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Morningstar, Inc. 2025-2026 Proxy Voting Records

Compiled from SEC Form N-PX filings and Morningstar, Inc.’s Form 8-K, filed 2026-05-08 (Item 5.07 on EDGAR). Page generated 02 October 2026.

15Reported items
437Asset managers
5,543Fund votes
2026-05-07Meeting date

Proxy season: 2023-2024 2024-2025 2025-2026

Explore Morningstar, Inc. in the interactive database Compare manager voting policies

Official 2025-2026 meeting results reported by Morningstar, Inc.

These tallies are Morningstar, Inc.’s own, as disclosed to the U.S. Securities and Exchange Commission on Form 8-K, filed 2026-05-08 (Item 5.07, “Submission of Matters to a Vote of Security Holders”). They cover every share voted at the meeting, not just the funds that file Form N-PX.

Morningstar, Inc. — official shareholder meeting results, meeting held 2026-05-07
Ballot item	For	Against	Abstain	Withheld	Broker non-votes	Outcome
Elect Director: Joe Mansueto	33,192,034	508,755	6,874	--	1,281,152	Majority: yes
Elect Director: Kunal Kapoor	33,502,488	198,311	6,864	--	1,281,152	Majority: yes
Elect Director: Anne Bramman	33,646,764	46,318	14,581	--	1,281,152	Majority: yes
Elect Director: Robin Diamonte	33,147,696	552,518	7,449	--	1,281,152	Majority: yes
Elect Director: Cheryl Francis	32,212,413	1,462,628	32,622	--	1,281,152	Majority: yes
Elect Director: Steve Joynt	33,420,268	279,943	7,452	--	1,281,152	Majority: yes
Elect Director: Steve Kaplan	32,236,110	1,464,664	6,889	--	1,281,152	Majority: yes
Elect Director: Bill Lyons	31,265,595	2,434,521	7,547	--	1,281,152	Majority: yes
Elect Director: Doniel Sutton	33,126,385	473,192	108,086	--	1,281,152	Majority: yes
Elect Director: Caroline Tsay	33,262,359	437,726	7,578	--	1,281,152	Majority: yes
Morningstar's executive compensation was approved, on an advisory basis, with the voting as follows:	32,474,755	1,206,815	26,093	--	1,281,152	Majority: yes
The appointment of KPMG as Morningstar's independent registered public accounting firm for 2026 was ratified with the voting as follows:	34,861,651	89,355	37,809	--	--	Majority: yes

Source: Morningstar, Inc., Form 8-K, filed with the SEC on 2026-05-08 — read the filing on EDGAR.

How asset managers voted at the Morningstar, Inc. 2025-2026 meeting

Each item below shows how the 437 asset managers that disclosed a Morningstar, Inc. vote in their SEC Form N-PX filings actually voted. Share totals are the shares those managers' funds voted, summed across every fund they report. These are reported items, not a count of the ballot: fund filings describe one ballot item in different words. Two descriptions are shown as one item only on evidence — the same text (or one cut short of the other), the same director nominee, or a match to the same row of Morningstar, Inc.’s own Form 8-K tally — never because they merely read alike. A description that could not be joined that way is listed on its own, so one ballot item can appear more than once.

1. Advisory vote to approve executive compensation of the Company's named executive officers.

SECTION 14A SAY-ON-PAY VOTESMajority of the votes cast: yes

Combines 4 wordings of this item as funds reported it.

96% Majority: yes · of votes cast

FOR 96%

FOR: 32,474,755AGAINST: 1,206,815

Morningstar, Inc.’s own tally for this item (“Morningstar's executive compensation was approved, on an advisory basis, with the voting as follows:”): 32,474,755 for, 1,206,815 against, per its Form 8-K filed 2026-05-08 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 38,028,018 outstanding shares: 85% for, 3% against (89% of the company cast a for/against vote).

The 419 asset managers below cast 96% of the shares they voted on this item FOR (21,641,175 for, 868,343 against).

