Morningstar Investment Management LLC

Registered investment adviser · Chicago, IL · CRD #108031

Form ADV data as of 2026-09-01

Regulatory assets

$87.82 billion

Total accounts

515,981

Employees

267

Disclosure events

Firm details

Website: https://www.linkedin.com/company/morningstar
Telephone: 312-696-6000
SEC file number: 801-56896
Most recent Form ADV filing: 2026-08-18
SEC record: View this firm on the SEC's IAPD site

Disciplinary disclosures

This firm answered No to every Item 11 disciplinary question on its most recent Form ADV filing.

Assets and accounts

Provides continuous and regular supervisory or management services	Yes
Discretionary regulatory assets under management	$87.82 billion
Non-discretionary regulatory assets under management	$0
Total regulatory assets under management	$87.82 billion
Discretionary accounts	515,981
Non-discretionary accounts	0
Total accounts	515,981
Regulatory assets under management attributable to non-U.S. persons	$37.1 million

People

Total employees (excluding clerical)	267
Employees performing investment advisory functions (including research)	52
Employees who are registered representatives of a broker-dealer	0
Employees registered as investment adviser representatives with a state	23
Employees registered as IARs for another investment adviser	0
Employees who are licensed insurance agents	0
Firms or persons who solicit advisory clients on the firm's behalf	4

Custody

Has custody of client cash or bank accounts	No
Has custody of client securities	No
A related person has custody of client cash or bank accounts	No
A related person has custody of client securities	No
The firm acts as a qualified custodian	No
A related person acts as a qualified custodian	No
Number of persons acting as qualified custodians for the firm's clients	23

How the firm is compensated

A percentage of assets under managementFixed fees (other than subscription fees)Other

Advisory services offered

Portfolio management for individuals and/or small businessesPortfolio management for investment companiesPortfolio management for pooled investment vehiclesPortfolio management for businesses or institutional clientsPension consulting servicesSelection of other advisers (including private fund managers)

Other business activities

Commodity pool operator or commodity trading advisor

Affiliated related persons

Other investment adviser (including financial planners)

Reported conflicts of interest

Form ADV Items 8 asks advisers to disclose arrangements that may create a conflict with client interests. This firm answered Yes to:

Buys or sells for itself securities it also recommends to clients
Recommends securities in which it has another proprietary interest
Recommends securities in which it has another sales interest
Compensates a non-employee for client referrals
Provides employee compensation specifically for obtaining clients
Receives compensation from others for client referrals

Client types

Type of client	Clients	Assets
Individuals (other than high net worth individuals)	512,688	$35.59 billion
High net worth individuals	3,271	$3.98 billion
Investment companies	3	$6.24 billion
Pooled investment vehicles (other than investment companies and BDCs)	1	Not reported
Pension and profit sharing plans (not the participants or government plans)	3	$12.19 billion
Other	15	$29.82 billion