Morningstar Announces SEC Investigation

CHICAGO, IL, September 24, 2004 – Morningstar, Inc. today announced that the Securities and Exchange Commission (SEC) is conducting an investigation of the company regarding 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.

On May 24, 2004, Morningstar received a "Wells Notice" from the staff of the Division of Enforcement of the SEC, indicating that it was considering civil action against the company for violating U.S. securities laws. A Wells Notice provides the recipient the opportunity to present facts and arguments against the initiation of such action.

Morningstar has been fully cooperating with the SEC and continues to be in discussions with the SEC regarding this matter.

Joe Mansueto, chairman and chief executive officer, has posted a letter relating to this investigation on the company’s Web site at http://news.morningstar.com/pdfs/joem092404.pdf

Morningstar, Inc. is a leading provider of independent investment research in the United States and in major international markets. Morningstar tracks more than 100,000 investment offerings, including 7,000 stocks, 16,000 mutual fund share classes, and similar vehicles. The company has operations in 16 countries.

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