Morningstar, Inc. — Director's Dealing 2011

Jan 18, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2011-01-13

Reporting Person: Huang Tao (Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-13	Common Stock	M	1000	$18.9646	Acquired	477051	Direct
2011-01-13	Common Stock	S	1000	$52.9145	Disposed	476051	Direct
2011-01-14	Common Stock	M	1000	$18.9668	Acquired	477051	Direct
2011-01-14	Common Stock	S	1000	$53.58	Disposed	476051	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-13	Employee Stock Option (Right to Buy)	$18.9646	M	1000	Disposed	2014-12-01	Common Stock (1000)	Direct
2011-01-14	Employee Stock Option (Right to Buy)	$18.9668	M	1000	Disposed	2014-12-01	Common Stock (1000)	Direct

Footnotes

F1: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 3, 2010.

F2: 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 January 13, 2011, the exercise price was $18.9646.

F3: The options became exercisable in 4 equal installments on May 1, 2005, 2006, 2007, and 2008.

F4: 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 January 14, 2011, the exercise price was $18.9668.

F5: The transaction was executed in multiple trades at prices ranging from $52.73 to $53.07. 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.