Morningstar, Inc. — Director's Dealing 2012

May 16, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2012-05-15

Reporting Person: Kaplan Steven N (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-15	Common Stock (Restricted Stock Units)	A	1984	—	Acquired	66115	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 three equal annual installments beginning May 15, 2013.