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EXHIBIT 21.1

The information below is presented as of December 31, 2023. Listed below are all the subsidiaries of Morningstar, Inc., except certain subsidiaries which are not included in the listing because, considered in the aggregate, they do not constitute a significant subsidiary as of the date compiled.

Subsidiaries of Morningstar, Inc.

Subsidiary

Jurisdiction of Formation

Ownership Information

Corporate Fundamentals, Inc.

US (Delaware)

Morningstar, Inc. owns 100%.

DBRS, Inc.

US (Delaware)

Morningstar Ratings Holding Corp. owns 100%.

Morningstar Credit Analytics LLC (Note D)

US (Delaware)

Morningstar, Inc. owns 100%.

Morningstar Index Holding Corp.

US (Delaware)

Morningstar, Inc. owns 100%.

Morningstar Investment Management LLC

US (Delaware)

Morningstar, Inc. owns 100%.

Morningstar Investment Services LLC

US (Delaware)

Morningstar Investment Management LLC owns 100%.

Morningstar Ratings Holding Corp.

US (Delaware)

Morningstar, Inc. owns 100%.

Morningstar Research Services LLC

US (Delaware)

Morningstar, Inc. owns 100%.

PitchBook Data, Inc.

US (Delaware)

Morningstar, Inc. owns 100%.

PitchBook Holding, Inc.

US (Delaware)

PitchBook Data, Inc. owns 100%

Sustainalytics U.S. Inc.

US (Delaware)

Morningstar, Inc. owns 100%.

Morningstar Commodity Data, Inc.

US (Illinois)

Morningstar, Inc. owns 100%.

Morningstar Credit Ratings, LLC

US (Pennsylvania)

DBRS, Inc. owns 100%.

ADL (Aust) Pty Limited

Australia

Morningstar Australasia Pty Limited owns 100%.

Ibbotson Pty Limited

Australia

Morningstar Australasia Pty Limited owns 100%.

Morningstar Australasia Pty Limited

Australia

Morningstar Group Australia Pty Limited owns 100%.

Morningstar Direct Investments Pty Limited

Australia

Morningstar Group Australia Pty Limited owns 100%.

Morningstar Group Australia Pty Limited

Australia

Morningstar Holland B.V. owns 100%.

Morningstar Investment Management Australia Limited

Australia

Morningstar Group Australia Pty Limited owns 100%.

Sustainalytics Australia Pty Ltd.

Australia

Sustainalytics Holding B.V. owns 100%.

Morningstar Brasil Informacoes Financeiras Ltda.

Brazil

Morningstar Holland B.V. owns 100%. (Note A)

DBRS Limited

Canada

Ratings Acquisition Corp. owns 100%.

Jantzi Research Inc.

Canada

Sustainalytics Holding B.V. owns 100%.

Morningstar Associates, Inc.

Canada

Morningstar Canada Group, Inc. owns 100%.

Morningstar Canada Group, Inc.

Canada

Morningstar Holland B.V. owns 100%.

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EXHIBIT 21.1

Morningstar Research, Inc.

Canada

Morningstar Canada Group, Inc. owns 100%.

Ratings Acquisition Corporation

Cayman Islands

Morningstar Ratings Holding Corp. owns 100%.

Servicios Morningstar Chile Limitada

Chile

Morningstar Holland B.V. owns 100%. (Note A)

Morningstar (Shanghai) Ltd.

China

Morningstar Asia, Ltd. owns 100%.

Morningstar (Shenzhen) Ltd.

China

Morningstar Asia, Ltd. owns 100%.

Morningstar Finance (Cyprus) Limited

Cyprus

Morningstar Ratings Holding Corp. owns 100%.

GES Investment Services Danmark A/S

Denmark

GES International AB owns 100%.

Morningstar Danmark A/S

Denmark

Morningstar Danmark Holding ApS owns 100%.

Morningstar Danmark Holding ApS

Denmark

Morningstar Holland B.V. owns 100%.

Morningstar France Fund Information SARL

France

Morningstar France Holding SAS owns 100%.

Morningstar France Holding SAS

France

Morningstar Holland B.V. owns 100%.

Morningstar Investment Consulting France SAS

France

Morningstar France Holding SAS owns 100%.

Sustainalytics S.A.R.L.

France

Sustainalytics B.V. owns 100%.

DBRS Ratings GmbH

Germany

Ratings Acquisition Corp. owns 100%.

Morningstar Deutschland GmbH

Germany

Morningstar Holland B.V. owns 100%.

Morningstar Indexes GmbH

Germany

Morningstar Indexes Limited owns 100%

Sustainalytics GmbH

Germany

Sustainalytics B.V. owns 100%.

Morningstar Asia Limited

Hong Kong

Morningstar Holland B.V. owns 100%.

Morningstar Investment Management Asia Limited

Hong Kong

Morningstar Investment Management LLC owns 100%.

WealthCraft Limited

Hong Kong

Morningstar Wealth (UK) Limited owns 100%.

DBRS Ratings GmbH, Branch India

India

(Note C)

Morningstar India Private Limited

India

Corporate Fundamentals, Inc. owns 100%.

Morningstar Investment Research India Private Limited

India

Morningstar Investment Management LLC owns 100%.

Morningstar Italy, S.R.L.

Italy

Morningstar Holland B.V. owns 100%.

Ibbotson Associates Japan K.K.

Japan

Morningstar Investment Management LLC owns 100%.

Morningstar Japan, Inc.

Japan

Ibbotson Associates Japan K.K. owns 100%

Sustainalytics Japan Inc.

