Licensed Data Our largest customer in the Investment Information segment made  up approximately 2% of segment revenue in 2010. As of December 31, 2010, about 153,000 advisors in the United States  were licensed to use Advisor Workstation, which is available in  two versions: Morningstar Office (formerly Advisor Workstation  Office Edition) for independent financial advisors and a configurable  enterprise version for financial advisors affiliated with larger firms.  The enterprise version includes four core modules: Clients &  Portfolios, Research, Sales/Hypotheticals, and Planning. We also  offer a variety of other applications, including tools for defined  contribution plans; Morningstar Retirement Income Strategist, a  financial planning application that helps advisors create retirement  income plans for their clients; Morningstar Portfolio Builder, which  helps advisors quickly produce sound client portfolios; Morningstar  Annuity Analyzer, which helps advisors screen and analyze variable  annuity contracts and subaccounts; and Morningstar Hypothetical  Illustrator, which helps advisors create sales illustrations. These  applications can be purchased as stand-alone products or combined  as part of a full Workstation license. Our Licensed Data service gives institutions access to a full range  of proprietary investment data spanning numerous investment data- bases, including real-time pricing data. We offer data packages of  proprietary statistics, such as the Morningstar Style Box and  Morningstar Rating, and a wide range of other data, including infor- mation on investment performance, risk, portfolios, operations data,  fees and expenses, cash flows, and ownership. Institutions can use  Licensed Data in a variety of investor communications, including  websites, print publications, and marketing fact sheets, as well as  for internal research and product development. We deliver Licensed  Data through electronic data feeds and provide daily updates to  clients. Pricing for Licensed Data is based on the number of funds  or other securities covered, the amount of information provided for  each security, and the level of distribution. Pricing for Morningstar Advisor Workstation varies based on the  number of users, as well as the level of functionality offered. We  typically charge about $3,100 per licensed user for a base configu- ration of Morningstar Advisor Workstation, but pricing varies sig- nificantly based on the scope of the license. For clients who purchase  more limited tools-only licenses, the price per user is substantially  less. We generally charge $5,700 per user for an annual license for  Morningstar Office. In 2010, we launched a new client-facing data delivery platform and  introduced other tools to facilitate clients’ access to the most cur- rent data. We also reduced our data file delivery times and global- ized our Essentials platform by adding qualitative fund ratings and  data on European hedge funds. For Licensed Data, our primary competitors are Bloomberg,  Europerformance, FactSet Research Systems, Financial Express,  Interactive Data Corporation, Standard & Poor’s, and Thomson Reuters. Licensed Data was our largest product in 2010 and accounted for  17.7%, 19.1%, and 15.6% of our consolidated revenue in 2010, 2009,  and 2008, respectively. In 2010, we launched Morningstar Advisor Workstation 2.0, a new  platform that incorporates significant technology upgrades along  with interface and usability improvements. It also incorporates file- sharing capabilities to allow financial advisors to work collaboratively  with their peers, either within a group office or across multiple  offices. With Morningstar Office, we introduced a new Report Studio  that allows advisors to create custom performance reports and  launched a rebalancing and trade optimizer. Morningstar Advisor Workstation, a web-based investment planning  system, provides financial advisors with a comprehensive set of  tools for conducting their core business—including investment  research, planning, and presentations. It allows advisors to build  and maintain a client portfolio database that can be fully integrated  with the firm’s back-office technology and resources. Moreover, it  helps advisors create customized reports for client portfolios that  combine mutual funds, stocks, separate accounts, variable annuity/ life subaccounts, ETFs, hedge funds, closed-end funds, 529 plans,  offshore funds, and pension and life funds. Major competitors for Morningstar Advisor Workstation and  Morningstar Office include Advent Software, ASI, EISI, eMoney  Advisor, Junxure, MoneyGuide Pro, Standard & Poor’s, SunGard,  and Thomson Reuters. Morningstar Advisor Workstation Morningstar, Inc. 2010 Annual Report 33