MORNINGSTAR INC

Ticker: MORN CUSIP: 617700109 Class: Common Stock

Global Endowment Management, LP's Holding History (CIK: 0001512237)

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

Q1 2015

Shares 32,000 Value ($000) $2,397 Avg Close $70.94 Range $62.14 - $78.51

Q4 2014

Shares 24,000 Value ($000) $1,553 Avg Close $66.23 Range $61.03 - $71.08

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2015	32,000	$2,397	$70.94	$62.14 - $78.51
Q4 2014	24,000	$1,553	$66.23	$61.03 - $71.08