Morningstar, Inc. — Director's Dealing 2012

Mar 7, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2012-03-05

Reporting Person: Kirscher Elizabeth (Pres., Data Division)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-03-05	Common Stock (Restricted Stock Units)	M	1000	$10.95	Acquired	47833	Direct
2012-03-05	Common Stock (Restricted Stock Units)	S	1000	$60.00	Disposed	46833	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-03-05	Employee Stock Option (Right to Buy)	$10.95	M	1000	Disposed	2012-05-01	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 November 23, 2009.

F2: The options became exercisable in 4 equal installments on May 1, 2003, 2004, 2005, and 2006.