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Margaret Kirch Cohenmargaret.cohen@morningstar.com
SEC Will Not Proceed Against Morningstar In the Matter of the Rock Canyon Top Flight Fund

CHICAGO, Feb. 8, 2006  —  Morningstar, Inc. (NASDAQ: MORN) today announced it was informed by the Securities and Exchange Commission that the SEC’s Division of Enforcement has decided not to proceed against Morningstar in its formal investigation of the company related to the Rock Canyon Top Flight Fund, and the matter is now closed. The investigation, which began on May 24, 2004, related to incorrect total return data that Morningstar published during a short period in early 2004 with respect to a single mutual fund, the Rock Canyon Top Flight Fund.
 
Joe Mansueto, chairman and chief executive officer of Morningstar, said, “Obviously we’re pleased with the SEC’s decision and are happy to put this matter behind us.”

About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment research in the United States and in major international markets. The company offers an extensive line of Internet, software, and print-based products and services for individuals, financial advisors, and institutions. Morningstar provides data on more than 125,000 investment offerings, including stocks, mutual funds, and similar vehicles. The company has operations in 16 countries.
     
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©2006 Morningstar, Inc.  All rights reserved.

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