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
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person *
Mansueto Joseph D
(Last) (First) (Middle)
C/O MORNINGSTAR, INC.
22 WEST WASHINGTON STREET
(Street)
CHICAGO IL 60602
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Morningstar, Inc. [ MORN ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director X 10% Owner
X Officer (give title below) Other (specify below)
Executive Chairman
3. Date of Earliest Transaction (Month/Day/Year)
08/13/2019
4. If Amendment, Date of Original Filed (Month/Day/Year)
 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 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 08/13/2019   S (1)   143 D $ 151.9257 (2) 21,661,507 D  
Common Stock 08/13/2019   S (1)   2,480 D $ 153.4733 (3) 21,659,027 D  
Common Stock 08/13/2019   S (1)   2,635 D $ 154.4197 (4) 21,656,392 D  
Common Stock 08/13/2019   S (1)   1,942 D $ 155.1426 (5) 21,654,450 D  
Common Stock 08/14/2019   S (1)   3,251 D $ 154.5126 (6) 21,651,199 D  
Common Stock               150,000 I By Trust (7)
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. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 26, 2018.
2. The transaction was executed in multiple trades at prices ranging from $151.64 to $152.59. The price reported above reflects the weighted average sale 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. The transaction was executed in multiple trades at prices ranging from $152.875 to $153.865. The price reported above reflects the weighted average sale 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.
4. The transaction was executed in multiple trades at prices ranging from $153.88 to $154.85. The price reported above reflects the weighted average sale 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.
5. The transaction was executed in multiple trades at prices ranging from $154.89 to $155.48. The price reported above reflects the weighted average sale 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 $154.37 to $155.155. The price reported above reflects the weighted average sale 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. These shares are held in trusts for the benefit of the reporting person's children. The reporting person's spouse is trustee of the trusts.
/s/ Patrick Maloney, by power of attorney 08/15/2019
** 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.
POWER OF ATTORNEY 
POWER OF ATTORNEY

Know all by these presents, that the 
undersigned hereby constitutes and appoints 
each of Patrick J. Maloney, Peter Olson, 
Tanya Igess, and Michael Yuan signing singly, 
the undersigneds true and lawful 
attorney-in-fact to: 

1.	Execute for and on behalf of the 
undersigned, in the undersigneds capacity 
as an officer and/or director of 
Morningstar, Inc. (Morningstar), Forms 3, 4 
and 5 in accordance with Section 16(a) of 
the Securities Exchange Act of 1934 and the 
rules and regulations promulgated 
thereunder;

2.	Do and perform any and all acts for 
and on behalf of the undersigned which may 
be necessary or desirable to complete and 
execute any such Form 3, 4 or 5, complete 
and execute any amendment or amendments 
thereto and timely file such form with the 
United States Securities and Exchange 
Commission and any national quotation 
system, national securities exchange, stock 
exchange or similar authority; and 

3.	Take any other action of any type 
whatsoever in connection with the foregoing 
which, in the opinion of such attorney-in-
fact, may be of benefit to, in the best 
interest of or legally required by the 
undersigned, it being understood that the 
documents executed by such attorney-in-fact 
on behalf of the undersigned pursuant to 
this Power of Attorney shall be in such 
form and shall contain such terms and 
conditions as such attorney-in-fact may 
approve in such attorney-in-facts 
discretion. 

The undersigned hereby grants to each such 
attorney-in-fact full power and authority 
to do and perform any and every act and 
thing whatsoever requisite, necessary or 
proper to be done in the exercise of any of 
the rights and powers herein granted, as 
fully to all intents and purposes as the 
undersigned might or could do if personally 
present, with full power of substitution or 
revocation, hereby ratifying and confirming 
all that such attorney-in-fact, or such 
attorney-in-fact substitute or 
substitutes, shall lawfully do or cause to 
be done by virtue of this Power of Attorney 
and the rights and powers herein granted.  
The undersigned acknowledges that the 
foregoing attorneys-in-fact, in serving in 
such capacity at the request of the 
undersigned, are not assuming, nor is 
Morningstar assuming, any of the 
undersigneds responsibilities to comply 
with Section 16 of the Securities Exchange 
Act of 1934.

This Power of Attorney shall remain in full 
force and effect until the undersigned is 
no longer required to file Forms 3, 4 and 5 
with respect to the undersigneds holdings 
of and transactions in securities issued by 
Morningstar, unless earlier revoked by the 
undersigned in a signed writing delivered 
to the foregoing attorneys-in-fact.

IN WITNESS WHEREOF, the undersigned has 
caused this Power of Attorney to be executed 
as of this 15th day of August, 2019. 

/s/ Joseph Mansueto
Signature

Joseph Mansueto
Print Name