Morningstar (MORN) major holder Daniel Mansueto reports 3.75M-share, 10% stake

Rhea-AI Filing Summary

Morningstar, Inc. large shareholder Daniel Mansueto filed an amended Schedule 13G reporting his beneficial ownership of the company’s common stock. He reports beneficial ownership of 3,752,046 shares of common stock, representing 10.0% of the outstanding class.

Mansueto has sole voting power over 3,680,796 shares, held of record by grantor retained annuity trusts for which he serves as voting agent. He has shared voting power and shared dispositive power over an additional 71,250 shares held by a trust for which he is trustee. He reports no sole dispositive power over any shares.

Key Figures

Beneficially owned shares: 3,752,046 shares Percent of class: 10.0% Sole voting power: 3,680,796 shares +3 more

6 metrics

Beneficially owned shares 3,752,046 shares Amount beneficially owned by Daniel Mansueto

Percent of class 10.0% Percentage of Morningstar common stock beneficially owned

Sole voting power 3,680,796 shares Shares over which Mansueto has sole power to vote or direct the vote

Shared voting power 71,250 shares Shares over which Mansueto has shared power to vote or direct the vote

Sole dispositive power 0 shares Shares over which Mansueto has sole power to dispose

Shared dispositive power 71,250 shares Shares over which Mansueto has shared power to dispose

Key Terms

beneficially owned, grantor retained annuity trusts, shared dispositive power, sole voting power

4 terms

beneficially owned financial

"Item 4. | Ownership (a) | Amount beneficially owned: 3,752,046"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

grantor retained annuity trusts financial

"held of record by grantor retained annuity trusts for which Reporting Person serves"

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.

shared dispositive power financial

"Shared Dispositive Power 71,250.00"

sole voting power financial

"Sole Voting Power 3,680,796.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

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

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Available on EDGAR 08/03/2026 - 05:30 PM Accepted by SEC EDGAR 08/03/2026 - 05:30 PM Learn about SEC filing dates

FAQ

How many Morningstar (MORN) shares does Daniel Mansueto beneficially own?

Daniel Mansueto beneficially owns 3,752,046 shares of Morningstar common stock. This position represents a 10.0% stake in the outstanding class, according to the amended Schedule 13G ownership report.

What percentage of Morningstar (MORN) does Daniel Mansueto hold?

Daniel Mansueto reports beneficial ownership of 10.0% of Morningstar’s common stock. This percentage is based on 3,752,046 shares reported as beneficially owned in the amended Schedule 13G filing.

How many Morningstar (MORN) shares does Daniel Mansueto control with sole voting power?

He has sole voting power over 3,680,796 shares of Morningstar common stock. These shares are held by grantor retained annuity trusts, where he serves as voting agent over the shares reported.

What Morningstar (MORN) shares are subject to shared voting and dispositive power for Daniel Mansueto?

Mansueto has shared voting and shared dispositive power over 71,250 shares of Morningstar common stock. These shares are held by a trust for which he serves as trustee, providing shared authority over them.

Does Daniel Mansueto have sole dispositive power over Morningstar (MORN) shares?

He reports no sole dispositive power over any Morningstar shares. All dispositive authority disclosed relates to 71,250 shares where he has shared power through his role as trustee of a trust.

Through what entities are Daniel Mansueto’s Morningstar (MORN) holdings structured?

His holdings are structured via grantor retained annuity trusts and a separate trust. The annuity trusts provide sole voting power over 3,680,796 shares, while the trust provides shared voting and dispositive power over 71,250 shares.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Morningstar, Inc.

(Name of Issuer)

Common Stock, no par value

(Title of Class of Securities)

617700109

(CUSIP Number)

07/29/2026

(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 3,680,796.00
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

3,752,046.00

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)

10.0 %

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: 3,752,046
(b)	Percent of class: 10.0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3,680,796(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:	08/03/2026