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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
1323954	Bevin Desmond	C/O Morningstar, Inc. 22 West Washington Street Chicago IL 60602	President, Int'l Division	No	Yes	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	2011-10-11	848	$19.56	63,471	No	4	M	Direct
Common Stock	Disposition	2011-10-11	848	$60.00	62,623	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	2011-10-11	848	$0.00	848	$19.56

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
25,835		2014-12-01	No	4	M	Direct

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	44,290	Indirect	By spouse

Footnotes

The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 27, 2011.
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 ($14.70). On October 11, 2011, the exercise price was $19.56.
Reflects the correct amount of securities beneficially owned as of October 11, 2011.
The options became exercisable in 4 equal installments on May 1, 2005, 2006, 2007, and 2008.