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Morningstar, Inc. Director's Dealing 2024

Nov 8, 2024

30609_dirs_2024-11-08_ca221373-93c8-497d-af37-d36e21dcdcaa.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: 2024-11-06

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

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2024-11-06 Common Stock S 1958 $336.3915 Disposed 10826036 Direct
2024-11-06 Common Stock S 2324 $337.7354 Disposed 10823712 Direct
2024-11-06 Common Stock S 705 $339.013 Disposed 10823007 Direct
2024-11-06 Common Stock S 1488 $340.3528 Disposed 10821519 Direct
2024-11-06 Common Stock S 2001 $343.0471 Disposed 10819518 Direct
2024-11-06 Common Stock S 332 $343.8052 Disposed 10819186 Direct
2024-11-06 Common Stock S 104 $345.2067 Disposed 10819082 Direct
2024-11-06 Common Stock S 150 $345.9017 Disposed 10818932 Direct
2024-11-07 Common Stock S 1054 $343.6332 Disposed 10817878 Direct
2024-11-07 Common Stock S 233 $345.4271 Disposed 10817645 Direct

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 4414795 Indirect
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 17, 2023.

F2: The transaction was executed in multiple trades at prices ranging from $335.9550 to $336.8500. 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 $337.2900 to $338.2500. 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 $338.7800 to $339.6400. 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 $340.2000 to $341.0600. 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 $342.2000 to $343.3400. 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 $343.5750 to $344.0700. 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 $344.5800 to $345.4050. 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 $345.9000 to $346.1500. 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 $343.4100 to $344.0550. 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 $344.9850 to $345.5000. 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 shares are held in grantor retained annuity trusts for the benefit of the reporting person and his children. The reporting person serves as trustee of the grantor retained annuity trusts.

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.