Morningstar: Daniel Mansueto reports trust holdings

For Morningstar, Inc., Daniel Mansueto, a ten percent owner, reported indirect common-stock holdings through two trusts on September 22, 2026.

Filing Impact

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Filing Sentiment

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Sentiment and the balance of points

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Form Type

Rhea-AI Filing Summary

For Morningstar, Inc., Daniel Mansueto, a ten percent owner, reported indirect common-stock holdings through two trusts on September 22, 2026. He serves as voting agent for the grantor retained annuity trusts and as trustee for the other trust. He disclaims beneficial ownership of the grantor retained annuity trust shares except to the extent of his pecuniary interest, and disclaims beneficial ownership of the other trust’s shares.

Insights

Analyzing...

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 — 3,925,077 shares (Indirect, By Trust)

Footnotes (2)

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.
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 Figures

Reporting-person status: 10% owner

1 metrics

Reporting-person status 10% owner Daniel Mansueto’s relationship to Morningstar, Inc.

Key Terms

grantor retained annuity trusts, voting agent, pecuniary interest

3 terms

grantor retained annuity trusts financial

"held in grantor retained annuity trusts"

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.

voting agent regulatory

"serves as the voting agent"

pecuniary interest regulatory

"except to the extent of the reporting person’s pecuniary interest"

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

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Available on EDGAR 10/02/2026 - 04:16 PM Accepted by SEC EDGAR 10/02/2026 - 04:16 PM

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)
09/22/2026

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	3,853,827	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)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	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)

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	10/02/2026
	** 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)