Morningstar, Inc. is a provider of independent investment research in North America, Europe, Australia, and Asia. The Company offers a line of products and services for financial advisors, asset managers, retirement plan providers and sponsors, and individual investors. In addition to its United States-based products and services, it offers local versions of its products designed for investors in Asia, Australia, Canada, Europe, Latin America, and South Africa. Morningstar serves approximately 250,000 financial advisors, 1,700 asset management firms, 24 retirement plan providers, 290,000 retirement plan sponsors, and 9.9 million individual investors. The Company has operations in 27 countries. As of December 31, 2014, the Company provided data on approximately 500,000 investments, including mutual funds, stocks, exchange-traded funds (ETFs), closed-end funds, separate accounts, and variable annuities.