Morningstar, Inc. — Director's Dealing 2021

May 19, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2021-05-15

Reporting Person: Lyons William M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-15	Common Stock (Restricted Stock Units)	A	612	—	Acquired	17654	Direct

Footnotes

F1: Each restricted stock unit represents a contingent right to receive one share of Morningstar, Inc. common stock. The restricted stock units vest in three equal annual installments beginning May 15, 2022.

F2: Due to administrative error, this total is adjusted to correct an understatement of 6 shares.