Morningstar, Inc. — Director's Dealing 2010

Mar 23, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2010-03-23

Reporting Person: Cooley Richard Scott (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-03-23	Common Stock	M	90	$14.13	Acquired	22782	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-03-23	Employee Stock Option (Right to Buy)	$14.13	M	90	Disposed	2010-05-01	Common Stock (90)	Direct

Footnotes

F1: The options became exercisable in four equal installments on May 1, 2001, 2002, 2003 and 2004.