Morningstar, Inc. — Director's Dealing 2017

May 17, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2017-05-15

Reporting Person: Kapoor Kunal (CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-15	Common Stock	F	1089	$75.22	Disposed	61278	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-15	Market Stock Units	$	A	7188	Acquired	2020-05-15	Common Stock (7188)	Direct

Footnotes

F1: The market stock units earned will be based on the company's cumulative total shareholder return for the three year performance period ending May 14, 2020.