Sec Form 3 Filing - Holt Michael @ Morningstar, Inc. - 2025-01-01

FORM 3 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 Holt Michael 2. Issuer Name and Ticker or Trading Symbol Morningstar, Inc. [ MORN] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Chief Financial Officer (Last) (First) (Middle) 22 WEST WASHINGTON STREET 3. Date of Earliest Transaction (MM/DD/YY) 01/01/2025 (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 4,744 D Common Stock (Restricted Stock Units) ( 1 ) 689 D Common Stock (Restricted Stock Units) ( 2 ) 219 D Common Stock (Restricted Stock Units) ( 3 ) 592 D Common Stock (Restricted Stock Units) ( 4 ) 149 D Common Stock (Restricted Stock Units) ( 5 ) 555 D

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 Market Stock Units ( 6 ) ( 6 ) 05/15/2025 Common Stock 715 D Market Stock Units ( 7 ) ( 7 ) 11/15/2025 Common Stock 568 D Market Stock Units ( 8 ) ( 8 ) 05/15/2026 Common Stock 1,142 D Market Stock Units ( 9 ) ( 9 ) 11/15/2026 Common Stock 687 D Market Stock Units ( 10 ) ( 10 ) 05/15/2027 Common Stock 832 D Market Stock Units ( 11 ) ( 11 ) 11/15/2027 Common Stock 721 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Holt Michael 22 WEST WASHINGTON STREET CHICAGO, IL60602 Chief Financial Officer Signatures /s/ Kathleen Peacock, by power of attorney 01/10/2025 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Each restricted stock unit represents a contingent right to receive one share of Morningstar, Inc. common stock. The amount listed represents the unvested portion of a grant of restricted stock units granted on May 15, 2021, the remainder of which vests on May 15, 2025. ( 2 )Each restricted stock unit represents a contingent right to receive one share of Morningstar, Inc. common stock. The amount listed represents the unvested portion of a grant of restricted stock units granted on May 15, 2022, the remainder of which vest in equal annual installments on May 15, 2025 and 2026. ( 3 )Each restricted stock unit represents a contingent right to receive one share of Morningstar, Inc. common stock. The amount listed represents the unvested portion of a grant of restricted stock units granted on May 15, 2023, the remainder of which vests on May 15, 2025, 2026 and 2027. ( 4 )Each restricted stock unit represents a contingent right to receive one share of Morningstar, Inc. common stock. The restricted stock units vest in full on September 1, 2025. ( 5 )Each restricted stock unit represents a contingent right to receive one share of Morningstar, Inc. common stock. The restricted stock units vest in equal annual installments on May 15, 2025, 2026, 2027 and 2028. ( 6 )The market stock units earned will be based in part on the company's cumulative total shareholder return for the three year performance period ending May 15, 2025. ( 7 )The market stock units earned will be based in part on the company's cumulative total shareholder return for the three year performance period ending November 15, 2025. ( 8 )The market stock units earned will be based in part on the company's cumulative total shareholder return for the three year performance period ending May 15, 2026. ( 9 )The market stock units earned will be based in part on the company's cumulative total shareholder return for the three year performance period ending November 15, 2026. ( 10 )The market stock units earned will be based on the company's cumulative total shareholder return for the three year performance period ending May 15, 2027. ( 11 )The market stock units earned will be based on the company's cumulative total shareholder return for the three year performance period ending November 15, 2027.

Remarks:< br>Ex 24- Power of Attorney

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).

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