FOR 96%

FOR: 21,641,175 (96.1%)AGAINST: 868,343 (3.9%)ABSTAIN: 11,492 (0.1%)NOT VOTED: 807 (0.0%)

Largest asset managers voting on “Advisory vote to approve executive compensation of the Company's named executive officers.” at Morningstar, Inc., 2025-2026
Asset manager	For	Against	Vote
Vanguard	3,465,528	2	For
BlackRock	2,162,864	16,955	For
ATLANTA CAPITAL MANAGEMENT CO L L C	1,646,535	0	For
Wellington	1,420,703	0	For
Eaton Vance	1,227,613	23	For
Select Equity Group, L.P.	849,297	0	For
BAMCO INC /NY/	695,153	0	For
Fidelity	694,672	0	For
State Street	685,854	82	For
BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)	661,070	0	For
GEODE CAPITAL MANAGEMENT, LLC	608,575	0	For
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	506,667	0	For
AQR	403,103	0	For
Charles Schwab	393,977	0	For
LOS ANGELES CAPITAL MANAGEMENT LLC	377,562	0	For
Invesco	270,799	0	For
T. Rowe Price	266,686	0	For
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	233,771	28,329	For
Two Sigma	256,289	0	For
JPMorgan	0	244,557	Against
Dimensional	202,653	0	For
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC	172,002	0	For
BNP Paribas Asset Management Holding S.A.	0	160,389	Against
Royce	159,761	0	For
M&G Plc	159,751	0	For

Showing the 25 largest of 419 asset managers. See all 419 in the interactive database.

2. To elect ten directors nominated by the Company's Board of Directors to hold office until the next annual shareholders' meeting and until their respective successors have been elected and qualified: Anne Bramman

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 5 wordings of this item as funds reported it.

99.8% Majority: yes · of votes cast

FOR 99.8%

FOR: 33,646,764AGAINST: 46,318

Morningstar, Inc.’s own tally for this item (“Elect Director: Anne Bramman”): 33,646,764 for, 46,318 against, per its Form 8-K filed 2026-05-08 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 38,028,018 outstanding shares: 88% for, 0.2% against (89% of the company cast a for/against vote).

The 101 asset managers below cast 100% of the shares they voted on this item FOR (9,795,659 for, 0 against).

FOR 99.9%

FOR: 9,795,659 (100.0%)ABSTAIN: 3,893 (0.0%)NOT VOTED: 18 (0.0%)

Largest asset managers voting on “To elect ten directors nominated by the Company's Board of Directors to hold office until the next annual shar” at Morningstar, Inc., 2025-2026
Asset manager	For	Vote
Vanguard	3,280,223	For
BlackRock	1,377,565	For
Eaton Vance	1,227,613	For
BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)	661,070	For
Fidelity	620,521	For
Invesco	256,994	For
JPMorgan	244,557	For
State Street	202,908	For
Charles Schwab	184,955	For
Royce	132,929	For
Hartford	110,969	For
Virtus	98,167	For
T. Rowe Price	91,927	For
Columbia Threadneedle	91,821	For
Dimensional	90,582	For
Jackson National	77,074	For
OPTIMUM FUND TRUST	65,790	For
AQR	56,690	For
TIAA	46,034	For
Thrivent	42,695	For
SEI	39,054	For
American Century	36,502	For
Allspring	35,390	For
Empower	34,655	For
NYLIM VP FUNDS TRUST	34,166	For

Showing the 25 largest of 101 asset managers. See all 101 in the interactive database.

3. To elect ten directors nominated by the Company's Board of Directors to hold office until the next annual shareholders' meeting and until their respective successors have been elected and qualified: Bill Lyons

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 5 wordings of this item as funds reported it.

93% Majority: yes · of votes cast

FOR 93%7%

FOR: 31,265,595AGAINST: 2,434,521

Morningstar, Inc.’s own tally for this item (“Elect Director: Bill Lyons”): 31,265,595 for, 2,434,521 against, per its Form 8-K filed 2026-05-08 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 38,028,018 outstanding shares: 82% for, 6% against (89% of the company cast a for/against vote).

The 101 asset managers below cast 95% of the shares they voted on this item FOR (9,258,240 for, 537,419 against).

