Morningstar, Inc. — Director's Dealing 2012

Jul 3, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2012-07-02

Reporting Person: Williams David W (Managing Director, Design)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-07-02	Common Stock	S	2734	$58.1962	Disposed	41832	Direct
2012-07-02	Common Stock	S	766	$59.1557	Disposed	41066	Direct

Footnotes

F1: The transaction was executed in multiple trades at prices ranging from $57.75 to $58.44. 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.

F2: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 20, 2012.

F3: The transaction was executed in multiple trades at prices ranging from $58.78 to $59.37. 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.