Letter to Shareholders Premium subscriptions declined because of pressure on  consumer discretionary spending, but we believe the trend is  bottoming out. ................................................................................................................................................................................................ . . 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. 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  10 Research 165,957 180,366 177,518 150,473 06  07  08  09  10 138,732 Morningstar.com Premium Memberships (U.S.)