# Morningstar Investment Management LLC

> Morningstar Investment Management LLC is an SEC-registered investment advisory firm in Chicago, IL, registered since 1999, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated August 18, 2026.

- CRD: 108031
- Filed as: MORNINGSTAR INVESTMENT MANAGEMENT LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: August 18, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/108031
- AdvisorCensus page: https://advisorcensus.com/firm/morningstar-investment-management-llc-chicago-il-108031

## Quick answers

**How is Morningstar Investment Management LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Morningstar Investment Management LLC reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); other.

**Where is Morningstar Investment Management LLC located?**
Morningstar Investment Management LLC's principal office is in Chicago, IL, according to its Form ADV.

**Is Morningstar Investment Management LLC registered with the SEC or a state?**
Morningstar Investment Management LLC is an SEC-registered investment advisory firm, registered since 1999. Status as filed: Approved. CRD 108031.

**How much does Morningstar Investment Management LLC manage?**
Morningstar Investment Management LLC reports $87,824,400,000 in regulatory assets under management in its Form ADV filing dated August 18, 2026 (100% discretionary).

**How have Morningstar Investment Management LLC's assets and staff changed since 2021?**
In the Form ADV data for Morningstar Investment Management LLC: Regulatory assets under management: $47,173,700,000 in the October 2021 data and $87,824,400,000 in the October 2026 data, up 86%. Total employees: 315 in October 2021 and 267 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Morningstar Investment Management LLC serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (512,688); high net worth individuals (3,271); other (15).

**Which custodians does Morningstar Investment Management LLC use?**
Morningstar Investment Management LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab Trust Bank, Lincoln Financial Group Trust Company and State Street Bank & Trust Company as custodians holding 10% or more of its separately managed account assets.

**Does Morningstar Investment Management LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/108031

**Does Morningstar Investment Management LLC state an account minimum?**
Its Form ADV Part 2A brochure dated August 18, 2026 says: "We do not require a minimum account balance to use our services, and we generally do not impose any other conditions on your use of our services."

**What changed in Morningstar Investment Management LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 113 to 52. Regulatory assets under management went from $76,595,000,000 to $87,824,400,000 (+15%). No longer lists an office in Concord, MA.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Other

### Fees and minimums (Form ADV Part 2A brochure dated August 18, 2026)

- Account minimum: None

> We do not require a minimum account balance to use our services, and we generally do not impose any other conditions on your use of our services.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab Trust Bank
- Lincoln Financial Group Trust Company
- State Street Bank & Trust Company

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $87,824,400,000
- Discretionary: $87,824,400,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 512,688 | $35,593,400,000 |
| High net worth individuals | 3,271 | $3,975,000,000 |
| Investment companies | 3 | $6,241,700,000 |
| Pooled investment vehicles (other than investment companies and business development companies) | 1 | Not reported |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 3 | $12,192,700,000 |
| Other | 15 | $29,821,600,000 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Pension consulting services
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 1999 (26 years)
- Employees: 267 total, 52 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VA, VI, VT, WA, WI, WV, WY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [morningstar.com/company](https://morningstar.com/company)
- LinkedIn @morningstar

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $47,173,700,000 | 315 | June 8, 2021 |
| October 2022 | $56,085,000,000 | 372 | May 13, 2022 |
| October 2023 | $51,915,800,000 | 364 | July 27, 2023 |
| October 2024 | $54,693,200,000 | 373 | September 25, 2024 |
| October 2025 | $76,595,000,000 | 323 | March 28, 2025 |
| October 2026 | $87,824,400,000 | 267 | August 18, 2026 |

Regulatory assets under management: $47,173,700,000 in the October 2021 data and $87,824,400,000 in the October 2026 data, up 86%.
Total employees: 315 in October 2021 and 267 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 113 to 52.
- Regulatory assets under management went from $76,595,000,000 to $87,824,400,000 (+15%).
- No longer lists an office in Concord, MA.

### February 2026
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Morningstar Investment Management LLC (CRD 108031): Form ADV filing data as of October 2026.