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  4. [Form 4] Morningstar, Inc. Insider Trading Activity

Morningstar chairman Mansueto sells 21,404 shares

The listed prices for individually detailed transactions are weighted averages from multiple trades, rather than single-trade prices.

Available on EDGAR Accepted by SEC EDGAR
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Form Type
4

Rhea-AI Filing Summary

Morningstar, Inc. Executive Chairman Joseph D. Mansueto reported sales of 21,404 common shares on November 2, November 3 and November 4, 2026. The sales were effected under a Rule 10b5-1 trading plan he adopted on June 8, 2026. For individually detailed transactions, the reported prices reflect weighted averages from multiple trades.

Insider Mansueto Joseph D
Role Executive Chairman
Sold 21,404 shs ($5.10M)
Type Security Shares Price Value
Sale Common Stock F1, F19 2,935 $240.7604 $707K
Sale Common Stock F1, F20 2,286 $241.503 $552K
Sale Common Stock F1, F21 1,149 $242.7597 $279K
Sale Common Stock F1, F22 795 $243.6656 $194K
Sale Common Stock F1, F23 85 $244.5127 $21K
Sale Common Stock F1, F15 4,390 $239.3921 $1.05M
Sale Common Stock F1, F16 2,384 $239.9574 $572K
Sale Common Stock F1, F17 78 $241.1117 $19K
Sale Common Stock F1, F18 52 $242.2588 $13K
Sale Common Stock F1, F2, F3, F4 344 $227.5738 $78K
Sale Common Stock F1, F5 478 $228.4924 $109K
Sale Common Stock F1, F6 518 $229.0411 $119K
Sale Common Stock F1, F7 970 $230.4196 $224K
Sale Common Stock F1, F8 798 $231.8928 $185K
Sale Common Stock F1, F9 520 $232.8943 $121K
Sale Common Stock F1, F10 1,312 $234.1874 $307K
Sale Common Stock F1, F11 1,604 $235.6314 $378K
Sale Common Stock F1, F12 104 $237.2838 $25K
Sale Common Stock F1, F13 273 $238.5758 $65K
Sale Common Stock F1, F14 303 $239.6119 $73K
Sale Common Stock F1 26 $240.14 $6K
Holding Common Stock F24 -- -- --
Holding Common Stock F25 -- -- --
Holdings After Transaction: Common Stock — 8,594,429 shares (Direct); Common Stock — 5,750,034 shares (Indirect, By Trust)
Footnotes (25)
  1. F1. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on June 8, 2026.
  2. F2. The transaction was executed in multiple trades at prices ranging from $227.0100 to $227.6850. 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. F3. In the third quarter of 2026, 1,227,641 shares were distributed to the reporting person from grantor retained annuity trusts established for the benefit of the reporting person and his children which were previously included as indirect holdings and are now reported as directly held.
  4. F4. In the third quarter of 2026, the reporting person contributed 550,000 shares of Morningstar common stock to a grantor retained annuity trust for the benefit of the reporting person and his children which are now reported as indirect holdings.
  5. F5. The transaction was executed in multiple trades at prices ranging from $228.0100 to $228.9600. 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. F6. The transaction was executed in multiple trades at prices ranging from $229.0250 to $229.0950. 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. F7. The transaction was executed in multiple trades at prices ranging from $230.0250 to $230.7825. 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. F8. The transaction was executed in multiple trades at prices ranging from $231.5800 to $232.1550. 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. F9. The transaction was executed in multiple trades at prices ranging from $232.7050 to $233.5100. 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. F10. The transaction was executed in multiple trades at prices ranging from $233.8800 to $234.8400. 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. F11. The transaction was executed in multiple trades at prices ranging from $234.9800 to $235.8800. 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. F12. The transaction was executed in multiple trades at prices ranging from $236.7400 to $237.6450. 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.
  13. F13. The transaction was executed in multiple trades at prices ranging from $238.0400 to $238.9750. 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.
  14. F14. The transaction was executed in multiple trades at prices ranging from $239.0150 to $239.9850. 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.
  15. F15. The transaction was executed in multiple trades at prices ranging from $238.7300 to $239.6400. 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.
  16. F16. The transaction was executed in multiple trades at prices ranging from $239.7400 to $240.4700. 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.
  17. F17. The transaction was executed in multiple trades at prices ranging from $240.8150 to $241.6300. 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.
  18. F18. The transaction was executed in multiple trades at prices ranging from $242.1625 to $242.3550. 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.
  19. F19. The transaction was executed in multiple trades at prices ranging from $240.1750 to $241.1150. 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.
  20. F20. The transaction was executed in multiple trades at prices ranging from $241.1850 to $242.1800. 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.
  21. F21. The transaction was executed in multiple trades at prices ranging from $242.1950 to $243.1800. 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.
  22. F22. The transaction was executed in multiple trades at prices ranging from $243.2050 to $244.1600. 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.
  23. F23. The transaction was executed in multiple trades at prices ranging from $244.2450 to $244.8550. 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.
  24. F24. 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.
  25. F25. 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.
Common shares sold 21,404 shares Reported sales on November 2–4, 2026
Sale 4,390 shares November 3, 2026; reported weighted-average sale price of $239.3921 per share
Sale 2,935 shares November 4, 2026; reported weighted-average sale price of $240.7604 per share
Sale 344 shares November 2, 2026; reported weighted-average sale price of $227.5738 per share
Rule 10b5-1 trading plan regulatory
"pursuant to a Rule 10b5-1 trading plan"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
weighted average sales price financial
"reflects the weighted average sales price"
grantor retained annuity trusts technical
"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.

