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Morningstar, Inc. Director's Dealing 2021

May 17, 2021

30609_dirs_2021-05-17_e5dd0bfb-7e40-4790-b066-ec89b584f240.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2021-05-13

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

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2021-05-13 Common Stock S 667 $242.4452 Disposed 18707549 Direct
2021-05-13 Common Stock S 1030 $243.7218 Disposed 18706519 Direct
2021-05-13 Common Stock S 1885 $244.87 Disposed 18704634 Direct
2021-05-13 Common Stock S 2733 $245.8023 Disposed 18701901 Direct
2021-05-13 Common Stock S 3861 $246.5946 Disposed 18698040 Direct
2021-05-13 Common Stock S 200 $247.2425 Disposed 18697840 Direct
2021-05-14 Common Stock S 4238 $245.9989 Disposed 18693602 Direct
2021-05-14 Common Stock S 1440 $246.9578 Disposed 18692162 Direct
2021-05-14 Common Stock S 51 $247.93 Disposed 18692111 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 $242.21 to $243.01. 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 $243.22 to $244.1950. 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 $244.22 to $245.21. 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.

F5: The transaction was executed in multiple trades at prices ranging from $245.22 to $246.21. 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 $246.22 to $247.15. 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 $247.24 to $247.2450. 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 $245.58 to $246.56. 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 $246.58 to $247.55. 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.

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.