Morningstar, Inc. — Director's Dealing 2014

May 1, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2014-04-30

Reporting Person: Williams David W (Head of Design and Marketing)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-04-30	Common Stock (Restricted Stock Units)	A	14	—	Acquired	44377	Direct

Footnotes

F1: Includes 14.7275 restricted stock units acquired on April 30, 2014 pursuant to a dividend reinvestment feature of the Morningstar, Inc. 2011 Stock Incentive Plan.