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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
1323956	W David Williams	C/O Morningstar, Inc. 22 West Washington Street Chicago IL 60602	Managing Director, Design	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 (Restricted Stock Units)	Acquisiton	2012-04-30	16	$0.00	46,334	No	4	A	Direct
Common Stock	Disposition	2012-04-30	3,500	$57.95	42,834	No	4	S	Direct

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

Footnotes

Includes 16.0567 restricted stock units acquired on April 30, 2012 pursuant to a dividend reinvestment feature of the Morningstar, Inc. 2011 Stock Incentive Plan.
This total reflects a decrease of 1,999 shares due to a mathematical error on a prior form share total.
The transaction was excuted in multiple trades at prices ranging from $57.68 to $58.27. The price reported above relfects 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 proces at which the transaction was effected.
The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 20, 2012.