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: Boruff Christopher P (President, Software Division)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-11-01	Common Stock	M	2500	$8.57	Acquired	73389	Direct
2012-11-01	Common Stock	S	400	$63.3225	Disposed	72989	Direct
2012-11-01	Common Stock	S	2100	$64.3597	Disposed	70889	Direct

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	2500	Disposed	2013-05-01	Common Stock (2500)	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 July 31, 2012.

F2: The options became exercisable in four equal installments on May 1, 2004, 2005, 2006 and 2007.

F3: The transaction was executed in multiple trades at prices ranging from $62.93 to $63.56. 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.

F4: The transaction was executed in multiple trades at prices ranging from $64.23 to $64.58. 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.