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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1289419	Morningstar Inc.	MORN	Investment Advice (6282)	363297908

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1197386	A Cheryl Francis	C/O Morningstar, Inc. 22 West Washington Street Chicago IL 60602		Yes	No	No	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2012-11-05	500	$25.19	14,830	No	4	M	Direct
Common Stock	Disposition	2012-11-05	500	$63.25	14,330	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	M	Direct
No	4	S	Direct

Reported Derivative Transactions

Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Employee Stock Option (Right to Buy)	Disposition	2012-11-02	500	$0.00	500	$25.19

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
10,000		2015-05-02	No	4	M	Direct

Footnotes

The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on August 1, 2012.
The exercise price increases over the term of the option at a rate equal to the 10-year Treasury bond yield as of the date of grant ($18.50). On November 5, 2012, the exercise price was $25.1871.
The transaction was executed in multiple trades at prices ranging from $63.09 to $63.43. 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.
The options become exercisable in three equal installments on May 5, 2006, 20007, and 2008.