# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Restricted Securities

To avoid conflicts of interest, Morningstar maintains the following policies on employee stock ownership. These policies apply to employees and their immediate family members:

  • We prohibit Morningstar fund analysts from owning the securities of any publicly traded firm that derives revenue from managing mutual funds.

 

  • We prohibit equity analysts from holding positions in the companies they cover.

 

  • To ensure that our customers are the first to benefit from our research, whenever an equity analyst begins researching a stock, we put it on our restricted list. Any stock on this list is off-limits to all Morningstar equity analysts and their immediate families. The stock remains on the restricted list until two business days after we publish the report.

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