Sec Form 4 Filing - Mansueto Joseph D @ Morningstar, Inc. - 2025-02-12

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Mansueto Joseph D 2. Issuer Name and Ticker or Trading Symbol Morningstar, Inc. [ MORN] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director X __ 10% Owner X __ Officer (give title below) _____ Other (specify below) Executive Chairman (Last) (First) (Middle) 22 W. WASHINGTON 3. Date of Earliest Transaction (MM/DD/YY) 02/12/2025 (Street) CHICAGO, IL60602 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 02/12/2025 S( 1 ) 1,280 D $ 320.5716 ( 2 ) 10,130,378 D Common Stock 02/13/2025 S( 1 ) 597 D $ 320.5944 ( 3 ) 10,129,781 D Common Stock 02/13/2025 S( 1 ) 208 D $ 321.61 ( 4 ) 10,129,573 D Common Stock 02/13/2025 S( 1 ) 557 D $ 323.0105 ( 5 ) 10,129,016 D Common Stock 02/13/2025 S( 1 ) 794 D $ 323.9066 ( 6 ) 10,128,222 D Common Stock 02/13/2025 S( 1 ) 1,103 D $ 324.9971 ( 7 ) 10,127,119 D Common Stock 02/13/2025 S( 1 ) 593 D $ 326.2016 ( 8 ) 10,126,526 D Common Stock 02/13/2025 S( 1 ) 1,461 D $ 327.1139 ( 9 ) 10,125,065 D Common Stock 02/13/2025 S( 1 ) 2,677 D $ 328.3131 ( 10 ) 10,122,388 D Common Stock 02/13/2025 S( 1 ) 502 D $ 328.6734 ( 11 ) 10,121,886 D Common Stock 4,836,106 I By Trust ( 12 ) Common Stock 150,000 I By Trust ( 13 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Mansueto Joseph D 22 W. WASHINGTON CHICAGO, IL60602 X X Executive Chairman Signatures /s/ Kathleen Peacock, by power of attorney 02/14/2025 Signature of Reporting Person Date

Explanation of Responses:

( 1 )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. ( 2 )The transaction was executed in multiple trades at prices ranging from $320.5300 to $320.8600. The price reported above reflects the weighted average sales 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. ( 3 )The transaction was executed in multiple trades at prices ranging from $320.2050 to $321.1750. The price reported above reflects the weighted average sales 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. ( 4 )The transaction was executed in multiple trades at prices ranging from $321.2350 to $321.9400. The price reported above reflects the weighted average sales 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. ( 5 )The transaction was executed in multiple trades at prices ranging from $322.5000 to $323.3150. The price reported above reflects the weighted average sales 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. ( 6 )The transaction was executed in multiple trades at prices ranging from $323.5100 to $324.3950. The price reported above reflects the weighted average sales 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. ( 7 )The transaction was executed in multiple trades at prices ranging from $324.6150 to $325.4000. The price reported above reflects the weighted average sales 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. ( 8 )The transaction was executed in multiple trades at prices ranging from $325.6250 to $326.5850. The price reported above reflects the weighted average sales 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. ( 9 )The transaction was executed in multiple trades at prices ranging from $326.6350 to $327.6300. The price reported above reflects the weighted average sales 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. ( 10 )The transaction was executed in multiple trades at prices ranging from $327.6350 to $328.6050. The price reported above reflects the weighted average sales 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. ( 11 )The transaction was executed in multiple trades at prices ranging from $328.6375 to $328.8750. The price reported above reflects the weighted average sales 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. ( 12 )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. ( 13 )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.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

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