Investments in Unconsolidated Entities

Our investments in unconsolidated entities consist primarily of the following:



	As of June 30		As of December 31
($000)	2011		2010
Investment in MJKK	$	18,971	$	19,036
Other equity method investments	232		109
Investments accounted for using the cost method	5,221		5,117
Total investments in unconsolidated entities	$	24,424	$	24,262

Morningstar Japan K.K. Morningstar Japan K.K. (MJKK) develops and markets products and services customized for the Japanese market. MJKK’s shares are traded on the Osaka Stock Exchange, “Hercules Market,” using the ticker 4765. We account for our investment in MJKK using the equity method. The following table summarizes our ownership percentage in MJKK and the market value of this investment based on MJKK’s publicly quoted share price:



	As of June 30			As of December 31
	2011			2010
Morningstar’s approximate ownership of MJKK	33		%	34		%

Approximate market value of Morningstar’s ownership in MJKK:
Japanese yen (¥000)	¥	2,674,000		¥	3,197,000
Equivalent U.S. dollars ($000)	$	33,022		$	38,361

Other Equity Method Investments. As of June 30, 2011 and December 31, 2010, other equity method investments include our investment in Morningstar Sweden AB (Morningstar Sweden). Morningstar Sweden develops and markets products and services customized for its respective market. Our ownership interest in Morningstar Sweden was approximately 24% as of June 30, 2011 and December 31, 2010.

Cost Method Investments. As of June 30, 2011 and December 31, 2010, our cost method investments consist mainly of minority investments in Pitchbook Data, Inc. (Pitchbook) and Bundle Corporation (Bundle). Pitchbook offers detailed data and information about private equity transactions, investors, companies, limited partners, and service providers. Bundle is a social media company dedicated to helping people make smarter spending and saving choices. Its website, Bundle.com, features a money comparison tool that shows spending trends across the United States, along with a range of information on saving, investing, and budgeting. We did not record any impairment losses on our cost method investments in the first six months of 2011 and 2010, respectively.