Morningstar, Inc. — Director's Dealing 2011

Dec 16, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2011-12-16

Reporting Person: Sturm Paul W (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-16	Common Stock	M	12000	$19.7064	Acquired	75547	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-12-16	Employee Stock Option (Right to Buy)	$19.7064	M	12000	Disposed	2014-12-01	Common Stock (12000)	Direct

Footnotes

F1: The exercise price increases over the term of the option at a rate equal to the 10-year Treasury bond yield as of the date of grant ($14.70). On December 16, 2011, the exercise price was $19.7064.

F2: The options became exercisable in 3 equal installments on January 27, 2005, 2006, and 2007.