Morningstar large holder details trust-held shares

Morningstar, Inc. reports that Daniel Mansueto is a more than 10% owner and has filed an initial statement of beneficial ownership of common stock.

Rhea-AI Filing Summary

Morningstar, Inc. reports that Daniel Mansueto is a more than 10% owner and has filed an initial statement of beneficial ownership of common stock. The reported positions are indirect holdings "By Trust", including grantor retained annuity trusts for which he serves as voting agent and a separate trust for which he is trustee.

In both cases, Mansueto disclaims beneficial ownership of the securities, and the filing states it shall not be deemed an admission that he is the beneficial owner for Section 16 purposes, except to the extent of any pecuniary interest. The entries reflect holdings rather than reported stock purchases or sales.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Mansueto Daniel

Role 10% Owner

Type	Security	Shares	Price	Value
holding	Common Stock F1	--	--	--
holding	Common Stock F2	--	--	--

Holdings After Transaction: Common Stock — 3,932,046 shares (Indirect, By Trust)

Footnotes (2)

1. F1. The shares are held in grantor retained annuity trusts for which the reporting person serves as the voting agent. The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16, except to the extent of the reporting person's pecuniary interest.
2. F2. The shares are held in a trust for which the reporting person serves as the trustee. The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16.

Key Terms

grantor retained annuity trusts, pecuniary interest, Section 16

3 terms

grantor retained annuity trusts financial

"The shares are held in grantor retained annuity trusts for which the reporting person"

A grantor retained annuity trust (GRAT) is an estate-planning tool where an owner transfers assets into a trust and receives fixed payments back for a set number of years; any remaining assets after that period pass to designated beneficiaries. For investors it matters because it can move future investment growth to heirs while potentially reducing gift and estate taxes — like putting a rising asset in a timed box that pays you first and gives the remaining upside to others.

pecuniary interest financial

"except to the extent of the reporting person's pecuniary interest."

Section 16 regulatory

"beneficial owner of the securities for purposes of Section 16, except"

Section 16 is a U.S. securities law rule that governs the trading and disclosure obligations of company insiders — typically officers, directors and large shareholders — to promote transparency and deter unfair profit-taking. It requires insiders to publicly report their stock trades and allows companies or the issuer to reclaim quick, short-term profits from certain insider trades, like a scoreboard and a refund policy that help investors see and limit possible insider advantage.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the Morningstar (MORN) Form 3 filed by Daniel Mansueto report?

The Form 3 shows indirect ownership of Morningstar common stock by trusts associated with Daniel Mansueto, who is reported as a more than 10% owner. It identifies grantor retained annuity trusts and a separate trust, with detailed footnotes on his roles and ownership status.

Does the Morningstar (MORN) Form 3 show any stock purchases or sales by Daniel Mansueto?

No. The Form 3 lists entries as holding records of Morningstar common stock rather than explicit purchases or sales. The transactions have no buy or sell codes, and the summary data indicate no reported buy or sell activity, only indirect trust-held positions.

How are the Morningstar (MORN) grantor retained annuity trust shares described in the Form 3?

Shares are held in grantor retained annuity trusts where Daniel Mansueto serves as the voting agent. A footnote states he disclaims beneficial ownership of these securities and that the report is not an admission of beneficial ownership for Section 16, except for any pecuniary interest.

What does the Morningstar (MORN) Form 3 say about shares held in a separate trust?

Another block of shares is held in a trust for which Mansueto is trustee. The filing states he disclaims beneficial ownership of these securities, and that the report shall not be deemed an admission he is the beneficial owner for Section 16 purposes.

What is Daniel Mansueto’s insider status at Morningstar (MORN) in this Form 3?

The reporting information identifies Daniel Mansueto as a more than 10% owner of Morningstar, Inc. He is not listed as a director or officer in this filing. His reported holdings are indirect, through various trusts, with explicit beneficial ownership disclaimers.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/07/2026 - 04:15 PM Accepted by SEC EDGAR 08/07/2026 - 04:15 PM Learn about SEC filing dates

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Mansueto Daniel

(Last) (First) (Middle)

907 WESTWOOD BOULEVARD, #1026

(Street)

LOS ANGELES CALIFORNIA 90024

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
07/29/2026

3. Issuer Name and Ticker or Trading Symbol
Morningstar, Inc. [ MORN ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	3,860,796	I	By Trust(1)
Common Stock	71,250	I	By Trust(2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The shares are held in grantor retained annuity trusts for which the reporting person serves as the voting agent. The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16, except to the extent of the reporting person's pecuniary interest.

2. The shares are held in a trust for which the reporting person serves as the trustee. The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16.

Remarks:

Ex. 24 - Power of Attorney

	/s/ William Morris, by power of attorney	08/07/2026
	** Signature of Reporting Person	Date
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 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)