FOR 94%

FOR: 9,258,240 (94.5%)AGAINST: 537,419 (5.5%)ABSTAIN: 3,893 (0.0%)NOT VOTED: 18 (0.0%)

Largest asset managers voting on “To elect ten directors nominated by the Company's Board of Directors to hold office until the next annual shar” at Morningstar, Inc., 2025-2026
Asset manager	For	Against	Vote
Vanguard	3,278,758	1,465	For
BlackRock	1,377,565	0	For
Eaton Vance	1,227,613	0	For
BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)	661,070	0	For
Fidelity	620,521	0	For
Invesco	256,994	0	For
JPMorgan	244,557	0	For
State Street	595	202,313	Against
Charles Schwab	184,916	39	For
Royce	132,929	0	For
Hartford	61,240	49,729	For
Virtus	98,167	0	For
T. Rowe Price	91,927	0	For
Columbia Threadneedle	91,821	0	For
Dimensional	90,582	0	For
Jackson National	77,074	0	For
OPTIMUM FUND TRUST	0	65,790	Against
AQR	56,690	0	For
TIAA	0	46,034	Against
Thrivent	42,695	0	For
SEI	0	39,054	Against
American Century	36,502	0	For
Allspring	35,390	0	For
Empower	10,818	23,837	Against
NYLIM VP FUNDS TRUST	0	34,166	Against

Showing the 25 largest of 101 asset managers. See all 101 in the interactive database.

4. To elect ten directors nominated by the Company's Board of Directors to hold office until the next annual shareholders' meeting and until their respective successors have been elected and qualified: Caroline Tsay

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 5 wordings of this item as funds reported it.

99% Majority: yes · of votes cast

FOR 99%

FOR: 33,262,359AGAINST: 437,726

Morningstar, Inc.’s own tally for this item (“Elect Director: Caroline Tsay”): 33,262,359 for, 437,726 against, per its Form 8-K filed 2026-05-08 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 38,028,018 outstanding shares: 87% for, 1% against (89% of the company cast a for/against vote).

The 101 asset managers below cast 99.5% of the shares they voted on this item FOR (9,748,263 for, 47,395 against).

FOR 99.4%

FOR: 9,748,263 (99.5%)AGAINST: 47,395 (0.5%)ABSTAIN: 3,893 (0.0%)NOT VOTED: 18 (0.0%)

Largest asset managers voting on “To elect ten directors nominated by the Company's Board of Directors to hold office until the next annual shar” at Morningstar, Inc., 2025-2026
Asset manager	For	Against	Vote
Vanguard	3,280,223	0	For
BlackRock	1,377,565	0	For
Eaton Vance	1,227,613	0	For
BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)	661,070	0	For
Fidelity	620,521	0	For
Invesco	256,994	0	For
JPMorgan	244,557	0	For
State Street	202,898	10	For
Charles Schwab	184,955	0	For
Royce	132,929	0	For
Hartford	110,969	0	For
Virtus	98,167	0	For
T. Rowe Price	91,927	0	For
Columbia Threadneedle	91,821	0	For
Dimensional	90,582	0	For
Jackson National	77,074	0	For
OPTIMUM FUND TRUST	65,790	0	For
AQR	56,690	0	For
TIAA	46,034	0	For
Thrivent	42,695	0	For
SEI	39,054	0	For
American Century	36,502	0	For
Allspring	35,390	0	For
Empower	10,818	23,837	Against
NYLIM VP FUNDS TRUST	34,166	0	For

Showing the 25 largest of 101 asset managers. See all 101 in the interactive database.

5. To elect ten directors nominated by the Company's Board of Directors to hold office until the next annual shareholders' meeting and until their respective successors have been elected and qualified: Cheryl Francis

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 5 wordings of this item as funds reported it.

96% Majority: yes · of votes cast

FOR 96%

FOR: 32,212,413AGAINST: 1,462,628

Morningstar, Inc.’s own tally for this item (“Elect Director: Cheryl Francis”): 32,212,413 for, 1,462,628 against, per its Form 8-K filed 2026-05-08 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 38,028,018 outstanding shares: 85% for, 4% against (89% of the company cast a for/against vote).

The 101 asset managers below cast 98% of the shares they voted on this item FOR (9,586,301 for, 209,357 against).

FOR 98%

FOR: 9,586,301 (97.8%)AGAINST: 209,357 (2.1%)ABSTAIN: 3,893 (0.0%)NOT VOTED: 18 (0.0%)

Largest asset managers voting on “To elect ten directors nominated by the Company's Board of Directors to hold office until the next annual shar” at Morningstar, Inc., 2025-2026
Asset manager	For	Against	Vote
Vanguard	3,280,221	2	For
BlackRock	1,377,565	0	For
Eaton Vance	1,227,613	0	For
BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)	661,070	0	For
Fidelity	620,521	0	For
Invesco	256,994	0	For
JPMorgan	244,557	0	For
State Street	595	202,313	Against
Charles Schwab	184,955	0	For
Royce	132,929	0	For
Hartford	110,969	0	For
Virtus	98,167	0	For
T. Rowe Price	91,927	0	For
Columbia Threadneedle	91,821	0	For
Dimensional	90,582	0	For
Jackson National	77,074	0	For
OPTIMUM FUND TRUST	65,790	0	For
AQR	56,690	0	For
TIAA	46,034	0	For
Thrivent	42,695	0	For
SEI	39,054	0	For
American Century	36,502	0	For
Allspring	35,390	0	For
Empower	34,655	0	For
NYLIM VP FUNDS TRUST	34,166	0	For

Showing the 25 largest of 101 asset managers. See all 101 in the interactive database.

