MORNINGSTAR INC

Ticker: MORN CUSIP: 617700109 Class: Common Stock

CONFLUENCE INVESTMENT MANAGEMENT LLC's Holding History (CIK: 0001442056)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 71,033 Value ($000) $15,436 Avg Close $216.57 Range $202.89 - $233.46

Q3 2025

Shares 60,239 Value ($000) $13,976 Avg Close $266.56 Range $230.09 - $313.40

Q2 2025

Shares 60,980 Value ($000) $19,143 Avg Close $296.03 Range $250.34 - $316.71

Q1 2025

Shares 62,103 Value ($000) $18,623 Avg Close $314.89 Range $278.64 - $338.50

Q4 2024

Shares 63,393 Value ($000) $21,348 Avg Close $341.38 Range $312.59 - $365.00

Q3 2024

Shares 64,432 Value ($000) $20,561 Avg Close $310.75 Range $294.45 - $330.22

Q2 2024

Shares 64,975 Value ($000) $19,223 Avg Close $295.99 Range $281.37 - $316.06

Q1 2024

Shares 68,054 Value ($000) $20,986 Avg Close $288.05 Range $269.51 - $316.05

Q4 2023

Shares 71,391 Value ($000) $20,435 Avg Close $260.56 Range $219.45 - $289.17

Q3 2023

Shares 74,255 Value ($000) $17,394 Avg Close $225.76 Range $188.97 - $257.28

Q2 2023

Shares 76,277 Value ($000) $14,956 Avg Close $198.02 Range $163.28 - $210.95

Q1 2023

Shares 72,945 Value ($000) $14,810 Avg Close $219.87 Range $180.99 - $259.28

Q4 2022

Shares 71,729 Value ($000) $16 Avg Close $227.96 Range $207.11 - $252.04

Q3 2022

Shares 73,030 Value ($000) $15,505 Avg Close $237.81 Range $208.48 - $261.16

Q2 2022

Shares 74,059 Value ($000) $17,910 Avg Close $252.01 Range $218.25 - $293.64

Q1 2022

Shares 76,458 Value ($000) $20,886 Avg Close $282.62 Range $251.56 - $343.54

Q4 2021

Shares 76,324 Value ($000) $26,102 Avg Close $309.54 Range $253.81 - $350.21

Q3 2021

Shares 76,669 Value ($000) $19,859 Avg Close $262.72 Range $242.31 - $288.54

Q2 2021

Shares 103,692 Value ($000) $26,661 Avg Close $242.63 Range $224.56 - $270.08

Q1 2021

Shares 107,244 Value ($000) $24,134 Avg Close $234.34 Range $213.55 - $255.75

Q4 2020

Shares 107,762 Value ($000) $24,955 Avg Close $198.64 Range $159.23 - $232.06

Q3 2020

Shares 114,805 Value ($000) $18,439 Avg Close $157.98 Range $140.37 - $178.57

Q2 2020

Shares 117,937 Value ($000) $16,626 Avg Close $141.17 Range $109.25 - $165.19

Q1 2020

Shares 121,809 Value ($000) $14,160 Avg Close $144.90 Range $102.59 - $166.59

Q4 2019

Shares 124,498 Value ($000) $18,008 Avg Close $153.53 Range $141.94 - $163.94

Q3 2019

Shares 119,137 Value ($000) $17,411 Avg Close $153.95 Range $144.37 - $162.53

Q2 2019

Shares 124,498 Value ($000) $18,008 Avg Close $138.03 Range $126.26 - $149.70

Q1 2019

Shares 125,996 Value ($000) $15,874 Avg Close $120.22 Range $99.67 - $129.99

Q4 2018

Shares 125,644 Value ($000) $13,801 Avg Close $117.21 Range $104.56 - $133.74

Q3 2018

Shares 121,142 Value ($000) $15,252 Avg Close $134.79 Range $125.47 - $144.34

Q2 2018

Shares 136,524 Value ($000) $17,509 Avg Close $114.36 Range $93.30 - $134.95

Q1 2018

Shares 141,649 Value ($000) $13,530 Avg Close $96.16 Range $90.00 - $103.46

Q4 2017

Shares 141,134 Value ($000) $13,685 Avg Close $90.03 Range $82.64 - $99.11

Q3 2017

Shares 138,103 Value ($000) $11,738 Avg Close $81.52 Range $77.46 - $85.58

Q2 2017

Shares 186,138 Value ($000) $14,582 Avg Close $75.47 Range $68.43 - $79.55

Q1 2017

Shares 159,678 Value ($000) $12,551 Avg Close $77.78 Range $72.85 - $81.97

Q4 2016

Shares 139,273 Value ($000) $10,245 Avg Close $73.51 Range $67.74 - $79.30

Q3 2016

Shares 153,995 Value ($000) $12,207 Avg Close $82.20 Range $73.84 - $85.49

Q2 2016

Shares 146,483 Value ($000) $11,979 Avg Close $83.58 Range $76.57 - $89.44

