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Morningstar, Inc. Director's Dealing 2012

May 1, 2012

30609_dirs_2012-05-01_75f206bc-2448-4c61-af17-71c4151e4584.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2012-04-30

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

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2012-04-30 Common Stock (Restricted Stock Units) A 16 Acquired 46334 Direct
2012-04-30 Common Stock S 3500 $57.9527 Disposed 42834 Direct

Footnotes

F1: Includes 16.0567 restricted stock units acquired on April 30, 2012 pursuant to a dividend reinvestment feature of the Morningstar, Inc. 2011 Stock Incentive Plan.

F2: This total reflects a decrease of 1,999 shares due to a mathematical error on a prior form share total.

F3: The transaction was excuted in multiple trades at prices ranging from $57.68 to $58.27. The price reported above relfects 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 proces at which the transaction was effected.

F4: 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.