Morningstar: Daniel Mansueto reports 8.8% stake

Available on EDGAR 11/12/2026 - 04:16 PM EST Accepted by SEC EDGAR 11/12/2026 - 04:15 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Morningstar, Inc. (MORN) reports reporting person Daniel Mansueto’s beneficial ownership of 3,267,298 common shares, or 8.8% of the class, as of September 30, 2026. He has sole voting power over 3,196,048 shares held by grantor retained annuity trusts for which he serves as voting agent. He has shared voting and disposition power over 71,250 shares held by a trust for which he is trustee; his sole disposition power is reported as zero.

Key Figures

Beneficial ownership: 3,267,298 shares Percent of class: 8.8% Sole voting power: 3,196,048 shares +3 more

6 metrics

Beneficial ownership 3,267,298 shares Reported as of September 30, 2026

Percent of class 8.8% Of Morningstar common stock

Sole voting power 3,196,048 shares Shares held by grantor retained annuity trusts for which Daniel Mansueto serves as voting agent

Shared voting power 71,250 shares Shares held by a trust for which Daniel Mansueto serves as trustee

Sole dispositive power 0 shares Reported for Daniel Mansueto

Shared dispositive power 71,250 shares Shares held by a trust for which Daniel Mansueto serves as trustee

Key Terms

beneficial ownership, grantor retained annuity trusts

2 terms

beneficial ownership regulatory

"Amount beneficially owned: 3,267,298"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

grantor retained annuity trusts financial

"shares held of record by grantor retained annuity trusts"

A grantor retained annuity trust (GRAT) is an estate-planning tool where an owner transfers assets into a trust and receives fixed payments back for a set number of years; any remaining assets after that period pass to designated beneficiaries. For investors it matters because it can move future investment growth to heirs while potentially reducing gift and estate taxes — like putting a rising asset in a timed box that pays you first and gives the remaining upside to others.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many Morningstar (MORN) shares does Daniel Mansueto report as beneficially owned?

Daniel Mansueto reports beneficial ownership of 3,267,298 Morningstar common shares, equal to 8.8% of the class, as of September 30, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Morningstar, Inc.

(Name of Issuer)

Common Stock, no par value

(Title of Class of Securities)

617700109

(CUSIP Number)

09/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 617700109

1

Names of Reporting Persons

Daniel Mansueto

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,196,048.00
6	Shared Voting Power 71,250.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 71,250.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,267,298.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.8 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Line 5 consists of shares of Common Stock held of record by grantor retained annuity trusts for which Reporting Person serves as the voting agent over the shares. Lines 6 and 8 consist of shares of Common Stock held of record by a trust, for which Reporting Person serves as the trustee. Lines 9 and 11 consist of shares of Common Stock held of record by grantor retained annuity trusts for which Reporting Person serves as the voting agent over the shares and shares of Common Stock held of record by a trust, for which Reporting Person serves as the trustee.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Morningstar, Inc.
(b)	Address of issuer's principal executive offices: 22 West Washington Street, Chicago, IL 60602
Item 2.
(a)	Name of person filing: Daniel Mansueto
(b)	Address or principal business office or, if none, residence: 907 Westwood Boulevard, #1026 Los Angeles, CA 90024
(c)	Citizenship: U.S.A.
(d)	Title of class of securities: Common Stock, no par value
(e)	CUSIP No.: 617700109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3,267,298
(b)	Percent of class: 8.8 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3,196,048(1) (1) Consists of shares of Common Stock held of record by grantor retained annuity trusts for which Reporting Person serves as the voting agent over the shares.
	(ii) Shared power to vote or to direct the vote: 71,250(2) (2) Consists of shares of Common Stock held of record by a trust, for which Reporting Person serves as the trustee
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 71,250(2) (2) Consists of shares of Common Stock held of record by a trust, for which Reporting Person serves as the trustee
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Daniel Mansueto

Signature:	/s/ Daniel Mansueto
Name/Title:	Daniel Mansueto
Date:	11/12/2026