Morningstar, Inc. — Director's Dealing 2021

Feb 6, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2021-02-03

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-02-03	Common Stock	S	77	$243.4887	Disposed	19125506	Direct
2021-02-03	Common Stock	S	65	$244.79	Disposed	19125441	Direct
2021-02-04	Common Stock	S	3351	$240.4474	Disposed	19122090	Direct
2021-02-04	Common Stock	S	2271	$241.7316	Disposed	19119819	Direct
2021-02-04	Common Stock	S	1666	$242.7802	Disposed	19118153	Direct
2021-02-04	Common Stock	S	2420	$243.5401	Disposed	19115733	Direct
2021-02-04	Common Stock	S	206	$244.2599	Disposed	19115527	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 $243.46 to $243.5450. 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 $240.07 to $240.82. 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 $241.13 to $242.12. 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 $242.13 to $243.12. 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 $243.13 to $243.99. 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.

F7: The transaction was executed in multiple trades at prices ranging from $244.1750 to $244.3250. 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 shares are held in trusts for the benefit of the reporting person's children. The reporting person's spouse is trustee of the trusts.