Japan

Sustainalytics Holding B.V. owns 100%.

Morningstar Wealth International Limited

Jersey

Morningstar Wealth Portfolio Services Limited owns 100%.

Morningstar Korea, Ltd.

Korea

Morningstar, Inc. owns 100%.

Morningstar Luxembourg S.a.r.l.

Luxembourg

Morningstar Holland B.V. owns 100%.

Investigaciones MS Mexico, S. de R.L. de C.V.

Mexico

Morningstar Holland B.V. owns 100%. (Note A)

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EXHIBIT 21.1

Morningstar Research Limited

New Zealand

Morningstar Australasia Pty Limited owns 100%.

Morningstar Norge AS

Norway

Morningstar Holland B.V. owns 100%.

GES Poland SP. Z.O.O.

Poland

GES International AB owns 100%.

Sustainalytics S.R.L.

Romania

Sustainalytics B.V. owns 100%.

Morningstar Investment Adviser Singapore Pte. Limited

Singapore

Morningstar Asia Limited owns 100%.

Morningstar Research Pte. Limited

Singapore

Morningstar Asia Limited owns 100%.

Sustainalytics Pte Ltd.

Singapore

Sustainalytics Holding B.V. owns 100%.

Morningstar Investment Management South Africa (Pty) Limited

South Africa

Morningstar Investment Management LLC owns 100%.

Morningstar Research (Proprietary) Limited

South Africa

Morningstar Holland B.V. owns 100%.

DBRS Ratings GmbH Sucursal en España

Spain

(Note C)

Morningstar Europe Services, S.L.

Spain

Morningstar Holland B.V. owns 100%.

Morningstar Network, S.L.

Spain

Morningstar Holland B.V. owns 100%.

GES International AB

Sweden

Sustainalytics Holding B.V. owns 100%.

Morningstar HoldCo AB

Sweden

Morningstar Holland B.V. owns 100%.

Morningstar Sweden AB

Sweden

Morningstar HoldCo AB owns 100%.

Morningstar Switzerland GmbH

Switzerland

Morningstar Holland B.V. owns 100%.

Morningstar Research Thailand Limited

Thailand

Morningstar, Inc. owns 100%. (Note B)

Morningstar Europe B.V.

The Netherlands

Morningstar, Inc. owns 100%.

Morningstar Holland B.V.

The Netherlands

Morningstar Europe B.V. owns 100%.

Sustainalytics B.V.

The Netherlands

Morningstar Europe B.V. owns 100%.

Sustainalytics Holding B.V.

The Netherlands

Morningstar Holland B.V. owns 100%.

Morningstar (Dubai) Ltd.

United Arab Emirates

Morningstar Holland B.V. owns 100%.

Morningstar Wealth Administration (DIFC Branch) Limited

United Arab Emirates

Morningstar Wealth Administration Limited owns 100%.

DBRS Ratings Limited

United Kingdom

Ratings Acquisition Corp. owns 100%.

Morningstar Europe Limited

United Kingdom

Morningstar Holland B.V. owns 100%.

Morningstar Finance Limited

United Kingdom

Ratings Acquisition Corp. owns 100%.

Morningstar Indexes Limited

United Kingdom

Morningstar Index Holding Corp. owns 100%

Morningstar Investment Management Europe Limited

United Kingdom

Morningstar Investment Management LLC owns 100%.

Morningstar Real-Time Data Limited

United Kingdom

Morningstar UK Limited owns 100%.

Morningstar UK Limited

United Kingdom

Morningstar Holland B.V. owns 100%.

Morningstar Wealth Administration Limited

United Kingdom

Morningstar Wealth Portfolio Services Limited owns 100%.

Morningstar Wealth EMA Trustees Limited

United Kingdom

Morningstar Wealth Administration Limited owns 100%.

Morningstar Wealth Portfolio Services Limited

United Kingdom

Morningstar Investment Management LLC owns 100%.

Morningstar Wealth Retirement Services Limited

United Kingdom

Morningstar Wealth Administration Limited owns 100%.

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EXHIBIT 21.1

Morningstar Wealth Retirement Trustees Limited

United Kingdom

Morningstar Wealth Administration Limited owns 100%.

Morningstar Wealth Software Limited

United Kingdom

Morningstar Wealth (UK) Limited owns 100%

Morningstar Wealth Trustee Limited

United Kingdom

Morningstar Wealth Administration Limited owns 100%.

Morningstar Wealth (UK) Limited

United Kingdom

Morningstar Wealth Portfolio Services Limited owns 100%.

PitchBook Data Limited

United Kingdom

PitchBook Data, Inc. owns 100%.

Smart Investment Management Limited

United Kingdom

Morningstar Wealth Administration Limited owns 100%.

Smartfund Nominees Ltd

United Kingdom

Morningstar Wealth Administration Limited owns 100%.

Sustainalytics UK Limited

United Kingdom

Sustainalytics B.V. owns 100%.

W M Pension Trustee Services Limited

United Kingdom

Morningstar Wealth Administration Limited owns 100%.

Note A: Morningstar, Inc. owns less than 1% of this entity.
Note B: Corporate Fundamentals, Inc. and Morningstar Direct Investments Pty Limited each own less than 1% of this entity respectively.
Note C: DBRS Ratings GmbH, Branch India and DBRS Ratings GmbH Sucursal en España are each a branch of DBRS Ratings GmbH.
Note D: Name was changed from Morningstar Credit Information & Analytics LLC effective as of January 2, 2024.