6. To elect ten directors nominated by the Company's Board of Directors to hold office until the next annual shareholders' meeting and until their respective successors have been elected and qualified: Doniel Sutton

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 5 wordings of this item as funds reported it.

99% Majority: yes · of votes cast

FOR 99%

FOR: 33,126,385AGAINST: 473,192

Morningstar, Inc.’s own tally for this item (“Elect Director: Doniel Sutton”): 33,126,385 for, 473,192 against, per its Form 8-K filed 2026-05-08 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 38,028,018 outstanding shares: 87% for, 1% against (88% of the company cast a for/against vote).

The 101 asset managers below cast 99.9% of the shares they voted on this item FOR (9,795,256 for, 402 against).

FOR 99.9%

FOR: 9,795,256 (100.0%)AGAINST: 402 (0.0%)ABSTAIN: 3,893 (0.0%)NOT VOTED: 18 (0.0%)

Largest asset managers voting on “To elect ten directors nominated by the Company's Board of Directors to hold office until the next annual shar” at Morningstar, Inc., 2025-2026
Asset manager	For	Against	Vote
Vanguard	3,280,223	0	For
BlackRock	1,377,565	0	For
Eaton Vance	1,227,613	0	For
BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)	661,070	0	For
Fidelity	620,521	0	For
Invesco	256,994	0	For
JPMorgan	244,557	0	For
State Street	202,898	10	For
Charles Schwab	184,955	0	For
Royce	132,929	0	For
Hartford	110,969	0	For
Virtus	98,167	0	For
T. Rowe Price	91,927	0	For
Columbia Threadneedle	91,821	0	For
Dimensional	90,582	0	For
Jackson National	77,074	0	For
OPTIMUM FUND TRUST	65,790	0	For
AQR	56,690	0	For
TIAA	46,034	0	For
Thrivent	42,695	0	For
SEI	39,054	0	For
American Century	36,502	0	For
Allspring	35,390	0	For
Empower	34,655	0	For
NYLIM VP FUNDS TRUST	34,166	0	For

Showing the 25 largest of 101 asset managers. See all 101 in the interactive database.

7. To elect ten directors nominated by the Company's Board of Directors to hold office until the next annual shareholders' meeting and until their respective successors have been elected and qualified: Joe Mansueto

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 5 wordings of this item as funds reported it.

98% Majority: yes · of votes cast

FOR 98%

FOR: 33,192,034AGAINST: 508,755

Morningstar, Inc.’s own tally for this item (“Elect Director: Joe Mansueto”): 33,192,034 for, 508,755 against, per its Form 8-K filed 2026-05-08 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 38,028,018 outstanding shares: 87% for, 1% against (89% of the company cast a for/against vote).

The 101 asset managers below cast 99.8% of the shares they voted on this item FOR (9,782,383 for, 13,275 against).

FOR 99.8%

FOR: 9,782,383 (99.8%)AGAINST: 13,275 (0.1%)ABSTAIN: 3,893 (0.0%)NOT VOTED: 18 (0.0%)

Largest asset managers voting on “To elect ten directors nominated by the Company's Board of Directors to hold office until the next annual shar” at Morningstar, Inc., 2025-2026
Asset manager	For	Against	Vote
Vanguard	3,280,222	1	For
BlackRock	1,377,565	0	For
Eaton Vance	1,227,613	0	For
BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)	661,070	0	For
Fidelity	620,521	0	For
Invesco	256,994	0	For
JPMorgan	244,557	0	For
State Street	202,898	10	For
Charles Schwab	184,955	0	For
Royce	132,929	0	For
Hartford	110,969	0	For
Virtus	98,167	0	For
T. Rowe Price	91,927	0	For
Columbia Threadneedle	91,821	0	For
Dimensional	90,582	0	For
Jackson National	77,074	0	For
OPTIMUM FUND TRUST	65,790	0	For
AQR	56,690	0	For
TIAA	46,034	0	For
Thrivent	42,695	0	For
SEI	39,054	0	For
American Century	36,502	0	For
Allspring	35,390	0	For
Empower	34,655	0	For
NYLIM VP FUNDS TRUST	34,166	0	For

Showing the 25 largest of 101 asset managers. See all 101 in the interactive database.

