Morningstar, Inc. — Director's Dealing 2012

Dec 20, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2012-12-19

Reporting Person: Sturm Paul W (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-12-19	Common Stock	M	12000	$25.3116	Acquired	52505	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-12-19	Employee Stock Option (Right to Buy)	$25.3116	M	12000	Disposed	2015-05-02	Common Stock (12000)	Direct

Footnotes

F1: The options became exercisable in three equal installments on May 2, 2006, 2007, and 2008.

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 ($18.50). On December 19, 2012, the exercise price was $25.3116.