Morningstar, Inc. — Director's Dealing 2012

Jan 3, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2011-12-30

Reporting Person: FRANCIS CHERYL A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-30	Common Stock	M	500	$19.7383	Acquired	12826	Direct
2011-12-30	Common Stock	S	500	$60.01	Disposed	12326	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-12-30	Employee Stock Option (Right to Buy)	$19.7383	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 23, 2011.

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 December 30, 2011, the exercise price was $19.7383.

F3: The options became exercisable in 3 equal installments on January 27, 2005, 2006, and 2007.