Morningstar, Inc. — Director's Dealing 2021

Mar 11, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2021-03-09

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-03-09	Common Stock	S	226	$237.1959	Disposed	18916584	Direct
2021-03-09	Common Stock	S	242	$238.29	Disposed	18916342	Direct
2021-03-09	Common Stock	S	256	$239.8601	Disposed	18916086	Direct
2021-03-09	Common Stock	S	3386	$241.0898	Disposed	18912700	Direct
2021-03-09	Common Stock	S	5889	$242.1544	Disposed	18906811	Direct
2021-03-09	Common Stock	S	3367	$243.2438	Disposed	18903444	Direct
2021-03-09	Common Stock	S	442	$243.9596	Disposed	18903002	Direct
2021-03-10	Common Stock	S	4775	$242.5195	Disposed	18898227	Direct
2021-03-10	Common Stock	S	3024	$243.3697	Disposed	18895203	Direct
2021-03-10	Common Stock	S	2333	$244.4667	Disposed	18892870	Direct
2021-03-10	Common Stock	S	1393	$245.7682	Disposed	18891477	Direct
2021-03-10	Common Stock	S	210	$246.615	Disposed	18891267	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 5, 2019.

F2: The transaction was executed in multiple trades at prices ranging from $236.93 to $237.78. 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 $239.63 to $239.94. 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.

F4: The transaction was executed in multiple trades at prices ranging from $240.64 to $241.58. 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 $241.71 to $242.67. 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 $242.76 to $243.75. 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 $243.86 to $244.1975. 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 $241.83 to $242.81. 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 $242.83 to $243.71. 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 $244.06 to $244.96. 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 $245.11 to $246.06. 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 $246.36 to $246.62. 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 shares are held in trusts for the benefit of the reporting person's children. The reporting person's spouse is trustee of the trusts.