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: Boruff Christopher P (President, Software Division)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-15	Common Stock	F	1494	$57.28	Disposed	57270	Direct
2011-05-15	Common Stock (Restricted Stock Units)	A	3317	—	Acquired	60587	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-15	Stock Option (Right to Buy)	$57.28	A	8000	Acquired	2021-05-15	Common Stock (8000)	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 four equal annual installments beginning May 15, 2012.

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