Morningstar, Inc. — Director's Dealing 2021

Oct 13, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2021-10-08

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-10-08	Common Stock	S	2790	$271.8885	Disposed	13500676	Direct
2021-10-08	Common Stock	S	4845	$272.9698	Disposed	13495831	Direct
2021-10-08	Common Stock	S	2808	$273.9272	Disposed	13493023	Direct
2021-10-08	Common Stock	S	150	$274.74	Disposed	13492873	Direct
2021-10-11	Common Stock	S	1700	$272.4803	Disposed	13491173	Direct
2021-10-11	Common Stock	S	2149	$273.407	Disposed	13489024	Direct
2021-10-11	Common Stock	S	698	$274.1207	Disposed	13488326	Direct
2021-10-12	Common Stock	S	3503	$368.7929	Disposed	13484823	Direct
2021-10-12	Common Stock	S	1023	$269.5836	Disposed	13483800	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4500000	Indirect
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 November 19, 2020.

F2: The transaction was executed in multiple trades at prices ranging from $271.51 to $272.46. 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 $272.52 to $273.49. 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 $273.52 to $274.50. 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 $271.97 to $272.96. 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: The transaction was executed in multiple trades at prices ranging from $272.97 to $273.93. 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.

F7: The transaction was executed in multiple trades at prices ranging from $273.9750 to $274.57. 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.

F8: The transaction was executed in multiple trades at prices ranging from $268.47 to $269.46. 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.

F9: The transaction was executed in multiple trades at prices ranging from $269.47 to $269.89. 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.

F10: The shares are held in grantor retained annuity trusts for the benefit of the reporting person and his children. The reporting person serves as trustee of the grantor retained annuity trusts.

F11: The shares are held in trusts for the benefit of the reporting person's children. The reporting person's spouse is trustee of the trusts.