Morningstar, Inc. — Director's Dealing 2012

Oct 17, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2012-10-16

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-10-16	Common Stock	M	2414	$25.1305	Acquired	69870	Direct
2012-10-16	Common Stock	S	2414	$64.2314	Disposed	67456	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-10-16	Employee Stock Option (Right to Buy)	$25.1305	M	2414	Disposed	2015-05-02	Common Stock (2414)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	44549	Indirect

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 21, 2012.

F2: The transaction was executed in multiple trades at prices ranging from $64.05 to $64.39. 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 options became exercisable in four equal installments on May 2, 2006, 2007, 2008 and 2009.

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 ($18.50). On October 16, 2012, the exercise price was $25.1305.