Morningstar, Inc. — Director's Dealing 2012

Mar 13, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2012-03-12

Reporting Person: Boruff Christopher P (President, Software Division)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-03-12	Common Stock	M	4015	$10.95	Acquired	64637	Direct
2012-03-12	Common Stock	S	4015	$59.612	Disposed	60622	Direct
2012-03-12	Common Stock	M	4750	$10.95	Acquired	65372	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-03-12	Employee Stock Option (Right to Buy)	$10.95	M	4015	Disposed	2012-05-01	Common Stock (4015)	Direct
2012-03-12	Employee Stock Option (Right to Buy)	$10.95	M	4750	Disposed	2012-05-01	Common Stock (4750)	Direct

Footnotes

F1: The transaction was executed in multiple trades at prices ranging from $59.55 to $59.72. 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.

F2: The options became exercisable in 4 equal installments on May 1, 2003, 2004, 2005, and 2006.