revenue in the first or second quarter of the year. The company sells most of its products with subscription or license terms of at least one year, though, and it recognizes revenue ratably over the term of each subscription or license agreement. This tends to offset most of the seasonality in its business. Regulations The United States: Three of its subsidiaries, Ibbotson Associates, Inc.; Morningstar Associates, LLC; and Morningstar Investment Services, Inc., are registered as investment advisors with SEC under the Investment Advisers Act of 1940 (Advisers Act). As registered investment advisors, these companies are subject to the requirements and regulations of the Advisers Act. In addition, because these three subsidiaries provide investment advisory services to retirement plans and their participants, they may be acting as fiduciaries under the Employee Retirement Income Security Act of 1974 (ERISA). Morningstar Investment Services is a broker-dealer registered under the Securities Exchange Act of 1934 (Exchange Act) and a member of FINRA. Morningstar Credit Ratings, LLC is registered with the SEC as a NRSRO specializing in rating structured finance investments. Australia: The company’s subsidiaries that provide financial information services and advice in Australia, Morningstar Australasia Pty Limited and Ibbotson Associates Australia Ltd., are registered and hold an Australian Financial Services license and are subject to oversight by the Australian Securities and Investments Commission (ASIC). The United Kingdom: Morningstar Investment Management Europe Limited is authorized and regulated by the Financial Conduct Authority (FCA) to provide advisory services in the United Kingdom. Other Regions: Additional legislation and regulations, including those relating to the activities of investment advisors and broker-dealers, changes in rules imposed by the SEC or other U.S. or non-U.S. regulatory authorities and self-regulatory organizations, or changes in the interpretation or enf
(MORN:Consolidated Issue Listed on NASDAQ Global Select )
22 West Washington Street
Chicago, IL 60602
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