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## Premium subscriptions declined because of pressure on consumer discretionary spending, but we believe the trend is bottoming out. 

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We launched new mobile applications for the BlackBerry and Android platforms, in addition to our existing iPhone application. Money  Magazine recently recognized our mobile application as one of its “Best 35 Money Apps.” We’ve also built a cross-product platform that will support all Morningstar mobile applications. It’s no secret that mobile usage is rising dramatically. We’re investing more in this area to ensure that we’re building best-in-class mobile applications. We’ve also been responding to the huge interest in ETFs by increasing Morningstar.com’s ETF coverage, including ETF centers on our global sites. 

Chris Boruff leads our software business and does a terrific job. Chris and his team excel at understanding client needs and using those insights to create value-added investment research software. 

## Research 

We compete with many firms that sell investment data and software. A key point of differentiation for us, though, is having a sizable research staff. We have more than 300 investment research professionals who analyze managed products, equities, and fixed-income securities. Investors want help in interpreting investment data and making better investment decisions. Our analysts provide insightful perspective—not just with their research reports but also by helping develop our data and software. 

Don Phillips leads our fund research efforts and ensures that we’re the leading voice covering managed investment products. We have 95 fund analysts around the world who report to Don. We expanded our analyst staff 16% in 2010, with ETF analysts making up the biggest part of the growth. 

We acquired Old Broad Street Research ( OBSR) in April 2010. OBSR is a leading mutual fund rating and consulting firm based in the UK. I’ll talk more about OBSR in the acquisition section of this letter. Here, it’s worth 

