Morningstar, Inc. — Director's Dealing 2018

Jun 7, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2018-06-05

Reporting Person: Mansueto Joseph D (Director, Executive Chairman, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-06-05	Common Stock	S	11163	$123.6615	Disposed	23534265	Direct
2018-06-05	Common Stock	S	2964	$124.5101	Disposed	23531301	Direct
2018-06-06	Common Stock	S	11401	$124.4081	Disposed	23519900	Direct
2018-06-06	Common Stock	S	2100	$125.1518	Disposed	23517800	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	150000	Indirect

Footnotes

F1: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 20, 2018.

F2: The transaction was executed in multiple trades at prices ranging from $123.21 to $124.20. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

F3: The transaction was executed in multiple trades at prices ranging from $124.34 to $124.71. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

F4: The transaction was executed in multiple trades at prices ranging from $123.92 to $124.81. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

F5: The transaction was executed in multiple trades at prices ranging from $125.00 to $125.41. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

F6: These shares are held in trusts for the benefit of the reporting person's children. The reporting person's spouse is trustee of the trusts.