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Business Relationships

At any given time, Morningstar has licensing, advertising, and sponsorship business relationships with a number of companies covered by our equity or mutual fund analysts.

To ensure the independence of our analysts, Morningstar maintains a strict separation between the analyst staff and other areas of the company. We do not permit any explicit or implied pressure by anyone outside the analyst group to alter an analyst's opinion of a stock or mutual fund.

Analysts and salespersons do not meet jointly with outside firms, and no salesperson can communicate directly with an analyst about that analyst's work.

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