Morningstar, Inc. — Director's Dealing 2012

Feb 2, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2012-02-01

Reporting Person: FRANCIS CHERYL A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-01	Common Stock	M	500	$19.8137	Acquired	12826	Direct
2012-02-01	Common Stock	S	500	$60.00	Disposed	12326	Direct
2012-02-02	Common Stock	M	103	$19.816	Acquired	12429	Direct
2012-02-02	Common Stock	S	103	$60.12	Disposed	12326	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-01	Employee Stock Option (Right to Buy)	$19.8137	M	500	Disposed	2014-12-01	Common Stock (500)	Direct
2012-02-02	Employee Stock Option (Right to Buy)	$19.816	M	103	Disposed	2014-12-01	Common Stock (103)	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 August 23, 2011.

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 ($14.70). On February 1, 2012, the exercise price was $19.8137.

F3: 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 ($14.70). On February 2, 2012, the exercise price was $19.816.

F4: The options became exercisable in 3 equal installments on January 27, 2005, 2006, and 2007.