Morningstar, Inc. — Director's Dealing 2012

Nov 2, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2012-11-01

Reporting Person: Desmond Bevin (President, Int'l Division)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-11-01	Common Stock	M	2309	$8.57	Acquired	46860	Indirect
2012-11-01	Common Stock	S	2309	$64.2806	Disposed	44551	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-11-01	Employee Stock Option (Right to Buy)	$8.57	M	2309	Disposed	2013-05-01	Common Stock (2309)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	67477	Direct

Footnotes

F1: The options became exercisable in four equal installments on May 1, 2004, 2005, 2006 and 2007.

F2: The transaction was executed in multiple trades at prices ranging from $63.59 to $64.56. 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.

F3: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on August 21, 2012.