Morningstar, Inc. — Director's Dealing 2012

May 16, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2012-05-15

Reporting Person: Phillips Donald James II (Director, President, Fund Research)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-15	Common Stock	F	405	$55.43	Disposed	255456	Direct
2012-05-15	Common Stock (Restricted Stock Units)	A	6855	—	Acquired	262311	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	60605	Indirect

Footnotes

F1: Each restricted stock unit represents a contingent right to receive one share of Morningstar, Inc. stock. The restricted stock units vest in four equal annual installments beginning May 15, 2013.