Morningstar, Inc. — Director's Dealing 2016

Apr 27, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2016-04-26

Reporting Person: Sturm Paul W (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-04-26	Common Stock	S	2358	$83.8847	Disposed	52710	Direct
2016-04-26	Common Stock	S	100	$84.39	Disposed	52610	Direct

Footnotes

F1: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 23, 2016.

F2: The transaction was executed in multiple trades at prices renging from $83.27 to $84.09. The price reported above reflects the weighted average sales 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.