8. To elect ten directors nominated by the Company's Board of Directors to hold office until the next annual shareholders' meeting and until their respective successors have been elected and qualified: Kunal Kapoor

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 5 wordings of this item as funds reported it.

99.4% Majority: yes · of votes cast

FOR 99.4%

FOR: 33,502,488AGAINST: 198,311

Morningstar, Inc.’s own tally for this item (“Elect Director: Kunal Kapoor”): 33,502,488 for, 198,311 against, per its Form 8-K filed 2026-05-08 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 38,028,018 outstanding shares: 88% for, 0.6% against (89% of the company cast a for/against vote).

The 101 asset managers below cast 99.9% of the shares they voted on this item FOR (9,795,648 for, 10 against).

FOR 99.9%

FOR: 9,795,648 (100.0%)AGAINST: 10 (0.0%)ABSTAIN: 3,893 (0.0%)NOT VOTED: 18 (0.0%)

Largest asset managers voting on “To elect ten directors nominated by the Company's Board of Directors to hold office until the next annual shar” at Morningstar, Inc., 2025-2026
Asset manager	For	Against	Vote
Vanguard	3,280,223	0	For
BlackRock	1,377,565	0	For
Eaton Vance	1,227,613	0	For
BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)	661,070	0	For
Fidelity	620,521	0	For
Invesco	256,994	0	For
JPMorgan	244,557	0	For
State Street	202,898	10	For
Charles Schwab	184,955	0	For
Royce	132,929	0	For
Hartford	110,969	0	For
Virtus	98,167	0	For
T. Rowe Price	91,927	0	For
Columbia Threadneedle	91,821	0	For
Dimensional	90,582	0	For
Jackson National	77,074	0	For
OPTIMUM FUND TRUST	65,790	0	For
AQR	56,690	0	For
TIAA	46,034	0	For
Thrivent	42,695	0	For
SEI	39,054	0	For
American Century	36,502	0	For
Allspring	35,390	0	For
Empower	34,655	0	For
NYLIM VP FUNDS TRUST	34,166	0	For

Showing the 25 largest of 101 asset managers. See all 101 in the interactive database.

9. To elect ten directors nominated by the Company's Board of Directors to hold office until the next annual shareholders' meeting and until their respective successors have been elected and qualified: Robin Diamonte

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 5 wordings of this item as funds reported it.

98% Majority: yes · of votes cast

FOR 98%

FOR: 33,147,696AGAINST: 552,518

Morningstar, Inc.’s own tally for this item (“Elect Director: Robin Diamonte”): 33,147,696 for, 552,518 against, per its Form 8-K filed 2026-05-08 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 38,028,018 outstanding shares: 87% for, 1% against (89% of the company cast a for/against vote).

The 101 asset managers below cast 99.5% of the shares they voted on this item FOR (9,748,262 for, 47,396 against).

FOR 99.4%

FOR: 9,748,262 (99.5%)AGAINST: 47,396 (0.5%)ABSTAIN: 3,893 (0.0%)NOT VOTED: 18 (0.0%)

Largest asset managers voting on “To elect ten directors nominated by the Company's Board of Directors to hold office until the next annual shar” at Morningstar, Inc., 2025-2026
Asset manager	For	Against	Vote
Vanguard	3,280,222	1	For
BlackRock	1,377,565	0	For
Eaton Vance	1,227,613	0	For
BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)	661,070	0	For
Fidelity	620,521	0	For
Invesco	256,994	0	For
JPMorgan	244,557	0	For
State Street	202,898	10	For
Charles Schwab	184,955	0	For
Royce	132,929	0	For
Hartford	110,969	0	For
Virtus	98,167	0	For
T. Rowe Price	91,927	0	For
Columbia Threadneedle	91,821	0	For
Dimensional	90,582	0	For
Jackson National	77,074	0	For
OPTIMUM FUND TRUST	65,790	0	For
AQR	56,690	0	For
TIAA	46,034	0	For
Thrivent	42,695	0	For
SEI	39,054	0	For
American Century	36,502	0	For
Allspring	35,390	0	For
Empower	10,818	23,837	Against
NYLIM VP FUNDS TRUST	34,166	0	For

Showing the 25 largest of 101 asset managers. See all 101 in the interactive database.

