FORM 4
[ ] 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 OF SECURITIES
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                      	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	                      	

1. Name and Address of Reporting Person *

Needham Daniel	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)
Pres., Investment Management	
(Last)         (First)         (Middle)

MORNINGSTAR, INC., 22 WEST WASHINGTON STREET	3. Date of Earliest Transaction (MM/DD/YYYY)

11/15/2019		
(Street)

CHICAGO, IL 60602
(City)       (State)       (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)

 	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. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. 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				

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)	
1. Title of Derivate Security
(Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. 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	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 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 	 (1)	11/15/2019 	 	A 	  	924  	  	 (1)	11/15/2022 	Common Stock 	924 	$0 	6353 	D 	

Explanation of Responses:	
(1) 	The market stock units earned will be based on the company's cumulative total shareholder return for the three year performance period ending November 14, 2022.	

Reporting Owners	
Reporting Owner Name / Address	Relationships	
	Director	10% Owner	Officer	Other	
Needham Daniel
MORNINGSTAR, INC.
22 WEST WASHINGTON STREET
CHICAGO, IL 60602			Pres., Investment Management		

Signatures		
/s/ Patrick Maloney, by power of attorne		11/18/2019	
**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 control number.	

POWER OF ATTORNEY

Know all by these presents, that the

undersigned hereby constitutes and appoints

each of Heidi Miller, Patrick J. Maloney,

Peter Olson,  and Tanya Igess, 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 November, 2019.

/s/ Daniel Needham

Signature

Daniel Needham

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