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Morningstar Advisor Workstation revenue rose 6% to $69 million. The number of seats increased 3% to more than 153,000. Advisors continue to be the primary way investors access mutual funds, and our software solutions help with their portfolio management decisions. 

We launched Morningstar Advisor Workstation 2.0 last year. This version has enhanced design and capabilities, with dozens of new features that help advisors work more efficiently. With Morningstar Office—essentially Advisor Workstation for smaller registered investment advisors, or RIAs—we added a Report Studio that lets users customize their client reports. Morningstar Office is now the third-largest portfolio management service for RIAs in the United States. 

We see strong demand for customized software solutions, as well. Our Site Builder service provides customized websites for financial institutions that want to reach financial advisors. It had solid growth last year, and there is a robust pipeline of prospects. We also launched our Portfolio Management Service to help institutions aggregate their advisor accounts for performance reporting. We landed our first major client last year— one with more than 20,000 advisors. 

Morningstar.com had a mixed year. The bright spot was advertising revenue, which rose about 75%. Marketing spending is up among asset management and brokerage firms, and Morningstar.com lets them reach a large number of engaged investors. Premium subscription revenue rose about 9% during the year, though Premium Memberships fell 8% in the United States to 139,000. Based on traffic and usage patterns, we believe the decline is bottoming out. We introduced our Premium service in Canada (www.morningstar.ca) and will re-launch it soon in the UK. Overall, Morningstar.com revenue rose 26% to nearly $50 million. 

