Morningstar, Inc. — Director's Dealing 2016

May 16, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2016-05-15

Reporting Person: Desmond Bevin (Head of Global Markets & HR)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-15	Common Stock (Restricted Stock Units)	A	3054	—	Acquired	34441	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	21155	Indirect

Footnotes

F1: Each restricted stock unit represents a contigent right to receive one share of Morningstar, Inc. common stock. The restricted stock units vest in four equal annual installments beginning May 15, 2017.