Morningstar, Inc. — Director's Dealing 2011

Feb 25, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2011-02-25

Reporting Person: FRANCIS CHERYL A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-25	Common Stock	M	500	$14.70	Acquired	11858	Direct
2011-02-25	Common Stock	S	500	$57.90	Disposed	11358	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-25	Employee Stock Option (Right to Buy)	$14.70	M	500	Disposed	2014-12-01	Common Stock (500)	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 August 11, 2009.

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