Morningstar trust distributes 657,779 common shares

Daniel Mansueto disclaims beneficial ownership of the trust-held shares, except to the extent of his pecuniary interest.

Rhea-AI Filing Summary

Mansueto Daniel reported disposition transactions in this Form 4 filing. A grantor retained annuity trust for which Morningstar, Inc. ten percent owner Daniel Mansueto serves as voting agent made a scheduled annuity distribution of 657,779 common shares to the trust’s grantor on September 30, 2026, satisfying an annuity payment obligation under the trust’s terms. Mansueto disclaims beneficial ownership of the securities, except to the extent of his pecuniary interest.

Insider Trade Summary

Other: 657,779 shares

Other 2 txns

Insider Mansueto Daniel

Role 10% Owner

Type	Security	Shares	Price	Value
Other	Common Stock F1, F2	657,779	$0.00	$0.00
holding	Common Stock F3	--	--	--

Holdings After Transaction: Common Stock — 3,267,298 shares (Indirect, By Trust)

Footnotes (3)

1. F1. On September 30, 2026, the trustee of a grantor retained annuity trust for which the reporting person serves as the voting agent, made a scheduled annuity distribution of 657,779 shares held by such trust to the grantor of the trust in satisfaction of an annuity payment obligation pursuant to the terms of the trust.
2. F2. 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.
3. F3. 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

Common shares distributed: 657,779 shares

1 metrics

Common shares distributed 657,779 shares Scheduled annuity distribution on September 30, 2026

Key Terms

grantor retained annuity trust, voting agent, pecuniary interest

3 terms

grantor retained annuity trust financial

"a grantor retained annuity trust"

A grantor retained annuity trust (GRAT) is an estate-planning tool where the person who creates the trust transfers assets into it but receives fixed cash payments (an annuity) from the trust for a set number of years; whatever remains after that term passes to designated beneficiaries. It matters to investors because it can shift future appreciation of assets out of the creator’s taxable estate—like putting an asset into a timed vending machine that pays you fixed amounts while any extra value that grows inside the machine goes to heirs with reduced gift or estate tax consequences.

voting agent financial

"serves as the voting agent"

pecuniary interest financial

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

FAQ

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How many MORN shares did the trust distribute?

A grantor retained annuity trust distributed 657,779 common shares to its grantor on September 30, 2026, as a scheduled annuity distribution under the trust’s terms.

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

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Available on EDGAR 10/02/2026 - 04:25 PM Accepted by SEC EDGAR 10/02/2026 - 04:25 PM Learn about SEC filing dates

SEC Form 4

FORM 4

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
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

X

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	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	09/30/2026		J		657,779	D	$0	3,196,048	I	By Trust(1)(2)
Common Stock								71,250	I	By Trust(3)

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 (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	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 (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (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: 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

Explanation of Responses:

1. On September 30, 2026, the trustee of a grantor retained annuity trust for which the reporting person serves as the voting agent, made a scheduled annuity distribution of 657,779 shares held by such trust to the grantor of the trust in satisfaction of an annuity payment obligation pursuant to the terms of the trust.

2. 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.

3. 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:

	/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 4 (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 4: SEC 1474 (03-26)