Morningstar, Inc. (Morningstar) is a provider of independent investment research to investors globally. The Company offers a range of Internet, software, and print-based products for individual investors, financial advisors, and institutional clients. The Company provides asset management services for advisors, institutions, and retirement plan participants. In addition to the United States-based products and services, Morningstar offer local versions of the products designed for investors in Asia, Australia, Canada, Europe, Japan, and South Africa. During the year ended December 31, 2008, the Company introduced hedge fund ratings and Style Boxes, a Morningstar Rating for collective investment trusts, a new series of hedge fund categories and indexes, analyst-driven fair value estimates for exchange traded funds (ETFs), new glide path data for target-date funds, estimated cash flow and market share data for investments in global markets, and rider descriptions for variable annuities.