10. To elect ten directors nominated by the Company's Board of Directors to hold office until the next annual shareholders' meeting and until their respective successors have been elected and qualified: Steve Joynt

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 5 wordings of this item as funds reported it.

99.1% Majority: yes · of votes cast

FOR 99.1%

FOR: 33,420,268AGAINST: 279,943

Morningstar, Inc.’s own tally for this item (“Elect Director: Steve Joynt”): 33,420,268 for, 279,943 against, per its Form 8-K filed 2026-05-08 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 38,028,018 outstanding shares: 88% for, 0.8% against (89% of the company cast a for/against vote).

The 101 asset managers below cast 99.5% of the shares they voted on this item FOR (9,748,274 for, 47,385 against).

FOR 99.4%

FOR: 9,748,274 (99.5%)AGAINST: 47,385 (0.5%)ABSTAIN: 3,893 (0.0%)NOT VOTED: 18 (0.0%)

Largest asset managers voting on “To elect ten directors nominated by the Company's Board of Directors to hold office until the next annual shar” at Morningstar, Inc., 2025-2026
Asset manager	For	Against	Vote
Vanguard	3,280,223	0	For
BlackRock	1,377,565	0	For
Eaton Vance	1,227,613	0	For
BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)	661,070	0	For
Fidelity	620,521	0	For
Invesco	256,994	0	For
JPMorgan	244,557	0	For
State Street	202,908	0	For
Charles Schwab	184,955	0	For
Royce	132,929	0	For
Hartford	110,969	0	For
Virtus	98,167	0	For
T. Rowe Price	91,927	0	For
Columbia Threadneedle	91,821	0	For
Dimensional	90,582	0	For
Jackson National	77,074	0	For
OPTIMUM FUND TRUST	65,790	0	For
AQR	56,690	0	For
TIAA	46,034	0	For
Thrivent	42,695	0	For
SEI	39,054	0	For
American Century	36,502	0	For
Allspring	35,390	0	For
Empower	10,818	23,837	Against
NYLIM VP FUNDS TRUST	34,166	0	For

Showing the 25 largest of 101 asset managers. See all 101 in the interactive database.

11. To elect ten directors nominated by the Company's Board of Directors to hold office until the next annual shareholders' meeting and until their respective successors have been elected and qualified: Steve Kaplan

DIRECTOR ELECTIONSMajority of the votes cast: yes

Combines 5 wordings of this item as funds reported it.

96% Majority: yes · of votes cast

FOR 96%

FOR: 32,236,110AGAINST: 1,464,664

Morningstar, Inc.’s own tally for this item (“Elect Director: Steve Kaplan”): 32,236,110 for, 1,464,664 against, per its Form 8-K filed 2026-05-08 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 38,028,018 outstanding shares: 85% for, 4% against (89% of the company cast a for/against vote).

The 101 asset managers below cast 97% of the shares they voted on this item FOR (9,519,139 for, 276,519 against).

FOR 97%

FOR: 9,519,139 (97.1%)AGAINST: 276,519 (2.8%)ABSTAIN: 3,893 (0.0%)NOT VOTED: 18 (0.0%)

Largest asset managers voting on “To elect ten directors nominated by the Company's Board of Directors to hold office until the next annual shar” at Morningstar, Inc., 2025-2026
Asset manager	For	Against	Vote
Vanguard	3,280,220	3	For
BlackRock	1,371,759	5,806	For
Eaton Vance	1,227,613	0	For
BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)	661,070	0	For
Fidelity	607,486	13,035	For
Invesco	256,994	0	For
JPMorgan	244,557	0	For
State Street	595	202,313	Against
Charles Schwab	184,955	0	For
Royce	132,929	0	For
Hartford	110,969	0	For
Virtus	98,167	0	For
T. Rowe Price	91,927	0	For
Columbia Threadneedle	91,821	0	For
Dimensional	90,582	0	For
Jackson National	77,074	0	For
OPTIMUM FUND TRUST	65,790	0	For
AQR	56,690	0	For
TIAA	46,034	0	For
Thrivent	42,695	0	For
SEI	39,054	0	For
American Century	36,502	0	For
Allspring	35,390	0	For
Empower	10,818	23,837	Against
NYLIM VP FUNDS TRUST	34,166	0	For

Showing the 25 largest of 101 asset managers. See all 101 in the interactive database.

