Morningstar, Inc. — Director's Dealing 2011

May 16, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2011-05-15

Reporting Person: Sturm Paul W (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-15	Common Stock (Restricted Stock Units)	A	960	—	Acquired	67543	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-15	Stock Options (Right to Buy)	$57.28	A	2316	Acquired	2021-05-15	Common Stock (2316)	Direct

Footnotes

F1: Each restricted stock unit represents a contingent right to receive one share of Morningstar, Inc. stock. The restricted stock units vest in three equal annual installments beginning May 15, 2012.

F2: The options become exercisable in three equal installments beginning May 15, 2012.