Morningstar, Inc. — Director's Dealing 2021

Sep 3, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2021-09-01

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-09-01	Common Stock	S	600	$267.0601	Disposed	13684955	Direct
2021-09-01	Common Stock	S	400	$268.6875	Disposed	13684555	Direct
2021-09-01	Common Stock	S	1084	$270.2845	Disposed	13683471	Direct
2021-09-01	Common Stock	S	100	$270.95	Disposed	13683371	Direct
2021-09-01	Common Stock	S	1111	$272.7228	Disposed	13682260	Direct
2021-09-01	Common Stock	S	2283	$273.7012	Disposed	13679977	Direct
2021-09-01	Common Stock	S	4149	$274.7066	Disposed	13675828	Direct
2021-09-01	Common Stock	S	1914	$275.3475	Disposed	13673914	Direct
2021-09-02	Common Stock	S	1627	$276.2869	Disposed	13672287	Direct
2021-09-02	Common Stock	S	1448	$277.1348	Disposed	13670839	Direct
2021-09-02	Common Stock	S	950	$278.2999	Disposed	13669889	Direct
2021-09-02	Common Stock	S	1027	$279.2492	Disposed	13668862	Direct
2021-09-02	Common Stock	S	1967	$280.3692	Disposed	13666895	Direct
2021-09-02	Common Stock	S	2494	$281.2674	Disposed	13664401	Direct
2021-09-02	Common Stock	S	300	$283.1346	Disposed	13664101	Direct
2021-09-02	Common Stock	S	992	$284.2559	Disposed	13663109	Direct
2021-09-02	Common Stock	S	648	$285.2359	Disposed	13662461	Direct
2021-09-02	Common Stock	S	400	$287.0078	Disposed	13662061	Direct
2021-09-02	Common Stock	S	250	$287.982	Disposed	13661811	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 $266.99 to $267.32. 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 $268.46 to $269.27. 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 $269.70 to $270.68. 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 $272.08 to $273.07. 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 $273.13 to $274.1250. 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 $274.1350 to $275.13. 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 $275.14 to $275.64. 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 $275.89 to $276.87. 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 transaction was executed in multiple trades at prices ranging from $276.92 to $277.85. 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.

F11: The transaction was executed in multiple trades at prices ranging from $277.93 to $278.77. 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.

F12: The transaction was executed in multiple trades at prices ranging from $278.94 to $279.92. 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.

F13: The transaction was executed in multiple trades at prices ranging from $279.95 to $280.93. 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.

F14: The transaction was executed in multiple trades at prices ranging from $280.95 to $281.74. 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.

F15: The transaction was executed in multiple trades at prices ranging from $282.50 to $283.3450. 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.

F16: The transaction was executed in multiple trades at prices ranging from $283.82 to $284.65. 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.

F17: The transaction was executed in multiple trades at prices ranging from $284.92 to $285.50. 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.

F18: The transaction was executed in multiple trades at prices ranging from $286.70 to $287.33. 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.

F19: The transaction was executed in multiple trades at prices ranging from $287.83 to $288.14. 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.

F20: 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.

F21: 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.