12. RATIFICATION OF THE APPOINTMENT OF KPMG LLP AS MORNINGSTAR'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR 2026.

AUDIT-RELATEDMajority of the votes cast: yes

Combines 2 wordings of this item as funds reported it.

99.7% Majority: yes · of votes cast

FOR 99.7%

FOR: 34,861,651AGAINST: 89,355

Morningstar, Inc.’s own tally for this item (“The appointment of KPMG as Morningstar's independent registered public accounting firm for 2026 was ratified with the voting as follows:”): 34,861,651 for, 89,355 against, per its Form 8-K filed 2026-05-08 (Item 5.07). FOR was more than half of the votes cast. Whether the item passed is for the filing to say; its statement has not been read for this item. Of all 38,028,018 outstanding shares: 92% for, 0.3% against (92% of the company cast a for/against vote).

The 101 asset managers below cast 99.9% of the shares they voted on this item FOR (9,782,883 for, 1,957 against).

FOR 99.9%

FOR: 9,782,883 (99.9%)AGAINST: 1,957 (0.0%)ABSTAIN: 3,893 (0.0%)NOT VOTED: 18 (0.0%)

Largest asset managers voting on “RATIFICATION OF THE APPOINTMENT OF KPMG LLP AS MORNINGSTAR'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR” at Morningstar, Inc., 2025-2026
Asset manager	For	Against	Vote
Vanguard	3,280,223	0	For
BlackRock	1,377,565	0	For
Eaton Vance	1,227,613	0	For
BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)	661,070	0	For
Fidelity	620,521	0	For
Invesco	256,994	0	For
JPMorgan	244,557	0	For
State Street	202,898	10	For
Charles Schwab	184,955	0	For
Royce	132,929	0	For
Hartford	110,969	0	For
Virtus	98,167	0	For
T. Rowe Price	91,927	0	For
Columbia Threadneedle	91,821	0	For
Dimensional	90,582	0	For
Jackson National	77,074	0	For
OPTIMUM FUND TRUST	65,790	0	For
AQR	56,690	0	For
TIAA	46,034	0	For
Thrivent	42,695	0	For
SEI	37,107	1,947	For
American Century	36,502	0	For
Allspring	35,390	0	For
NYLIM VP FUNDS TRUST	34,166	0	For
WisdomTree	34,082	0	For

Showing the 25 largest of 101 asset managers. See all 101 in the interactive database.

13. Advisory Vote to Ratify Named Executive Officers' Compensation

COMPENSATIONSECTION 14A SAY-ON-PAY VOTESMajority of the votes cast: yes

96% Majority: yes · of votes cast

FOR 96%

FOR: 32,474,755AGAINST: 1,206,815

The 11 asset managers below cast 97% of the shares they voted on this item FOR (95,824 for, 3,252 against).

FOR 84%13%

FOR: 95,824 (83.9%)AGAINST: 3,252 (2.8%)UNVOTED: 15,143 (13.3%)

Largest asset managers voting on “Advisory Vote to Ratify Named Executive Officers' Compensation” at Morningstar, Inc., 2025-2026
Asset manager	For	Against	Vote
NORDEA INVESTMENT MANAGEMENT AB	75,161	0	For
COOPER INVESTORS PTY LTD	0	0	Unvoted
Empower	10,818	0	For
Wilshire Advisors LLC	7,463	0	For
APG Asset Management US Inc.	0	1,813	Against
Integrated Quantitative Investments LLC	1,468	0	For
Sepio Capital, LP	0	1,361	Against
TD Waterhouse Canada Inc.	835	0	For
TOBAM	0	78	Against
Coyle Financial Counsel LLC	61	0	For
Empirical Financial Services, LLC d.b.a. Empirical Wealth Ma	18	0	For

14. 14A Executive Compensation

SECTION 14A SAY-ON-PAY VOTESMajority of the votes cast: yes

Combines 2 wordings of this item as funds reported it.

96% Majority: yes · of votes cast

FOR 96%

FOR: 32,474,755AGAINST: 1,206,815

The 2 asset managers below cast 100% of the shares they voted on this item FOR (713 for, 0 against).

