Morningstar, Inc. — Director's Dealing 2011

Apr 4, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2011-03-31

Reporting Person: Desmond Bevin (President, Int'l Division)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-31	Common Stock	M	15000	$14.13	Acquired	71022	Direct
2011-03-31	Common Stock	S	7350	$57.6787	Disposed	63672	Direct
2011-03-31	Common Stock	M	4300	$14.13	Acquired	46125	Indirect
2011-03-31	Common Stock	S	2100	$57.5719	Disposed	44025	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-31	Employee Stock Option (Right to Buy)	$14.13	M	15000	Disposed	2011-05-01	Common Stock (15000)	Direct
2011-03-31	Employee Stock Option (Right to Buy)	$14.13	M	4300	Disposed	2011-05-01	Common Stock (4300)	Indirect

Footnotes

F1: The transaction was executed in multiple trades at prices ranging from $57.5540 to $57.8236. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.

F2: The options became exercisable in four equal installments on May 1, 2002, 2003, 2004 and 2005.