Morningstar, Inc. — Director's Dealing 2021

Aug 4, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2021-08-02

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-08-02	Common Stock	S	475	$253.0426	Disposed	18356405	Direct
2021-08-02	Common Stock	S	1645	$253.6986	Disposed	18354760	Direct
2021-08-02	Common Stock	S	1445	$255.2139	Disposed	18353315	Direct
2021-08-02	Common Stock	S	3725	$256.2843	Disposed	18349590	Direct
2021-08-02	Common Stock	S	2169	$256.9398	Disposed	18347421	Direct
2021-08-02	Common Stoick	S	4456	$258.3297	Disposed	18342965	Direct
2021-08-02	Common Stock	S	1831	$259.0814	Disposed	18341134	Direct
2021-08-03	Common Stock	S	2300	$257.583	Disposed	18338834	Direct
2021-08-03	Common Stock	S	1278	$258.4886	Disposed	18337556	Direct
2021-08-03	Common Stock	S	1132	$259.5362	Disposed	18336424	Direct
2021-08-03	Common Stock	S	900	$260.7444	Disposed	18335524	Direct
2021-08-03	Common Stock	S	2256	$262.0002	Disposed	18333268	Direct
2021-08-03	Common Stock	S	3601	$262.7505	Disposed	18329667	Direct
2021-08-03	Common Stock	S	1290	$263.7333	Disposed	18328377	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 November 19, 2020.

F2: The transaction was executed in multiple trades at prices ranging from $252.43 to $253.34. 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 $253.46 to $254.31. 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 $254.63 to $255.60. 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.

F5: The transaction was executed in multiple trades at prices ranging from $255.65 to $256.64. 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.

F6: The transaction was executed in multiple trades at prices ranging from $256.6550 to $257.55. 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 $257.73 to $258.70. 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 $258.73 to $259.55. 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 $256.98 to $257.94. 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 $258.00 to $258.99. 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 $259.1750 to $260.00. 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 $260.27 to $261.17. 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 $261.34 to $262.33. 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.

F14: The transaction was executed in multiple trades at prices ranging from $262.35 to $263.2950. 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 $263.35 to $264.23. 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 shares are held in trusts for the benefit of the reporting person's children. The reporting person's spouse is trustee of the trusts.