Morningstar, Inc. — Director's Dealing 2021

Oct 15, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2021-10-13

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-10-13	Common Stock	S	5534	$267.1424	Disposed	13478266	Direct
2021-10-13	Common Stock	S	2158	$267.9856	Disposed	13476108	Direct
2021-10-13	Common Stock	S	600	$268.8924	Disposed	13475508	Direct
2021-10-14	Common Stock	S	500	$269.0415	Disposed	13475008	Direct
2021-10-14	Common Stock	S	1609	$270.3835	Disposed	13473399	Direct
2021-10-14	Common Stock	S	3109	$271.3644	Disposed	13470290	Direct
2021-10-14	Common Stock	S	2291	$272.1023	Disposed	13467999	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 $266.61 to $267.60. 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 $267.61 to $268.50. 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.

F4: The transaction was executed in multiple trades at prices ranging from $268.76 to $269.25. 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 $268.73 to $269.21. 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 $269.79 to $270.78. 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 $270.79 to $271.75. 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 $271.80 to $272.45. 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 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.

F10: 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.