FOR 32%NOT VOTED 68%

FOR: 713 (32.0%)NOT VOTED: 1,517 (68.0%)

Largest asset managers voting on “14A Executive Compensation” at Morningstar, Inc., 2025-2026
Asset manager	For	Against	Abstain	Withheld	Vote
National Philanthropic Trust	0	0	0	0	Not Voted
Claret Asset Management Corp	713	0	0	0	For

15. To Approve, By An Advisory Vote, The Compensation Of The Company's Named Executives

SECTION 14A SAY-ON-PAY VOTESMajority of the votes cast: yes

96% Majority: yes · of votes cast

FOR 96%

FOR: 32,474,755AGAINST: 1,206,815

The 2 asset managers below cast 100% of the shares they voted on this item FOR (4 for, 0 against).

FOR 100%

FOR: 4 (100.0%)

Largest asset managers voting on “To Approve, By An Advisory Vote, The Compensation Of The Company's Named Executives” at Morningstar, Inc., 2025-2026
Asset manager	For	Against	Abstain	Withheld	Vote
Modern Wealth Management, LLC	2	0	0	0	For
Tandem Financial, LLC	2	0	0	0	For

Largest Morningstar, Inc. shareholders voting in 2025-2026

Ranked by the number of Morningstar, Inc. shares each manager voted on the most widely held ballot item of the 2025-2026 meeting, shown as a share of the 38,028,018 shares outstanding at the time of that meeting.

Top Morningstar, Inc. shareholders by shares voted, 2025-2026
#	Asset manager	% of shares outstanding
1	Vanguard	9.11%
2	BlackRock	5.73%
3	ATLANTA CAPITAL MANAGEMENT CO L L C	4.33%
4	Wellington	3.74%
5	Eaton Vance	3.23%
6	Select Equity Group, L.P.	2.23%
7	BAMCO INC /NY/	1.83%
8	Fidelity	1.83%
9	State Street	1.80%
10	BARON INVESTMENT FUNDS TRUST (f/k/a BARON ASSET FUND)	1.74%

Reported Morningstar, Inc. ownership

Positions disclosed to the SEC on Schedules 13D and 13G, Form 13F and the company’s own proxy statement (DEF 14A).

Morningstar, Inc. beneficial owners on record for the 2025-2026 proxy season
Holder	% outstanding	Disclosure
Joe Mansueto	38.95%	DEF14A
Joseph D. Mansueto	38.68%	13G
Daniel Mansueto	9.87%	13G
Vanguard Group	6.24%	13F
BlackRock	6.15%	13F
Morgan Stanley	5.28%	13F
Wellington Management	4.37%	13F
Two Sigma	2.26%	13F
State Street	1.93%	13F
Geode Capital	1.58%	13F

Percentages above are of 38,028,018 shares outstanding, as reported by Morningstar, Inc. on its Form 10-Q dated 2026-04-24 (see the filing on EDGAR). This is the count contemporaneous with the 2025-2026 meeting, so the percentages are the ones that were true then, not ones restated against today’s share count.

About this page

Every figure above is derived from filings made with the US Securities and Exchange Commission: Form N-PX, in which registered investment companies and institutional managers disclose how they voted every proxy, and Form 8-K Item 5.07, in which the company reports its own meeting results. Shares outstanding are taken from Morningstar, Inc.’s 10-Q dated 2026-04-24. This page is a static snapshot rebuilt weekly on 02 October 2026; a live search always shows the current data.

At Morningstar, Inc.'s shareholder meeting held 2026-05-07, in the 2025-2026 proxy season, 437 asset managers reported how they voted in their SEC Form N-PX filings, covering 5,543 separate fund positions. Their filings are grouped here into 15 reported items; because filers word the same ballot item differently, that can be more than the number of items on the ballot. On the most widely held item on that ballot — Advisory vote to approve executive compensation of the Company's named executive officers. — FOR was 96% of the votes cast (FOR divided by FOR plus AGAINST, the conventional basis for proxy support; abstentions, broker non-votes and unvoted shares are excluded because none of them took a side), which is more than half. Whether the item was approved is for the filing to say; that statement has not been read for this item. Source: Morningstar, Inc.'s Form 8-K, Item 5.07, filed with the U.S. Securities and Exchange Commission on 2026-05-08.

Morningstar, Inc. proxy season coverage: 2023-2024 · 2024-2025 · 2025-2026 (this page).