Q1 2016

Shares 276,426 Value ($000) $24,400 Avg Close $79.71 Range $74.78 - $88.66

Q4 2015

Shares 258,436 Value ($000) $20,781 Avg Close $81.02 Range $77.61 - $84.99

Q3 2015

Shares 230,912 Value ($000) $18,533 Avg Close $81.64 Range $76.60 - $86.88

Q2 2015

Shares 189,583 Value ($000) $15,081 Avg Close $76.58 Range $71.89 - $80.93

Q1 2015

Shares 153,146 Value ($000) $11,472 Avg Close $70.94 Range $62.14 - $78.51

Q4 2014

Shares 111,046 Value ($000) $7,186 Avg Close $66.23 Range $61.03 - $71.08

Q3 2014

Shares 37,792 Value ($000) $2,566 Avg Close $68.45 Range $66.30 - $72.76

Q2 2014

Shares 20,005 Value ($000) $1,437 Avg Close $73.12 Range $67.77 - $80.00

Q1 2014

Shares 18,384 Value ($000) $1,453 Avg Close $79.64 Range $73.97 - $84.05

Q4 2013

Shares 15,770 Value ($000) $1,231 Avg Close $79.53 Range $73.40 - $85.97

Q3 2013

Shares 16,652 Value ($000) $1,320 Avg Close $77.30 Range $74.19 - $80.00

Q2 2013

Shares 16,828 Value ($000) $1,306 Avg Close $69.29 Range $63.01 - $77.83

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	71,033	$15,436	$216.57	$202.89 - $233.46
Q3 2025	60,239	$13,976	$266.56	$230.09 - $313.40
Q2 2025	60,980	$19,143	$296.03	$250.34 - $316.71
Q1 2025	62,103	$18,623	$314.89	$278.64 - $338.50
Q4 2024	63,393	$21,348	$341.38	$312.59 - $365.00
Q3 2024	64,432	$20,561	$310.75	$294.45 - $330.22
Q2 2024	64,975	$19,223	$295.99	$281.37 - $316.06
Q1 2024	68,054	$20,986	$288.05	$269.51 - $316.05
Q4 2023	71,391	$20,435	$260.56	$219.45 - $289.17
Q3 2023	74,255	$17,394	$225.76	$188.97 - $257.28
Q2 2023	76,277	$14,956	$198.02	$163.28 - $210.95
Q1 2023	72,945	$14,810	$219.87	$180.99 - $259.28
Q4 2022	71,729	$16	$227.96	$207.11 - $252.04
Q3 2022	73,030	$15,505	$237.81	$208.48 - $261.16
Q2 2022	74,059	$17,910	$252.01	$218.25 - $293.64
Q1 2022	76,458	$20,886	$282.62	$251.56 - $343.54
Q4 2021	76,324	$26,102	$309.54	$253.81 - $350.21
Q3 2021	76,669	$19,859	$262.72	$242.31 - $288.54
Q2 2021	103,692	$26,661	$242.63	$224.56 - $270.08
Q1 2021	107,244	$24,134	$234.34	$213.55 - $255.75
Q4 2020	107,762	$24,955	$198.64	$159.23 - $232.06
Q3 2020	114,805	$18,439	$157.98	$140.37 - $178.57
Q2 2020	117,937	$16,626	$141.17	$109.25 - $165.19
Q1 2020	121,809	$14,160	$144.90	$102.59 - $166.59
Q4 2019	124,498	$18,008	$153.53	$141.94 - $163.94
Q3 2019	119,137	$17,411	$153.95	$144.37 - $162.53
Q2 2019	124,498	$18,008	$138.03	$126.26 - $149.70
Q1 2019	125,996	$15,874	$120.22	$99.67 - $129.99
Q4 2018	125,644	$13,801	$117.21	$104.56 - $133.74
Q3 2018	121,142	$15,252	$134.79	$125.47 - $144.34
Q2 2018	136,524	$17,509	$114.36	$93.30 - $134.95
Q1 2018	141,649	$13,530	$96.16	$90.00 - $103.46
Q4 2017	141,134	$13,685	$90.03	$82.64 - $99.11
Q3 2017	138,103	$11,738	$81.52	$77.46 - $85.58
Q2 2017	186,138	$14,582	$75.47	$68.43 - $79.55
Q1 2017	159,678	$12,551	$77.78	$72.85 - $81.97
Q4 2016	139,273	$10,245	$73.51	$67.74 - $79.30
Q3 2016	153,995	$12,207	$82.20	$73.84 - $85.49
Q2 2016	146,483	$11,979	$83.58	$76.57 - $89.44
Q1 2016	276,426	$24,400	$79.71	$74.78 - $88.66
Q4 2015	258,436	$20,781	$81.02	$77.61 - $84.99
Q3 2015	230,912	$18,533	$81.64	$76.60 - $86.88
Q2 2015	189,583	$15,081	$76.58	$71.89 - $80.93
Q1 2015	153,146	$11,472	$70.94	$62.14 - $78.51
Q4 2014	111,046	$7,186	$66.23	$61.03 - $71.08
Q3 2014	37,792	$2,566	$68.45	$66.30 - $72.76
Q2 2014	20,005	$1,437	$73.12	$67.77 - $80.00
Q1 2014	18,384	$1,453	$79.64	$73.97 - $84.05
Q4 2013	15,770	$1,231	$79.53	$73.40 - $85.97
Q3 2013	16,652	$1,320	$77.30	$74.19 - $80.00
Q2 2013	16,828	$1,306	$69.29	$63.01 - $77.83