Morningstar, Inc. — Director's Dealing 2011

Jan 21, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2011-01-20

Reporting Person: Huang Tao (Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-20	Common Stock	M	1087	$18.98	Acquired	477596	Direct
2011-01-20	Common Stock	S	1087	$54.586	Disposed	476096	Direct
2011-01-21	Common Stock	M	1000	$18.9822	Acquired	477596	Direct
2011-01-21	Common Stock	S	1000	$54.10	Disposed	476096	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-20	Employee Stock Option (Right to Buy)	$18.98	M	1087	Disposed	2014-12-01	Common Stock (1087)	Direct
2011-01-21	Employee Stock Option (Right to Buy)	$18.9822	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 20, 2011, the exercise price was $18.98.

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 21, 2011, the exercise price was $18.9822

F5: The transaction was executed in multiple trades at prices ranging from $54.55 to $55.00. 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.