FAQ

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

How many Morningstar (MORN) shares did Joseph D. Mansueto sell?
Joseph D. Mansueto reported sales of 21,404 Morningstar common shares on November 2, November 3 and November 4, 2026. The sales were made under a Rule 10b5-1 trading plan adopted on June 8, 2026.

What prices were reported for Joseph D. Mansueto's MORN share sales?
For example, a 4,390-share sale on November 3, 2026, was reported at a weighted average of $239.3921 per share; a 2,935-share sale on November 4 was reported at a weighted average of $240.7604 per share. The footnotes describe these transactions as involving multiple trades.

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

Form 4 Insider Transactions: What Each Field Means →
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SEC Form 4
FORM 4UNITED 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
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
X
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 Joseph D
(Last)(First)(Middle)
22 W. WASHINGTON
(Street)
CHICAGO ILLINOIS 60602
(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)
XDirectorX10% Owner
XOfficer (give title below)Other (specify below)
Executive Chairman
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
11/02/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Common Stock11/02/2026S(1)344D$227.5738(2)8,615,489(3)(4)D
Common Stock11/02/2026S(1)478D$228.4924(5)8,615,011D
Common Stock11/02/2026S(1)518D$229.0411(6)8,614,493D
Common Stock11/02/2026S(1)970D$230.4196(7)8,613,523D
Common Stock11/02/2026S(1)798D$231.8928(8)8,612,725D
Common Stock11/02/2026S(1)520D$232.8943(9)8,612,205D
Common Stock11/02/2026S(1)1,312D$234.1874(10)8,610,893D
Common Stock11/02/2026S(1)1,604D$235.6314(11)8,609,289D
Common Stock11/02/2026S(1)104D$237.2838(12)8,609,185D
Common Stock11/02/2026S(1)273D$238.5758(13)8,608,912D
Common Stock11/02/2026S(1)303D$239.6119(14)8,608,609D
Common Stock11/02/2026S(1)26D$240.148,608,583D
Common Stock11/03/2026S(1)4,390D$239.3921(15)8,604,193D
Common Stock11/03/2026S(1)2,384D$239.9574(16)8,601,809D
Common Stock11/03/2026S(1)78D$241.1117(17)8,601,731D
Common Stock11/03/2026S(1)52D$242.2588(18)8,601,679D
Common Stock11/04/2026S(1)2,935D$240.7604(19)8,598,744D
Common Stock11/04/2026S(1)2,286D$241.503(20)8,596,458D
Common Stock11/04/2026S(1)1,149D$242.7597(21)8,595,309D
Common Stock11/04/2026S(1)795D$243.6656(22)8,594,514D
Common Stock11/04/2026S(1)85D$244.5127(23)8,594,429D
Common Stock5,600,034IBy Trust(24)
Common Stock150,000IBy Trust(25)
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
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 June 8, 2026.
2. The transaction was executed in multiple trades at prices ranging from $227.0100 to $227.6850. 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. In the third quarter of 2026, 1,227,641 shares were distributed to the reporting person from grantor retained annuity trusts established for the benefit of the reporting person and his children which were previously included as indirect holdings and are now reported as directly held.
4. In the third quarter of 2026, the reporting person contributed 550,000 shares of Morningstar common stock to a grantor retained annuity trust for the benefit of the reporting person and his children which are now reported as indirect holdings.
5. The transaction was executed in multiple trades at prices ranging from $228.0100 to $228.9600. 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 $229.0250 to $229.0950. 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 $230.0250 to $230.7825. 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 $231.5800 to $232.1550. 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 $232.7050 to $233.5100. 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 $233.8800 to $234.8400. 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 $234.9800 to $235.8800. 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 transaction was executed in multiple trades at prices ranging from $236.7400 to $237.6450. 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.
13. The transaction was executed in multiple trades at prices ranging from $238.0400 to $238.9750. 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.
14. The transaction was executed in multiple trades at prices ranging from $239.0150 to $239.9850. 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.
15. The transaction was executed in multiple trades at prices ranging from $238.7300 to $239.6400. 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.
16. The transaction was executed in multiple trades at prices ranging from $239.7400 to $240.4700. 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.
17. The transaction was executed in multiple trades at prices ranging from $240.8150 to $241.6300. 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.
18. The transaction was executed in multiple trades at prices ranging from $242.1625 to $242.3550. 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.
19. The transaction was executed in multiple trades at prices ranging from $240.1750 to $241.1150. 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.
20. The transaction was executed in multiple trades at prices ranging from $241.1850 to $242.1800. 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.
21. The transaction was executed in multiple trades at prices ranging from $242.1950 to $243.1800. 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.
22. The transaction was executed in multiple trades at prices ranging from $243.2050 to $244.1600. 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.
23. The transaction was executed in multiple trades at prices ranging from $244.2450 to $244.8550. 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.
24. 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.
25. 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.
Remarks:
/s/ Kathleen Peacock, by power of attorney11/04/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

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