CHICAGO, March 25, 2009—Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, has launched Fund Flows, a tool for monitoring current fund asset flow and market share data, in Morningstar Direct, the company’s research platform for institutions. Fund Flows will enable fund industry professionals to research estimated asset flow and market share data for U.S. open-end, money market, and exchange-traded funds, European funds, offshore funds, and Japanese open-end funds.

`Fund Flows offers timely estimated cash flow and market share data for a variety of investment types across multiple geographical markets,` said Sylvester Flood, head of Fund Flows. `It supplies critical knowledge for performing competitive analysis, developing new investment vehicles, and communicating with shareholders.`

Fund Flows allows users to examine flows and market share by proprietary Morningstar statistics such as the Morningstar Rating™, Morningstar Categories, and Morningstar® Stewardship Grades SM. Users can also analyze data by fund family, asset class, fund, or fund class. The Investment Company Institute’s (ICI) proprietary method-of-sale data can be applied to examine market share by distribution channels such as non-proprietary, direct, and institutional. Users can also export data to Microsoft® Excel® to create custom reports.

Investment coverage and approximate monthly data availability:
• U.S. open-end and money market funds—22,000-plus share classes updated by the eighth business day
• U.S. ETFs—more than 800 funds updated by the end of the first week of the month
• European and offshore funds—more than 39,000 share classes updated at the end of the second week of the month
• Japanese open-end funds—more than 3,800 share classes updated by the third week of the month

Later this year, Morningstar expects to add the following to Fund Flows: asset flow data for U.S. variable annuities and separate accounts; Australian investment trusts; ICI’s monthly Trends data; global hedge funds; and fund category classifications for local markets.

About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. 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 300,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 4 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. The company has operations in 19 countries and minority ownership positions in companies based in three other countries.

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