Morningstar, Inc. — Director's Dealing 2021

Jul 8, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2021-07-06

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-07-06	Common Stock	S	8091	$256.9643	Disposed	18417678	Direct
2021-07-06	Common Stock	S	864	$258.1327	Disposed	18416814	Direct
2021-07-06	Common Stock	S	200	$258.948	Disposed	18416614	Direct
2021-07-07	Common Stock	S	740	$256.51	Disposed	18415874	Direct
2021-07-07	Common Stock	S	1819	$257.3921	Disposed	18414055	Direct
2021-07-07	Common Stock	S	5424	$258.5778	Disposed	18408631	Direct
2021-07-07	Common Stock	S	1031	$259.2855	Disposed	18407600	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 $256.71 to $257.66. 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 $257.75 to $258.6450. 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 $258.7550 to $259.42. 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 $255.98 to $256.86. 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 $257.00 to $257.98. 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 $258.00 to $258.9950. 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 $259.00 to $259.84. 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 trusts for the benefit of the reporting person's children. The reporting person's spouse is trustee of the trusts.